The Surprise Reason Why Tesla And SpaceX Billionaire Elon Musk Supports Dogecoin Over Shiba Inu, Bitcoin And Ethereum

Tesla and SpaceX billionaire Elon Musk, the world’s richest man by a rapidly-growing margin, has repeatedly backed the meme-based bitcoin rival dogecoin this year.

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The dogecoin price, up an eye-watering 9,000% over the last 24 months and far outpacing bitcoin, ethereum and other major cryptocurrencies, rocketed into the crypto top ten by value in May—and has so far defied predictions it’s about to crash back.

Now, as the dogecoin price holds on to its massive gains, Musk has revealed workers at his electric car company Tesla and his rocket company SpaceX convinced him to buy dogecoin—calling it “the people’s crypto.”

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“Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own doge,” Musk said via Twitter. “They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support doge—it felt like the people’s crypto.”

Musk was replying to a post linking to a news story that claimed the dogecoin adoption rate in the U.S. is nearly double that of the rest of the world. Just over 30% of cryptocurrency holders in the U.S. hold dogecoin, according to a survey carried out by price comparison website Finder.

The dogecoin price has exploded this year, rising almost 10,000% since October 2020 and propelling the memecoin into the crypto top ten—helped by Musk’s outlandish Twitter persona. For comparison, bitcoin has added 400% over the last 12 months.

The dogecoin price peaked in May ahead of Musk’s much-hyped appearance on U.S. comedy show Saturday Night Live and has since lost around 70% of its value. Meanwhile, other meme-based cryptocurrencies looking to capitalize on dogecoin’s success have also soared, with the doge-based coin shiba inu surging by 400% over the last month.

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MORE FROM FORBESTesla Billionaire Elon Musk Signals Surprise Dogecoin ‘Update’ Support As The Bitcoin Price Suddenly Surges

Musk, who’s alienated much of the crypto community this year with his tongue-in-cheek support for dogecoin, has said he’s working with dogecoin developers to reduce the memecoin’s fees, speed up transaction times and “beat bitcoin hands down.”

The latest dogecoin version, designed to prepare “the network for lower recommended fees,” was released in August and Musk has called on those running dogecoin network nodes to update their software to help lower dogecoin transaction fees.

In September, Musk said he doesn’t think crypto is “the second coming of the Messiah,” adding a government crackdown could hobble the market.

“There’s some value in crypto, but I don’t think it’s the second coming of the messiah,” Musk said. “It will hopefully reduce the error and latency in legacy money systems.”


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Central Banking: Then And Now

The People And Events Who Have Shaped Today’s Federal Reserve Monetary System | Part I

This piece will delve into the creation of the Federal Reserve System, and the people and events who have shaped the monetary system into what it is today. Before we get started, one simple question that must be answered is, “What is the Federal Reserve System?” The answer may surprise you, as it is not federal and there are no reserves. The Federal Reserve banks are not even banks. They are private institutions designed and instructed to maintain and control the monetary policy of the United States.

How did the Federal Reserve System come to be? The answer to that requires a look back in time. Jekyll Island in Georgia was home to a secret meeting of the elites and in this meeting the idea of creating a Federal Reserve System was planned out. The birth of a banking cartel was conceived as well as the strategy to convince Congress to hand over the power of the purse to the Federal Reserve and convince the public that it was a government agency (when it wasn’t and still isn’t). Here is a look at some of the people that were involved in that meeting.

In 1910, Nelson Aldrich, Senator from Rhode Island, one of the most powerful men in the Senate and in Washington D.C. He was considered as a spokesman for big business and would frequent Wall Street. He was an associate of J.P. Morgan, and had extensive holdings in banking, manufacturing, and public utilities. His son-in-law was John D. Rockefeller, Jr. During that meeting he spent time with a few other elites, including:

  • Abraham Piatt Andrew – Assistant Secretary of the United States Treasury
  • Frank A. Vanderlip – President of the National City Bank of New York
  • Henry P. Davison – Senior Partner at J.P. Morgan
  • Charles D. Norton – President of J.P. Morgan’s First National Bank in New York
  • Benjamin Strong – Head of J.P. Morgan’s Bankers Trust Company
  • Paul M. Warburg – Partner in Kuhn, Loeb & Company (a representative of the Rothschild banking dynasty in France and England)

According to the book, “The Creature From Jekyll Island” by G. Edward Griffin, “the mission of the meeting was to centralize wealth among the elites, as up to 25% of the world’s wealth resided in members of the elite Jekyll Island Club. In the United States, the two main focal points of this control were the Morgan group and the Rockefeller group. Within each group, there were a bevy of commercial banks, investment firms, and acceptance banks.”

