Chainbase crypto launched on July 14 and quickly surged by 300%, rising from $0.115 to a high of $0.50. However, airdrop recipients from Binance’s HODL program began selling their $C tokens, resulting in a significant price drop.
Currently, $C has fallen to $0.27 as selling pressure continues to outweigh buying interest. Could this new cryptocurrency be a hidden blue-chip gem that is flying under the radar?
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What Is Chainbase Crypto And Why Is It Down 40% Today?
Chainbase is an all-in-one data infrastructure platform for Web3, enabling users to index, transform, and utilize on-chain data at scale via APIs, pipelines, and SQL.
By leveraging enriched on-chain data and streaming computing technologies across data infrastructure, Chainbase automates the indexing and querying of blockchain data, allowing developers to accomplish more with less.
Its native token, $C, was launched earlier this week and instantly listed on Binance, Bitget, KuCoin, MEXC, and other smaller centralized exchanges. The Chainbase crypto launch flew relatively under the radar due to higher-profile launches such as Pump.fun (PUMP) and Caldera (ERA).
$C is down over 40% today, which can be mostly attributed to participants in Binance’s HODL airdrop program selling their Chainbase token allocation.
However, the bearish price action for $C is likely short-term, and once the airdrop sellers are exhausted, it is expected that Chainbase will rise in price due to solid fundamentals and a well-thought-out roadmap.
$15 Million Funding Round for Chainbase Led by Leading Tech Company, Tencent
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During its Series A funding round in July 2024, Chainbase Crypto raised $15 million from investors such as Matrix Partners, Hash Global, and, most notably, Chinese tech powerhouse Tencent.
Tencent is valued at $598 billion, making it the 17th largest publicly traded company in the world, one place behind Visa. It shouldn’t be overstated how bullish it is to see Tencent leading an eight-figure investment raise for Chainbase, especially considering that Tencent has historically had limited exposure to Web3 companies.
The Chinese conglomerate is now the world’s largest games publisher and has part ownership of companies such as Riot Games, the firm behind League of Legends, Blizzard, which creates the StarCraft and Warcraft franchises, and Epic Games, the company behind Fortnite.
Tencent’s annual revenue for 2023 is listed at $86 billion, highlighting the significance of its investment in Chainbase crypto and what it could mean for the newly launched Web3 project.
$C is currently trading at around $0.27, with a circulating supply valuation of just $44 million. Its fully diluted market cap sits at $280 million, with linear token unlocks taking place on the 14th of every month until 2030.
BONUS: Bitcoin Hyper (HYPER) Hits $3.5 Million In ICO Funding
Although Bitcoin Hyper (HYPER) doesn’t have Tencent leading its funding round, over $3.5 million has now been secured through word of mouth and a clever marketing campaign that perfectly blends meme coin virality with much-needed utility.
The HYPER team aims to deliver a full spectrum ecosystem of products to the Bitcoin mainnet, encompassing DeFi, GameFi, NFTs, and other sectors, as part of its ongoing development.
Bitcoin Hyper effectively utilizes the Solana Virtual Machine (SVM) for its Layer 2 protocol. By integrating its Layer 2 infrastructure with Bitcoin, HYPER will benefit from the low fees and high speeds associated with the Solana network.
Its Layer 2 infrastructure is being built using innovative roll-up technology. The team recently announced full integration with the SVM as the execution layer for HYPER. This, combined with the use of roll-ups, will enable fast transactions, low fees, and real-time execution, all while preserving the integrity of Bitcoin’s established core base layer.
How To Join The Bitcoin Hyper Presale Before It Hits The Open Market
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To become a HYPER presale investor, visit the Bitcoin Hyper presale website to learn more and potentially join the HYPER train. You can purchase using ETH, USDT, BNB, or a bank card.
Best Wallet is a new web3 wallet that provides the most seamless purchasing experience. HYPER is already featured in the mobile app’s “Upcoming Tokens” section, and Best Wallet offers simplified token management, as well as early access to HYPER and other presale opportunities.
Investors can also stake their HYPER tokens for an impressive annual percentage yield (APY) of 259% in rewards, making it a great opportunity for passive income while waiting for the Bitcoin Hyper ICO to complete.
There are fewer than 36 hours left until the HYPER presale advances to its next price stage, meaning the current price of $0.01225 will soon be a thing of the past.
For the latest updates on all things HYPER, join the community on Telegram and X.
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