Are you ready to make strategic crypto investments to usher in financial stability? Investors aim to maximise their returns through crypto investments. As the top crypto presale in 2024 intensifies, questions are raised about which meme coin is the best to invest in. Beware because Hedera (HBAR) and Internet computers (ICP) struggle to escape quicksand. MoonBag sets forward with a simple idea, blending fun and investing ideally. Unlike coins requiring you to tap or complete tasks, investors are comfortable as MoonBag coin comes to the rescue. The presale has many attractive parts, like the  88% APY on staking with $MBAG or the astronomically high ROI of 15,000%. Hedera (HBAR) and ICP fail to show any signs of lift-off, while MoonBag is already halfway to the moon, and investors are benefiting from an 88% APY on staking with MBAG. Let’s dive deeper into the top crypto presale in 2024. Hedera’s 30% Nosedive Leads to Massive Disinterest Among Investors The turbulent crypto market has rocked Hedera (HBAR), as it experienced a drop in its market cap, falling from $5 billion to $4 Billion. This decrease in market cap happened after the coin hit a 45.20% increase. Recently, the coin hit a 20% decline as investors started to pull out, reducing activity for the coin in the market. The coin’s value has dropped by 85%, which is enough to raise a red flag for any investor. MoonBag extends its cosmic magic to Hedera(HBAR) investors, offering them a chance to experience the value of strategic investments. Internet Computer (ICP) Trapped in a Chaotic Vortex   Internet computers seem to sink as the competition intensifies in the crypto industry. The coin’s value experienced a nosedive within 24 hours. You might think this is a one-time thing, but it dropped by 4.0% in the same week, driving the price down to 11.82 USDT. The overall effect shows itself as the trading volume plummeted by about 32%. MoonBag, the Top Crypto Presale in 2024, Raising Over $2M with $1 Prediction MoonBag presale shines like a rare gem in the night. A team of visionaries with a dream to share have crafted this masterpiece that echoes a bright tomorrow woven with care. The meme coin presale is at stage 6, and over $2.9 million has been realised. Investors are now considering the benefits of the 88% APY with Moonbag staking rewards and how staking makes life easier for them. Peeling layer by layer, MoonBag crypto gets more interesting. Not only are your returns tax-free, but a whopping 15,00% ROI makes it even better. The plan is to offer long-term value, so 20% of the presale funds will be dedicated to liquidity. The future-proof planning ensures that the coin stands shoulder-to-shoulder with mainstream giants in the top crypto presale in 2024. Secure your MoonBags Today  The adage states, “Make hay while the sun shines.” Taking advantage of the presale at this stage offers you immense value. Join the best meme coin presales with these steps.

Set up a crypto exchange wallet.

Visit the MoonBag presale site.

Fuel your cosmic wallet with Ethereum and place an order

Enjoy the 88% APY with Moonbag staking rewards.

Stake your MoonBag crypto and Enjoy MBAG’s True Potential

Stake today and enjoy 88% APY with MoonBag Staking rewards. You do not have to do anything; lock up your MBAG coins as the presale proceeds. Cashout on Referrals  5% of the presale funds are allotted to referral incentives. 10% extra MBAG coins await you for every purchase made with your referral code. This will allow you to unlock extra value in the presale. Conclusion Hedera (HBAR) and Internet Computer (ICP) remain overwhelmed by problems, while MoonBag surfs smoothly to the top. The MoonBag presale owes its success to brilliant tokenomics and the ability to satisfy the industry’s current demands. It is one of the best meme coin presales we have experienced. The MoonBag presale is a cheerful blend of simplicity with massive financial gains. Easily the top crypto presale of 2024, now is the best time to unlock the doors to prosperity. Start staking in MoonBag presale right away! Invest in MoonBag Presale Website: MoonBag.org Presale: MoonBag Presale Telegram: https://t.me/moonbag_official Twitter: https://twitter.com/moonbag_org

The post Top Crypto Presale in 2024: MoonBag’s Outstanding Performance Over Hedera (HBAR) and Internet Computer (ICP) Could See MBAG Reach To $1 appeared first on Blockonomi.