The structure of this club was entirely a textbook cartel. A cartel is a group of independent businesses which coordinate production, pricing, and marketing to their members. The purpose of a cartel is to stifle competition and increase profitability. Thus sharing a monopoly over their shared interests, this cartel of bankers teamed up to ensure that their wealth, and subsequent power, could not be tested.

According to “The Creature From Jekyll Island,” “In 1910, the number of banks were increasing rapidly, and increasing competition; therefore, the established cartel’s monopoly that was being run by the Morgans, Rothschilds, and other prominent bankers was in jeopardy. By 1913, non-national banks made up 71% of the market and held 57% of the deposits. This was a trend that the cartel did not like and a reversal was needed.”

Therefore, the cartel met to discuss the plans to re-establish their grip on the monopoly that they were losing, and to address the challenges they were facing.

They identified ways to:

  1. Stop the growing influence of small, rival banks and to ensure that control over the nation’s financial resources would remain in the hands of the Jekyll Island Club.
  2. Make the money supply elastic in order to reverse the trend of private capital formation and to recapture the loan market.
  3. Pool the reserves of the nation’s banks into one large reserve so that all major banks will follow.
  4. Point blame on the taxpayers should the financial system collapse at any point and shift losses from the owners of the banks to the taxpayers.
  5. Find a way to convince Congress that it was for the public’s best interest.

At the time, the American public was skeptical of a cartel, knowing that for years prior, these same conglomerates were seeking to maintain influence all the way back to the Revolutionary War. The group knew that using the literal words “cartel” and “bank” would cause the public to push back against them. Warburg, who had extensive knowledge and because of such, became a dominant force within this group, came up with the term “Federal Reserve System” and he would subsequently work with Senator Aldrich to craft the Federal Reserve Act of 1913.

This brief look into history shows the flaws of our current system. One where we no longer are sovereign, our money is not sovereign and neither is our nation. We are subject to a cartel of bankers who have desires to use our money against us, and for surveillance, to limit our speech and access to information. The cartel exists solely to ensure their wealth, and all the while the taxpayers are footing the bill to keep these bankers afloat. 1971 was the final nail in the coffin, gaving the Federal Reserve System the power to print money, and to do so without adhering to the gold standard. There has never been an audit of the Federal Reserve and there never will be.

Following the market crash in 2008, taxpayers were blamed for the lending faults of the big banks that were “too big to fail.” This set the precedent that now whenever there is a financial calamity, the taxpayers not the bankers will foot the bill.

Subsequently in 2008 Satoshi Nakamoto issued the Bitcoin Whitepaper. This was pushback on the cartel and they knew it.

The central banking system will push back on those who hold bitcoin and they are going to lobby the politicians that they control to ensure that their power and their wealth remain unscathed. We are pawns in their game; bitcoin however gives us strength to push back on this establishment, and it gives us hope to endure what is to come. This financial establishment will not hand over the keys to the castle in peace: we must remain strong in our principles and do what we must to ensure a future that embraces sovereignty of not only ourselves, but our money and our nation.


Griffin, G. E. (2010). “The Creature From Jekyll Island: A Second Look at the Federal Reserve” American Media.

This is a guest post by Shill Scale. Opinions expressed are entirely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.


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Breaking Down The Bitcoin Binance Flash Crash By The Second

On October 21st, 2021, crypto exchange Binance US experienced a Bitcoin flash crash to led BTC’s price to dropped by over 80%. The industry is maturing, but these occurrences reminiscent the times when a crypto flash was business as usual.

Related Reading | Brace For Impact: Wall Street Is Headed Straight For Bitcoin, Says Analyst

A report by Arcane Research deep dives into the event, starting from the time it happened on the aforementioned date at 11:34:17. At this time, as the research firm claims, a “sudden massive selling pressure cleared the order book” on the exchange.

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This caused Bitcoin to crash all the way down to $8,200 for a whole 13 seconds. This parenthesis was enough for Binance US to experience a spike in its trading volume with 550 BTC changing hands, as Arcane Research said.

The research firm compared Binance US normal sell volume to that of this event. The former stands at 0.74 BTC in a 4-hour timeframe, “illustrating that this massive sell order (550 BTC) was” extraordinary, Arcane Research said while adding the following:

What caused the crash? A fat finger by someone meaning to place a limit sell order at $82,000? An engine error? A Combination? Binance has stated that it was caused by a bid in the trading algorithm of one of the institutional traders on the exchange.

