Coinspeaker Polygon PoS Considering Merger with AggLayer, Here’s Implication

Polygon hinted at a possible merger with AggLayer that would involve its Proof-of-Stake (PoS). This will mark phase 1 of its zkPoS evolution. If the proposal is accepted by the community, the expectation is that the pool of unified liquidity for chains connected to the AggLayer would grow by $2 billion.

Polygon Foundation Lauds PoS Capabilities

There are two main consensus mechanisms in the blockchain ecosystem; the Proof-of-Stake and the Proof-of-Work. Many cryptocurrencies including the firstborn digital currency Bitcoin (BTC) utilize the PoW. It wasn’t until 2022 that Ethereum (ETH) went through a transition to the PoS consensus algorithm through The Merge.

Polygon Foundation believes strongly that PoS is one of the most used blockchains in the world. The algorithm boasts more than 400 million unique addresses and thousands of applications. Polygon PoS prides itself in handling more transactions than the entire Ethereum Layer 2 protocols put together. With these ‘success stories’, Polygon highlighted that the potential effects of the merger can not be overstated for AggLayer.

Today, the Polygon community began discussing a proposal that would see Polygon PoS connected to the AggLayer.

This is zkPoS Phase 1 and, if accepted, the pool of unified liquidity for chains connected to the AggLayer would grow by $2B

— Polygon Foundation (@0xPolygonFdn) June 12, 2024

The merger will see the involvement of decentralized prover protocol Succinct Labs which will serve as a support for the use of the SP1 zkVM. This particular zkVM will permit AggLayer to prove the execution of Rust code with the performance benefits of the Polygon Plonky3 proving system.

Polygon PoS connection to the AggLayer will be established via the Plonky3-secured pessimistic proof, a novel zero-knowledge Proof written in Rust. Noteworthy, the pessimistic proof is flexible enough to accommodate both zk and non-zk chains. Additionally, the pessimistic proof is preferred because of how it treats all chains suspiciously.

Polygon PoS to Utilize AggLayer Pessimistic Proof

Ordinarily, the AggLayer unifies liquidity across all connected chains via a single bridge. As the only bridge contract for chains connected to the AggLayer, the unified bridge allows users to send and receive native, but never-wrapped tokens. However, the presence of a single bridge becomes a challenge for all the tokens on the bridge as it entices malicious actors.

The pessimistic proof steps in to tackle this setback by providing two guarantees. First, each chain has updated its state truthfully and secondly, no chain is withdrawing more tokens than have been deposited to it. Not meeting these conditions means that the proof cannot be verified and the chain cannot settle to Ethereum.

Meanwhile, at a high level, proof of consensus would validate PoS and it will reach its new state faithfully. Also, this proof of consensus would allow Polygon PoS to prove finality to the AggLayer. The pessimistic proof would ensure any withdrawals from PoS do not exceed the deposits made into to it.

Noteworthy, no validator, alterations to consensus mechanisms, or network client is required to utilize this upgrade. In the long run and with the community’s approval, this upgrade would marry the Polygon chain with the final form of Ethereum scaling.

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Polygon PoS Considering Merger with AggLayer, Here’s Implication

Coinspeaker Bitcoin (BTC) Supply on Crypto Exchanges Hits Multi-year Low amid Heightened Whale Demand

Bitcoin (BTC) supply on cryptocurrency exchanges has dropped to the lowest level since December 2021 amid heightened demand. According to on-chain data analysis provided by Santiment, Bitcoin supply on exchanges has dropped to about 942k coins, worth around $64 billion.

Meanwhile, Santiment indicated that the supply of Ethereum (ETH) and Tether (USDT) has gradually increased. Ideally, an increase in exchanges’ balance is attributed to an increase in selling pressure and vice versa.

However, the increase in stablecoins supply in exchanges is perceived as an increase in the overall buying pressure, thus a bullish sentiment. Moreover, the stablecoins industry has in the past been used as the exit liquidity from the high cryptocurrency volatility.

According to on-chain data analysis provided by CryptoQuant, more than 20K Bitcoins have been accumulated by crypto whale wallets in the past 48 hours.

The heightened crypto whale accumulation for Bitcoin has triggered heightened volatility, and also liquidation for leverage traders. Meanwhile, El Salvador has been purchasing 1 Bitcoin per day in addition to its mining operations, thus holding more than 5,779 coins.

$BTC : Are whales still buying?

“More than 20,000 #Bitcoin flow to whale wallets. It appears that the whales took advantage of yesterday’s correction in Bitcoin and accumulated additional quantities.” – By @abramchart

Read more 👇https://t.co/OAXOA5uBFz pic.twitter.com/KUDnP6BVyb

— CryptoQuant.com (@cryptoquant_com) June 12, 2024

Direct Impact on Bitcoin Price Action

Bitcoin price has continued to consolidate below $72K and above $61K in the past four months. The flagship coin has seen its crypto market dominance gradually increase to about 55.62, since the beginning of last year.

The approval of spot Bitcoin exchange-traded funds (ETFs) in the United States, Thailand, Hong Kong, and Australia has significantly improved the bullish sentiments. Moreover, Bitcoin price has hovered around 2021’s all-time high (ATH) during the past few months, in a different manner compared to prior major bull cycles.

According to a popular crypto analyst alias Captain Faibik, Bitcoin price has been forming a descending broadening wedge on the daily timeframe. However, the crypto analyst indicated that Bitcoin price against the United States dollar must consistently close above the resistance level of around $72K in the coming weeks.

$BTC Descending Broadening Wedge on the Daily Timeframe Chart is Still in Play.

Bitcoin bulls need to clear the $71.3k Resistance to confirm the breakout.

Once the wedge breakout happens, the bulls' party will start. 🔥📈#Crypto #Bitcoin #BTC pic.twitter.com/uqsQGVcEaH

— Captain Faibik (@CryptoFaibik) June 13, 2024

If the Bitcoin whales continue with the high accumulation rate as observed in the recent past, the likelihood of a bullish reversal will significantly increase. In such a case, Bitcoin price will be aiming for the next midterm target of between $80K and $86.8K, which coincides with the 0.5 and 0.618 weekly Fibonacci Extension.

Bigger Picture

The heightened adoption of Bitcoin by institutional investors is an indication of increased liquidity for the altcoin industry. As a result, the inevitable altseason will be wilder than prior bull cycles.

Furthermore, the recent approval of spot Ethereum ETF in the United States and Hong Kong has signaled a possible approval of similar products for other altcoins. Additionally, more investors can seamlessly invest in the cryptocurrency industry in the near term.

