Pangolin Price
PNGRank 898
Pangolin (PNG) Price Live Chart
Pangolin(PNG) price today is $0.133, with a 24-hour trading volume of $26.71K and as such Pangolin(PNG) has a market cap of $29.31M, giving it a market dominance of 0.0017%. The Pangolin(PNG) price moved -2.25% in the last 24 hours.
PNG Price Data
- 24h Turnover$26.71K
- All-Time High(ATH)$18.85
- 24h High$0.1399
- All-Time Low(ATL)$0.0118
- 24h Low$0.1323
PNG Market Cap Infos
- Market Cap$29.31M
- Fully Diluted Valuation$71.57M
- Market Cap/FDV40.96%
- Market SentimentPositive
PNG Supply
- Circulating Supply220.37M PNG
- Total Supply538M PNG
- Max Supply538M PNG
*Data is for reference only
Pangolin(PNG) is predicted to average $0.1341 in 2025, with a potential swing between the lowest price $0.08852 and the highest price $0.1824. By 2030, Pangolin(PNG) price could reach to $0.4216, offering a potential +120.00% return from today’s price.
Year | Minimum Price | Highest Price | Average Price | Change |
|---|---|---|---|---|
2025 | $0.08852 | $0.1824 | $0.1341 | -- |
2026 | $0.1361 | $0.2326 | $0.1582 | +18.00% |
2027 | $0.172 | $0.2853 | $0.1954 | +46.00% |
2028 | $0.2284 | $0.3173 | $0.2404 | +80.00% |
2029 | $0.2398 | $0.3067 | $0.2788 | +109.00% |
2030 | $0.1786 | $0.4216 | $0.2928 | +120.00% |
Pangolin(PNG) price has moved -2.25% in the last 24 hours, and +0.76% in the past 7 days. The price of Pangolin(PNG) is -19.46% in the past 30 days, and -46.98% over the last year.
Time period | Change amount | % Change |
|---|---|---|
1H | +$0.001173 | +0.89% |
24H | -$0.003062 | -2.25% |
7D | +$0.001003 | +0.76% |
30D | -$0.03214 | -19.46% |
1Y | -$0.1178 | -46.98% |
Pangolin (PNG) Credibility Indicators
78.84
Reliability Score
PercentileTOP 5%
About Pangolin (PNG)
Contract
0x60781c2...b3faca982
Explorers
cchain.explorer.avax.network
Website
pangolin.exchange
Community
Pangolin is a decentralized exchange (DEX) operating in avalanche, which has the same automatic market making (AMM) model as uniswap. Its management token is a fully community distributed PNG, which can trade with other tokens on platforms supporting Ethereum and avalanche networks.
Team Members Pangolin (PNG)
J
Justin Trollip
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- 金色财经_作者：Khurshed Murtazaqulov，Messari实习分析师；翻译：金色财经xiaozou 最近我撰写了一篇Messari专业报告，现将该报告的核心要点以本文总结如下。 稳定币正在新兴市场快速扩张。 在公众视野被遗漏和疏忽最严重的现象是什么？应该要属套利交易了。现在我们来看套利交易的重要性，以及为何说套利交易对新兴市场并非坏事。 最初的加密货币交易通过BitcoinTalk或LocalBitcoins等论坛以点对点（P2P）形式进行。如今，币安和Bybit的P2P市场已取代这些平台，同时金融科技公司还在持续进军新兴市场。 在众多新兴经济体中，中心化交易所（CEX）的P2
- 金色财经_币安合约将于2025年08月06日17:00（东八区时间）上线ALL 75倍综合指数U本位永续合约。 关于币安ALL综合指数 币安ALL综合指数追踪在币安合约上所有以USDT报价的永续合约，以下合约除外： ETHBTC永续合约 以USDC或其他稳定币报价的U本位永续合约 U本位交割合约 综合指数永续合约 永续合约盘前交易 币本位永续和交割合约 币安ALL综合指数是使用所有成分实时指数价格的加权平均值来计算的。 关于币安ALL综合指数定点调整成分机制 币安ALL综合指数于每天16:00（东八区时间）定点进行成分调整。 以USDT报价新上线的U本位永续合约 在定点
- 金色财经_引言 涉案虚拟货币司法处置已经越来越引人关注。司法机关、地方财产部门想要将扣押的虚拟货币处置变现，以便案结事了、充盈财政；处置公司想要接到处置业务盈利；中国人民大学也举办了针对涉案虚拟货币司法处置的“高级研修班”。 在2024年8月23日，最高人民法院公布了“2024年度司法研究重大课题招标公告”，将“涉案虚拟货币处置问题研究”作为“重点资助课题”。作为国内较早关注虚拟货币司法处置领域的web3律师，刘律师当时撰写了《涉案虚拟货币处置新动向，已成为最高法院重点研究课题》进行了分析。现在将近一年过去了，也不知道最高人民法院的课题有无成果出来。 今天，最高人民检察院（以下简称“最高检”）在官
- 金色财经_作者通过讨论经典的九点谜题，引入对加密货币的思考，质疑传统金融系统的效率。尽管施拉格认为政府货币表现良好，但作者指出现有金融体系的问题，并提倡加密货币作为更快、便宜的替代方案，强调技术的进步将引导金融产品向加密货币转型，以实现更好的经济管理。
- 金色财经_作者：易永坚、柴梦婷，国金证券 一、香港虚拟资产相关政策 从《打击洗钱及恐怖分子资金筹集（修订）条例》到《稳定币条例》，中国香港虚拟资产 监管框架不断完善。2022年10月，SFC发布“有关虚拟资产在港发展的政策”宣言，指 出“让虚拟资产创新能够在香港以可持续方式蓬勃发展”。2023年6月，《打击洗钱及恐 怖分子资金筹集（修订）条例》生效，强调虚拟资产交易平台（VATP）须持牌经营。2024年3月，香港金管局推出稳定币发行人沙盒，旨在向有意在香港发行法币稳定币的机构传 达监管期望，并收集参与者对拟议监管要求的意见。2024年4月，亚洲首批虚拟资产现 货 ETF 落地香港。2025年2月，