This entity created a domino effect which wrack havoc across all Bitcoin exchange platforms. The research claims that the price of BTC dropped $1,000 as a result of this bug.

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After, there were irregularities with different exchanges with Kraken seen its BTC/USD pair trading at a “growing discount”, Arcane Research said. On this platform Bitcoin traded at $55,500 while other exchanges were trading at $64,000 per BTC.

Related Reading | BTC Holders Reduce Spending, Why Bitcoin Could Get More Rocket Fuel

As seen below, the event extended to 11:35:06 with the Kraken discount stabilizing around this period. Arcane Research pointed out that this exchange operates with less efficiency during volatile markets.


Bitcoin Down The Trading Rabbit Hole

Brett Harrison, President of crypto exchange FTX US, commented on the event. He explained the different trading orders and how they operate when Bitcoin increases its volatility levels.

In this case, the price of BTC trended to the downside reducing the liquidity in the market as it moved further down. Harrison said:

Those trade prices will trigger stop loss or take profit orders, which themselves are market orders and will cause even more liquidity to be taken. The combination of market orders and lack of liquidity cause the price to spiral downwards in an extremely quick fashion.

Harrison clarified that the Binance US Bitcoin crashed was caused by an institution setting a large number of market orders that “cleared the bid side” for the BTC/USD trading pair order book. This triggered a liquidation cascade while BTC’s dropped in the platform.

FTX president used the U.S. futures market to exemplify a different market that used to suffered from this problem until it implemented “guardrails”. This could “help prevent short term microstructure issues”.

Related Reading | Bitcoin Futures Heating Up, Why BTC Traders Should Expect Volatility

The implementation of these types of solutions, in combination with others, could help bring more “maturity” into the crypto market, the executive claimed.

At the time of writing, BTC trades at $60,412 with a 4.5% loss in the daily chart.

Bitcoin BTC BTCUSD t


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Cardano, Solana Lead Altcoins As Market Sees Record Inflows

Cardano and Solana have led the charge of altcoins in the recent round of inflows into the crypto market. Altcoins saw increased inflows alongside bitcoin, which had seen increasing interest from investors after the first bitcoin ETF had been approved and began trading last week. Last week recorded the highest amount of institutional inflows coming into the market.

Institutional investors are now upping their stake in the market with the recent gains recorded across the market. Most notably has been the price of bitcoin which had broken a new all-time high following the trading of the first bitcoin ETF. The ETF had been released with much success as over $1 billion had been traded within the first 24 hours of the ETF being released. CoinShares released a report showing that institutional investors are not relenting with their investments.

Bitcoin Leads Market Inflows

Although altcoins had seen inflows into both assets last week, bitcoin had once again led the market inflows. The record-breaking inflows saw $1.47 billion flow from institutional investors into the market, and bitcoin accounted for a large portion of it. The amount marked the largest inflows in the space of a week in the market.

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Related Reading | Yieldly’s CEO Says Interoperability In DeFi Is More Important Than A Market-Leading Blockchain

Bitcoin has led inflows in the previous weeks and this past week was no exception. Bitcoin inflows made up 99% of the total institutional inflows. The digital asset alone saw inflows total $1.45 billion last week. Most of this came from trading in the approved bitcoin ETFs that began trading last week.

Additionally, the digital asset saw inflows totaling $138 million into bitcoin products in other regions. CoinShares also reported that there had been records of profit-taking in the market but the volume was inconsequential in contrast to the total inflows.

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Cardano, Solana Lead Their Peers

Cardano and Solana recorded the highest inflows for the week for altcoins. Leading altcoin Ethereum had recorded a 3rd consecutive week of outflows from the digital asset, suggesting waning faith in Etheruem. However, other altcoins picked up the slack in this regard.

Cardano price chart from

Cardano price chart from

ADA price slows above $2 | Source: ADAUSD on

Although nowhere near the inflows recorded by top cryptocurrency bitcoin, Cardano and Solana managed to hold their own in the market. Solana took the lead for the altcoin with the highest inflows with a total of $8.2 million for the week. Cardano also recorded a positive week of inflows with a total of $5.3 million flowing into the digital asset.

Related Reading | New Ethereum-to-Cardano Bridge Will Provide NFT Creators Eco-friendly Options

Binance also saw a positive week of inflows. However, the asset recorded inflows in volumes much smaller than its peers. Binance saw a total of $1.8 million of institutional inflows in the past week.

