Binance has had an eventful start to the month, after announcing the temporary halt on US bank transfers in response to new US regulations for the platform’s own stablecoin to then be halted by regulators. The losses Binance has begun to incur from this have now evidently led to Tether’s growth as a replacement. This happens as news of a new meme coin begins to make the rounds after becoming one of the biggest presales the market has seen in recent years.
A Binance/Tether Reshuffle
Binance (BUSD) is currently the largest crypto exchange in the world, allowing users everywhere to trade and hold their tokens through a virtual wallet. On top of this, it also ranks twice among the top 10 of all crypto by market cap, with BNB at 4 and BUSD at 7. Because of its notoriety in the world of crypto, its owners can manipulate the market to move in a certain way and drive the direction other cryptos move in through decisions they make. Bitcoin (BTC) for instance suffered from the announcement of the halting of US bank transfers. That said, this time it’s Binance on the receiving end. Paxos, the issuer of BUSD, was ordered to terminate the creation of the stablecoins token. This has resulted in BUSD holders now replacing them with Tether (USDT)’s stablecoin instead. Much like Binance, Tether is successful both as a platform and a token, Tether being a protocol that works to improve Ethereum’s functionality.
The stablecoin is ranked number 3 in the top 10, showing its value as a token is already certified regardless of this news. Binance’s stablecoin has fallen by more than 10% while Tether’s market share has risen by 50%, officially depegging Binance. CZ, the CEO of Binance has remained positive despite this all, responding intelligently by making plans to move away from their own stablecoin and instead migrate to others. This move shows that they plan to continue business as usual, which should keep investors confident in the company as a whole. Binance was never going to take too hard of a hit with this as the exchange itself remains strong, but this is great news for Tether moving forward.
Big Eyes Announces Yet Another Impeccable Presale Success
With all the controversial developments that have happened this year, Big Eyes (BIG) is building towards being a breath of fresh air. Matters pertaining to crypto have become increasingly complex in crypto in the aftermath of the boom and a straightforward yet exciting project is exactly what is needed now. The new meme coin raising over $30 million is an incredible feat not only among its own niche but also among crypto presales in general.
Even with the top meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB), stuck in a consistent downward trend, Big Eyes has managed to cultivate a growing community exhibiting bullish behaviour through their support. The backing it receives is a result of its regular community interactions as well as the incentives they have created to generate interest. A public sale of 70% of the overall token supply is far more than many other presales are willing to offer, as well as the fact that there will be no buy and no sell tax. Beyond this, they also plan to do some real good for the world. Philanthropic goals like donating to ocean preservation charities are not usual for something so early in its life, which is admirable.
Big Eyes Coin (BIG)