![<p>More than a decade after crypto’s meteoric rise, Bitcoin’s quadrennial halving-driven gold rush has faded. Now, intermittent liquidity injections from U.S. equities, the dollar, and Treasuries drive the market. Each cycle links together distinct hotspots, much like Pendle’s evolution from fixed income and LST, through BTCFi, to Ethena and Boros.</p>
<p>Creating new wealth is harder than managing old money.</p>
<p>As custodians put it: money flows to those who already have it.</p>
<p>In crypto, true whales come in three types: individual giants (early BTC miners, early ETH investors, DeFi Summer OGs); on-chain institutions (crypto-native VCs, centralized exchanges and public blockchains, and a handful of project teams); and long-standing or new titans backed by Wall Street.</p>
<p><img src="https://s3.ap-northeast-1.amazonaws.com/gimg.gateimg.com/learn/9ed6c1c583d01f3ccbdb76a46511deac93a9d4fc.png" alt=""><br>Image Description: Custodian Funding Boom<br>Image Source: <a href="https://github.com/zuoyeweb3" title="@zuoyeweb3" class="at-link">@zuoyeweb3</a></p>
<p>Custody providers have since specialized further. After $3 billion in funding in 2021 and the FTX–Celsius and 3AC–Luna–UST collapses in 2022, the crypto custody space crystallized into the following segments:</p>
<ul>
<li>• Copper/Ceffu/Cobo: On-chain project support</li><li>• Coinbase: ETF custody</li><li>• BNY Mellon: Banking-grade custody</li><li>• Fireblock: Exchange custody solutions</li></ul>
<p>Coinbase, in particular, has captured nearly the entire ETF custody market: over 80% of BTC and ETH ETF issuers now partner with Coinbase. In corporate treasury management, MSTR also prefers Coinbase as its BTC custodian.</p>
<h2 id="h2-5Li65pWj5oi35Lqk5piT5pe25Luj57uT5p2f77yM5Li65py65p6E55CG6LSi5pe25Luj5Yiw5p2l">The Era of Retail Trading Is Over: Institutions Take the Lead in Crypto Wealth Management</h2><p>The ways to profit in crypto evolve with the times. With capital scale effects at play, whoever controls the most assets secures the greatest profits. Miners, exchanges, and market makers have each had their day; next up are custodians. As traditional finance capital moves on-chain, these funds will rarely go straight to public chains or exchanges—instead, they’ll flow through custodians.</p>
<p>Ethereum’s daily transactions have surged past the DeFi Summer peak, hitting 1.74 million. Yet, this growth isn’t driven by memes or trading, but by stablecoin looping and borrowing, prompted by Aave and Ethena.</p>
<p>Similarly, Aave and Plasma are partnering to bring a TradFi-focused stablecoin on-chain. The Genius Act prohibits payment stablecoins from paying user interest, turning deposited funds into liabilities with nowhere to go—dead weight for issuers.</p>
<p>At the same time, as CEX trading volume shrinks, custodial, staking, and yield products are becoming new business targets for traditional banks, especially as rate cuts loom. The challenge now is how to attract liquidity from 401(k)s and corporate treasury strategies to on-chain products—a new business frontier.</p>
<p>The centralized exchange cycle is at its end, squeezed by both on-chain models and IPO ambitions. Hyperliquid is threatening Binance’s dominance, while Kraken, Bullish, and others are taking aim at Coinbase’s status as the only U.S.-listed exchange.</p>
