Ripple (XRP) Surges 8.3% Following Partnership with Fenasbac to Boost Blockchain Innovation in Brazilian Finance

The SPX index was down by 0.5% as investors moved away from large tech stocks towards more traditional economic sectors.

Highlighting today's top performer, XRP has surged 8.3% following Ripple's partnership with Fenasbac to boost blockchain innovation in Brazilian finance.

Discovered in August 2012, Ripple (XRP) is a blockchain technology company that aims to enhance international payments with its cryptocurrency, XRP. In the latest development, Ripple has partnered with Brazil's Fenasbac to advance blockchain innovation in Brazilian finance through the Next Accelerator Program. This partnership will support fintech startups in utilizing the XRP Ledger to develop scalable financial solutions. Notably, Ripple will sponsor two companies focused on treasury management, asset tokenization, and lending. This initiative underscores Ripple's commitment to fostering blockchain technology in Brazil's advanced digital finance ecosystem.

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In other news, Pump.Fun, a memecoin launchpad, has outstripped Ethereum in daily revenue within the Decentralized Finance (DeFi) sector. Over the last 24 hours, Pump.Fun has generated $867,429 in daily revenue, surpassing Ethereum's $844,276. This achievement highlights the significant impact of the recent memecoin frenzy, particularly on platforms like Pump.Fun which facilitates easy token launches for non-technical users. Pump.Fun's revenue model includes a 1% transaction fee until a token reaches a set market cap and transitions to a secure liquidity pool. In contrast, Ethereum, valued at $395 billion, earns its revenue through transaction and smart contract execution fees, known as gas.

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Finally, U.S. Bitcoin Spot ETFs experienced a net outflow of $18.3 million, with GBTC causing the bulk of the outflow and BlackRock's Bitcoin ETF (IBIT) being the only fund to record inflows in the past two days.

Category Flow (millions)

GBTC (73.6)

Non-GBTC 91.9

Total (18.3)

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Airdrop to Watch:

Telegram-based clicker game Hamster Kombat boasts 300M+ users, set for 'biggest airdrop in crypto history.' The game, which reached 100 million users in just two months, plans to distribute the majority of its HMSTR tokens to players, with the rest allocated for market liquidity and ecosystem development. The Hamster Foundation, which runs the game, does so without venture capital, aiming for a community-driven valuation of the token. Moreover, the foundation is expanding to create a broader gaming ecosystem across multiple platforms and exploring new revenue models to support its growth without selling its tokens.

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