Decentralized finance companies are breathing a sigh of relief after the Treasury Department and the Internal Revenue Service gave them a two-year delay on reporting their customers’ digital assets to the tax authorities.

In late December, the Treasury and the IRS issued final regulations on sales and exchanges of digital assets on the new Form 1099-DA for decentralized finance brokers, along with transition relief. The requirements for DeFi companies start on or after Jan. 1, 2027, two years later than the rules for centralized exchanges and platforms. The new rules are expected to generate a deluge of Form 1099-DA information reporting to the IRS from cryptocurrency brokers, traders, banks, wallet hubs and taxpayers starting on Jan. 1, 2025. But the DeFi companies may escape unscathed, expecially with the crypto friendly Trump administration already scaling back regulation and enforcement at the Securities and Exchange Commission.

“They’ve kind of carved back on the requirements on DeFi probably about as far as they could,” said Jonathan Jackel, managing director in EY’s information reporting and withholding practice. “Virtually the only part of DeFi that has any obligations at all under these regs are front-end service providers. So everybody in the other layers of the DeFi stack doesn’t need to worry about anything. It’s not nothing. It’s definitely a pretty significant concession. We only expect a very limited set of businesses to be doing this reporting.”

He pointed out that front-end DeFi service providers are not set up in a way that would make it easy for them to file the reports. “Their argument is we’re not doing enough in contributing to the sale of the crypto to make us do the tax report,” said Jackel. “The argument is you can’t call us a broker because we don’t actually make the sale happen. We’re only kind of assisting or helping or providing information or a coded instruction. But it’s not up to us to pass that instruction along or execute it. And the government basically said, but you are the guys in the position to know. Particularly if you’re in a position to make sure you get paid, you probably have a lot of control over other aspects of the transaction. You would know basically what the transaction is, and so we expect you to do this reporting. It’s certainly not going to be easy for front-end service providers to implement these rules.”

Three crypto industry groups — the Blockchain Association, the Texas Blockchain Council and the DeFi Education Fund — have filed a lawsuit against the IRS over the new regulations, claiming they violate the Administrative Procedure Act.

“There’s at least one lawsuit out there that I know about to enjoin the rules from going into effect,” said Jackel. “I guess we’ll see how the court feels about it.”

The additional two years may give the court time to sort out the matter, and the DeFi companies will also have more time to adjust. Crypto companies did not get as much leeway.

“They provided a similar phase-in on the regs that came out in July with respect to custodial wallet providers, and it certainly seems appropriate, given the nature of the industry, that there will be some time for implementation,” said Jackel. “They did not provide a ton of time to the custodial service providers. The regs came out in July, and they’re already in effect. Transactions happening right now are subject to reporting next year. So I think if there’s one thing that the industry needs more of, it’s time, and at least for DeFi, they do have a bit more time than everybody else, but it’s still a pretty heavy lift.”

It’s unclear whether the Trump administration might relax the regulations, which have been hashed out between the crypto industry and the Treasury and the IRS over the years since passage of the Infrastructure Investment and Jobs Act in 2021, which mandated the reporting.

“When the new regime takes over, is this going to turn around and get reversed?” said Thomas Shea, EY Americas financial services crypto tax leader. “It’s tough to think that would happen, given all of the time and energy spent in getting to this point. But you really never know.”

There may be some benefits to the reporting for the crypto industry, which has been calling for clearer rules. “It’s not so obvious,” said Jackel. “There’s clearly an expense, and a certain amount of effort that the industry has to go through. But there is the argument that having this kind of tax reporting is consistent with just a good customer experience. And if you want to legitimize crypto, then you’re going to have to do things like help people figure out what they should put on their tax return. It’s not so obvious that these regs are necessarily bad for crypto. There are certain folks in the crypto world who just want it to be another investment, like stocks or bonds or something like that. The fact that there’s going to be a clear way to deal with it on a tax return makes it easier for customers to deal with. And maybe that’s sort of pro industry to some extent. I don’t want to make it sound like it’s the easiest thing to comply with. There will be some significant expense and effort involved in implementing, but it’s not clear it’s entirely negative for the industry either.”

Even though the DeFi companies have an extra two years, crypto exchanges will need to start sending the Form 1099-DA this year.  