<p>Strategically, everyone is chasing post-CEX yield opportunities. For institutional capital, safety takes priority over high APRs. Tether’s physical gold vault is one approach; on-chain vaults could be equally lucrative.</p>
<p>With ETFs taking the lead, Coinbase’s dominance is hard to shake—yet the evolving market landscape still offers openings for second- and third-tier players.</p>
<p><img src="https://s3.ap-northeast-1.amazonaws.com/gimg.gateimg.com/learn/49c0f9bfe131845f1d8c6209cce74da4678a5f2a.png" alt=""><br>Image Description: TradFi & DeFi Merge<br>Image Source: <a href="https://github.com/zuoyeeb3" title="@zuoyeeb3" class="at-link">@zuoyeeb3</a></p>
<p>Compared to the sheer scale of capital pouring into the dollar, Treasuries, and U.S. equities, crypto is still just catching what it can in a small bucket. Only a big, secure “bathtub” will allow true, seamless liquidity flows.</p>
<p>Veteran players are diverging, and Anchorage Digital and Galaxy Digital now stand out as the industry’s two flagship examples.</p>
<ul>
<li>• Treasury management (DATCO): Galaxy</li><li>• Stablecoins: Anchorage</li><li>• Emerging ETF staking: Anchorage Digital & Galaxy Digital</li></ul>
<p>Apart from BTC and spot ETF businesses, both companies target the same thing—taking more market share from Coinbase. This is a logical starting point.</p>
<p>The spot ETF market now features two main trends: generalization (altcoins and meme coins, after six months of Coinbase derivatives trading, may become eligible for conversion into ETFs); and the rise of staking ETFs, which allow issuers to offer physical redemptions and tap into on-chain staking revenue.</p>
<p>Anchorage Digital, for example, is the exclusive custodian and staking partner for the REX-Osprey Solana Staking ETF—fitting both these trends. If the bull market continues, ETF custody will be a key growth engine for these firms.</p>
<p>On the traditional ETF front, Anchorage has won mandates from 21Shares and BlackRock—and is even custodian for Trump Media’s Bitcoin treasury. Anchorage’s reach now extends all the way to Mar-a-Lago.</p>
<h2 id="h2-QW5jaG9yYWdlIOaMgeeJjOmTtuihjOeahOeos+WumuW4geW4g+WxgOS4juWKoOWvhumTgemHkeW6k+S5i+aipg==">Anchorage: Licensed Banking for Stablecoins and the Pursuit of the Crypto Fort Knox</h2><p>In 2019, Anchorage began exploring partnerships with Visa, becoming Visa’s USDC settlement bank in 2021.</p>
<p>In 2021, Anchorage launched its crypto custody business at a $3 billion valuation, received a crypto bank charter from the OCC, and began providing digital asset custody for the U.S. Marshals Service (USMS).</p>
<p>In 2022, following the crypto crash, Anchorage was first choice for Aptos custody, with co-founder Diogo Mónica also an Aptos investor.</p>
<p>In Q1 2023, platform assets grew 80%, though 75 employees (20%) were laid off and the company called for stablecoin regulation.</p>
<p>In 2024, co-founder Diogo Mónica stepped away from daily operations, with Nathan McCauley assuming full responsibility.</p>
<p>By 2025, Anchorage Digital will manage Trump Media’s Bitcoin treasury and has acquired USDM issuer Mountain Protocol.</p>
<p>Here’s a formal introduction: Anchorage Digital was founded in 2017 by Nathan McCauley and Diogo Mónica, initially as a small trust in South Dakota. But in 2021, a twist of fate made Anchorage Digital the only recipient, so far, of an OCC-issued crypto bank charter in the U.S.</p>
