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What’s Behind Elrond (EGLD) Daily Surges?

What's Behind Elrond (EGLD) Daily Surges?

Elrond (EGLD) has been so successful over the past one year. The year 2021 has been so generous, letting it

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Elrond (EGLD) has been so successful over the past one year. The year 2021 has been so generous, letting it flourish like anything. Furthermore, it foresees going past the $300 price range very soon. Besides, it’s spiking up profusely for the past few days, making everyone wonder the reasons behind such profuse spikings. 

The Elrond (EGLD) is a completely blockchain based system network focused upon extremely fast transactions and trade. Moreover, the platform’s blockchain supports many Decentralized Finance (DeFi) applications, smart contracts and NFTs too. EGLD is the native token of the platform.

On the other hand,the growth of EGLD is astonishing, owing to the fact it rose to its all time high of $304.2 just in a period of three months. Before these three months the price of EGLD was down to about $52.00 only. Therefore, just in a span of 3 months EGLD grew over a whopping 437% rise. The following are major reasons for the epc surge of EGLD. 

Launch of Maiar Exchange

The launch of Elrond’s own exchange, the Maiar exchange and its mobile app is one of the most important reasons for the spike of EGLD. Besides, the platform’s very own exchange launched on September 9, now EGLD could be brought easily from their own app. Also the exchange offers profuse trading and establishing liquidity in pools too. 

In addition, the introduction of the “Battle of the Yields” concept soon after the launch on September 14, attracted immense attention upon the crypto industry, as winners received free EGLD.

KuCoin Exchange Listing 

The fifth largest cryptocurrency  exchange in the world, KuCoin, listed EGLD recently. This is another major reason for the surge of EGLD in recent times.

Moreover, the listing in KuCoin and launch of Maiar, has catapulted EGLD from $83 million to $740 million in 24 hours on September 11.  

Technological Innovations

In spite of technological advancements of its blockchain system , Elrond has partnered itself with many profuse establishments like AI generated media, Humans, and digital services provider, Cooper. Also, it has partnered with NewsCrypto as its media partner spreading and expressing what Elrond is all about. In addition, it has also partnered with many leading DeFi Apps, NFTs, blockchain games and also, cross platforms exchanging. And so, now EGLD could be transferred between Ethereum (ETH), Polkadot (DOT), and the Binance Smart Chain too.

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Source: https://thenewscrypto.com/whats-behind-elrond-egld-daily-surges/

Blockchain

SEC helped Ether Surpass XRP, Ripple CEO

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Ripple CEO Brad Garlinghouse has said that Ether (ETH) overtook the company’s XRP token by market capitalisation because of the US Securities and Exchanges Commission (SEC).

According to Garlinghouse, the US regulator’s approach towards ETH largely encouraged investors, giving it a free pass that enabled the smart contract platform’s native token to overtake XRP in the market.

 “Within the last few years, XRP was the second most valuable digital asset. As it became clear the SEC had given a hall pass to ETH, ETH obviously has kind of exploded and that clarity has helped,” he said.

Ripple’s XRP currently occupies the seventh spot among the largest cryptocurrencies, with a market cap of $52 billion according to data from CoinGecko. Ethereum has held the second spot for the last four years after deposing XRP during the 2017 bull run.  The Ether (ETH) cryptocurrency currently has a market cap of over $490 billion after its price surged to set a new all-time high above $4,000.

In comments made on Thursday 21 October at the DC Fintech Week, the Ripple exec also claimed that the SEC’s approach was based on “outdated” laws. He also wondered why a former official at the agency had found it easier to say Ethereum was not a security, yet SEC Chair Gary Gensler cannot make the same pronouncement.

Garlinghouse’s comments come at a time Ripple is battling the US watchdog’s charge that XRP is a security illegally sold by Ripple Labs and the company’s top brass. The company has also faced class-action lawsuits before.

Despite these events, more XRP holders feel the SEC has unfairly targeted Ripple, a view Garlinghouse also holds. According to him, there almost 50,000 holders of the token “are trying to sue the SEC for ‘protecting them‘.”

The tussle has seen the court allow XRP holders to become amicus curiae or friends of the court. However, the same judge handling the Ripple vs. SEC case ruled that token holders cannot join the proceedings as defendants.

XRP has lost about 67% of its value since touching an all-time high of $3.40 on 7 January 2018. However, its current price of around $1.11 means its value is up more than 27% in the past 30 days and more than 340% up since this time last year.

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Source: https://coinjournal.net/news/sec-helped-ether-surpass-xrp-ripple-ceo/

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Blockchain

THORChain Jumps 35% on Ethereum Trading Restart 

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Source: https://cryptobriefing.com/thorchain-jumps-35-on-ethereum-trading-restart/?utm_source=main_feed&utm_medium=rss

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Cryptoeats Disappears After Raising £500K From Token Sale

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Cryptoeats, a company that reportedly raised 8 million in a Series A funding round to build a crypto-based Ubereats alternative, disappeared after launching its token. According to estimations, the startup might have taken more than £500K from investors after the launch of its official token dubbed “eats.” The alleged scam was promoted by UK influencers and manufactured related apparel, and even hosting a launching party in London.

Cryptoeats Initiative Vanishes After Token Launch

Cryptoeats, a company that proposed to build a crypto-based Ubereats alternative, vanished from the internet just minutes after launching its official token. The company, which had an official website and claimed to have raised funds to build their proposal, stated it had run a public beta of the service, partnering with food chains like Nando’s and McDonald’s.

Furthermore, the startup claimed it had already onboarded more than 100,000 customers, who have signed up to download the app and use it on launch day. But the developers of eats, the native token of the platform, emptied the wallet holding the funds coming from the initial token sale, stealing more than £500K from investors, according to reports. Soon after this, all of the social media accounts of the startup disappeared, along with its website.

Cryptoeats Looked Legit

Cryptoeats worried about looking legitimate before disappearing. The company first outed a PR statement where it claimed it had raised $8 million in its series A funding round in 2020. The PR statement, that was published on October 16, declared the company was “set to take a large slice of the $16.6 billion delivery app market.” The statement was issued using Globenewswire and was featured on Yahoo Finance’s website, but both references have been eliminated now.

At a local level, Cryptoeats also did its work bringing U.K. influencers to promote the new initiative among their fanbase. Joey Essex, a reality TV celebrity that promoted Cryptoeats, stated to local media he lamented the situation. Essex stressed:

I’m fuming. This company used my name to dupe lots of people into investing money. It’s disgusting and I feel bad for anybody in that situation.

But Essex was not the only local celebrity that promoted Cryptoeats. Lots of other influencers attended a launch party last week in London, where Cryptoeats apparel was shown and worn by some of the assistants.

What do you think about the whole Cryptoeats fiasco? Tell us in the comments section below.

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Source: https://news.bitcoin.com/cryptoeats-disappears-after-raising-500k-from-token-sale/

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