“I would certainly expect centralized exchanges to be ready to go because transactions occurring in 2025 are going to be reportable,” said Jackel. “Failing to comply is not really an option that’s available. With DeFi, it’s obviously a little bit less clear. There won’t really be the issue of complying until 2027, and then there’s the lawsuit. It’s conceivable that the court would say these rules don’t work and they’re not enforceable. And if that were the case, I wouldn’t expect anybody in the DeFi world to be doing reporting.”

Kaia, a BFT-based public blockchain, has recently joined forces with MEXC, one of the biggest crypto exchanges. This partnership aims to boost innovation and support Mini DApps to reach more users. 

Kaia is thrilled to team up with MEXC (@MEXC_Official) to accelerate the growth of the Mini Dapp ecosystem! 🤝

MEXC will support Mini Dapps on Dapp Portal (@dapp_portal) with:
✔️ Strategic consultation
✔️ Market entry guidance & education

You can now enjoy zero-fee KAIA/USDC… pic.twitter.com/Jki7KsZnS4

— Kaia (prev. Klaytn & Finschia) (@KaiaChain) February 6, 2025

How the Partnership Works

The partnership between MEXC and Kaia Foundation is all about discovering Mini Dapps with real potential. Once these projects are identified, they’ll receive hands-on support to help them succeed in the market. The Foundation has already started building partnerships around the world and integrating Mini Dapps into LINE Messenger. It makes blockchain technology easily accessible to common users. Working with MEXC, the foundation is now even better placed to offer more tools and resources to developers and creators as they develop their projects further.

MEXC in 2024

In 2024, MEXC hit some major milestones. Its platform was exchange-listed with the over 2,300 tokens that gave its users access to digital assets. Besides that, it created a ripple effect in the futures market by offering traders low-slippage options that unite traders worldwide. Apart from that, MEXC has established a futures pair of KAIA/USDT.

Special Promotions to Celebrate the Partnership

MEXC is allowing kaia/usdc pairs to be traded with zero fee, as part of its service to mark this collaboration. The aim of this promotion is to facilitate more new users to join the ecosystem but don’t have to pay any fees. Aside from that, MEXC has created a KAIA/USDT futures pair.

Looking Ahead

This partnership is good for both MEXC and the Kaia Foundation. While this will better the odds for Mini Dapps to be successful, it will also fortify the whole blockchain ecosystem. The growth of the ecosystem depends on increased membership because member expansion strengthens its future prospects. Future innovation and new ideas can emerge through this platform structure which offers a development opportunity. MEXC remains devoted to helping users worldwide adopt digital assets despite its current platform status.

NAIROBI (CoinChapter.com) — The crypto market is showing signs of renewed momentum, with XRP, TRON (TRX), and Shiba Inu (SHIB) gaining attention amid price rebounds, shifting market sentiment, and increased adoption.

XRP Eyes $6 as Analysts Predict Bullish Surge

XRP’s price saw a 6% surge today as broader market confidence returned following a recent downturn. Analysts remain optimistic about its trajectory, with Dark Defender predicting a potential climb to $6 based on XRP’s current wave cycle. His projections suggest that XRP could hit $5.85 if historical trends persist.

Meanwhile, EGRAG CRYPTO supports this bullish outlook, highlighting an alignment with past market cycles that could push XRP toward $5.2. Other market watchers, including Zach Rector, view the recent dip as a precursor to a rally, with projections for XRP exceeding $4 in the coming weeks.

Another factor driving speculation is the growing number of exchange-traded fund (ETF) applications tied to XRP. Currently, the U.S. Securities and Exchange Commission (SEC) is reviewing nine such applications from major asset managers, including Bitwise, WisdomTree, Grayscale, and CoinShares.

Analysts at JPMorgan estimate that an approved XRP ETF could bring in $4 billion to $8 billion in new capital within six months, potentially driving XRP’s price higher.

TRON Expands Dominance in Stablecoins and DeFi

TRON has solidified its position as a leading blockchain network for stablecoin transactions and decentralized applications. While its number of monthly active addresses remained stable in 2024, transaction activity has shifted towards decentralized platforms.

Data shows that TRON processed over 239 million transactions last month, primarily driven by DeFi adoption and stablecoin usage. The blockchain has also attracted growing interest from Latin American financial platforms, particularly Eldorado, which saw a fourfold increase in transaction volume in 2024.

The shift toward decentralized platforms has been a key driver of TRON’s growth. Investors are increasingly engaging with TRON-based decentralized exchanges (DEXs) rather than centralized platforms. Total Value Locked (TVL) on these DEXs has been rising, indicating growing confidence in TRON’s ecosystem.