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Bitcoin (BTC) Supply on Crypto Exchanges Hits Multi-year Low amid Heightened Whale Demand

Coinspeaker Galaxy Digital CEO Reiterates Support for Memecoins Calling It ‘Cornerstone’ of Crypto

In a world where many crypto enthusiasts and industry experts dismiss meme coins for their perceived lack of utility and origin as jokes or internet memes, Galaxy Digital CEO Mike Novogratz has become a vocal supporter of the asset category.

The billionaire  founder and CEO of the crypto investment company reiterated his support for this controversial asset category on Thursday, calling meme coins the “cornerstone” of the crypto economy

A Strong Defense of Memecoins

In a social media post on X, accompanied by a video, Novogratz said that currently, meme coins are one of the “most powerful narratives out there”, despite others having varying opinions.  He also pointed out that meme coins in the permissionless market have a combined valuation of around $60 billion.

Memecoins – whether you're a fan or not – have become a cornerstone of the crypto economy… In today's market, they're one of the most powerful narratives out there. At @galaxyhq we estimate that memecoins on permissionless blockchains have an aggregate market cap of more than… pic.twitter.com/wihxYIPwxi

— Mike Novogratz (@novogratz) June 12, 2024

The Galaxy CEO also explained that memes are not a passing trend as others claim. He argued that there are two key ways to profit from investing in meme coins.

First, investors need to make the right call and pick a good meme with strong community support. According to him, a successful meme investor needs to have a “quirky, frickin’ sense of humor” and the ability to foresee which memes will resonate with people.

“One is to have that one quirky frickin ‘sense of humor and say ‘people are going to laugh at that, people are going to love that,’” he said.

The second way to profit, Novogratz said, is to create a memecoin. He believes that meme creators have a unique opportunity to make significant fortunes in the market.

A Great Meme Investor

Novogratz also shared a personal anecdote about his son-in-law, who is actively involved in the memecoin market.

According to Novogratz, his son-in-law is an avid supporter of Dogecoin (DOGE) and Dogwifhat (WIF), and has proven to be a “great meme investor”.

He also praised his son-in-law for his uncanny ability to consistently make money in the memecoin market, even though he never sells his holdings.

“Yeah, my son-in-law is a great meme investor, I didn’t think there was such a thing until I met the guy, and he just keeps making money, he never sells, he loves Doge, he loves Dogwifhat,” he said.

He further noted that Dogwifhat gives off a funny impression that amuses people at first when the name is mentioned but now, it has a market cap of over $3 billion.

A Divisive Opinion

Despite Novogratz’s enthusiastic support, not everyone in the industry agrees with his views on meme coins. Charlie Silver, CEO of Permission.io, a decentralized finance (DeFi) platform, responded to Novogratz’s post by dismissing meme coins as “silly casino chips”. Silver argued that the true cornerstone of the crypto economy has yet to be created.

“Hate to disagree. Memes Coins are just silly casino chips. The cornerstone of the crypto economy has yet to emerge,” he wrote on X.

Another user on X, McGavin, labeled meme coins as “inefficient market activities”, reflecting a common sentiment among critics.

However, despite these varied opinions, some meme coins have recently outperformed major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).

For example, Daddy Tate (DADDY), associated with media personality Andrew Tate, soared 218% in the last 24 hours, according to DEX Screener, while BTC saw a modest increase of just 0.32%.

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Galaxy Digital CEO Reiterates Support for Memecoins Calling It ‘Cornerstone’ of Crypto

Coinspeaker South Korean Retailers Begin Scaling Back NFT Operations

Top South Korean NFT retailers are shutting down their non-fungible token (NFT) platforms as the broader market cools down. Lotte Home Shopping has announced that it will shut down its NFT shop on July 2nd. Lotte Home, which is Lotte’s e-commerce arm, was launched in May 2022 as part of the company’s project to create a metaverse business.

Lotte’s NFT Shop differentiated itself from others when it used Korean won (KRW) as its transactional currency. This system was implemented to allow non-crypto users to access the platform. The company also released its own Bellygom NFT character and partnered with artists and brands like virtual influencer Lucy and the horror movie “The Witch: Part 2” to expand its NFT offerings.

Following the termination of its NFT shop service, Lotte Home Shopping will disengage itself from the NFT business as the remaining digital assets of the company, including Bellygom NFT, will be managed by Daehong Communications. According to a local news outlet, an official from Lotte Home stated:

“In order to streamline the NFT business, we will terminate the operation of our own NFT shop… Daehong Communications will operate the NFT business, including Veligom NFT, as the NFT project hub.”

Decline in NFT Trading Volume Prompts Strategic Shift

Lotte is not the only major South Korean retailer scaling back its NFT ambitions. Hyundai Department Store has also shut down its H.NFT electronic wallet service, which offers customers discounts and benefits. Meanwhile, Shinsegae, another South Korean retail store, has reduced the perks associated with its NFT-based loyalty program.

Large companies are terminating their NFT business due to declining NFT trading volume. According to data from Dune Analytics, the monthly NFT trading volume on leading marketplace OpenSea has plunged from a peak of $3.6 billion in February 2022 to just $41 million as of last month, a 99% drop. Aside from this, according to NonFungible.com’s market tracker, between January and December 2023, NFT’s sales volume dropped from 18,939 to 1,796.

Thus, with this decline in sales volume, industries are now refocusing their efforts on strengthening their core business areas rather than investing resources into NFT initiatives that have failed to gain traction. The exit of these prominent players represents a setback for the NFT market in South Korea, which had seen a flurry of activity from major brands just a year ago.

Cautious Optimism amid a Cooling NFT Market

As the hype around NFTs fades and trading activity plummets, South Korean retailers are pragmatically reassessing their strategic priorities and allocating resources accordingly. Despite the noise reduction and market value decline, some NFT holders are still optimistic about the future growth of digital assets.

According to research conducted by FastCompany, some NFT owners, like Jacob Jackson, a technology writer, remain hopeful in the bullish movement for NFTs. However, he agreed that not all his acquired digital assets had surged in price. He’s not in a hurry to offload any, as the market is still quiet, and as new buyers start entering the space, there is a chance for the older NFTs to start yielding profits.

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South Korean Retailers Begin Scaling Back NFT Operations

Coinspeaker Taiwan Takes Aim at Crypto Regulation by Forming Self-Regulating Association

Taiwan is taking no chances with its crypto sector and, as such, has taken a major step towards self-regulation. This follows after the country officially formed an industry association today as part of its commitment to developing a robust framework that will oversee its rapidly evolving digital asset space.

Taiwan Crypto Firms Join Forces for Regulation

According to the Thursday announcement, the association, named the Taiwan Virtual Asset Service Provider Association (TVASP), marks a turning point in the way that Taiwan has been approaching crypto regulation. Established by 24 crypto firms already registered with the Financial Supervisory Commission (FSC) for anti-money laundering (AML) compliance, the association aims to shape the future of the industry through self-governance.

