Daily Top Mover — KunciCoin (KUNCI)
U.S. equities had a roller coaster trading section overnight. Bank of Japan’s unexpected pivot with yield policy changes gave rise to price plunges pre-market, and all major indices recouped most losses during the regular section. Meanwhile, the broader cryptocurrency market continued with its sideway movement, with Bitcoin and Ether up 0.7% and 1.41%, respectively in the past 24 hours. The top mover for today, KunciCoin (KUNCI), which registered a 40.41% increase in the past 24 hours, has clearly underperformed the market likely due to the upcoming token burn on Jan 4, 2023.
KunciCoin is a cryptocurrency project and blockchain development platform designed for decentralized applications (DApps) such as NFTs, applications, games, and more. It was founded by a team of Indonesian entrepreneurs and crypto enthusiasts. With a dynamic and vibrant crypto community, Indonesia has emerged as one of the most receptive countries to crypto projects.
The large swing in token movements is likely due to the anticipation of the upcoming token burn, dubbed KunciCoinOnTorch. The event will burn 90% of its total supply from 50 billion to 5 billion. With a circulating supply at 1.2 billion, the token burn will likely send a tailwind to the token price assuming a constant fully diluted market capitalization. Apart from the token burn event, KunciCoin newly launched KunciPay early this month, an innovative digital streaming music platform, aiming to bridge the gap between web2 and blockchain technology. Regarding the most recent news, KunciCoin was endorsed by Indonesia Crypto Network and Indonesian Blockchain Association yesterday, which unlikely fully contributed to this price uptick but may have spurred investors’ interest in the token.
Check Out the Latest Prices, Charts, and Data for KUNCI/USDT!
Talk of the Town
Visa recently released a proposal to enable users to set up auto payments on Ethereum. Catherine Gu, Visa’s Head of Central Bank Digital Currencies and Protocols emphasized Visa’s commitment to bridging the gap between web2 and web3 ecosystems. The payments network giant is currently exploring novel approaches to using smart contracts to make payments programmable. Their proposal also revealed how users could possibly schedule automatic payments from their self-custodial crypto wallets. As Visa continues to explore its role as an active industry player in the crypto world, we will definitely be keeping a close eye on its developments.
Check out what else is buzzing in the crypto scene today:
a16z has billions of dry powder to deploy. (Link)
Yuga Labs hired the ex-Activision president as CEO. (Link)
Polygon partnered with Hi to introduce an NFT debit card. (Link)
Source: Bybit Blog | KunciCoin Reveals Upcoming Token Burn; Visa Proposes Auto-Payments on Ethereum