TRX is trading at $0.223, facing resistance at $0.258, which aligns with the 2.618 Fibonacci extension level. A breakout above this zone could push prices toward $0.313. However, failure to break through may lead to consolidation near $0.202, the 1.618 Fibonacci level.

The Relative Strength Index (RSI) hovers around 47, showing a neutral market, while the Directional Movement Index (DMI) signals that sellers currently have the upper hand.

SHIB Sees Whales Accumulating Amid Market Turbulence

Shiba Inu (SHIB) has shown mixed performance, with a recent 2% price increase following a partnership with the United Arab Emirates Ministry of Energy and Infrastructure (MOEI). However, SHIB’s price remains volatile, having lost 30% of its value in the past month. Despite this, large-scale investors—Shiba Inu whales—have been actively accumulating the token.

Shiba Inu Large Transactions vs. SHIB price. IntoTheBlock

Meanwhile, on-chain data has revealed an unprecedented surge in SHIB whale activity. In the past 24 hours alone, large-scale investors transferred 15.1 trillion SHIB, valued at approximately $253.05 million. This follows an earlier 4.3 trillion SHIB transfer, marking a rapid increase in whale accumulation.

Despite the broader crypto market downturn, large SHIB holders have increased their positions by 553.59% in the past week.

XRP, TRON, and SHIB are navigating a volatile crypto landscape, each with unique catalysts driving market sentiment. XRP’s potential rally hinges on bullish forecasts and ETF speculation, while TRON continues to gain traction in DeFi and stablecoins. SHIB remains in focus due to whale accumulation and a strategic partnership in the United Arab Emirates.

On February 5, 2025, the DeFi team announced a unique token buyback initiative on Twitter, promising to repurchase $25 worth of $DEFI tokens for each retweet. The tweet, which garnered 17,000 retweets, translates to a total buyback of $425,000 (17,000 retweets * $25/retweet) [Source: X post by Ai 姨 @ai_9684xtpa, February 5, 2025]. This marketing strategy, reminiscent of tactics seen on social platforms like Rednote and Xiaohongshu, showcases an innovative approach to boosting token value and community engagement. The initiative’s success reflects a growing trend of leveraging social media for crypto marketing, prompting discussions on whether established entities like the Ethereum Foundation could adopt similar strategies [Source: CoinDesk analysis on social media influence in crypto marketing, January 20, 2025]. The immediate market response was a notable increase in $DEFI’s trading volume and price, with the token rising from $0.80 to $0.85 within an hour of the announcement, as reported by CoinGecko [Source: CoinGecko data, February 5, 2025, 14:00 UTC]. This event underscores the significant impact of social media on cryptocurrency markets, particularly in driving short-term price movements and trading volume spikes.

The trading implications of this buyback initiative were immediate and significant. Within the first hour of the announcement, $DEFI’s trading volume surged by 300%, from 5 million to 20 million $DEFI tokens, as reported by CoinMarketCap [Source: CoinMarketCap data, February 5, 2025, 14:00-15:00 UTC]. This surge was not limited to $DEFI; related tokens such as $UNI and $AAVE also saw increased trading volumes, with $UNI experiencing a 50% increase in volume and $AAVE a 40% increase, indicating a broader market reaction to the news [Source: TradingView data, February 5, 2025, 14:00-15:00 UTC]. The price of $DEFI continued to rise, reaching $0.90 by the end of the day, reflecting strong market confidence in the token’s value following the buyback announcement [Source: CoinGecko data, February 5, 2025, 23:59 UTC]. This event highlights the potential for social media-driven initiatives to significantly influence trading volumes and prices, offering traders opportunities to capitalize on short-term market movements driven by such announcements.

Technical indicators further underscored the impact of the buyback initiative. The Relative Strength Index (RSI) for $DEFI jumped from 55 to 72 within the first two hours of the announcement, indicating a strong bullish momentum [Source: TradingView RSI data, February 5, 2025, 14:00-16:00 UTC]. The Moving Average Convergence Divergence (MACD) also showed a bullish crossover, with the MACD line crossing above the signal line, further confirming the positive market sentiment [Source: TradingView MACD data, February 5, 2025, 14:00-16:00 UTC]. On-chain metrics revealed a significant increase in active addresses, with the number of active $DEFI addresses rising by 25% in the 24 hours following the announcement, from 10,000 to 12,500 addresses [Source: Etherscan on-chain data, February 5-6, 2025]. This increase in activity suggests heightened interest and engagement from the community, further supporting the token’s price appreciation. The buyback initiative’s impact was not isolated to $DEFI; it also influenced trading pairs like $DEFI/$BTC and $DEFI/$ETH, with trading volumes in these pairs increasing by 150% and 120%, respectively, within the same timeframe [Source: Binance trading data, February 5, 2025, 14:00-15:00 UTC].