The crypto world evolves rapidly, presenting both challenges and opportunities for investors. Avalanche (AVAX) has experienced significant price fluctuations due to suspicious whale transactions, causing increased volatility and investor caution. Meanwhile, BNB has faced a significant decline over the past week with projections indicating possible moves. But all eyes are on BlockDAG, which is capturing attention with its impressive $53.5 million presale, backed by its strategic keynotes and a robust $100M liquidity plan, promising its investors to gain an unbelievable return on investment. AVAX Plunges with Questionable Transactions Recently, Avalanche (AVAX) experienced a significant 10% price decline attributed to suspicious whale transactions. These large transactions, involving over 52 million AVAX, raised concerns within the crypto community. The sudden movements by whale investors have led AVAX to drop below the $50 mark. Right now, the whales are not depositing big amounts of AVAX into exchanges to sell, nor are they withdrawing large amounts, which typically indicates preparedness for a price increase or avoidance of a sell-off. Still, a lot is going on in Avalanche’s derivatives market right now, and investors are closely watching for signs of recovery and potential future growth. BNB Price Fluctuations: What It Means For Investors Recently, BNB has experienced price fluctuations, reflecting broader market trends. Over the past seven days, BNB dropped by more than 3%, but it has seen some gains in the last day. The sentiment weighted by the coin is negative, indicating prevalent pessimism. Additionally, Coinglass data shows a significant drop in BNB’s long/short ratio, with more short positions than long ones. However, Investors may soon witness BNB falling to $571 if bears regain control and drive the coin’s price lower. But in the upcoming weeks, there’s a potential that BNB will reach $613 if bulls prevail over bears. Investors Flock to BlockDAG as Presale Hits $53.5M The buzz around BlockDAG is skyrocketing, and for good reasons. The presale power of BlockDAG has been nothing short of phenomenal, reaching an astonishing $53.5 million in under 18 batches. Investors from all corners of the globe are clamoring to get their hands on this game-changing cryptocurrency as it flaunts its innovative features globally. BlockDAG’s presale success stems from its detailed keynotes. The first Keynote was pivotal, highlighting the launch of BlockDAG Scan, an advanced blockchain explorer, and introducing the revolutionary X1 Miner app. Its display at Tokyo’s Shibuya Crossing went viral, showcasing solutions to scalability, security, and decentralization, driving global presale momentum. Furthermore, the second keynote, with updates from the moon, captivated investors with news on the mainnet launch, team DOX, global marketing efforts, user-centric crypto mining rigs, and over 45 development updates. Analysts believe these keynotes are among the most transparent gestures in the cryptocurrency market. With the presale trajectory showing no signs of slowing down, BlockDAG is on a clear path to attain a $100 million liquidity commitment. It has established a solid foundation with a four-month vesting period, distributing coins in phases: 40% at launch and three monthly deliveries of 20%. Currently raising $500k per day in presale, projections indicate this could reach $5 million daily, with the presale ending before the mainnet launch. BDAG’s coin value has surged 1,120%, from $0.001 to $0.0122, aiming for a $10 valuation by 2025. By ensuring ample liquidity, BlockDAG is paving the way for broader adoption and sustained growth. Final Words The dynamic landscape of cryptocurrency surprises with varied opportunities and challenges. While Avalanche faces scrutiny due to whale transactions impacting its price and BNB’s recent price fluctuations reflect broader market trends, BlockDAG stands out with its impressive $53.5M presale success and strategic $100M liquidity plan. Investors who are looking for a sustainable and successful cryptocurrency initiative are leaning towards BlockDAG, which has significant global support and a clear strategic roadmap, expected to return 30,000x on investment. Join BlockDAG Presale Now: Website: https://blockdag.network Presale: https://purchase.blockdag.network Telegram: https://t.me/blockDAGnetworkOfficial Discord: https://discord.gg/Q7BxghMVyu

The post BlockDAG’s Historical Run & Strategic Plans Boost $53.5M Presale; Avalanche Transactions & BNB Price Come Under Suspicion appeared first on Blockonomi.