Led by Titan Cheng, CEO of major Taiwanese exchange BitoPro, and Winston Hsiao, co-founder and chief revenue officer of XREX, the TVASP Association has its sights set on developing clear and concise guidelines for the industry.

For what it’s worth, Taiwan’s FSC has claimed many times that it will continue to support responsible growth within the crypto sector. “We recognize the vital role a healthy virtual asset industry plays in our society and economy,” stated Hsiho Huang, director of the FSC’s securities firms division.

Therefore, it may appear that the establishment of the TVASP Association already aligns with this vision.

As earlier stated, the association will primarily focus on establishing self-regulatory guidelines, particularly regarding the classification and grading of VASPs (Virtual Asset Service Providers). That is as the system aims to strike a balance between industry growth, government oversight, and consumer protection.

Building on Existing AML Regulations

Taiwan has already made reasonable progress in regulating crypto. Since July 2021, the FSC has mandated AML compliance for crypto service providers. Also, just last month, the Ministry of Justice proposed amendments to existing AML laws. These amendments sought to make it a requirement for domestic and foreign crypto firms to first register for AML before they can operate within Taiwan. According to the proposal, any firm found wanting in the area of compliance could face imprisonment penalties of up to two years.

By Forming the TVASP Association, it appears that crypto firms are taking it upon themselves to create a responsible and well-regulated crypto ecosystem. That is by working hand in hand with the government to ensure a thriving and secure digital asset environment.

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Taiwan Takes Aim at Crypto Regulation by Forming Self-Regulating Association

Coinspeaker Andrew Tate’s Token Surpasses MOTHER, Faces Insider Trading Allegations

The cryptocurrency token promoted by social media personality Andrew Tate has recently surpassed the token launched by rapper Iggy Azalea, despite facing allegations of significant insider trading. Known as Daddy Tate (DADDY), this Solana-based meme coin has achieved a market capitalization of $300 million and is currently trading at $0.30, marking a 218% increase in the last 24 hours.

Meanwhile, Iggy Azalea’s Mother Iggy (MOTHER) token has experienced a sharp decline, with its market cap dropping from a peak of $267.58 million on June 6 to about $153 million. Its price has similarly fallen from a high of $0.27 on June 6 to $0.15.

Initially, Andrew Tate was skeptical about launching his own cryptocurrency. However, with the rise in popularity of meme coins, he decided to leverage this trend. His success can be attributed to a highly aggressive marketing campaign, despite the lack of substantial backing.

However, DADDY’s rise has not been without controversy.

Tate’s Token Insider Activity Claims

An analysis by Bubblemaps has raised concerns about insider trading activities surrounding the DADDY token. According to their findings, a few wallets purchased 30% of the DADDY supply before Andrew Tate started promoting it online.

These wallets, funded through Binance with nearly identical amounts at the same time, bought 20% of DADDY on June 9, before the first promotional tweet by Daddy Tate’s CTO. These wallets now hold about 19% of the total supply, worth $61 million at current prices.

A tweet from Bubblemaps highlighted these insider activities.

1/ We found huge insider activity on $DADDY 🚨

Insiders bought 30% of the supply at launch, before Andrew Tate (@Cobratate) started to promote it on X, and are currently sitting on $45M+

A thread 🧵 ↓ pic.twitter.com/UyB4SpAs9Z

— Bubblemaps (@bubblemaps) June 12, 2024

Further, it was revealed that Andrew Tate himself received 40% of the DADDY token supply from DaddyTateCTO on June 9. While Tate bought and burned $10,000 worth of tokens, the fact that he hasn’t burned the 40% supply he holds means he could start selling at any moment, which could significantly impact the token’s value. This remaining 40% is currently worth $122 million.

Additionally, two other clusters of wallets, connected through wallet 4SfQWh, hold 10% of the total supply, worth $30 million at the current price. These clusters were also bought before Tate’s first tweet promoting the token. Despite these insider activity claims, the aggressive marketing campaign and Tate’s influence continue to propel Daddy Tate (DADDY) to new heights in the memecoin market.

Last month, Bublemaps reported similar insider activity with the MOTHER token, revealing that insiders purchased 20% of its supply at launch before Iggy Azalea made her initial promotional post. Ethereum founder Vitalik Buterin has previously criticized celebrities for launching their own coins, warning that these ventures often lack transparency and can mislead investors.

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Andrew Tate’s Token Surpasses MOTHER, Faces Insider Trading Allegations

Coinspeaker Biden Administration Prepares to Accept Crypto Donations, Faces Backlash from Community

Following the footsteps of Donald Trump, the Biden administration is also mulling accepting crypto donations via Coinbase Commerce, said sources familiar with the matter.

Payments service Coinbase Commerce allows merchants to accept dozens of different cryptocurrencies. The service provider already powers cryptocurrency donations to the campaign of Republican presidential candidate Donald Trump. As we know, Trump has already started accepting crypto donations since the last month.

As we know, the Biden administration has been taking several steps to woo the crypto community. Their latest campaign efforts hint at attracting crypto-focused voters ahead of the Presidential Elections 2024, later this year.

Additionally, according to one source speaking to The Block, Biden’s team may be considering bolstering its financial resources with contributions from wealthy pro-crypto donors. One of the sources who works with crypto industry leaders and politicians stated:

“They’re paying attention to issues around crypto and are trying to find quick wins to show that they’re supportive of the industry. [They want] to show that they’re not the enemy.”

As per the sources familiar with the matter, Biden’s campaign efforts to push crypto messaging have intensified. The efforts have particularly escalated after President Biden faced a major backlash after vetoing the controversial SAB 121 repeal. Crypto industry members have voiced strong opposition to SAB 121 stating that it continue to stifle crypto innovation. One of the sources said:

“People in [Biden’s] outer inner circle are now specifically telling the Biden team, ‘if you’re quiet on this crypto thing and you don’t get up to speed, you could lose the election’.”

Crypto Community Reacts to Biden’s Crypto Donations

While the consideration of accepting crypto donations by the Biden administration is still in the exploratory stage, the crypto community has expressed a strong dissent to this development.

“I will never be able to look at anyone who donates to this campaign using crypto – before ANY concessions or policy reversals – without spitting venom. Would be an act of complete cowardice, betrayal, and show negative self-worth,” founder and CEO of Messari Crypto Ryan Selkis said.

Pro-crypto donors have been actively mobilizing, attracting the interest of political candidates from various parties. According to consumer rights advocacy group Public Citizen, crypto-backed super PACs amassed a war chest totaling $100 million, as reported in May based on Open Secrets data.

