It is the latest cryptocurrency to have seen a spike in interest since the turn of the year, following on from the success of Dogecoin, Bitcoin and Ripple XRP in recent weeks.
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In late July, Elon Musk said Tesla was "most likely" to start accepting bitcoin as payment again. The comment helped the cryptocurrency race past the $30,000 level.
Cryptocurrencies are digital currencies that are not managed by the government or any central system but are built on blockchain technology. In the last decade, cryptocurrencies have gained traction, have become more popular, and are becoming more of an option for individuals and organizations to invest in.
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The former head of the Office of the Comptroller of Currency (OCC), Brian Brooks, resigned as CEO of Binance.US last week, The Wall Street Journal reported Friday, citing a post from him on the social media platform Twitter. Brooks had only recently joined the company in the role on May 1.
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Setup price alerts, down to the cent and never miss your targets. Quickly and easily track prices of bitcoin and other cryptocurrencies and get notifications as the price hits above or below the threshold you set. Set alerts for any of the 2000+ cryptocurrencies available on CoinMarketCap.
Cryptocurrency users have wallets with unique information that confirms them as the owners of their units.
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Mr Musk has served as a key for driving up the prices for other major meme coins this year, including Dogecoin and Shiba Inu.
On Tuesday 9 November, Bitcoin’s price was trading up by roughly 11.5% on the last week after soaring to a new record price of over $68,000 on Tuesday morning.
Ripple is also more easily converted than other cryptocurrencies with an in-house currency exchange that can convert Ripple units into U.S. dollars, yen, euros, and other common currencies.
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