Pixels Soars to $3B Valuation Post-Binance Listing; ECB Wary of Bitcoin Despite ETF Approvals
Summary:
Following the listing of its token on Binance, the Web3 game Pixels’ valuation skyrocketed to around $3 billion. Despite U.S. approval of Bitcoin ETFs, the European Central Bank remains hesitant towards Bitcoin. Tether, the entity behind USDT, has not clarified if it will stop supporting Tron after its competitor Circle ceased minting on the same blockchain. Ronin blockchain has bounced back from a significant hack in 2022, with its total value standing at $214 million.
Valuation of the Web3 game, Pixels, has surged close to $3 billion following the listing of its PIXEL token on Binance. In contrast, the European Central Bank remains unimpressed by Bitcoin, despite U.S. approval of several exchange-traded funds (ETF). The entity behind Tether has not yet disclosed if it will abandon Tron after competitor Circle ceased its minting on the blockchain. Since migrating from Polygon to Sky Mavis’ Ronin blockchain, Pixels has witnessed its valuation exceed $2.7 billion, post-Binance listing. Since being listed on Feb. 19, PIXEL's value has surged by 1,246%, reaching a market cap of $2.65 billion. DappRadar data shows that around 538,850 wallets are engaged with it, ranking it as one of the most acclaimed Web3 blockchain games.
On the flip side, Ronin blockchain has recovered significantly after the unfortunate $600 million hack in 2022. Its total value locked is currently at $214 million, with Katana, a native decentralized exchange, contributing 99% of its volumes. According to Sky Mavis co-founder Aleksander Larsen, Ronin aims for more integration with Web3 games via the Mavis Hub, allowing for game curation.
Despite Bitcoin getting the green light for ETFs in the U.S., the European Central Bank is still sceptical. The bank's executives acknowledge that the anticipation of ETF approvals led the Bitcoin surge but argue that the rise could prove short-lived. They also stressed the need for vigilance against money laundering, cybercrime and large financial losses for the less informed.
Tether hasn't yet confirmed if it will discontinue support for Tron, even after its rival Circle stopped minting its stablecoin on the blockchain. Tether declared its capability to freeze transactions across all supported layers to maintain compliance, actively monitoring every layer's safety to provide high standards for its community.
The Tron network currently houses over half of the nearly 101 billion total issued USDT tokens with around 51.8 billion, based on Tether's transparency report updated on Feb. 21. This piece does not offer investment advice or recommendations. It's important to do your own research before making any trade or investment. Thank you to Geraint Price, Sam Bourgi and Felix Ng for their reporting contributions.
Published At
2/22/2024 11:22:32 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.