Circle, the financial technology company behind USDC, a renowned stablecoin, surprised the crypto industry by discontinuing its support for the Tron Network. This means the USDC tokens will no longer be created on Tron Network. Meanwhile, Galaxy Fox, a new meme coin that embarked on presale a few months ago, has successfully sold almost 3 billions of its tokens and has raised a whopping $3.5 million. As a result, several crypto analysts believe the token is on course to become one of the best meme tokens ever created.
Second-Largest Stablecoin $USDC Abandons Tron Network, Citing Risk Concerns, But Compliance Is More Likely Reason
Circle announced that it would stop its support for $USDC on Tron Network on February 21, 2024. The company also announced that retail users of $USDC are still allowed to transfer their $USDC from the Tron Network to other networks until February 2025. Circle cited its decision to stop supporting Tron as part of its risk management plans, which aim to keep $USDC safe and transparent. However, market experts believe the move actually has more to do with Circle seeking compliance from US regulators in order to makes $USDC the dominant stablecoin in the US crypto market.
Stablecoins are special cryptocurrencies because they are tethered with stable currencies like the US dollar. Stablecoins are popular among traders who want to avoid the volatility of other cryptocurrencies.
$USDC is the second-largest stablecoin after Tether ($USDT), with over $26 billion worth of tokens in supply. There is approximately $300 million worth of $USDC on Tron Network, while the majority, around $22 billion, is on the Ethereum network. Moreover, $1.4 million worth of $USDC is found on Solana and $530 million on Polygon.
In response to this update, Tron Network’s native token $TRX dipped slightly by less than 1% and is currently trading around $0.14.
Galaxy Fox Fuels Investor Excitement as it Raises $3.5M in Presale
$GFOX is a revolutionary memecoin that has sparked significant interest among investors by excelling in its ongoing presale, where it raised an incredible $3.5 million from selling its token. As a result of this exciting presale rally, many investors have chosen $GFOX as their preferred cryptocurrency to invest in.
Galaxy Fox features an interesting web3 runner game that allows players to earn $GFOX tokens by achieving top performance. The game will also enable players to purchase Galaxy Fox NFTs, which comes with various attributes and gives players an advantage over their opponents. 50% of the $GFOX tokens, awarded to players in the top 20% of the leaderboard, are generated from selling in-game items like the Galaxy Fox NFTs.
$GFOX possesses a unique and innovative feature called ‘token burn’. This feature will be implemented in a way that a portion of circulating $GFOX gets removed permanently from circulation so that the token becomes scarce. As $GFOX scarcity increases, its value is expected to also increase.
Galaxy Fox will only supply 5 billion $GFOX tokens, and 70% are already selling at its ongoing presale. The remaining tokens are allocated as follows ; Ecosystem (10%), liquidity pool (10%), team (5%) and competitions and prizes (5%).
One of Galaxy Fox’s measures to sustain its fantastic ecosystem is collecting taxes and royalties on every transaction recorded on the platform. The funds obtained from this measure are shared among various platform pools, including the staking pool, treasury and liquidity pool.
Conclusion
Although Circle will USDC removed from Tron Network, it will still be available on other crypto networks like Ethereum, Solana, and Polygon. Meanwhile, $GFOX is currently in stage 8 of its presale and is currently selling for $0.002178. The presale stage 9 will commence very soon where the token price will increase further to $0.002376 representing a whopping 10% ROI for investors who invested in stage 8.
Invest in $GFOX today for incredible gains and get a 25% discount. Visit the website to get started and join the telegram community for latest updates.
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