ProBit Bits — ProBit Global’s Weekly Blockchain Bits Vol. 109

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 Solana Meme Coins Leave Ethereum In The Dust With 800% YTD Gains

According to Coin Market Cap’s 2024 H1 report, Solana meme coins have outperformed Ethereum based coins, achieving a 800% year to date gain. Meme coins are now the most popular asset category with 22% market share, with Solana’s ecosystem leading at 9.4% market share. Celebrities have also influenced Solana meme coins, however it has attracted scams, such as hacks and illicit activities. Overall, Solana meme coins have displayed strong growth outperforming Ethereum significantly.

 Sony Revives Japanese Crypto Exchange Whalefin After Acquisition In 2023

Sony is set to relaunch the Japanese crypto exchange Whalefin, which it acquired in 2023 from Amber Group. The deal or terms were not disclosed, but it signifies Sony’s entry into the crypto market. Amber Japan, previously known as DeCurret has been rebranded to S.BLOX under Sony’s unit, Quetta Web. With big multinational companies like Sony exploring Web3 through various investments and partnerships, it signals bullish sentiment for investors involved in the Web3 industry.

 Stablecoins Could Become Russia's Solution For Global Payments

Russia may soon allow the use of stablecoins for cross border settlements which could simplify transactions with BRICS partners and solve the impact of sanctions. Since 2022, sanctions have caused payment difficulties for Russian businesses, hence Alexei Guznov of the Central Bank of Russia proposed to legalize stablecoins for international settlements, with the Russian Ministry of Finance evaluating the issue. This move could open up opportunities for cryptocurrencies in Russia as they look to formulate a legal framework for cryptocurrencies.

 Retail Investors Buy Up Bitcoin As Whale Dumps $323 Million

Retail investors are buying up the dip despite the sell off by a major crypto whale. On Thursday, Bitcoin’s price dropped to a 2 month low of $57,800 but recovered to $59,000. A Whale transferred 5,281 BTC worth about $323 million to a crypto exchange likely for a sale. Retail investors however view this as a buying opportunity aggressively buying up Bitcoin below $60,000.This buying for retail investors and selling from whales highlights the complex dynamics of the Bitcoin market.

 Venture Capital Invest Millions Into AI Blockchain Projects

Venture capital firms have invested over $90 million into AI Blockchain projects, showing a growing demand for cross technology integrations. A startup called Compute Labs, focusing on GPU tokenization has raised $3 million to expand its team and develop GNFT vaults, aiming to democratize access to enterprise GPUs. Another startup Sentient Labs, secured $85 million to build an open source platform for rewarding AI tool developers using Ethereum layer 2 Polygon software. With these funding rounds, it reflects investor optimism on AI Blockchain projects to democratize industries with cross technology features.

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