This Week’s Crypto Recap: Altcoins, NFT Trades, GOAT Surge

TON Network’s NFT Trading Boom

NFT trading on the TON (Telegram Open Network) network surged by 400% in Q3 2024, driven largely by the gaming community on Telegram. According to Helika’s Web3 Gaming Report for Q3 2024:

• In July, daily active NFT wallets were under 200,000 but reached over 1 million by September.
• Nine popular games on Telegram attracted more than 3 million active wallets in September.
• Top player demographics include 57.7% from Europe and 20.6% from Asia.

This rise comes as games like “Hamster Kombat” unveil roadmaps that integrate NFTs as in-game items, potentially driving further activity on the TON network.

Binance Delists Altcoins

Binance announced it would delist several trading pairs for altcoins, impacting token prices. Here are the removed trading pairs:

This news triggered significant price drops for affected tokens like KP3R, OOKI, and UNFI. Meanwhile, Binance’s share of spot trading volume has declined, with Bybit and OKX gaining traction in the market.

AI Promotes Meme Coins, Hits $1.3 Million

An AI-driven X (formerly Twitter) account, Terminal of Truths, has caused waves by promoting the Goatseus Maximum (GOAT) meme coin. Here’s what happened:

• The linked wallet holds over 1.93 million GOAT tokens, worth around $1.3 million.
• Created by AI researcher Andy Ayrey, the account generates content without human input.
• Endorsements, like one from Marc Andreessen, and a Binance listing helped the GOAT token reach a peak of $0.7. Recently, the token’s price has fallen by 20%, now trading at $0.67.

The account’s influence on meme coins has sparked discussions on market manipulation, especially after it contributed to a 600% rise in another meme coin.

ECB’s Bitcoin Warning

Economists Ulrich Bindseil and Jürgen Schaaf from the European Central Bank (ECB) issued a cautionary statement about Bitcoin. They expressed concerns that Bitcoin’s rising value disproportionately benefits early adopters. Their critique suggested:

• Early Bitcoin investors might cash out for high-end purchases, which could disadvantage newcomers.
• A call for tighter controls on Bitcoin’s price to address social inequality.

However, Dr. Murry Rudd from the Satoshi Action Fund countered these claims, arguing that inflation in traditional systems also impacts wealth distribution. A Federal Reserve Bank of Minneapolis report similarly suggested a Bitcoin ban to manage risks.

BRICS to Adopt Digital Assets

At the BRICS Business Forum on October 18, Russian President Vladimir Putin announced plans to use digital assets, including cryptocurrencies, for BRICS investment payments. Key takeaways include:

• A potential shift towards crypto-based settlements within BRICS.
• Expanding influence in the global market with new members like Egypt, Ethiopia, Iran, and the UAE.

Research from VanEck’s Matthew Sigel suggested that Russian miners may sell Bitcoin internationally to bypass sanctions.

This week’s events reveal both growing adoption in blockchain gaming and ongoing regulatory scrutiny, spotlighting crypto’s unpredictable path forward.