The inflows recorded last week bring the total asset under management (AuM) to a new record of $79.2 billion, with a weekly closing of $76.7 billion. Total inflows for the year have now surpassed the record set in 2020 of $6.7 billion with two months left to go in the year.

Featured image from Medium, chart from


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Adobe Will Offer NFT Verification in Photoshop

Key Takeaways

  • Adobe has announced a feature called Content Credentials that will allow users to add verifiable metadata to their work.
  • The company will allow NFT creators to use this feature in its apps, including Photoshop, Behance, and Stock.
  • Various NFT marketplaces including Rarible will support the feature.
  • NFT buyers will be able to verify that the token minter and original artist share the same blockchain address.

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Adobe has announced an initiative that will provide creators of non-fungible tokens (NFTs) with verification tools.

Content Credentials Will Power Verification

Adobe’s new system, called Content Credentials, allows users to attach metadata to their work. Though all images feature metadata, Adobe’s system aims to prevent fraud by identifying the creator of a work in a way that is verifiable and secure.

Adobe intends for NFT creators to use this feature. A digital artist can put their cryptocurrency address in their image’s metadata. Then, buyers can ensure that the address that minted the NFT is the same as the address that created the image. If the addresses differ, the image may have been plagiarized by the minter.

The effort is part of an initiative that has been underway for two years called the Content Authenticity Initiative (CAI). The program, which is headed by Adobe, has attracted several noteworthy members including the BBC, Microsoft, and Nikon.

Feature Will Be Available In Photoshop and More

Content Credentials will be supported in many of Adobe’s applications, including its flagship image-editing software Photoshop. Reportedly, the feature will be available as an option called “prepare as NFT” in the app’s next batch of beta features.

Related features will also be available on Adobe’s social media platform Behance and its photo-hosting platform Stock.

On the marketplace end, four sites have partnered with Adobe to support the feature. Rarible, KnownOrigin, OpenSea, and SuperRare will all do so by displaying metadata in a tab on NFT listings.

Adobe Executive Praises NFTs

Adobe executive Scott Belsky also discussed the broader potential of NFTs this week. In a Verge interview, Belsky stated that he has “never seen a more empowering and better-aligned system for creativity than NFTs.” He praised the fact that NFT creators can get primary sale revenue as well as a cut of secondary sales.

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Belsky did, however, express concern over the possibility of a decline in the NFT market. “In fact, my opinion would be that there’s going to be more crashes before more booms,” he said.

On Twitter, Belsky drew attention to the problem of NFT theft, noting that “artists have seen their work copied and minted with no benefit or attribution to the original artist” due to the ease of copying and pasting existing artwork. It remains to be seen whether artists will turn to Adobe’s solution to solve the problem.

Adobe is just the latest company to embrace NFTs. Other major companies including TIME Magazine, TikTok, Twitter, Visa have all announced NFT initiatives in recent months.

Disclaimer: At the time of writing this author held less than $100 of Bitcoin, Ethereum, and altcoins.

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US Regulators Looking at How Banks Could Hold Crypto Assets: Report

A team of US regulators is exploring how banks could hold and deal with digital assets.

According to a report from Reuters, regulators are working to create clearer rules for banks to facilitate client trading of crypto, using it as collateral, as well as holding it on their balance sheets.



Jelena McWilliams, Chair of the Federal Deposit Insurance Corporation (FDIC), said banks should be allowed into the space while appropriately mitigating risk.

“If we don’t bring this activity inside the banks, it is going to develop outside of the banks. [Then] the federal regulators won’t be able to regulate it.”

Though it hasn’t been confirmed as the same initiative, Federal Reserve Vice Chair of Supervision Randal Quarles revealed in May that his organization, along with the FDIC and the Office of the Comptroller of the Currency (OCC), were on a “sprint” to regulate crypto.

While speaking at the Money 20/20 conference in Las Vegas, McWilliams said her role in the initiative was primarily focused on how banks interact with the industry.

“My goal in this interagency group is to basically provide a path for banks to be able to act as a custodian of these assets, use crypto assets, digital assets as some form of collateral…

At some point in time, we’re going to tackle how and under what circumstances banks can hold them on their balance sheet.”

McWilliams also said that the easiest issue to tackle would be laying out a roadmap for letting banks take custody of digital assets, but acknowledged that the volatility in crypto poses difficulties.

