Global Hive Buzz

Tesla forfeited a potential $300 million in profit following the sale of Bitcoin.

Tesla initiated its venture into Bitcoin in February 2021 with a significant $1.5 billion investment when the price of BTC hovered around $36,000.

From the first reported BTC balance on Feb. 8, 2021, Tesla's stock price has experienced a decline of approximately 40% compared to Bitcoin.

In an unexpected move, Tesla sold about 10% of its Bitcoin holdings in March 2021. Subsequently, in the second quarter of 2022, the company divested approximately 75% of its Bitcoin reserves.

Had Tesla retained its entire Bitcoin investment, it could have potentially garnered a profit of over $300 million, considering the current Bitcoin value of approximately $41,500.

Despite these sales, Tesla's remaining Bitcoin holdings, estimated at around 9,720 BTC, have remained stable in recent quarters. This signifies a more cautious approach, aligning with expectations of a bullish year for Bitcoin among traders.

Binance Labs steps back from participating in the latest funding round of SkyArk Chronicles.

In a post on X dated January 29, Binance's venture arm clarified that it did not participate in SkyArk's latest financing round in 2024, raising concerns about the apparent misinformation in the previous announcement. The statement emphasized that Binance Labs had exclusively invested in SkyArk in 2021 through its Incubation Season 3 program.

This clarification from Binance Labs follows SkyArk's now-deleted post on X on January 12, where they claimed a $15 million funding round led by Binance's venture firm, with the involvement of 40 other institutions, including LayerZero CEO Bryan Pellegrino and Tangent Ventures co-founder Darryl Wang.

In just 8 hours, the trading volume of the Solana meme coin surpasses $55 million.

According to data from trading aggregator Birdeye, the trading volume of Solana's memecoin WEN exceeded $55 million within eight hours. WEN tokens can be claimed from January 26 to January 29 on the LFG Launchpad of the decentralized exchange Jupiter, with over one million wallets eligible to receive 643,652 tokens each.

WEN originated as a meme coin inspired by a poem published by Meow, the co-founder of Jupiter, in December 2023. It is described as "a community coin to give back and immortalize WEN culture." The poem has been transformed into a non-fungible token (NFT) using Ovols, a tokenization standard that integrates NFTs into decentralized finance (DeFi). Consequently, each WEN token represents a fraction of Meow's tokenized poem.

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