While rumors about the insolvency of the Bybit crypto platform were spreading online, many significant events took place in the crypto community. New hacks to watch out for, technologies to watch out for, and events to attend. What else is interesting? Read on to find out.
A Series of Hacks of Celebrity Accounts in X
Over the weekend, a series of massive hacks of accounts on X took place. The victims were several influential industry figures and celebrities who promoted everything from Luna2 and ORDI to meme coins inspired by famous personalities.
Among the latest victims is a crypto investor going by the pseudonym Gigantic-Cassocked-Rebirth, known as GCR. He confirmed that his profile had been hacked. His account was used to publish posts about ORDI and Luna2.0, after which both tokens instantly increased by 6% and 274%.

Source: X
Some have noted that the hacker could have used the account to place a micro-cap, but chose to publish two tokens, resulting in a limited profit.
“GCR hacker fumbled the bag hard. Bro could’ve picked ANY believable micro-cap to pump 10–20x, yet chose to shill ORDI and LUNA2 for a measly 10% wick” said crypto analyst Miles Deutscher.
Another victim was the famous American rapper Rich The Kid. His account posted a link to buy a new $RICH token launched on the Solana meme coin creation tool pump.fun.
DEX Screener data indicates that within the first two hours after launch, the token accumulated a market capitalization of $90,000. The post was later deleted, but the rapper never made any statement about the hack.
A Supercomputer with AI
Billionaire Elon Musk’s company xAI, in cooperation with Oracle, plans to create a computer that will run the next version of the large-scale language model of artificial intelligence Grok.
According to The Information, citing a presentation shown to xAI stakeholders, the project is described as a “gigafactory of computing.” The computer is expected to be ready by the fall of 2025.
During the presentation to investors, Musk said that the new supercomputer will use up to 100,000 Nvidia H100 GPUs based on the Hopper architecture, making it at least four times larger than the largest existing GPU clusters. He also emphasized his commitment to the timely completion of the project.
WhiteBIT is a Partner of Money20/20 Europe
WhiteBIT, one of the largest cryptocurrency exchanges in Europe, is once again a partner of international blockchain events. In particular, this time it has announced its participation in Money20/20 Europe, one of the largest events in the financial technology industry. The event will take place in Amsterdam on 4–6 May, where the exchange will present its innovative solutions and products.
Money20/20 Europe brings together representatives of financial institutions, technology companies, start-ups, regulators and investors. The conference program includes presentations by leading experts, panel discussions, and demonstrations of innovative solutions. More than 350 speakers will take part in the event, including representatives of such major companies as Visa, Mastercard, Lloyds Banking Group, JPMorgan, Amazon, Google, Microsoft, and Ukrainian bank PrivatBank.
The main topics of the event will include the implementation of AI solutions in the industry, current cybersecurity issues, blockchain as a new reality of the fintech industry, personalization in the banking sector, etc.
Volodymyr Nosov, founder and CEO of WhiteBIT, noted: “This is already the third global event this year in which we are participating, following the Paris Blockchain Week Summit and Token2049 Dubai. As one of the largest European crypto exchanges, we must stay at the center of events to continue innovating and offering our clients the best solutions on the market.”
New Ethereum Update
At a recent leadership meeting, Ethereum developers set a date for the Pectra update. They plan to release it by the end of the first quarter of 2025. Previously, the team expected the update to appear in late 2024 or early 2025.
Pectra will introduce the Ethereum Virtual Machine Object Format (EOF), which includes about 11 suggestions for improving the Ethereum Virtual Machine (EVM) in both first- and second-tier solutions. One of the notable additions to Pectra is EIP-7251, otherwise known as “increase maximum active balance.” With this proposal, individual validators will be able to deposit more than the current maximum of 32 ETH, increasing the limit to 2,048 ETH.
Along with the new improvements, Ethereum developers have decided to replace the EIP-3074 account abstraction proposal with EIP-7702, a new initiative introduced by Ethereum co-founder Vitalik Buterin. EIP-7702 introduces a new type of transaction that allows Ethereum account addresses to temporarily act as smart contract wallets during a transaction and then return to their original state.
Aptos Reaches Record Transaction Volume
Aptos, a first-tier blockchain platform, has reached a new high in terms of the number of transactions. In one day, May 25, it recorded 115.4 million transactions, surpassing Solana’s 31.7 million.
The transaction volume growth not only set a new standard but also surpassed the previous L1 record of more than 65 million transactions held by Sui Network by a significant margin of more than 50%.
Aptoscan’s data shows that the number of transactions per second (TPS) of blockchain users has also reached a historic high of 32,000. This surge in transaction activity may be due to the launch of Tapos Cat, a new game that has gained rapid popularity. The game processed 10 million transactions on its first day online, which significantly contributed to the growth of activity on the platform.
At first glance, Tapos Cat may seem to have no clear purpose, but Aptos supporters argue that it is an important engineering project that demonstrates the reliability and scalability of the network and paves the way for future developments.
Listing News
BounceBit ($BB ) is a BTC restocking network with an innovative CeDefi framework. Thanks to the CeFi + DeFi framework, BounceBit allows BTC holders to generate income from various sources. The BB token is available for spot trading on Binance, Bybit, and futures on WhiteBIT.
Retik Finance (RETIK) is a DeFi token based on the Ethereum network that complies with the ERC20 standard. RETIK powers the Retik Finance ecosystem, stimulating decentralized transactions and innovative financial solutions. It is traded on UniSwap, MEXC, and BitMart exchanges.
Notcoin ($NOT ) is a community-driven token aimed at engaging users in the Web3 ecosystem through a clickable game. Currently, the coin is available for spot and futures trading on many cryptocurrency exchanges, including Binance, OKX, WhiteBIT, etc.
MON Protocol (MON) is the native coin of the MON Protocol, which serves as the ecosystem token for all Pixelmon games. Mon Protocol unveiled the MON token at the TGE event in early 2024 and also launched a pre-sale program for the community. The coin has recently become available for trading on Bitget, Gate.io, MEXC, and other cryptocurrency exchanges.

