Tag: Decentralized Social

Coinbase Launching Retail Support for Altcoin That’s Surged 74% in Just Two Days

by Dailyhodl

Coinbase is rolling out support for a crypto newcomer across its full suite of retail trading applications.

The leading US-based crypto exchange says it’s adding Decentralized Social (DESO) to Coinbase.com, as well as the platform’s iOS and Android apps.

Early this week, Coinbase added DESO to its professional trading platform, Coinbase Pro.

The sudden support from the crypto trading giant has fueled a 74% rise in the price of the altcoin in just two days – from $94.12 to a high of $164.20.

Decentralized Social describes itself as a layer 1 blockchain designed to allow developers to easily create fast and proprietary social media apps.

DESO is the platform’s native asset and is used to pay for the purchase of social tokens, non-fungible tokens (NFTs), as well as to create profiles and posts on decentralized apps.

The project was started by Nader Al-Naji, who also launched the social media platform BitClout.

It has raised more than $200 million from a number of venture firms including billionaire Chamath Palihapitiya’s Social Capital.

DESO joins a long list of altcoins that have come to Coinbase this year, including the recent additions of API3 (API3), Bluezelle (BLZ), Gods Unchained (GODS), Immutable X (IMX), Measurable Data Token (MDT), Ribbon Finance (RBN) and Circuits of Value (COVAL).

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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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Four Altcoins Are Soaring As Bitcoin, Ethereum and Majority of Crypto Markets Retreat

by Dailyhodl

Several under-the-radar crypto assets are exploding in price despite a lingering downtrend across the markets.

Patriotic ConstitutionDAO has seen its native token PEOPLE leap by 61% this week. The project initially arose to crowdfund the purchase of a rare original copy of the United States Constitution but was ultimately unsuccessful during a Sotheby’s auction in November.

The PEOPLE altcoin has seen unexpected strength despite the project’s founders offering to refund the $47 million raised, minus gas fees. At time of writing the token is priced at $0.13.

Also shining this week is Decentralized Social (DESO), which aims to solve the scalability needs of social media platforms. The project has previously received funding from billionaire investor and crypto advocate Chamath Palihapitiya’s Social Capital and just this week was listed on the Coinbase Pro trading platform.

DESO has blasted higher, gaining 61% to trade at $153.54 as news of the Coinbase announcement spread.

Climate-neutral developer platform Near (NEAR) is up an impressive 30% this week, including a 10% rise today to $10.18.

The project’s website says that Near provides scaling solutions to help increase Web 3.0 adoption.

“The Creator Economy requires robust infrastructure including a set of intuitive developer tools, and an engaged, decentralized community.”

The final notable altcoin on the move this week is the cloud computing project FLUX (FLUX), which offers a comprehensive suite of developer-friendly tools for Web 3.0 and decentralized applications (DApps).

Native token FLUX can be used to buy resources, collateralize nodes, and fuel network transactions.

FLUX recently got a boost when popular crypto marketplace Binance announced the token would be available on its trading platform.

The creator of the Zelcore digital wallet and formerly known as Zelcash, FLUX has jumped by 37% over the past week to $1.78.

In contrast to these trending altcoins, leading crypto Bitcoin (BTC) has retraced by 7% over the same time frame to $47,311.

Second-ranked Ethereum (ETH) has also declined by 14% to $3,708, at time of writing.

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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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Altcoin Project Backed by Billionaire Chamath Palihapitiya Explodes After Coinbase Pro Listing

by Dailyhodl

An altcoin that has received support from billionaire investor Chamath Palihapitiya is surging after a surprise listing by top US crypto exchange Coinbase.

In a new blog post, Coinbase says that Decentralized Social (DESO) will start trading on Coinbase Pro once appropriate liquidity conditions are met.

The layer 1 blockchain project aims to provide scalability to social media applications for up to a billion users. Decentralized Social is open-source and stores all data on-chain.

Coinbase says of the native token DESO,

“DESO can be used to purchase ‘social tokens’ and NFTs [non-fungible tokens], and to create profiles and posts for Decentralized Social applications.”

The altcoin shot up as news of the Coinbase Pro listing spread. DESO is up over 38% on the day to $138.34. The 87th-ranked crypto had previously been trading in the $75 – $105 range over the past 30 days.

The token reached a quarterly high above $150 back in September after the project changed its name from BitClout and raised over $200 million in capita, including from venture capital firm Social Capital.

Social Capital CEO Chamath Palihapitiya mentioned DESO back in October as part of his basket of investments to hedge against inflation.

“I’m very concerned about medium-term inflation… I want to own three things: hypergrowth [firms]… cash-generative assets… and then I want to own non-correlated assets: Bitcoin, Solana, DESO, a lot of the DeFi [decentralized finance] protocols because it’s a great counter-intuitive hedge…”

According to the Decentralized Social website, the project seeks to empower creators to monetize their efforts.

“The DeSo core development team is relentlessly focused on using the power of blockchain to create as many new ways for creators to monetize as possible.

And because DeSo is an open platform, every new feature becomes instantly available to thousands of developers who will invent new products we’ve never seen before.”

Coinbase says the token will be available to trade paired with USD, EUR and USDT.

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