<p>In Silicon Valley, Wall Street, or D.C., exclusive financial services are, at their core, all about relationships.</p>
<p><img src="https://s3.ap-northeast-1.amazonaws.com/gimg.gateimg.com/learn/0edcae8d144bdddd0f94aa619c23aa98be29267b.png" alt=""><br>Image Description: Anchorage Digital’s Relationship Map<br>Image Source: <a href="https://github.com/zuoyeweb3" title="@zuoyeweb3" class="at-link">@zuoyeweb3</a></p>
<p>Anchorage Digital built a full-service institutional platform—trading, derivatives, clearing, staking, custody—making it a one-stop crypto solution for institutions. Beyond traditional custody, Anchorage is betting the company’s future on stablecoins, its key difference from Galaxy.</p>
<p>This marks the beginning of their first-mover advantage, where timing proved critical.</p>
<p>In 2021, Democrat Joe Biden, a noted crypto skeptic, became president. SBF donated millions to support Biden in hopes of a “crypto spring.” Meanwhile, former Coinbase CLO Brian Brooks became Acting Comptroller of the OCC.</p>
<p>Brooks promoted a crypto-friendly stance, opened banking services to the sector, launched the “REACh” roundtable, and encouraged banks to treat crypto firms fairly.</p>
<p>Anchorage seized the opportunity, transforming from a local trust to Anchorage Digital Bank—a true national bank.</p>
<p>On January 13, 2021, Anchorage Digital Bank was qualified to accept USD deposits and custody crypto assets.</p>
<p>The next day, January 14, Brooks resigned. By a fluke of timing, Anchorage Digital became the sole licensed crypto bank in the United States.</p>
<p>Today, virtually every page of Anchorage Digital’s site touts the value of its charter—it enabled $430 million in Series C and D funding, keeping the company afloat for the 2025 stablecoin surge.</p>
<p>Anchorage boasts an impressive cap table: both crypto VCs like a16z and Wall Street giants like KKR and BlackRock have invested.</p>
<p>For context, Bitpay and Paxos also applied for a charter, but weren’t so lucky. Recently, Paxos was hit by a $26.5 million New York DFS fine for BUSD non-compliance.</p>
<p>In addition to its federal OCC crypto bank charter, Anchorage also holds a New York State BitLicense—second only to BNY in regulatory status.</p>
<p>After Brooks’s departure, Anchorage and the OCC had their disagreements, but Anchorage kept its charter—holding a unique license provides a lasting advantage.</p>
<p>Thanks to this regulatory status, Anchorage can custody everything from stablecoin reserves and crypto to NFTs. But the 2022 crypto crash disrupted the firm, with leadership clashes following soon after.</p>
<p>Ultimately, Diogo Mónica joined Hanu Ventures as a partner, remains Anchorage Digital’s executive chairman, leads hiring and strategy, and Nathan McCauley handles core operations—focusing on capturing BlackRock’s stablecoin business.</p>
<p>Anchorage is now custodian for 21Shares’ BTC and ETH spot ETFs and exclusive custodian and staking partner for the REX-Osprey Solana Staking ETF.</p>
<p>But beyond ETFs, Anchorage Digital has made major headway—especially in stablecoins: collaborating with Visa on stablecoin payments and onboarding “compliant” stablecoins like PayPal’s PYUSD for institutional investors.</p>
