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Fake News Causes XRP Eruption and Solana Continues To Build Momentum

Fake XRP ETF news leads to token rally 

The community was served another reminder to always double-check news sources after XRP pumped and dumped 12% in under an hour.  

The hype around crypto exchange-traded funds (ETFs) has reached fever pitch of late, as investors eagerly await the SEC’s potential approval of a spot Bitcoin ETF. However, the community was thrown a curveball this week when a Delaware entity for BlackRock supposedly filed documents for a spot XRP ETF – something nobody had considered a possibility, given the project’s ongoing legal battles.  

The crypto community isn’t exactly renowned for its critical judgment on social media though, and the tweet containing the fake documents spread like wildfire. Within less than an hour, XRP was trading at 12% higher, ballooning from AUD $1.02 to $AUD 1.14. However, several crypto commentators were quick to raise scepticism even amid the commotion.

Soon enough, Senior Bloomberg Analyst Eric Balchunas poured water over the fire, putting an end to the fracas.

He went on to provide some advice for those who were swept up in the false news, suggesting those who were “still raging [that the filing wasn’t real] to pls seek medical help”. 

Once investors discovered the news was fraudulent, XRP’s price fell right back to where it came from, leaving the original pump nothing more than a minuscule spike on the coin’s weekly trading graph.   

The events of the past week, compounded with the similarly fake news from CoinTelegraph regarding spot Bitcoin ETF approval, serve as an excellent reminder to crypto traders. Remember to interrogate every piece of information thoroughly – by doing so, you have the best chance at avoiding FOMO and making ill-advised trades like those who were tricked by the fake filing. 

Disney to launch NFT trading platform on the Flow Network 

Disney’s “pin” collectibles – some worth over USD $5,000 – will be going digital as part of the new NFT marketplace.  

The NFT market hasn’t had the best couple of years. Average sales across the board have dropped significantly since its peak in 2021, with blue-chip offerings like Bored Ape Yacht Club and Crypto Punks some of the very few collections to retain most of their value. However, the mediocre performance hasn’t stopped media colossus Disney from trying to single-handedly revive the NFT world.  

Disney, who own basically every character and television franchise not named Batman or Superman, is entering the NFT game with their new platform “Disney Pinnacle”. The collectibles are based on Disney’s real-world collectible pins that represent Disneyland rides, characters and films. Available mostly from Disneyland and online marketplaces, these pins can run up thousands of dollars.

Not too much has become clear about the Disney Pinnacle platform as of yet, other than collectors can buy, sell and trade the digital pins much like they could in real life. The marketplace will be accessible via desktop browser and both smartphone operating systems and will be hosted by the Flow network, in collaboration with Dapper Labs. It will be interesting to see whether owning a digital version of a pin will entitle NFT holders to a physical redemption at Disney stores, or if it will remain entirely virtual. 

The one other thing we know is that Marvel characters won’t be represented on the Disney Pinnacle platform (at launch, anyway). Nobody is exactly sure why, but it spells a very sad outcome for any budding Spiderpeople out there. However, Yoda enthusiasts will be pleased to know the little green alien shall be making an appearance on the marketplace. 

PancakeSwap announces the launch of its gaming marketplace 

PancakeSwap’s GameFi platform will support developers looking to build games across nine different blockchains.  

Aside from making a delicious breakfast, lunch and dinner, Pancakes have become well-known among the crypto industry as one of the most powerful decentralized exchanges (DEXs) on the market. The prominent platform has long been the go-to for DeFi users wanting to stake, provide liquidity and swap coins on the Binance Smart Chain (BSC) network. Now, PancakeSwap is joining the GameFi movement and has introduced its very own gaming marketplace. 

The platform will come with in-built support for two games off the bat – “Pancake Protectors” (which already boasts a 25k player base) and “Pancake Mayor”. The new marketplace will be a feather in the cap of PancakeSwap, which is already the second-largest DEX on the market and rakes in $6 billion+ USD in monthly trading volume.

The marketplace on PancakeSwap intends to please everyone in the community. Gamers can go on there and game, developers can go on there and develop, and traders can get on there and – you guessed it, trade. Most impressively, developers can choose from nine different supported blockchains to build and manage their game upon, including Ethereum, BSC, Arbitrum and more. 

The news has been very well received by crypto investors. The platform’s native token, CAKE, had already built gains of nearly 100% in anticipation of the marketplace’s release. Now that PancakeSwap’s GameFi platform is live, CAKE has soared 12% in less than 24 hours. So while we can’t know for sure how successful the platform will end up being, there’s certainly an appetite for blockchain-based gaming among the crypto community.  

Solana continues to climb, having already done 550+% in 2023 

Solana’s opposition to Ethereum as the go-to network for decentralised applications (dApps) continues to grow amid an excellent yearly performance. 

Amid one of the harshest and lengthiest crypto winters the market’s experienced, Solana has made a mockery of its competition in 2023. The decentralised finance (DeFi) ecosystem is enjoying a ridiculous year-to-date, up over 550% since January this year. The 5x gains have come amid strengthening adoption and big-name ecosystem partnerships. The most recent coup for Solana was teaming up with Firestarter, a Metaverse launchpad for new and exciting GameFi projects. 

But the question on the tip of everyone’s tongue is: Just how real is Solana’s opposition to Ethereum? Does the self-titled “Ethereum killer” stand a chance against the undisputed king of DeFi?  

Well, if Cathie Wood, CEO of Ark Invest, is to be believed – then yes, it does.

Solana’s transaction fees are a fraction of Ethereum’s, and the ecosystem is better suited for widespread adoption given its superior throughput. However, Ethereum is extremely well-established in the industry, making dethroning it more than a matter of just being technically superior. For example, home-brand crisps might actually be better than Pringles, but which product do you think sells more? In addition, Ethereum has a market cap 10x bigger than Solana, so it will take a long time for the two projects to swap positions – if it ever happens at all. 

But Solana’s 2023 is no doubt pushing the blockchain in the right direction, and if it continues on its merry path, there’s no reason that Solana can’t seriously challenge Ethereum at some point down the line. 

Written by

Ben Knight