The distribution of these funds and their recipients will be crucial, as political votes often align with the direction of financial contributions from wealthy donors, sources informed The Block.

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Biden Administration Prepares to Accept Crypto Donations, Faces Backlash from Community

Coinspeaker Coinbase: US Falling Behind in Crypto Development amid Talent Shortage

Renowned crypto exchange platform Coinbase has recently reported that corporate giants are planning to transition to on-chain platforms but the nation lacks the skilled talent to support this shift.

According to its “State of Crypto” report, the number of developers with roots in America has declined 14% in the past five years. Notably, the region accounts for only 26% of the world’s crypto developers, a concerning trend for crypto enthusiasts.

Paul Grewal, the Chief Legal Officer at Coinbase, pointed out the potential repercussions of this decline in a post on social media platform X. He said that while corporate adoption of crypto and on-chain activities is on the rise, the US might lose its position as the global leader in technological innovation. Moreover, Grewal urged the Biden administration to take proactive measures to reverse this trend.

“Global leadership in technological innovation is ours to lose, but the US government has to want – and choose – to do better,” he stated.

Coinbase State of Crypto Report

The report reveals that during the first quarter of 2024, Fortune 100 companies announced a record number of initiatives related to crypto, blockchain, and Web3 technologies. Despite this surge, the major hurdle identified was the lack of trusted talent with the right skills to implement these initiatives.

Approximately 50% of executives from Fortune 100 companies cited the absence of skilled talent as the primary barrier to adopting chain technology. This talent shortage is compounded by the declining share of US-based crypto developers. Currently, only one in four crypto developers are from the US, highlighting a significant drop over the past five years.

Despite the challenges, the interest in blockchain technology remains robust. The report found that 70% of Fortune 500 executives are keen to learn about stablecoin use cases, attracted by the benefits of instant processing times and lower fees. Similarly, small businesses are increasingly drawn to digital assets for their potential to provide faster and more cost-effective payment solutions.

Coinbase believes that the clear comprehensive crypto regulations in the country are essential for the motivating developers in the nation. It states:

“Clear rules for crypto are key to keeping developers in the US – and to the US continuing to lead the world in cutting-edge technological innovation.”

The report resonates with some lawmakers who are advocating for a strategic shift in the US approach to crypto development. Crypto-friendly Wyoming Senator Cynthia Lummis voiced her support for the report’s conclusions, criticizing the government’s stance on digital assets, adding that “the Biden admin and Gary Gensler’s unrelenting persecution of Bitcoin and digital assets is pushing the industry overseas and causing America to fall behind.

“We are the global leader in financial innovation. Let’s act like it and provide the industry a home,” she stated.

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Coinbase: US Falling Behind in Crypto Development amid Talent Shortage

Coinspeaker Curve (CRV) Price Slides after Founder Reportedly Gets Liquidated, Binance Sees Large Deposits

The price of Curve (CRV), a decentralized exchange (DEX) token focused on stablecoin trading, saw a significant drop of up to 34% within a three-hour window on June 13, 2024. This sudden price movement comes shortly after reports about the liquidation of Curve Finance founder Michael Egorov filtered through.

On-chain data analysis reveals several interesting developments around this event. According to online tracker SpotOnChain, Egorov now holds collateral of approximately 139 million CRV tokens (roughly $37 million) across three different platforms or wallets, while his debt currently sits at around $27 million. This suggests a potential vulnerability that might have triggered the liquidation.

Whale Movements Spark Speculation after Curve Finance Founder’s Liquidation

Further adding to the speculation, an on-chain whale address, identified as “0xF07”, deposited a huge amount of CRV tokens, totaling 29.62 million ($7.68 million), onto the Binance exchange within the same timeframe. That is according to an X post by The Data Nerd. This deposit, along with another earlier deposit of 24.2 million CRV ($6.936 million), raises questions about the whale’s intentions and their potential impact on the CRV market.

For now, the exact reasons behind the whale’s actions can not be placed. However, speculations are that it could be a fire sale triggered by concerns over Egorov’s liquidation and its potential impact on the CRV ecosystem. For others, the whale deposit was probably a strategic move to capitalize on the current dip in CRV price.

The situation remains fluid, and market sentiment surrounding CRV is cautious. With the founder’s liquidation and these large whale deposits, the price of CRV will likely continue to experience volatility in the coming days.

CRV Price Dips

As of publication, CRV was down 27.96% in the past 24 hours, trading at $0.2589. On the weekly chart, however, it has lost 43.86% of its value.

CRV is the governance token in CurveDAO, the decentralized autonomous organization (DAO) behind Curve Finance. However, the recent large deposits of the coins to Binance is a vote of no confidence for CRV.

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Curve (CRV) Price Slides after Founder Reportedly Gets Liquidated, Binance Sees Large Deposits

Coinspeaker TON Blockchain Surpasses Ethereum in Daily Active Users

Amid a week of global crypto market fluctuations and cautious investor behavior, The Open Network (TON), backed by Telegram, has experienced significant growth in activity, surpassing Ethereum in daily active users.

Since the start of the month, TON and Ethereum have been closely competing in terms of user activity.  However, thanks to Telegram’s vast user base of 900 million, TON has taken the lead, surpassing Ethereum for ten consecutive days since June 1.

On June 3, the blockchain achieved a milestone with 568,300 daily active addresses (DAAs), according to Artemis data. Ethereum, on the other hand, has not reached this level of activity since September 13, 2023.

A Deeper Look

Ethereum’s lower performance compared to TON could be attributed to several factors, including the fact that the majority of the network’s user activity has moved to layer 2 scaling solutions, which were not considered for the comparisons with TON.

These scaling solutions were developed to help scale transactions on the Ethereum ecosystem, reducing congestion and fees by processing transactions off the main Ethereum blockchain.

As a result, most of the activities on the chain have shifted to the L2s.

For example, on June 11, the top three Ethereum layer 2 networks,  Arbitrum, Base, and Optimism, collectively recorded 1.3 million daily active addresses. This shows that while Ethereum’s main network might seem less active, substantial activity is happening on these secondary layers.

New Milestone and Market Performance

Despite this unfair comparison, TON has experienced remarkable growth. Amidst the global market downturn, the network’s native token also known as Toncoin (TON) reached a milestone of $7.76 earlier this month, its highest since launch.

Although the token has since dropped over 12%, industry analysts remain optimistic about its future.

A pseudonymous analyst “Crypto King” predicted that TON could reach $10 in the coming weeks, citing its strong user base, rapid and user-friendly infrastructure, and support from Telegram.

Another expert, Alex Clay, also supported this view, noting that TON has a bullish structure despite the market decline. He believes the digital asset could reach $10.5 and $11.6 in the short term.