“The issue there is… valuation of these assets and the fluctuation in their value that can be almost on a daily basis… You have to decide what kind of capital and liquidity treatment to allocate to such balance sheet holdings.”

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Ethereum Competitor Could Power Major Real-World Use Cases, According to Hedge Fund Veteran Anthony Scaramucci

SkyBridge Capital founder Anthony Scaramucci says one Ethereum competitor is well-equipped to power complex use cases in the real world.

In a new interview with Real Vision, the hedge fund veteran says the decentralized blockchain network Algorand (ALGO) could breathe new life into the consumer goods sector.



Scaramucci explains,

“If you’re flying American or Delta, you’re accruing miles. You may or may not be using them. They’re on Delta’s balance sheet marked as a liability. And for whatever reason, you’re not using them, but you can’t unlock them.

What if we created a coin that could take those miles out of your account in exchange for this coin? Then this coin had some universality to it where you could buy groceries, or you could buy something [else].

What would be the best blockchain to use for something like that? In my opinion, it would be Algorand.”

Last month, SkyBridge joined the NAX trading platform to form a new partnership called UNLOX.

Scaramucci says the new venture will work with ALGO while pursuing investments in traditional financial services as well as art and other alternative assets.

“We’re identifying assets that have typically been locked, and we’re unlocking them.

I said I want to raise a fund, an ALGO-based fund that participates. We’ve raised $100 million so far, capping the fund at $250 million.

I’ve got a Bitcoin [BTC] fund. I have an Ethereum [ETH] fund. And we will soon have an ALGO fund. And I think those are three major blockchains, cryptocurrencies that are going to win and design the future.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Crypto Advocates Protest ‘Gatekeeper’ Valve’s NFT Game Ban on Steam

In brief

  • Valve recently banned blockchain-based games with crypto and/or NFT elements from the Steam marketplace.
  • Fight for the Future and game developers have posted an open letter to Valve and are pushing for the ban to be reversed.

Steam is the largest digital marketplace for PC games, but it won’t be where you find blockchain-based games with NFT assets or cryptocurrency integration right now. Recently, the marketplace banned any games with NFT or crypto elements—but a number of crypto game developers and Web3 advocates are now pushing back against the decision.

Today, digital rights group Fight for the Future posted an open letter to Valve, imploring the Steam creator and game developer to not ban crypto-fueled games from its marketplace.

Joining Fight for the Future in the initiative are NFT gaming infrastructure platform Enjin and the Blockchain Game Alliance (BGA), as well as 26 blockchain game studios. The BGA itself represents dozens of members, including major game publisher Ubisoft, Ethereum layer-2 scaling solution Polygon, The Sandbox publisher Animoca Brands, and Atari.

“Valve, web3 games are a fast-moving and exciting category of games that have a place within the Steam ecosystem,” the letter reads. “Please consider changing your stance on this issue and permit tokens and, more broadly, the use of blockchain tech on the Steam platform. Don’t ban blockchain-based games on Steam.”

The co-signers hope to “at minimum, start a conversation between blockchain game developers and Valve,” Fight for the Future’s Joe Thornton told Decrypt. The larger goal, as the open letter states, is to convince Steam to reverse its ban on games that use blockchain technologies.

Steam instituted its ban earlier this month, updating its developer terms to state that creators “shouldn’t publish” games or applications that are “built on blockchain technology that issue or allow exchange of cryptocurrencies or NFTs.”

The developers of Age of Rust, an upcoming blockchain-based adventure game, broke the news on October 14, tweeting that it could no longer publish on Steam due to its updated regulations. Valve has yet to explain the decision, and representatives did not respond to Decrypt’s request for comment.

An NFT acts like a receipt for a provably scarce item, and while digital artwork and video files have been popular NFT collectibles, a growing share of the market is focused on interactive video game items.

Ethereum-based monster-battling game Axie Infinity is now the largest NFT project of any kind, with more than $2.6 billion worth of trading volume per CryptoSlam. It’s the biggest fish in the crypto gaming scene at the moment, but there are many more on the horizon—including the aforementioned metaverse game The Sandbox, as well as Solana-based Star Atlas and others.

Games based around NFT assets allow users ownership of digital items—such as characters, weapons, land plots, and more—which can potentially be monetized, or could appreciate in value over time. Such assets can potentially be used within multiple games as the metaverse develops across shared online spaces. NFTs can be a potential boon for game developers, too, as Lightspeed VC Amy Wu told Decrypt in September.

