What's Driving Token Prices? November 1, 2023

UNIBOT (-32%) - Earlier this week, Unibot, a trading interface for decentralized exchanges, suffered an exploit that led to a loss of $560K worth of user tokens. Unibot, which is a widely used Telegram trading bot, has long been criticized for its potential security risks since users must submit their private wallet keys in order to use the product. The team has paused the order router that was impacted by the exploit while they investigate the issue and has also promised to compensate users for all losses.
TIA (+23%) - Celestia, a data availability layer project, launched a Cosmos app-chain yesterday. Its token, TIA, also became available to airdrop recipients and to Celestia Foundation and core contributors (about 25% of total supply). However, only 74M of the total 200M tokens avialable for public allocation will be available on the first day. A number of market participants have watched Celestia as it is the first newly issued token in the crypto ecosystem in quite some time. Upon launch yesterday, TIA traded up from the $1 listing price to ~$2.10-$2.40 and stayed relatively flat the first 24 hours of trading. It has since shot up to ~$2.60. However, all of token price stayed well below $3, the price TIA was trading for on futures market prior to yesterday’s listing.
SOL (+32%) - Solana’s Breakpoint Conference kicked off this week with a slew of announcements. Firedancer, an independent validator software built by Jump Trading, went live on a testnet. The new software promises to improve speeds by up to 100x and is expected to go to mainnet next summer. Solana also became the second chain after Ethereum to be supported by AWS for validator deployments and also slated to go live on Google Cloud's BigQuery data analytics platform. Solana has been on a tear ahead of the conference and is up over 80% in the last month.

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