Bitcoin Surges Past $47,000 Amid Solana Outage and Pandora Project Developments
“Should Have Bought” is a news podcast featuring the ForkLog editorial team and friends, discussing the week’s major industry events and the hottest tokens.
This episode covers Bitcoin’s rise above $47,000, a new Solana outage, the experimental ERC-404 “hot” token Pandora, and the price drop of Monero.
Participants: ForkLog authors Lena Jess, Alex K., Vasily Smirnov.
Special guest: Tony B., founder and acting CEO of the aggregator CeDeFiAi.
Digital Gold Rally
Bitcoin has comfortably settled above the $47,000 mark. The cryptocurrency fear and greed index reached 72, indicating buyer pressure.
Many analysts highlight the positive impact of spot ETFs and the market’s return to “organic growth.”
Other positive factors include reduced miner pressure on the price of the leading cryptocurrency and the accumulation of digital reserves by public companies.
Another Solana Outage
On February 6, Solana stopped processing blocks due to “reduced performance” of the main network. The system was restored only after about five hours.
A team of experts led by journalist Colin Wu concluded that the periodic outages of Solana are due to the network’s inability to handle the growing volume of transactions.
Monero Plunge
The largest cryptocurrency exchange Binance announced the delisting of Monero (XMR) and several other assets.
The price of the anonymous cryptocurrency reacted with a drop of more than 15%.
In response to the delisting decision, Monero developers stated they would never compromise on privacy issues and advised trading XMR on other platforms.
Pandora and the ERC-404 Format
The price of the Pandora token, based on the experimental ERC-404 standard, exceeded $30,000.
The total supply of the crypto asset is limited to just 10,000 coins, with fewer than 1,500 holders.
The ERC-404 standard is a hybrid implementation of ERC-20/ERC-721, where purchasing a coin also automatically adds an NFT to the wallet. It allows ownership of a fractional part of a so-called “fractional” non-fungible token.
Some crypto developers have pointed out security risks in the experimental standard, which has not yet been audited.
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