Author: The Daily Hodl

Global investment giant Franklin Templeton thinks Solana (SOL) is primed to establish itself as the “third major crypto asset” after Bitcoin (BTC) and Ethereum (ETH). In a new analysis, the firm’s digital assets unit notes that the Solana network has witnessed significant increases in total fees and decentralized exchange (DEX) volumes in the past year. “We expect this growth to continue as Solana’s network effects grow stronger and its network performance improves even more, positioning itself to capture the next trends in crypto. The network has proven to have some of the lowest fees, lowest transaction latency and highest data…

Jack Dorsey’s fintech conglomerate Block is now investing 10% of its gross profit from Bitcoin products directly into BTC itself. In a new announcement, the firm notes that it is making a strategic investment in the top crypto asset “following numerous positive developments both within the company and in the broader market.” “In April, Block implemented a bitcoin dollar cost average (DCA) purchase program that will run through 2024. Under the program, Block will be investing 10% of its gross profit from bitcoin products into Bitcoin purchases.” The firm says Bitcoin aligns with its corporate mission. “Block believes that Bitcoin…

A crypto wallet lost $69.3 million worth of Wrapped Bitcoin (WBTC) in an apparent address-poisoning attack, according to the blockchain security firm CertiK. Address poisoning usually involves a scammer sending a wallet a tiny amount of crypto via an address that’s designed to look similar to the wallet’s, according to an explanation provided by Ledger, a digital asset wallet provider. The ploy is designed to trick wallet holders into mistakenly copying the scammer’s address from their transaction history and having funds sent to that wallet instead. In this instance, CertiK notes that a scammer mimicked a transfer of 0.05 Ethereum…

New data from crypto insights firm Galaxy Research finds that during the first quarter of the year, venture capitalists poured in billions of dollars into the digital assets industry. In a new article, Galaxy Research says that venture capitalists invested $2.49 billion into cryptocurrencies during Q1 of 2024, a 29% quarter-over-quarter (QoQ) rise. The analytics platform says that heavy investments during Q1 of 2024 signal that Q4 of 2023 could have been the bottom of the market. “In Q1 2024, venture capitalists invested $2.49 billion (+29% QoQ) into crypto and blockchain-focused companies across 603 deals (+68% QoQ). This was the…

A closely followed crypto strategist is updating his outlook on one red-hot altcoin amid a crypto market correction. Pseudonymous analyst Altcoin Sherpa tells his 215,800 followers on the social media platform X that he is long-term bullish on Ondo Finance (ONDO), a project focused on tokenizing real-world assets (RWAs). “ONDO: still one of the best-performing coins and has held up the best. Still also the leader in RWA right now. I think that this looks strong. Not a great active trade though. Better to just buy and hold for now.” ONDO is trading for $0.839 at time of writing, up…

A closely followed crypto strategist believes that one Ethereum (ETH) competitor is ripe to witness steep bursts to the upside. Trader Ali Martinez tells his 61,400 followers on the social media platform X that he is bullish on Cardano (ADA). According to the analyst, ADA “seems ready for a parabolic bull run” after seeing its value drop by about 50% over the past month. Martinez points out that in 2020, Cardano saw an over 50% correction before going on a vertical rally. “In 2019, Cardano consolidated within a parallel channel, signaling an end to the bear market. Following the stagnant phase,…

BitMEX co-founder Arthur Hayes is saying that crypto assets are likely to benefit from the US monetary policy going forward. In a new essay, Hayes says that the U.S. Treasury and the Federal Reserve are engaging in “stealth money printing policies.” According to the BitMEX co-founder, the “slow addition of billions of dollars of liquidity each month will dampen negative price movement” for crypto assets. “While I don’t expect crypto to fully realize the recent US monetary announcements’ inflationary nature immediately, I expect prices to bottom, chop, and begin a slow grind higher.” Hayes says that the recent fall in…

Closely followed quant analyst PlanB believes that Bitcoin (BTC) can reach six figures before the end of 2024. In a new strategy session, the on-chain analyst tells his 157,000 YouTube subscribers that based on prior history, Bitcoin’s price is likely to double the current value to restore BTC miners’ revenue losses due to the April halving. “What’s next for 2024? It is inevitable that we reach $100,000, in my opinion, because miner revenue has to recover. Mining revenue, because of the halving, did halve. All the miners, the entire industry, has seen its revenue drop by 50% and it has…

Crypto asset manager Pantera Capital announced on Thursday that it’s investing in the layer-1 altcoin TON, triggering a modest rally for the asset. TON is the native token for a layer-1 blockchain initially developed by the encrypted messaging platform Telegram. Telegram parted ways with the project in 2020 following a legal battle with the U.S. Securities and Exchange Commission (SEC). The Open Network, an open-source community of developers, took over management of the technology that year. TON, however, can still be sent by Telegram’s 700 million users within the platform without entering long wallet addresses. That connection to Telegram drove…

Dogecoin (DOGE) competitor Shiba Inu (SHIB) is announcing the completion of its highly anticipated Shibarium hard fork. In a new thread on the social media platform X, the team behind the dog-themed meme asset says they have officially completed the Shibarium hard fork, a move traders have been expecting since last year. “Shibarium has successfully completed its hard fork at block height 4504576! Get ready for: blazing-fast transactions and predictable gas fees!” Shibarium, a layer-2 scaling solution, initially released a beta bridge for public use in July 2023. It utilized both plasma and proof-of-stake (PoS) technology to allow investors to…