Additionally, according to Token Terminal data, despite the recent price dip, key metrics suggest long-term bullishness for TON. The data also provided additional insight into the network’s performance over the past four weeks.

In the last 30 days, TON’s fully diluted market cap rose by 3.6%, the number of token holders surged by 76.3%, and revenue and fees increased by 26.0%.

Although trading volume decreased by 11.6%, these metrics indicate a strong underlying growth trend for TON.

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TON Blockchain Surpasses Ethereum in Daily Active Users

Coinspeaker Ethereum (ETH) Bulls Revvs Fueled by Increased Whales’ On-chain Activity

Ethereum (ETH), the largest smart contracts and web3 ecosystem that has attracted over $62 billion in total value locked (TVL), has signaled a bullish outlook on the horizon. The large-cap altcoin, with a fully diluted valuation of about $435 billion and a daily average traded volume of around $17.4 billion, has been at the epicenter of crypto speculation since the recent approval of spot Ether ETFs in the United States.

Moreover, Bitcoin price surged to its recent all-time high (ATH) immediately after the approval and listing of spot BTC ETFs in the United States.

Ethereum Whales on the Hunt

With other global jurisdictions following the footsteps of the United States in approving spot Ether ETFs, the underlying bullish sentiment has dramatically increased. According to on-chain data provided by market intelligence platform Santiment, Ethereum addresses with a balance of between 10k and 100k added more than 240k Ether, worth over $840 million, in the past 48 hours.

Whales have bought over 240,000 $ETH during the recent #Ethereum price dip, totaling around $840 million! pic.twitter.com/j5jnxJul4q

— Ali (@ali_charts) June 12, 2024

A similar trend has been observed by CryptoQuant, whereby more than 336k Ether has been withdrawn from Coinbase Global Inc. (NASDAQ: COIN) in the past 24 hours. CryptoQuant noted that the recent Coinbase Ether withdrawal of more than $400 million is the fifth withdrawal exceeding 150k since the beginning of this year.

“These large transactions (made in a single day) range between $400 million and $1.1 billion each, it’s overly optimistic to think that individual investors are behind them. It’s highly likely that these significant Ethereum withdrawals are driven by whales or as-yet-unknown institutions,” CryptoQuant noted.

While the recent withdrawal on June 12 could be attributed to internal wallet maintenance, CryptoQuant highlighted that crypto whales have been anticipating an Ether bullish move. Moreover, the actual Ethereum balance on centralized exchanges has been in decline in the recent past. According to the latest on-chain data, Ethereum’s supply on centralized exchanges has been hovering around multi-year lows.

Ethereum supply falls to an 8 year low on exchanges. pic.twitter.com/VN4gthFjan

— Bitcoinsensus (@Bitcoinsensus) June 12, 2024

Ether Price Targets

Amid anticipated interest rate cuts in the United States, veteran analyst Peter Brandt has indicated that now is not the best time to short Ether. Moreover, the US dollar has been wreaking against global currencies, and heightened crypto speculation could send Ether to new ATH.

The crypto analyst highlighted that Ether’s price against the US dollar has been forming a possible head and shoulders (H&S) pattern, but a possible short squeeze could reverse the trend.

This is# an arguable head and shoulders top. I do NOT short cryptos pic.twitter.com/gjC0OPoJm3

— Peter Brandt (@PeterLBrandt) June 11, 2024

As a result, Ethereum’s price could easily spike beyond $4k in the coming weeks and reach around $4,404, which coincides with the weekly 0.618 Fibonacci Extension.

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Ethereum (ETH) Bulls Revvs Fueled by Increased Whales’ On-chain Activity

Coinspeaker Merlin Chain Introduces Staking Rewards for Bitcoin Holders

Layer 2 blockchain Merlin Chain has announced that Bitcoin (BTC) holders can now earn staking rewards and access lucrative Decentralized Finance (DeFi) opportunities. Notably, Merlin Chain was designed from inception as a Bitcoin L2 solution and it finds its use on the assumption that Bitcoin users are missing out on yields on other chains.

Bitcoin Put at Par with Ethereum

Per its design, Merlin Chain is committed to providing yield to holders of the world’s most valuable cryptocurrency by presenting them with unique opportunities. More than $700 million worth of BTC has been distributed from Merlin Chain to Layer 2 networks offering complementary rewards. Within the past 45 days, the trending protocol has seen over $13 billion worth of BTC bridged to and from its network.

Merlin Chain presents a Proof-of-Stake (PoS) consensus mechanism fused with a suite of innovative DeFi integrations. In the long run, its aim is to set Bitcoin on the same pedestal as other blockchains like Ethereum where staking yield is a normal offering.

Over time, Ethereum investors have bagged enormous yield-generating opportunities like staking rewards, liquidity mining, and yield farming. Bitcoin did not afford holders the same privilege as it failed to provide incentives or income that goes beyond the prospect of a gradual rise in the asset’s value. However, the Merlin Chain team took it upon themselves to change this narrative.

“Everyone knows bitcoin has been one of the best-performing assets over the past decade, hilariously detonating the cynical predictions of many anti-crypto critics, but holders have missed out on yields that other ecosystems provide,” Merlin Chain Founder Jeff said in a statement shared with Coinspeaker in his view about Bitcoin’s capacity.

“We are therefore delighted to finally grant BTC investors and hodlers concrete incentives to not just HODL, but earn and participate in the exciting DeFi ecosystem!” Jeff added.

Merlin Chain Delivers Benefits And Perks to Bitcoin Investors

Bitcoiners on Merlin Chain stand to enjoy a long list of services and perks. These users can stake M-BTC, a wrapped Bitcoin asset that earns staking rewards akin to stETH. Apart from the resemblance that this would bear with stETH, Jeff lauded the security and scarcity of the Bitcoin network as an added advantage to this latest development.

M-BTC staking would be into DeFi platforms like Solv Protocol where users could earn SolvBTC for accessing DeFi services. These users can also supply liquidity and earn yields from leading DeFi protocols integrated with Merlin Chain.

Some other services that they could enjoy are exploring lending, borrowing, derivatives and other DeFi primitives with BTC capital. Additionally, they can bridge SolvBTC assets out to Bitcoin Layer2 networks like Linea to earn rewards.

Investors who are interested in enjoying all these services that Merlin Chain offers must first bridge their BTC holding to the network using the Merlin Bridge. Next, they are required to lock it on Layer-1 and receive gas BTC. Noteworthy, the gas BTC can be staked into Merlin’s PoS mechanism, a process that ultimately generates M-BTC.