In terms of AI developments, while this specific event did not directly involve AI, the use of social media analytics and sentiment analysis, powered by AI, could have played a role in the DeFi team’s decision to launch this initiative. AI-driven sentiment analysis tools could have detected the potential for viral engagement on social platforms, influencing the timing and nature of the buyback announcement [Source: AI in Crypto report by Messari, December 15, 2024]. The correlation between AI-driven market sentiment analysis and cryptocurrency price movements is becoming increasingly evident, with AI tools providing traders with real-time insights into market sentiment, potentially influencing trading decisions and volume changes [Source: CryptoQuant AI sentiment analysis report, January 30, 2025]. This event highlights the growing intersection of AI and cryptocurrency markets, where AI-driven insights can lead to strategic market moves and trading opportunities.

• Moonray Expands Web3 Gaming to Xbox and PS5
• Blockchain integration with consoles seeks mass adoption.
• ArenaX Labs Bets on Gaming AI on Ronin Network.

Ethereum-based multiplayer game Moonray is set to take a big step into the blockchain gaming market, with a release scheduled for Xbox Series X and PlayStation 5 later this year. Available to PC on the Epic Games Store since July last year, the game is now looking to reach an even larger audience across major console platforms.

We are bringing intense competitive gameplay to 28M more players.

Coming to Xbox in 2025. pic.twitter.com/iqX3tIg1TZ

— Moonray.game (@moonraygame) January 30, 2025

According to Rodrigo Etcheto, CEO of Moonray Studios, the mass adoption of blockchain games depends directly on their presence on established platforms, such as Xbox and PlayStation. “Most players are on platforms such as PlayStation, Xbox and Steam. To attract these players to Web3, we need to go to where they are,” highlights Etcheto. For him, without this approach, blockchain-based games will never be able to reach a wide audience.

The process of adapting Moonray for consoles is already underway, with gameplay tests scheduled for the second half of 2025. The game will be the second Web3 title to arrive on traditional consoles, following the early access launch of the shooter Off The Grid, which took place last October for Xbox Series X and PS5.

Despite the progress, the integration of crypto games with traditional platforms faces challenges. In 2021, Valve, the company responsible for Steam, banned blockchain-based games on its platform, restricting content related to cryptocurrencies and NFTs. Even so, Moonray seeks to strike a balance between the Web3 experience and compliance with the rules of each ecosystem.

As Moonray expands its presence, other initiatives are also shaking up the industry. ArenaX Labs announced the introduction of AI agents, called NRN Agents, for games on the Ronin Network, offering a new strategic dimension for players. According to Brandon Da Silva, CEO of ArenaX Labs, the real risk is not that AI will alienate players, but that it will be implemented in a superficial and uncreative way. “If developers see AI only as a tool to make more money, people will lose interest,” warns Da Silva.

Blast Royale, a mini-shooter based on the Polygon blockchain, also stands out by offering intense battles for up to 30 players. In addition to the gameplay, the title allows the earning of NOOB tokens, adding a crypto incentive to the experience.

Amid this backdrop, the Metaverse Filipino Worker documentary highlights the evolution of the play-to-earn industry in the Philippines, while Paradise Tycoon reveals its roadmap to 2025, including expansion with AI companions in QXNUMX.

Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.

Boost your Blum rewards with today’s daily video codes.

Picture this: You’re scrolling through Telegram, dodging cat memes when suddenly, you stumble upon a crypto exchange.

As a hybrid exchange, Blum is trying to bridge the gap between DeFi and CeFi, all within the cozy confines of your favorite messaging app.

But what exactly is Blum? Let’s figure it all out!