<p>Remarkably, Tether’s custodian and investor Cantor Fitzgerald has also teamed up with Anchorage to handle Bitcoin custody for Cantor Fitzgerald’s business.</p>
<p>That makes Anchorage the custodian to Tether’s custodian.</p>
<p>Despite its regulatory edge, Anchorage’s business was relatively quiet before 2025. Even with a $3 billion valuation and $50 billion in assets under management (AUM), it struggled to challenge Coinbase in the ETF space. Stablecoins are Anchorage Digital’s real battleground.</p>
<p>With its federal “crypto bank” charter, Anchorage Digital (through Anchorage Digital Bank NA) can accept both USD and stablecoin deposits, and provide custody services.</p>
<ul>
<li>• Off-chain: Anchorage is partnering with Ethena to scale up USDtb issuance and comply with Genius Act stablecoin requirements.</li><li>• On-chain: Anchorage is part of the USDG stablecoin alliance with Paxos and Kraken, operating the Global Dollar Network on-chain.</li></ul>
<p>In treasury strategy, Anchorage is not idle: former BlackRock exec Joseph Chalom joined ETH treasury firm Sharplink Gaming as co-CEO and drove the BlackRock–Anchorage ETF custody partnership.</p>
<p>BlackRock’s BUIDL fund is closely linked to Chalom, and Anchorage serves as custodian. The structure:</p>
<p>$BUIDL = BlackRock issuance = Securitize (tokenization tech) + Anchorage Digital (custody) + BNY (cash management)</p>
<p>There’s more: SEC Chair Paul Atkins owns at least $250,000 of Anchorage Digital shares and is also a Securitize stakeholder; Securitize is Ethena’s joint partner for Converage.</p>
<p>With Galaxy listed publicly, speculation about an Anchorage Digital IPO is growing as the stablecoin business expands—perhaps this will be the year of the first crypto bank IPO.</p>
<h2 id="h2-R2FsYXh5IERpZ2l0YWwg5Z2Q5LiK6LSi5bqT5pe25Luj55qE6ZOB546L5bqn">Galaxy Digital: Sitting Atop the Crypto Treasury Throne</h2><p>Galaxy Digital stands out even more than Anchorage. It was Goldman Sachs’s OTC crypto trading partner in 2022, a major Bitcoin whale exit hub, and is involved in BTC mining, VC investment, and AI compute. Founder Mike Novogratz’s connections are unmatched in the industry.</p>
<p>On July 25, Galaxy helped an early miner sell about 80,000 BTC ($9 billion). Although the sales were staggered, the news pushed Bitcoin down nearly 4% to below $115,000.</p>
<p>Given the sums involved, Galaxy has faced accusations of market manipulation, but as an institution, Galaxy’s incentives are for low volatility and scale—institutions want stability, not chaos.</p>
<p>However, Galaxy’s real advantage is its timing: founder Mike Novogratz—trained in traditional finance, not tech—has always approached crypto pragmatically, focusing on profitability.</p>
<p>Now, as retail exits and institutions enter, Galaxy’s next steps—especially the broadening of crypto treasury strategies—demand attention.</p>
<p>Recall that ETH treasury company Sharplink, recently led by a BlackRock executive?</p>
<p>In June 2025, Sharplink made multiple large ETH buys via Galaxy OTC, totaling at least $800 million. Galaxy is also a Sharplink investor—internal capital cycling within related entities.</p>
<p>Beyond BTC and ETFs, Galaxy has contributed to Ethena’s Stablecoinx treasury effort and built the $450 million Mill City Ventures III, Ltd. $SUI treasury.</p>
<p>Galaxy is also expanding into new OTC products, such as OTC support for LST LsETH (Liquid Collective issuance). For the SOL version (lsSOL), institutional investors are supported by Anchorage Digital.</p>