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Merlin Chain Introduces Staking Rewards for Bitcoin Holders

Coinspeaker Bybit Provides Football Fans Possibility to Win Big in Its Crypto Cup 2024

The crypto world has a longstanding relationship with sports, particularly football. Bybit, a leading digital asset trading platform, has cemented its presence in the sports arena by partnering with Formula One’s reigning Constructors’ and Drivers’ champions, the Oracle Red Bull Racing team. The exchange is now launching its Crypto Cup in 2024. This unique event provides an opportunity for crypto traders and football fans to win a share of the substantial 500,000 USDT prize pool.

According to the official press release, the Crypto Cup 2024 is scheduled from June 12, 2024, at 10 a.m. UTC, to July 14, 2024, at 7 p.m. UTC. The event aims to merge the thrill of soccer with the dynamic nature of crypto trading.

To earn Crypto Cup Tickets, Bybit users can participate in a range of activities on the exchange. Each ticket will enable them to vote for their favorite Soccer teams and earn Crypto Cup Points, which will determine each participant’s share of the prize pool.

Beyond the main prize pool, Bybit is offering an exclusive trip to Austria for one lucky winner in each of the five rounds of lucky draws. This luxurious reward includes a round-trip ticket and a one-night stay at a high-end hotel.

How to Earn Crypto Cup Tickets?

Bybit offers one ticket for every 50,000 USDT in trading volume for perpetual and futures contracts, one ticket for every 15,000 USDT in options trading volume, and one ticket for every 10,000 USDT in spot trading volume. Referring friends who deposit and trade on Bybit will also earn tickets. Additionally, creating a Bybit Cloud Wallet or a Keyless Wallet will provide a ticket, and achieving a trading volume of at least 5,000 USDT using a Trading Bot will secure another.

The exchange also offers Crypto Cup Tickets to both new and existing VIP users based on their VIP level. Moreover, it also grants tickets to users for spending with the Bybit Card or referring friends to apply for the card.

The world’s largest crypto trading firm Binance previously announced an exclusive multi-year partnership with Manchester United and Portuguese superstar Cristiano Ronaldo. It has also recently launched a blockchain-backed football initiative that included challenges with a prize pool of $1 million tokens.

Founded in 2018, Bybit has a substantial presence in the sector. As per the data from CoinMarketCap, it is the second biggest exchange in volumes of derivatives and the fourth by spot trading volumes.

Recently, Bybit chief executive Ben Zhou cleared the air of rumors of insolvency by assuring the public that the company is on record as having a very healthy balance sheet. The executive also provided a link to the exchange’s proof-of-reserves (PoR), showcasing the assets held by the exchange.

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Bybit Provides Football Fans Possibility to Win Big in Its Crypto Cup 2024

Coinspeaker Chromia to Incentivize Users with 250,000 CHR Tokens via Testing Program

Chromia, a Layer 1 relational blockchain platform says it is on track to launch its incentivized testing program. This program offers 250,000 CHR tokens up for grabs, enticing users to contribute to the security and success of the network. Notably, the testnet comes in preparation for a mainnet launch that has already been scheduled for later this year.

In a press release shared with Coinspeaker, Alex Mizrahi, co-founder of Chromia stated:

“We are excited to invite users to explore our innovative platform through this incentivized testing program.”

Initiatives of Chromia’s Testing Program

The program consists of three different initiatives, each operating on a dedicated network running Chromia’s mainnet release candidate. In addition to allowing for rigorous testing, the program grants a diverse range of users the chance to interact with the official Chromia Vault wallet for the first time.

The program will kick off on June 11 with HackNet and ProjectNet as the first two initiatives. HackNet caters to coders and tech-savvy individuals, incentivizing them to evaluate Chromia’s core software and identify potential vulnerabilities. This initiative will conclude on June 28, aligning with the completion of Trail of Bits’ third-party audit. HackNet’s participants can receive up to 100,000 CHR valued at about $31,000 at the current market price.

ProjectNet, on the other hand, invites developers to explore the potential of Rell, a language for relational blockchain programming. Even those new to Rell are welcome to join the testing. The Demo dApp Contest caters to both Web2 and Web3 developers, encouraging them to showcase their skills. Submissions of all shapes and sizes are encouraged, from original creations to ingenious adaptations of existing applications.

A panel of six Chromia team members, representing development, business development, and marketing, will select the winning ProjectNet dApps. The deadline for submissions is July 26, with the top 3 dApps splitting a 50,000 CHR prize pool.

The third and final initiative, QuestNet is geared towards everyday users launches on June 18th with an undetermined end date. This initiative provides a user-friendly dashboard that supports interaction with core network functions like Chromia Vault and specific dApps. The reward pool for QuestNet stands at 100,000 CHR tokens.

The exact criteria for reward distribution remain undisclosed. However, consistent engagement with quests, regular dashboard checks, and following social media updates are likely to maximize earning potential.

What Chromia Stands to Achieve

The testing program is designed to assess Chromia’s capabilities across various sectors, including the gaming industry, Real-World Asset (RWA) management, digital collectibles, and even sports.

Chromia distinguishes itself from the crowd with its horizontal scaling abilities, allowing it to handle parallel tasks and power high-performance gaming dApps. My Neighbour Alice, Chromia’s flagship game is a prime example of the platform’s efforts, offering an immersive virtual world experience.

Finally, Chromia’s modular framework and relational blockchain technology hold the potential to transform dApp development and user experience.

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Chromia to Incentivize Users with 250,000 CHR Tokens via Testing Program

Coinspeaker South Korean Banker Steals $7.3 Million to Invest in Crypto 

In a shocking turn of events, a banker in South Korea has embezzled $7.3 million from customer accounts to invest in crypto, hoping to cash in on the digital gold rush. The banker, who remains unnamed, worked at Woori Bank and has admitted to the crime at West Gimhae Police Station in South Gyeongsang Province.

According to local reports, the bank employee used the money to fund his investments in digital assets.

However, what he did not know is that not all crypto investments come back with profits as most of the tokens he purchased failed. As a result, he lost $4.35 million of the funds to the market downturn.

Woori Bank to Conduct Internal Audits

Woori Bank uncovered the scheme when its internal monitoring systems detected irregularities. However, the bank was unable to do something as it did not know the extent of the operation.

Despite this, the police said the employee went to the station “voluntarily” on June 10 to “confess the full details of the crime”. The case is currently ongoing at the West Gimhae Police Station with the banker fully cooperating with the police. Through the ongoing probe, the authorities found that the embezzlement involved multiple staff and was not a one-person scheme.

Authorities are working with the bank to understand the scope of the operation and plan to issue arrest warrants for the perpetrators once the investigation is concluded. In light of this development, Woori Bank said it would conduct an intensive audit as well as review its internal control measures to prevent future incidents.