But before all that,

Coming soon…

Navigating Crypto
code: HEYBLUM

How to Analyze Crypto?
code: VALUE

Forks Explained
code: GO GET

Secure Your Crypto!
code: BEST PROJECT EVER

What are Telegram Mini Apps?
code: CRYPTOBLUM

Say No to Rug Pull!
code: SUPERBLUM

What Are AMMs?
code: CRYPTOSMART

Liquidity Pools Guide
code: BLUMERSSS

$2.5M+ DOGS Airdrop
code: HAPPYDOGS

Doxxing? What’s that?
code: NODOXXING

Pre-Market Trading?
code: WOWBLUM

Bitcoin Rainbow Chart?
code: SOBLUM

Crypto Terms. Part 1
code: BLUMEXPLORER

How To Trade Perps?
code: CRYPTOFAN

Sharding Explained What is Sharding?
code: BLUMTASTIC

Defi Explained
code: BLUMFORCE

How To Find Altcoins?
code: ULTRABLUM

Say No to Rug Pull!

code: superblum

Crypto Slang. Part 1 Blum

code: BLUMSTORM

What’s On-chain analysis?

code: Blumextra

Pumptober Special

code: Pumpit

DeFi Risks: Key Insights

code: BLUMHELPS

Crypto Slang. Part 2

code: FOMOOO

Choosing a Crypto Exchange 

code: CRYPTOZONE

Node Sales in Crypto? 

code: Blumify

What Crypto Dex? 

code: DEXXX

Understanding Gas Fees

code: CRYPTOGAS

What is Slippage?

code: Cryptobuzz

What’s Next for Defi?

code: BLUMNOW

Smart Contracts 101

code: SMARTBLUM

Regulation: Yay Or Nay?

code: BLUMSSS

DEX History

code: Godex

Crypto Regulation #2

code: Blumrules

P2P Trading Safety Tips

code: BLUMTIPS

Crypto Communities

code: Blummunity

Is Binance A Dex?

code: BLUMIES

Dec 6 Crypto News

code: Hundred

DEX Evolution

code: BLUMSPARK

Crypto Slang. Part 4

code: LAMBOBLUM

Memepad Tutorial

code: MEMEPAD

DEX history #3

code: LOVEBLUM

Dec 12 News

code: RIPPLE

Dec 13 News

code: BITCOINJESUS

Blum CMO @ Blockchain Life

code: BLUMISLIFE

Dec 16 News

code: BITCOIN

Crypto in Everyday Life

code: BLUMANCE

Dec 17 News

code: KENDRICK

Dec 18 News

code: MARK

Crypto Slang. Part 5

code: GONNABLUM

What is Uniswap?

code: BLUMSHINE

Dec 20 News

code: TRUMP

History of Bitcoin

code: BIGPIZZA

Blum COO @ Blockchain life… 

code: LIFEISBLUM

Future of Telegram. Part 1

code: TAPBLUM

Blum CEO @ Binance Blockchain

code: BLUMGOALS

Telegram Trends #2

code: BLUUUM

Blum at Binance Blockchain Week

code: BLUMWEEK

Telegram Trends #3

code: MEGABLUM

Telegram Trends #4

code: GOTAP

Crypto market 2025

code: CRYPTO2025

Community Building

code: BUILD

Can Bitcoin be Hacked?

code: QUANTUMBTC

Blum And Top

code: TOP

BITGET on TON

code: BITGET

S1 Weekly Giveaway

code: GIVEAWAY

Chartered Cities Explained

code: PROSPERA

Season 1 First Giveaway

code: BLUMCHATS

Fake AI vs. Real AI

сode: AICOIN

After launching the app, look for the “Earn” section in the bottom menu – this is where the magic happens.

Within the Earn section, you’ll find “Start” buttons at the bottom that initiate short videos. Pay close attention to this video, as it contains the daily code you’ll need (or use the ones we’ve shared above).

Once you’ve watched the video and noted the code, click on the “Verify” button.

After inputting the code, hit “Verify” once more, and voilà – you should see your Blum points balance increase immediately.

Imagine being able to swap tokens, dabble in derivatives, and farm “Blum Points” – all in one place. That’s the Blum experience in a nutshell. It’s designed for the crypto-curious and the seasoned traders alike.

Using Blum starts with accessing the Telegram bot and completing a simple registration process.

Once registered, users can begin “farming” Blum Points, which can be claimed every eight hours. The platform encourages regular engagement through daily tasks, social media interactions, and the Drop Game.

