This week, some interesting updates have shaken up the crypto market. These include the most anticipated Telegram airdrops and Grayscale’s picks for the top altcoins. In addition, we can’t help but mention the latest chapter in the ongoing saga between the US Securities and Exchange Commission (SEC) and Ripple.

The first week of October has seen a bit of a downturn in Uptober, with Bitcoin and other major crypto assets struggling. Over the past seven days, Bitcoin has fallen by around 6.5%, currently trading at $61,400.

Despite the choppy price action, there are some earning opportunities with Telegram airdrops.

Telegram's next 3 airdrops

As the crypto market enters Q4, several Telegram airdrops should be of interest to digital asset investors. This month presents promising opportunities for those looking to get involved with emerging blockchain projects without an initial financial investment.

MemeFi, a leading Telegram-based game, invites users to battle with meme-themed characters for cryptocurrency rewards. Scheduled for October 9, the MemeFi airdrop requires participants to engage in various tasks to be eligible for airdrop claims following the token generation event.

The airdrop’s appeal is heightened by its massive distribution of 90% of tokens to users, a notable increase over its competitors.

In addition, X Empire offers players the chance to earn through strategic in-game improvements. The October 15 airdrop emphasizes the importance of active participation and engagement in the network, promising substantial returns for diligent players. The game merges the thrill of winning with the excitement of crypto gaming.

Finally, the last of Telegram’s new airdrops is TapSwap. It stands out with its straightforward earning mechanics, making it accessible to all crypto enthusiasts. The airdrop, scheduled for mid-to-late October, rewards users for daily engagements and offers additional bonuses for financial backers.

Despite some delays in the launch, the project’s valuation potential and token prospects keep the community excited.

Why did the Hamster Kombat (HMSTR) airdrop fail?

The much-anticipated Hamster Kombat airdrop has faced a flop, leading to widespread disappointment within the crypto community. Several reasons have left the community disappointed with the HMSTR airdrop.

For example, the execution of the airdrop disqualified many loyal players due to the implementation of a last-minute anti-cheat system, benefiting a few at the expense of many. This move provoked significant backlash from the community.

Hamster Kombat (HMSTR) Price Performance. Source: TradingView

“Hamster Kombat has deceived the community. They have allocated a large portion of the airdrops to YouTubers and influencers for referrals. They have implemented vesting without informing the community. They have made people work like laborers, day and night, to collect keys for their games and given away $5 or $10 tokens,” commented Crypto with Khan, a crypto influencer.

Furthermore, the airdrop was plagued by frequent postponements and abrupt rule changes, which undermined participants’ trust and patience. Finally, an unexpected decision to hold 11.25% of the tokens until next year further fueled dissatisfaction.

As a result, the value of the HMSTR token plummeted shortly after launch, with prices falling by over 60%. This drop was a significant blow to investor confidence and bottom lines.

Grayscale's Top 20 Cryptocurrencies

Grayscale has updated its investment strategy, identifying 20 cryptocurrencies that show promise for significant gains. This selection includes exciting additions such as Sui (SUI) and Bittensor (TAO), which are aligned with the current market trends towards decentralized AI.

Grayscale’s strategy involves a meticulous analysis of potential market leaders based on a variety of factors, from network growth to token economics. This comprehensive approach ensures that the investment firm remains at the forefront of market dynamics, ready to capitalize on emerging opportunities.

Grayscale's top 20 cryptos list. Source: Grayscale

“The Top 20 represents a diverse set of assets across crypto sectors that we view as having high potential for the coming quarter. Our approach incorporates a number of factors including network growth/adoption, upcoming catalysts, fundamental sustainability, token valuation, token supply inflation and potential residual risks,” Grayscale said here.

A novela Ripple vs. XRP

The SEC has resumed its legal challenge against Ripple, appealing a recent court ruling that favored XRP.

The ongoing legal battle could significantly impact XRP’s classification and regulation as a non-security. Ripple’s CEO has expressed frustration with the SEC’s actions, emphasizing the unnecessary stress it places on the company and its stakeholders.

XRP price performance. Source: TradingView

“While we will fight this in court for as long as necessary, let’s be clear: XRP’s non-security status is the law as it stands today – and that doesn’t change even in the face of this misguided – and infuriating – appeal,” Garlinghouse stated.

This development shook the market, impacting the price of XRP. As a result, XRP’s price action struggled during this week. Since Monday, the price of XRP has fallen by over 17%.

Binance May Delist These 5 Altcoins

Binance may delist five altcoins, reflecting its stringent compliance and performance standards. The altcoins under criticism include, for example, Bluzelle (BLZ), CLV (CLV), SelfKey (KEY), Prosper (PROS), and VITE (VITE).

Each of these tokens has been added to Binance’s Watchlist, which flags potential issues with volatility, trading volume, or compliance with regulatory standards.

“Please note that tokens with the Tracking Tag are at risk of no longer meeting our listing criteria and being delisted from the platform,” Binance warned.

Following the announcement, there was an immediate market reaction with a significant drop in the prices of the altcoins that were flagged. VITE experienced the most substantial impact, falling by almost 25%. Finally, the others saw drops ranging from around 4.5% to over 15%.

The article Crypto Week: Telegram airdrops and Grayscale altcoins shake up the market was first seen on BeInCrypto Brasil.