Crypto Scoop: Tether (USDT) Attains A New ATH As Dogecoin Celebrates A Milestone of 2 Million Transactions

Tether (USDT) celebrates its new ATH as Dogecoin surpasses 2 Million transactions. In this edition of the crypto scoop, we review the following: 

• Prive moves of top cryptocurrencies
• Tether (USDT)’s new ATH and mining initiative
• Nike’s NFT partnership with EA sports
• Ethereum NFTs that are now transferable to Bitcoin

Price Moves Of Top Cryptocurrencies

May ended with top cryptocurrencies, bitcoin and Ethereum, trading at $27,000 and $1,800, respectively. The Block reports that the cryptocurrency monthly exchange volume, which calculates spot market volume across all crypto exchanges, was $439.2 billion. This was 27% down from $604.88 billion in April. 

However, while prices may be down, the Dogecoin blockchain has experienced a significant surge in activity since the introduction of DRC20 tokens. Blockchair.com reports that since May 22, the Dogecoin network has consistently confirmed over a million transactions each day. On Saturday, the Dogecoin network attained a milestone as it soared to an all-time high, processing 2,079,070 transactions. 

Tether (USDT) Attains New ATH And Invests In Bitcoin Mining Initiative

Tether (USDT) stablecoin hit a new all-time-high (ATH) this week, as its market capitalisation soared over $83 billion. This milestone comes in a year when stablecoins struggle to stay afloat following regulatory concerns. USDT broke its May 2022 ATH of $83.2 Billion and cemented its dominance in the stablecoin sector.

Additionally, following its plans to invest profits in Bitcoin, Tether announced plans to create sustainable Bitcoin mining in Uruguay. The company announced this week that it had invested in an energy production and sustainable bitcoin mining facility in Uruguay. Tether would be collaborating with a local licensed company and is actively recruiting to push this initiative further. The mining facility is expected to start operations by mid-Q3 of 2023. 

Nike Rolls Its NFTs Into EA Sports Games

Nike has announced its intention to integrate its Non-fungible token platform.Swoosh with EA Sports games, potentially allowing Nike’s virtual footwear and apparel to appear in games. 

EA Sports include FIFA, which won the prize for "most popular game" in 2022, as well as the NBA Live and Madden NFL series, which each draws in millions of players. Nike NFTs are anticipated to be wearable accessories that gamers may buy to customise their character avatars in-game. 

According to Ron Farris, general manager of Nike Studios, “This partnership will allow us to unlock some incredible new experiences for our .SWOOSH community and the massive EA SPORTS fan base.”

New Token Allows Ethereum NFTS to be Transferable to Bitcoin

On Monday, three prominent Bitcoin non-fungible tokens (NFT) ecosystem contributors introduced the BRC-721E token standard. This groundbreaking feature enables traders to transfer their ERC-721 tokens, which represent ownership of Ethereum-based NFTs, onto the Bitcoin network.

The collaborative effort involves Ordinals.market, Bitcoin Miladys NFT collection, and the Xverse Bitcoin wallet. Through the newly established token standard, ERC-721 NFTs on Ethereum are permanently eliminated (burned) and replaced with a recreated version of the digital asset on Bitcoin, known as a BRC-721E inscription. Once this transfer process takes place, it becomes irreversible.

Coinciding with this innovative launch was a significant achievement for Ordinals, an iteration of NFTs on the Bitcoin network. According to data provided by analytics platform Dune Analytics, Ordinals surpassed its 10 millionth inscription on the same day, marking a remarkable milestone.