Blum’s developers have outlined an ambitious roadmap for the platform’s future. Key developments expected by the end of 2024 include:

• Launch of mobile and web versions
• Introduction of the ‘Memepad’ feature for promoting new projects
• Implementation of p2p fiat trading
• Expansion of the platform’s capabilities within the Telegram mini-app ecosystem

The project’s inclusion in Binance’s Most Valuable Builder (MVB) accelerator program lends it additional credibility and resources.

This article is an independent update provided by CoinMarketCap and is not paid for or sponsored by any specific project mentioned therein. CoinMarketCap does not receive compensation from these projects and is not affiliated with, nor does it have any connection to, them. The information provided is for informational purposes only and should not be considered financial advice.

San Francisco, CA, United States, February 4th, 2025, Chainwire

SKALE Labs Set to Play Host to the Novel, Dual-Format Trading Card Game Developed by What is This Studios, Launching on Epic Games Store.

SKALE Labs, the team behind the gas-free invisible blockchain network, today announced that What Is This Sorcery (WITS), a game that will shortly begin its season 0 on SKALE, has become the first Web3 gaming project supported by Kickstarter. The industry-defining trading card game was chosen for its unique approach to merging physical collectibles with the interactive dynamism of digital gameplay.

WITS sets itself apart with its innovative use of Near Field Communication (NFC), a technology that allows for contactless communication between NFC-enabled devices. WITS’ NFC-enabled physical cards allow players to authenticate ownership, trade cards with a tap, and enhance the collectibility of their decks. The physical cards are embedded with NFC chips, which not only hold value as collectibles but also allow for seamless integration into digital battles. The Kickstarter campaign will focus on funding the production of WITS’ first physical card set while helping to grow the game’s vibrant community. 

SKALE Chief Marketing and Growth Officer, Andrew Saunders, commented on today’s news: “This is a revolutionary moment for both Web3 and the trading card game genre, and we’re incredibly excited to see Kickstarter directly supporting and embracing this new, immersive experience as we prepare for its launch on SKALE. WITS represents the next step in the evolution of Web3 gaming and we’re thrilled to be a part of its continued development.”

Kickstarter backers will enjoy exclusive perks, including:  

• Exclusive Cards and Accessories: Backers will receive limited-edition WITS collectibles tied directly to the game’s ecosystem.
• Stretch Goals: Unlock full art rare cards, holo variants, and more.
• Early Access and Rewards: Early supporters will gain access to gameplay, plus unique rewards and exclusive items.

Nick Grossi, CEO and Co-Founder of WITS added, “Blending digital and physical gameplay allows users to connect, create, and compete in ways never before possible. We are excited to join SKALE’s growing roster of games in the near future, and today’s launch of the Kickstarter campaign is just the beginning. We can’t wait to build this magical world together with our community.”

With over 200 games in development and more than 50 Million active gaming wallets on the SKALE network, WITS will soon join a growing ecosystem of more than 1 Million daily active users who have leveraged SKALE technology to save gamers over $11 Billion in gas fees to date. Web3 games on SKALE have also recorded higher social activity than those on competitive chains, and adoption continues to accelerate as next-generation games continue to join the network. By combining cutting-edge blockchain technology with an immersive trading card experience, WITS is setting a new standard for what’s possible in the world of digital collectibles and Web3 gaming.

Users can visit the Kickstarter for more information: https://www.kickstarter.com/projects/whatisthisstudioltd/what-is-this-sorcery-trading-card-game

About SKALE Labs

SKALE Labs is the foundation behind SKALE, the gas-free invisible blockchain network designed to scale gaming, AI, social, and high-performance dApps to the masses. SKALE is BUILT DIFFERENT. Chains are gas-free, fast, modular, and fully EVM-Compatible, making them ideal for a wide range of decentralized applications. With a commitment to driving the mass adoption of Web3 technologies, SKALE empowers developers and businesses to build scalable, efficient, and user-centric blockchain applications. 

Harmonizing speed, security, and decentralization, SKALE Labs was born in Cali in 2018 by Jack O’Holleran and Stan Kladko, PhD. As of 2024, the network serves over 50 Million unique active wallets and has saved users $11 Billion in gas fees.

About WITS

What Is This Sorcery? (WITS) is a trading card game (TCG) that seamlessly blends physical and digital gameplay. Powered by blockchain technology, WITS integrates NFC-enabled cards to authenticate ownership, enable tap-to-trade functionality, and enhance collectibility. Set in the magical universe of Catena, players align with one of ten unique factions to compete, collect, and dominate in Season 0, shaping the evolving story of the WITS universe. WITS combines strategic depth, compelling lore, and cutting-edge technology to create an experience for gamers and collectors alike.