“We will identify the problems via a thorough investigation and will prevent similar cases from recurring,” said the bank’s spokesperson. The bank plans to pursue compensation from the employee for the embezzled funds.

Not the First Case of Crypto-Driven Theft

Meanwhile, this is not the first time an employee has stolen money to invest in cryptocurrencies.

In 2022, an employee of South Korea’s Busan Bank embezzled about 1.48 billion won from customer funds.  The stolen money was used to invest in crypto assets such as  Bitcoin (BTC) and Ethereum (ETH).

These schemes are not limited to South Korea. Similar incidents have been reported in other parts of the world, including the United States.

In December last year, Amit Patel, a former financial manager for the Jacksonville Jaguars, was indicted for stealing over $22 million to fund his lavish lifestyle. He used some of the stolen funds to invest in crypto and spent the rest on luxury properties, including cars and a condo.

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South Korean Banker Steals $7.3 Million to Invest in Crypto 

Coinspeaker Checkout.com Faces Leadership Shift amid Crypto Market Challenges

Checkout.com, a London-based global payments processor and once Europe’s hottest startup, announced the departure of its President and Chief Operating Officer (COO), Céline Dufétel. Dufétel, who joined the firm three years ago, is stepping down for personal reasons, according to a statement from founder Guillaume Pousaz.

Dufétel will be succeeded by Jenny Hadlow, who has been leading the company’s global revenue operations since late 2021. Pousaz expressed confidence in Hadlow’s ability to drive the company forward, stating:

“I have no doubts that Jenny will excel as our COO, fundamentally helping us ensure that our service and support teams deliver on our promises to our merchants.”

Checkout.com facilitates the movement, management, and optimization of funds for businesses, including several prominent crypto firms like Crypto.com, MoonPay, Blockchain.com, Circle, and Strike.

Checkout.com’s meteoric rise peaked in early 2022 when it secured funding from US investment group Tiger Global and Singapore’s sovereign wealth fund GIC. This funding round catapulted the company to a valuation of $40 billion, making it Europe’s most valuable private technology business.

However, the boom was short-lived. By December 2022, the company had to slash its valuation by over 70%, down to $11 billion. Dufétel’s departure comes at a challenging time for the startup, which has been grappling with internal restructuring.

Impact of the Crypto Market

The downturn in the financial technology sector hit Checkout.com particularly hard. In 2022, the company’s London-based entity saw its operating losses more than triple to $126 million.

This loss was largely attributed to a decline in consumer spending and a significant drop in crypto trading activity. In 2023, Checkout.com terminated its contract with renowned crypto exchange Binance, citing regulatory concerns. This move prompted Binance to consider legal action against Checkout.com due to disagreement with the “purported basis for termination.”

Checkout.com cited challenging macroeconomic conditions that affected its fintech and crypto clients, noting a sharp decline in trading volumes. The company has downplayed its reliance on the cryptocurrency sector. Dufétel previously noted that crypto companies contributed less than 4% to the company’s total processing volume as of September last year.

Founder Guillaume Pousaz remains optimistic about the company’s future, highlighting strong business momentum. He revealed that year-to-date net revenue had grown by 42%, with 550 million unique e-commerce transactions processed in May alone across all platforms.

“With this in mind, we must always put our customers first, focusing on the problems we solve for them, always staying ahead on payment performance, and continuing to abstract the complexity for them (be it regulation, more payment methods, scheme mandates, compliance, and so on),” Pousaz said, underscoring his confidence in the company’s strategic direction under Hadlow’s leadership.

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Checkout.com Faces Leadership Shift amid Crypto Market Challenges

Coinspeaker Ripple Announces XRPL EVM Sidechain to Enhance Blockchain Interoperability

Leading blockchain payment company Ripple Labs has announced plans to roll out Ethereum Virtual Machine (EVM) compatibility to the XRP Ledger (XRPL) through a product dubbed XRPL EVM Sidechain.

According to the announcement, Ripple is responding to the request from the developers’ community amid the mainstream adoption of web3 products and digital assets.

Moreover, the XRPL EVM Sidechain will unlock more opportunities, especially in the real-world assets (RWA) tokenization that has attracted significant attention from institutional investors and retail traders.

Notably, the XRPL EVM Sidechain will exclusively launch on the Axelar network, a programmable web3 interoperability protocol that has already connected over 50 blockchains.

The blockchain payment company opted to work together with Axelar due to its tested security backed by its 75 validators. Additionally, the Axelar network employs key rotation policies to mitigate the chances of system attack.

The XRPL EVM Sidechain will tap on the Wrapped XRP (eXRP) for fee payment, whereby the Ripple team has been working closely with Peersyst to enhance blockchain interoperability.

“Axelar is a battle-tested, production-ready, and fully compatible bridge to bring wrapped XRP (eXRP) as a native currency to the XRPL EVM sidechain. The Peersyst engineering team is now working to migrate the main bridge to Axelar for the devnet,” Ferran Prat, Peersyst CEO, noted.

Ripple Expansion Bid

As Coinspeaker previously pointed out, Ripple has been in a bid to expand its products to global reach amid the mainstream adoption of digital assets. Already, Ripple has closed the acquisition deal of two major crypto custody firms Standard Custody and Metaco, to enhance mass adoption of digital assets.

The company has accelerated its development and acquisition bid amid the ongoing lawsuit filed by the United States Securities and Exchange Commission (SEC). Late last month, Ripple unveiled its roadmap for DeFi adoption on the XRPL network including an Automated Market Maker, Decentralized Identities (DiD), Oracles, Multi-Purpose Tokens (MPT), and XRPL-native lending protocol.

The company is also in the process of rolling out a US dollar-backed stablecoin on the XRPL and Ethereum networks. As a result, the launch of the XRPL EVM Sidechain will play a crucial role in the mainstream adoption of its upcoming stablecoins in addition to native web3 projects.

Impact on XRP Price Action

XRP price action has heavily been influenced by the ongoing Ripple vs SEC lawsuit, amid the ongoing crypto bullish recovery. The large-cap altcoin, with a fully diluted valuation of about $48.4 billion and a daily trading volume of around $1 billion, has dropped over 8 percent in the past week to trade around 48 cents on Wednesday.

However, the continued XRPL development by Ripple will significantly improve XRP’s liquidity, thus guaranteeing the ultimate bullish breakout in the coming quarters.

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Ripple Announces XRPL EVM Sidechain to Enhance Blockchain Interoperability

Coinspeaker Chainalysis Wins $80M Lawsuit: Ex-Employee’s Stock Option Claims Dismissed

A Manhattan Supreme Court judge has dismissed a whopping $80 million lawsuit filed against blockchain analysis firm Chainalysis. The suit, which was filed by a former employee Blake Ratliff, stemmed from a disagreement over stock options. However, in a recent development, the court may have ultimately sided with Chainalysis.

