Blockchain
Japan’s Active Crypto Trading Population Expected to Hit 500,000 in 2024
According to a study by Bitget, Japan’s cryptocurrency use is expected to remain among the highest in the world, with the number of daily crypto traders projected to rise from 350,000 to around 500,000 by the end of this year. This places Japan’s crypto market size between those of Turkey and Indonesia and about two-thirds the size of South Korea’s market. This strong adoption can be attributed to Japan’s progressive regulations, which have fostered the industry’s growth.
The introduction of new regulations focused on compliance, along with the launch of cryptocurrency ETFs in the US, is anticipated to further boost Japan’s crypto market. This is expected to increase involvement from both institutional and retail investors. Gracy Chen, CEO of Bitget, remarked that Japan’s high awareness of crypto creates a dynamic and rapidly evolving landscape, making it a prime area for new technologies and widespread use.
Japan’s Crypto Market Prioritizes Established Coins
The study indicates that Japanese users will continue to show strong interest in local blockchain projects, particularly in gaming. There is also expected to be increased involvement with NFTs and blockchain task platforms. Significant capital investment is anticipated for one or two blockchain game projects in Japan, potentially establishing them as key players in the global crypto market. Additionally, wallets with transaction aggregation and NFT trading functionalities are likely to gain popularity among Japanese users.
Japanese crypto enthusiasts not only show excitement about the space but are also actively trading, with a preference for established, large-cap coins like Bitcoin and Ethereum, which have been approved by Japan’s Financial Services Agency (FSA). This focus on well-known tokens is likely due to regulations limiting leverage on riskier derivative products.
Unique Aspects of Japan’s Crypto Market
Japan’s crypto market is characterized by active use of popular decentralized exchanges (DEX) like Uniswap and PancakeSwap, as well as a strong preference for local centralized exchanges. For crypto wallets, Metamask leads in popularity, followed by Bitget Wallet, Phantom, Trust Wallet, and Coinbase Wallet.
Japan has a significant history with cryptocurrency, marked by both innovation and setbacks. In 2014, the major exchange Mt. Gox suffered a hack that resulted in significant Bitcoin losses for investors, leading to years of legal wrangling. Recently, Mt. Gox began repaying its creditors, offering hope for those affected.
In a notable development, Japanese tech giant Sony Group entered the crypto market last week by acquiring the crypto firm Amber Japan. This move could substantially impact the gaming industry, allowing players to trade cryptocurrencies securely across various platforms and games.
Source: cryptonews.com
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Blockchain
$FAR Token ranks first on Bybit exchange and soars to 44%following staking program launch: Coingecko
Farcana — United Arab Emirates based Bitcoin shooter game, has announced that its $FAR token is now ranked first on Bybit exchange. This development comes after the launch of its staking program, which offers users a 60% annual percentage rate (APR) on their $FAR tokens.
The staking program requires users to utilize the Polygon network for staking their announcement. Following the announcement, $FAR token soared to 44% according to Coingecko.
Founded in 2022, Farcana recently raised $10 million in seed funding from Animoca Brands, Polygon Ventures, Fenbushi Capital, and Merit Circle among others. It is built on Unreal Engine 5 and Farcana shares a similar graphical style with Overwatch, a team-based multiplayer first-person shooter game by Blizzard Entertainment. The game is understood to operate under a free-to-play model.
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A new Ethereum meme coin, Pochita ($POCHITA), has made headlines after skyrocketing in value shortly after its launch. According to on-chain data, one trader turned an initial investment of $3,000 into $150,000 in under three hours, reflecting a near-5000% profit. This rapid surge has drawn comparisons to other meme coins like Bonk ($BONK), which gained significant attention in the Solana ecosystem.
Pochita launched on October 2, 2024, quickly reaching a $20 million market cap within 9 hours, despite the broader crypto market contracting by 2.9% over the past 24 hours. The meme coin sector also dipped 3.2%, now valued at $47.5 billion. Despite the falling prices, Pochita’s rapid rise suggests strong investor sentiment around meme coins remains, especially following recent Federal Reserve interest rate cuts.
Though meme coins are known for their volatility and lack of clear fundamentals, they can provide quick gains for traders. Pochita is being discussed as a potential successor to Bonk, and if it continues its growth, it could join the ranks of other top meme coins like Dogecoin, Shiba Inu, and Pepe Coin.
At the same time, other projects such as Crypto All-Stars ($STARS) are providing new avenues for meme coin holders by offering a unified staking platform where users can stake various meme coins and earn rewards. Crypto All-Stars has already raised over $1.9 million in its presale, indicating strong interest in platforms that provide utility and passive income opportunities for meme coin enthusiasts.
Source: cryptonews.com
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A recent Binance report highlights critical risks in the cryptocurrency market, warning of the dangers posed by inflated valuations and centralized token ownership. The report cautions that if these issues remain unaddressed, they could destabilize the long-term stability and growth of the crypto industry.
Valuation Concerns: The report emphasizes that overvaluation, particularly in newly launched tokens with low circulating supply, could lead to market bubbles and poor performance. Venture capital funds, which once aggressively invested in crypto, are now scaling back and shifting focus to sectors with more sustainable valuations. As the market becomes saturated with new tokens, the circulating supply could increase exponentially, further straining performance.
Centralization of Token Ownership: Binance also flags the risks of centralization, where large tokenholders dominate ownership. This concentration of power can result in governance issues, market manipulation, and potential crashes caused by sudden sell-offs. The report stresses the need for decentralized control and broad participation to maintain the integrity and resilience of crypto projects.
Transparency and Trust: To mitigate these risks, the report underscores the importance of transparency in fund management. A lack of clear disclosures can erode stakeholder trust and harm project sustainability. Binance notes that greater transparency, like the adoption of proof-of-reserves by platforms such as Coinbase, is crucial for fostering responsible financial management and building long-term trust in the market.
In conclusion, the report urges the crypto industry to prioritize decentralized governance and transparency to ensure sustainable growth and maintain market confidence.
Source: cointelegraph.com
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