Soon after Steam banned NFT and crypto experiences from its platform, the Epic Games Store—a rising rival and home of Epic’s popular Fortnite—opened its arms to such games. Epic Games CEO and co-founder Tim Sweeney tweeted, “Though Epic’s not using crypto in our games, we welcome innovation in the areas of technology and finance.”

Thornton believes that Valve is trying to protect its publishing model, in which in-game items—sold in Valve’s own games like Counter-Strike: Global Offensive and Team Fortress 2—are not truly owned by users and can’t be taken outside of the closed Steam ecosystem. He called Valve a “gatekeeper” that is standing in the way of an evolving market.

“This is another case of a gatekeeper wanting to retain their ability to extract value out of every single transaction on their platform,” he told Decrypt. “NFTs empower users and creators primarily, and present a challenge to gatekeepers. There, of course, can be some agreement made between Valve and blockchain game creators, but in this circumstance, the creators fundamentally have an upper hand—and I don’t think Valve is comfortable with that.”

As significant as Steam’s place in the market is, Axie Infinity has already proven that a NFT-driven game can launch outside of Steam and generate billions of dollars in activity. Thornton suggests that players will be able to find NFT-centric games on permissionless platforms even if Steam holds its stance—and Valve won’t get a cut of that action.

“Players will congregate where the best experiences and gameplay exist,” he said. “Valve is the one missing out by removing this type of content from their platform, not the other way around.”


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Expanding ecosystem and $1.86B futures open interest back Solana’s $250 target

The price of Solana’s SOL coin is meeting resistance near its all-time high again, but solid fundamentals and the impressive growth of its decentralized finance (DeFi) and nonfungible token (NFT) ecosystem are likely to drive the altcoin above $250 before year-end.

SOL/USDT 1-day chart. Source: TradingView

Institutional investor interest is likely a key factor behind SOL’s impressive 490% gain since August. For example, SOL is the fourth-largest Bitwise 10 Crypto Index Fund component, which overall is a $1.3 billion over-the-counter tradable market instrument.

DeFi is gaining traction

Solana’s two most prominent decentralized finance projects are decentralized exchanges with built-in yield generation programs, and they hold nearly $2 billion in total locked value each.

Saber is an automated market maker protocol that trades between stable pairs and synthetic assets and provides yields for the platform’s liquidity providers. Meanwhile, Raydium offers a decentralized exchange, yield farming and liquidity pools.

Evidence of institutional investors’ appetite for Solana was the $12-million weekly inflow in mid-October, as reported by CoinShares recently. In the same week, the United States registered branch of exchange FTX announced support for the Solana blockchain, enabling users to trade, deposit and withdraw NFTs that conform to the Metaplex token standard.

SOL futures open interest reached a record-high

This positive newsflow has been reflected on SOL’s derivatives markets, as depicted by the aggregate futures open interest data below:

SOL futures aggregate open interest. Source: Bybt

The indicator reached a record-high $1.86 billion on Oct. 25, which is a 123% increase in 30 days. To put things in perspective, Cardano’s ADA and Polkadot’s DOT currently hold a $900-million futures open interest.

Traders should acknowledge that this event is not necessarily positive, as futures contracts require both a buyer (long) and a seller (short). Nevertheless, this increasing interest allows even more substantial players to participate.

Another positive factor is that DeFi protocols maintain a $13.5 billion total value locked (TVL), even though the sector took a substantial hit after the 17-hour network outage during Sept. 14 and 15.

Total value locked (TVL) on Solana in USD. Source: DefiLlama

The Solana Foundation stated that bots spammed the network as Grape launched its initial DEX offering on the Solana-based decentralized exchange Raydium. That activity overwhelmed the processing capacity with a transaction load of 400,000 per second, requiring a coordinated hard fork by validators to ignore the spam requests.

$250 seems closer than ever for SOL

VORTECS™ data from Cointelegraph Markets Pro also began to detect a bullish outlook for SOL on Oct. 20, nearly 24 hours ahead of the 15% pump that led to $210.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ score vs. SOL price (white). Source: Cointelegraph Markets Pro

Data illustrates that the current number of tweets from unique accounts discussing Solana is 32% higher than the 30-day average. Tweet volume is one component of the VORTECS™ Score, which identified bullish conditions for SOL on Oct. 20.

As long as Solana’s ecosystem expands, the network remains a viable solution for DeFi and NFT applications looking for cheap, fast transactions. Both on-chain and derivatives indicators signal that $250 SOL by year-end is totally feasible.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.