Breach of Contract Claim against Chainalysis Falls Short

Ratliff, who worked at Chainalysis for less than a year, claimed the company breached an alleged oral agreement to modify the terms of his stock options. However, Justice Joel Cohen, presiding over the case, ruled in favor of Chainalysis. This decision highlights the importance of formal contracts as opposed to relying on verbal agreements.

Chainalysis, represented by Skadden, Arps, Slate, Meagher & Flom, argued that Ratliff’s claims were baseless and lacked timeliness. That is because they were initiated nearly six years after his relationship with the company ended. They also pointed out that the alleged agreement lacked any written documentation, a key element in contract disputes.

Therefore, they are not enforceable under New York’s statute of frauds. Moreover, the blockchain company also claim that Ratliff resided in Florida at the time of his employment. This means that he is bound by the four-year statute of limitations for oral contracts of the state, rather than Tennessee’s six-year period.

Employee Contests Dismissal: Appeal on the Horizon

Ratliff, represented by Benjamin Joelson of Akerman, expressed strong disagreement with the court’s decision. He argued that Chainalysis misinterpreted the employment agreement and disregarded the substance of his claims. Additionally, Ratliff believes the “statute of frauds” argument, which requires certain contracts to be in writing, shouldn’t apply in this case as the stock options could have been granted within a year.

Despite these arguments, Justice Cohen’s dismissal signifies a legal win for Chainalysis. However, Ratliff’s attorney has expressed plans to appeal the decision, hinting that the legal battle may not be over just yet. In a statement contained in the New York Law Journal, Joelson wrote:

“We believe Chainalysis wrongfully withheld compensation from Mr. Ratliff and we intend to continue to pursue Mr. Ratliff’s rights.”

Whatever happens next, the recent outcome of this case serves as a reminder for both employers and employees to ensure clear and documented agreements.

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Chainalysis Wins $80M Lawsuit: Ex-Employee’s Stock Option Claims Dismissed

Coinspeaker UK Crypto Firms Have Greater Hope on Keir Starmer than Rishi Sunak

As per the latest Bloomberg report, crypto companies in the United Kingdom have been increasingly warming up to the lawmakers from the Labour Party, considering their large and consistent lead in the polls. With Prime Minister Rishi Sunak calling for a snap election on July 4, there’s some uncertainty hanging over the crypto community of the UK. The Labour Party hasn’t been in power ever since 2010 when the Bitcoin price was trading for less than a dollar.

“Everyone is trying to guess what Starmer’s approach to crypto regulation will be if Labour wins,” said Laura Navaratnam, UK policy lead at the Crypto Council for Innovation. “It’s quite possible that Labour themselves haven’t decided yet.”

Cryptocurrencies are taking center stage in the US and UK elections this year as the community seeks to appoint more crypto-friendly lawmakers who can help in better policy framing for the crypto industry. In the US, the crypto industry is pulling up major donations to crypto-friendly candidates. On the other hand, the UK’s crypto community is warming up to Starmer and the party he leads.

Sunak’s Inaction Makes Him the Less-Preferred Choice

While the UK is a major market for some of the biggest crypto firms like Coinbase, the country has been slow in introducing regulatory measures.

This comes despite a 2022 pledge by Sunak, shortly before becoming prime minister, to make the UK a key hub for the crypto sector. Since then, the European Union has adopted comprehensive crypto legislation, and rival financial centers such as Hong Kong and Dubai have introduced new regulations.

On the other hand, the UK relies largely on a patchwork of crypto rules as enforced by the Financial Conduct Authority (FCA). By the end of the year, the FCA will publish its first draft of its crypto licensing regime.

With Labour consistently leading the polls since Liz Truss’s brief and turbulent tenure as prime minister last fall, the crypto lobby is gearing up for a potential political shift. In October, the trade group CryptoUK hosted its inaugural event at the annual Labour Conference in Liverpool. Two months later, Coinbase launched its Stand With Crypto lobbying program in Manchester, a traditional Labour stronghold.

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UK Crypto Firms Have Greater Hope on Keir Starmer than Rishi Sunak

Coinspeaker Andrew Tate Challenges Crypto Player to $10M Bet

In his usual dramatic style, internet sensation Andrew Tate challenged prominent ‘Crypto Twitter’ influencer Ansem to a $10 million crypto bet. In the X post, Tate claimed that the current crypto cycle is his and he ended up challenging Ansem to a boxing match. He also added:

“I will fight with one hand.”

Further declaring that the “Loser donates 10m to a coin of the winner’s choice”.

Andrew Tate Crypto Controversy Extends to Solana

Considering that Tate has a successful kickboxing career, it is only logical to believe that he might win the bet so Ansem is not likely to accept the challenge. The $10 million crypto bet is not likely to see the light of day but moves are not so predictable in the crypto space.

This $10 million challenge comes after a recent Solana-based meme coin burn controversy that involved Tate.

Andrew Tate burnt 58% of Top G, representing about $11 million worth of the new Solana meme coin. The burn left only 37% of the memecoin available in circulation. This action led to a 130% increase in the value of the token and pushed its market capitalization to over $65 million. Tate’s move drew the attention of TOP G as its official X account praised the Internet personality.

“Now we cook,” they declared, suggesting the burn was a strategic move to enhance the token’s value.

On the other hand, Tate went on to boast about his disruptive capabilities, confidently asserting:

“I WILL CRASH THE SOLANA NETWORK.”

In a follow up comment, he posted “LOOK WHAT I CAN DO. TOP G IS GOING TO BURN IT ALL” further brewing controversy and debate within the crypto space.

Ansem’s Reputation Is on The Line

His latest jab at Ansem could be part of his effort to grow his popularity in the crypto industry. Also, it may be one of Tate’s strategies to crush the Solana ecosystem. Ansem is one of the most popular faces in the crypto ecosystem, hailing from his impressive investment strategies over the years. He plunged his investment in Solana when the token was worth only $1.5. By the time Solana crossed to $260, Ansem had made a lot of profit.

He recently made a comment on SocialFi crypto, further amplifying his influence in the crypto community. Ansem could be described as a new-age millionaire who made his money from crypto investments. Oftentimes, crypto enthusiasts respect his investment opinions and take them seriously. Tate’s $10 million crypto bet is obviously a challenge to his popularity and position in the growing market.

In the meantime, neither Solana nor the broad crypto market is yet to experience the negative impact of Tate’s direct and indirect attack on the blockchain. SOL price is currently at $152.3, only 1.1% down in the last 24 hours. TOP G is still showing positive sentiment from the burning move made by Andrew Tate.

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Andrew Tate Challenges Crypto Player to $10M Bet