<p>It’s a tight circle at the top of crypto finance.</p>
<p>Notably, both Anchorage Digital and Galaxy Digital are now involved in GDN, proving that collaboration, not cutthroat competition, is the new norm among major custodians.</p>
<p>While Anchorage is betting its future on stablecoins (thanks to its banking charter), Galaxy focuses on treasury management, with additional non-BTC and non-ETH treasury products forthcoming.</p>
<p>With substantial capital depth, Galaxy holds $1.8 billion in BTC, recently increased its XRP holdings by $34.4 million, and in a twist, Ripple just announced a $200 million acquisition of stablecoin firm Rail (backed by Galaxy).</p>
<p>Internal capital cycling within related entities.</p>
<p>Galaxy’s filings hint at new treasury and market-making targets: $HYPE, $SOL, and $XRP. After Ripple ended its SEC litigation and soared 10% the same day, Galaxy pulled ahead of retail once more.</p>
<p><img src="https://s3.ap-northeast-1.amazonaws.com/gimg.gateimg.com/learn/537e2129a57a2a54d0b97276c3a7a0bd7e8d038c.png" alt=""><br>Image Description: Galaxy Digital Portfolio<br>Image Source: <a href="https://github.com/zuoyeweb3" title="@zuoyeweb3" class="at-link">@zuoyeweb3</a><br>Data Source: <a href="https://github.com/SECGov" title="@SECGov" class="at-link">@SECGov</a></p>
<p>Galaxy has completely exited its UNI and TIA positions. The previous leading assets have been replaced: USDG, HYPE, and XRP are the new stars—OTC desks always spot the trends first.</p>
<p>Historically, OTC desks could only passively fill whale orders, with little sway over secondary markets—unlike exchange-based market makers. However, with on-chain treasury strategies, crypto, equities, and bonds will become interconnected; who will control token pricing remains uncertain.</p>
<h2 id="h2-57uT6K+t">Conclusion</h2><p>Custodians are the new crossroads of capital in crypto. Off-chain assets demand secure on-chain entry; on-chain assets require compliant off-ramps. Treasury strategies will let custodians actively shape token prices. Crypto liquidity now defines the power structure, while the era of centralized exchanges and market makers is coming to an end.</p>
<p>BNY Mellon holds over $52 trillion in assets under custody. The entire crypto market cap is less than $4 trillion, and stablecoins + crypto ETFs + treasury firms total just $520 billion—crypto custodians’ influence will take time to mature.</p>
<p>Ultimately, capital will follow profit opportunities.</p>
<h3 id="h3-5aOw5piO77ya">Disclaimer:</h3><ol>
<li>This article is reprinted from [<a href="https://mp.weixin.qq.com/s/235iFbT1Qv0DWFjL__cS_w">Zuoye WaiBoShu</a>]. Copyright remains with the original author [<em>Zuoye WaiBoShu</em>]. If there are any objections to this reprint, please contact the <a href="https://www.gate.com/questionnaire/3967">Gate Learn</a> team, and we will address it according to our procedures.</li><li>Disclaimer: The views and opinions expressed in this article belong solely to the author and do not constitute investment advice.</li><li>Other language versions of this article were translated by Gate Learn. Unless <a href="http://gate.com/">Gate</a> is specifically referenced, translated content may not be copied, distributed, or plagiarized.</li></ol>](https://gimg.gateimg.com/learn/f74d4750d5851bfce39d336acd6fc974d4f3090e.webp?w=640&q=75)
