By Shikha Singh
ME Token Launching in December as Magic Eden Traders Expect $562mn Airdrop.
On December 10, the ME Foundation will launch ME, an ecosystem token based on Solana and aligned with the leading NFT marketplace Magic Eden.
The airdrop, which traders anticipate may be worth more than $500 million based on pre-market trading prices, will reward users of Magic Eden’s Bitcoin exchange and cross-chain NFT marketplace. The token will be claimed exclusively through the Magic Eden Wallet app.
The platform has not revealed specifics regarding the conversion of Magic Eden Diamonds, its existing rewards program, to the ME token. However, the spokesperson stated that they expect allocations based on factors like “organic” trading activity, cross-chain trading, and “loyalty” or historical use of eligible platforms.
Australia to Adopt OECD Crypto Reporting Model for Tax Transparency.
Australia’s Treasury has released a consultation paper on adopting the OECD’s Crypto Asset Reporting Framework (CARF) to improve tax transparency for crypto transactions.
To combat global tax evasion, the CARF requires crypto intermediaries like exchanges and wallet providers to report transaction details to tax authorities.
The proposal aims to align Australia’s tax laws with international standards, reduce compliance costs for the crypto industry, and enhance oversight of crypto-related activities.
The consultation, open until January 24, 2025, invites public feedback on the feasibility and potential challenges of implementing CARF in Australia.
Kraken Adds 19 Tokens to Roadmap Amid Optimism for US Crypto Regulations.
Kraken, the second-largest cryptocurrency exchange in the U.S., has unveiled a new coin listing roadmap featuring 19 tokens, including BNB, DYDX, AR, and LQTY.
This move is part of Kraken’s expansion strategy as it anticipates a more favorable regulatory environment under President-elect Donald Trump.
The crypto community expects relaxed restrictions on token listings in the U.S., which is driving optimism for broader access and adoption.
Kraken’s proactive approach underscores its commitment to offering a diverse range of assets to users as regulatory changes loom.
AI Tokens INJ, GRT, RENDER Lead Altcoin Rally With Bullish Breakouts.
AI-focused cryptocurrencies like Injective (INJ), The Graph (GRT), and Render (RENDER) are seeing bullish breakouts, signaling a potential shift in the altcoin market.
These tokens are rising in sync, following Bitcoin’s recent surge to $99,800. Early altcoins like Solana (SOL), XRP, and Cardano (ADA) have already gained momentum.
INJ has surged 78% in three weeks, with GRT and RENDER showing similar breakout patterns. This collective movement hints at a growing trend for AI-based altcoins in the crypto market.
South Korea’s Delio Declared Bankrupt With $1.75 bn in Assets Lost.
On November 22, 2023, a Seoul court declared South Korean virtual asset platform Delio bankrupt, owing customers 245 billion won, or $1.75 billion.
The platform halted withdrawals in June 2023 after losing customer funds linked to the collapse of FTX in November 2022.
Delio will begin liquidation proceedings, with customers able to file claims until February 2025.
A court official revealed that FTX accounts held a significant portion of Delio’s assets, preventing recovery.
Funding Fees For Perpetual Swaps Have Surged To Over 10%, Even Hitting 20% on Major Exchanges.
Perpetual swaps funding fees on major crypto exchanges have surged, with some exceeding 20%, though still lower than the 60% highs seen earlier this year.
Ethereum’s funding rate hit an 8-month high of 6.1% following a 40% rally, raising concerns about overleveraging and potential pullbacks.
Similarly, CryptoQuant’s CEO warned of overleveraging in BTC/USDT markets, which have grown 270% since January, suggesting increased volatility and price fluctuations.
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