Contact

Senior Account Director
Dillon Arace
M Group Strategic Communications
darace@mgroupsc.com

On February 4, 2025, at 10:45 AM UTC, a tweet from Crypto Rover (@rovercrc) highlighted the investment in $SNOVA, a token associated with StacknovaBTC, at a price of $0.045, which was reported to be 70% below its listing price (Source: Twitter, @rovercrc, February 4, 2025). The tweet emphasized the narrative of Bitcoin DeFi combined with AI as a significant driver for market growth, suggesting that volatile markets offer substantial opportunities. This narrative is reflected in the recent surge in trading volumes for AI-related tokens, with $SNOVA experiencing a 24-hour trading volume increase of 150% to 5.2 million tokens as of February 4, 2025, at 11:00 AM UTC (Source: CoinGecko, February 4, 2025). Additionally, the broader market sentiment towards AI and DeFi projects has been positive, as evidenced by the 10% increase in the total market cap of AI tokens over the past week (Source: Messari, February 4, 2025).

The trading implications of this event are significant for investors focusing on AI and DeFi sectors. On February 4, 2025, at 11:15 AM UTC, $SNOVA’s price increased by 8% to $0.0487, suggesting immediate market interest following the tweet (Source: CoinMarketCap, February 4, 2025). This price movement aligns with a broader trend where AI-related tokens like $FET (Fetch.AI) and $AGIX (SingularityNET) also saw gains of 5% and 6% respectively within the same timeframe (Source: TradingView, February 4, 2025). The increased trading volume of $SNOVA indicates strong market interest, particularly in tokens that combine AI and DeFi functionalities. Furthermore, the correlation between $SNOVA’s performance and major cryptocurrencies like Bitcoin and Ethereum was notable, with $SNOVA showing a 0.7 correlation coefficient with Bitcoin’s price movements over the last 24 hours (Source: CryptoQuant, February 4, 2025). This suggests that $SNOVA’s price movements are closely tied to broader market trends.

Technical analysis of $SNOVA’s price movements on February 4, 2025, at 11:30 AM UTC reveals several key indicators. The Relative Strength Index (RSI) for $SNOVA stood at 68, indicating that the token was approaching overbought territory (Source: TradingView, February 4, 2025). The Moving Average Convergence Divergence (MACD) showed a bullish crossover, suggesting potential for further upward momentum (Source: TradingView, February 4, 2025). On-chain metrics further support this analysis, with the number of active addresses for $SNOVA increasing by 20% to 12,500 over the past 24 hours, indicating growing investor interest (Source: Glassnode, February 4, 2025). Additionally, the trading volume for $SNOVA/BTC pair increased by 120% to 1.1 million tokens, while the $SNOVA/ETH pair saw a 90% increase to 800,000 tokens, demonstrating strong demand across multiple trading pairs (Source: CoinGecko, February 4, 2025). The AI-crypto market correlation is evident as AI-driven trading algorithms have contributed to a 10% increase in overall trading volumes for AI tokens, with $SNOVA being a significant beneficiary (Source: Kaiko, February 4, 2025).

The integration of AI technologies into the cryptocurrency market has been a significant driver of market sentiment. On February 4, 2025, at 11:45 AM UTC, reports indicated that AI-driven trading volumes accounted for 15% of total trading volumes for AI-related tokens, up from 10% a week prior (Source: Kaiko, February 4, 2025). This increase reflects growing confidence in AI’s ability to enhance trading strategies and market analysis. The correlation between AI developments and crypto market sentiment is clear, with positive AI news leading to a 5% increase in the market cap of AI tokens over the past 24 hours (Source: Messari, February 4, 2025). For traders, this presents opportunities to leverage AI-driven insights for more informed trading decisions, particularly in tokens like $SNOVA that are at the intersection of AI and DeFi.

In summary, the tweet from Crypto Rover has sparked significant interest in $SNOVA, driven by the compelling narrative of Bitcoin DeFi and AI integration. The immediate price increase, coupled with strong trading volumes and positive technical indicators, suggests that $SNOVA is poised for further growth. The AI-crypto market correlation is evident, with AI developments directly impacting trading volumes and market sentiment. Traders should closely monitor these trends and consider the potential for AI-driven trading strategies to capitalize on these opportunities.