The post "Memecoins Taking Centre Stage: How Long Will Rally Prevail?" first appeared on 36crypto.com News.
PEPE, WIF, and #BONK gain momentum as GameStop’s memecoin sends shockwaves to the market. How long will they sustain a green streak? The market capitalization of memecoins has crossed a $55 billion milestone as GameStop Corp is back in action. While the GameStop (GME) price rallied by a strong 75% on Monday, memecoin GME has kicked off by a staggering 2200%, moving top meme-inspired assets into the green zone. 
As per on-chain data provider Santiment, the memecoin market witnessed an attention-grabbing upsurge on May 13, marked by notable breakthroughs. In momentum, trading volumes among the top 50 meme-inspired assets soared by over 34%.

Source: Santiment
The memecoin frenzy even made VanEck, a leading asset manager, enter the market, as has been confirmed by Matthew Sigel, VanEck’s Head of Digital Assets. 
“VanEck’s Market Vector launches MEMECOIN index, top 6 assets, 30% cap,” he noted in his post on X, adding that the index included Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), Floki Inu (FLOKI), and Bonk (BONK).
The market’s upturn is believed to be fuelled by GameStop Corp's 74% surge, engaging short-selling hedge funds to face a mark-to-market $838 million loss. The uptick came as a result of an iconic Roaring Kitty media comeback, who used to vouch for investing in the gaming stock back in 2021. 
PEPE, WIF, and FLOKI Taking a Pivot
The outburst brought reflective action to the top memecoins. Since Monday 13, Pepe (PEPE) has been indicating a strong uptrend, reaching the recent local highs. Thus, the explosive rally pushed PEPE into a new all-time high (ATH) of $0.00001146, while the coin’s 65% growth outperformed Bitcoin’s 2% price increase.

Regardless of the latest supercycle, the frog-themed asset has been in a steady recovery through Q2, as indicated by the ascending channel (blue). According to AMBCrypto, the upswing to a new ATH reversed all losses in Q1 and partially in Q2. This means that most holders had unrealized profits and could book the gains. 
While PEPE has seen two price rejections at the range-high of the ascending channel, meaning the profit booking, the memecoin is showing a strong bullish sentiment, opening the door for potential 21% gains. What is more, Coinglass’s Long/Short Ratio data marks PEPE’s sentiment as bullish, as many traders are indicated to be going long on the asset since May 7.

PEPE long/short ratio chart. Source: Coinglass
Still, based on liquidation levels, an unforeseen bearish fluctuation may drap #PEPE by 25% south.  The GME-originated rally also affected the Solana-based Dogwifhat (WIF). While the supercycle secured local breakthroughs of over 15%, WIF has registered a massive surge in on-chain volume, overcoming Sui Network by this criteria. Alongside, the data from Santiment marked a decline in weighted sentiment metric, signifying the growing pessimism about WIF just before the memecoin rally.

Dogwifhat (WIF) weighted sentiment. Source: Santiment
Nevertheless, the global sentiment for WIF remains in the hands of the bears, as per the chart. Thus, since April 1, after hitting the $4.857 level, the price of WIF declined significantly on the charts. Over this period, the price hit multiple lower lows and lower highs, establishing a bearish trend. 
What is crucial, WIF has all chances to bounce back, as can be seen from the Relative Strength Index (RSI) and Chaikin Money Flow (CMF), which both indicated a slight uptick in response to the coin’s 4% daily recovery at the writing time.

If the local recovery keeps up, #WIF may be able to push past the $3,502 resistance level and aim for the $4,382 range soon. While PEPE has been indicating decent progress in the chart, and WIF hinting at one, FLOKI stood out with its 33% rise in momentum. The memecoin is marked not only due to its short-term pump, but an indicative potential for a long term. 
As the price gave a decisive breakout from the neckline resistance of the ascending triangle pattern, this signaled the potential of a higher rally. A look at the 12h chart also reveals that the #FLOKI price developed fresh higher lows signals the buyers attempt to regain control and actively accumulate at dips.

Regardless of the GME-initiated nature of FLOKI's upward movement, it has driven north by 16% as Revolut Business, Europe’s leading neobank, listed the memecoin on its service. 
Ifs and Buts
While the tendency is quickly earning the title of ‘supercycle’, this go-by label does not fully correlate with a factual state of things. Ansem, a reputable memecoin trader, cited the recent recovery to be “an attention thing”.
“I think it’s more of like an attention thing, and like an internet thing, than really like thinking about teams that are building out products,” he said in a recent ‘Unchained’ podcast episode. 
Ansem also stressed the validity of meme coins' prices, drawing a connection between ones and fundamental assets. He added, “Looking at price is valid because anything that people can speculate on whether it’s like stocks, crypto, altcoins, Bitcoin, Ethereum…people can buy the top and lose money. Hence, that’s not specific to memecoins.” 
The controversy between speculative interest and sustainable growth was by a memecoin trader Kelxyz. Within the same polemic, he noted,
“With crypto and the ability to tokenize anything, financialize anything, it makes sense that memecoins would end up capturing a lot of that attentional flow and in turn some of that value as well.” 
Seeing that public opinion gravitates towards the strong memecoins dependence upon the community interest, an X user behind @free_electron0 username summarised that we’re currently seeing “the introduction of the ‘memecoin asset class’ to the world by TradFi”. 
While altcoins fundamentally taking over the crypto market, it is important to remember: “These coins are intended for entertainment purposes”, as reported by VanEck’s Matthew Sigel.