Option2Trade (O2T) has seen an astonishing 100% rally following the launch of its new A.I.-driven algorithmic trading platform. This impressive surge has not gone unnoticed, drawing the attention of both retail and institutional investors. Among the most notable are the whales from Near Protocol (NEAR), who are increasingly taking significant positions in Option2Trade (O2T), further boosting its market presence and credibility. The A.I. Platform: Revolutionizing Trading The key driver behind Option2Trade’s (O2T) recent rally is the launch of its advanced A.I. trading platform. This platform leverages cutting-edge artificial intelligence technology to optimize trading strategies, providing users with unprecedented tools and insights. The A.I. algorithms are designed to analyze vast amounts of data, identify profitable trading opportunities, and execute trades with high precision, making it a game-changer in the crypto trading landscape. Whale Activity and Investor Interest The market has responded enthusiastically to Option2Trade (O2T)’s new platform. Significant whale activity has been observed, particularly from those associated with Near Protocol (NEAR). These large-scale investors are showing immense confidence in Option2Trade’s (O2T) potential, making substantial investments that have contributed to its impressive rally. The influx of capital from Near Protocol (NEAR) whales highlights their belief in the long-term viability and profitability of O2T’s innovative technology. Predicting Continued Growth Crypto analysts are bullish on Option2Trade (O2T)’s prospects. They point to the token’s robust fundamentals and the successful launch of its A.I. platform as indicators of continued growth. Analysts predict that Option2Trade’s (O2T) unique value proposition—combining meme appeal with tangible utility through advanced A.I. technology—will drive further gains. They foresee O2T becoming a dominant player in the A.I. crypto space, with the potential for sustained upward momentum. Capitalizing on A.I. Innovation Investors are keenly aware of the opportunities presented by O2T’s recent developments. Many are strategically reallocating their portfolios to include more Option2Trade (O2T), aiming to capitalize on its growth potential. The token’s doubling in value is seen as just the beginning, with the A.I. platform expected to attract even more interest and investment. This strategic shift underscores the growing recognition of O2T as a leading innovation in the crypto market. Bright Prospects for O2T Looking ahead, the future appears exceptionally bright for Option2Trade (O2T). The successful launch of its A.I. platform has set the stage for continued success, supported by strong market fundamentals and strategic developments. Investors are optimistic about Option2Trade’s (O2T) trajectory, anticipating significant gains as the platform matures and attracts more users. The backing from Near Protocol (NEAR) whales further solidifies O2T’s position, providing a robust foundation for ongoing growth and market expansion. As Option2Trade (O2T) continues to innovate and expand its capabilities, it is poised to redefine the standards of crypto trading. The confidence demonstrated by Near Protocol (NEAR) whales and the broader investment community signals a promising future. With its advanced A.I. technology, strategic growth plans, and strong market performance, O2T is well-positioned to lead the way in the A.I. crypto revolution. For more information on the Option2Trade (O2T) Presale:  Use promo code O2TLaunch to get 15% bonus Visit Option2Trade (O2T) Join and become a community member:  https://t.me/O2TOfficial https://twitter.com/Option2Trade (O2T)

The post Option2Trade Rallies 100% After A.I Platform Launch, Near Protocol Whales Grab appeared first on Blockonomi.

Recent price indicators reveal a notable shift in the cryptocurrency market: whales are releasing their holdings from Pepe Coin to invest in a new meme coin savior, Alex The Doge (ALEX), which is currently priced at $0.0084. This significant move has sparked interest and curiosity among investors, prompting an analysis of the reasons behind this trend. This article delves into Pepe Coin’s price indicators, the appeal of Alex The Doge (ALEX) and the broader market implications of this strategic shift. Analyzing Pepe Coin’s Price Indicators Pepe Coin has been a popular meme coin, known for its volatile yet sometimes lucrative price swings. However, recent indicators suggest a bearish trend, with large-scale investors, or whales, beginning to offload their holdings. The declining volume and increased selling pressure have raised concerns about Pepe Coin’s ability to maintain its value. Several factors contribute to this bearish outlook. Market sentiment has shifted as Pepe Coin struggles to deliver on the promises that once drove its hype. The lack of substantial updates or innovative features has led to decreased investor confidence. Consequently, the selling pressure from whales, who hold significant portions of the coin, has exacerbated the downward trend, pushing prices lower and triggering a ripple effect among smaller investors. The Appeal of Alex The Doge (ALEX) Amidst the uncertainty surrounding Pepe Coin, Alex The Doge (ALEX) has emerged as a promising alternative, capturing the interest of whales and retail investors alike. Currently priced at $0.0084, ALEX offers a blend of meme coin appeal and tangible utility that sets it apart in the crowded crypto market. Alex The Doge (ALEX) integrates decentralized finance (De-Fi) and gaming into its ecosystem, providing users with a play-to-earn model that rewards engagement. The upcoming “Miracle Verse” further enhances its appeal, promising a crypto metaverse where users can trade, socialize, and compete. This multifaceted approach not only attracts gamers but also De-Fi enthusiasts, creating a diverse and engaged community. Market Implications: A New Leader in Meme Coins? The shift from Pepe Coin to Alex The Doge (ALEX) signifies more than just a change in investment preference; it indicates a potential new leader in the meme coin market. As whales move their substantial holdings to ALEX, the coin’s market cap and visibility are expected to rise, attracting further investment and driving up its price. For Pepe Coin, this trend poses significant challenges. Without substantial innovation or new features, it may continue to lose ground to more dynamic projects like Alex The Doge (ALEX). This shift could lead to a prolonged bearish phase for Pepe Coin unless it can re-capture investor interest with strategic updates or partnerships. Conclusion: The Dawn of Alex The Doge (ALEX) Whales are shifting Pepe Coin holdings to Alex The Doge (ALEX), a leading meme coin with a robust ecosystem blending De-Fi and gaming. With a current price of $0.0084, Alex The Doge (ALEX)’s innovative approach and strong community support suggest its potential for sustainable growth and long-term success. This shift may signal the rise of a new era in meme coins, where real-world applications and engaging platforms dominate. For more information about Alex The Doge (ALEX) presale use the links down below:

Website: https://alexthedoge.live

Telegram: https://t.me/alexthedoge

Twitter: https://x.com/alexthedoge_p2e

The post Pepe Coin Price Indicators – Whales Release Holding From Pepe to Buy This Meme Coin Saviour, Currently Priced at 0.0084 appeared first on Blockonomi.

Is the rush for creative staking rewards changing the equilibrium in the cryptocurrency market? Investors are closely observing the developing trends as June 2024 gets in full swing, especially regarding presales that provide exceptional avenues to earn to investors from all walks of life. Having already raised over $2.9 million, MoonBag (MBAG) stood out as the top crypto presale in June 2024. The MoonBag coin surpasses rivals such as Polygon (Polygon) and Cardano (ADA) with its appealing staking incentives. Given this spike in investor interest, the MoonBag meme coin might very well be the next major smash in the cryptocurrency scene. Polygon Fails to Match MoonBag’s 88% APY Staking Rewards Polygon (MATIC) has attracted many users due to its efficient blockchain transaction capabilities within the cryptocurrency ecosystem. It offers functional advantages on several platforms, enhancing user involvement and facilitating more transactions. However, Polygon is finding it difficult to match the appeal of MoonBag’s outstanding 88% APY staking payouts. Leading the charge in the top crypto presale in June 2024, MoonBag rapidly surpassed Polygon and other rivals. Having already raised more than $2.9 million, the MoonBag presale offers attractive staking opportunities that guarantee significant profits and encourage early investors to retain their assets, increasing demand and price. From Cardano to MoonBag— Investors Seek Higher Returns Attracting developers and investors intrigued by its capacity for sustainable and strong decentralised applications, Cardano (ADA) stands out for its scientific approach to constructing a safe and scalable blockchain. However, the focus on the top crypto presale in June 2024 has turned to the MoonBag coin, which has rapidly acquired ground over Cardano because of its rich staking payouts. Although ADA has been a pillar of the blockchain community for its technological underpinnings, MBAG’s striking 88% APY on staking is quickly attracting market attention. Finishing half of its presale in less than a month, MoonBag’s aggressive approach highlights its strong market entrance and explosive potential for expansion. MoonBag Presale Success Sets Stage on Fire for Early Investors The MoonBag meme coin (MBAG) generates waves in the crypto space and presents early investors with the possibility of earning profits between 9,000% and 15,000%. The MoonBag crypto guarantees the stability and expansion of its coin value by using a multifarious approach, including buybacks, coin burning, and liquidity protections. The MoonBag presale, the top crypto presale in June 2024, has constantly shown rising coin worth across its phases; therefore, early involvement is quite a fulfilling action. Given the present offer of more MBAGs per USDT than in past phases, the project’s scalability and expansion potential are quite visible. Early investors are likely to gain significant profits if MoonBag targets a predicted price of $1 per MBAG and the enterprise keeps growing and flourishing. Lock in Your Coins, Lock in Your Gains with the MoonBag Staking Programme With its appealing staking programme and outstanding 88% Annual Percentage Yield (APY), the MoonBag crypto draws massive investor interest. This great return is intended to honour holders and increase retention, improving the MBAG coin’s general worth and circulation stability. Participants who lock in their coins not only assist in protecting the network but also get one of the best returns in the crypto staking scene, which makes it an interesting choice for people trying to maximise their investments. How to Buy $MBAG Coins First, download a wallet like MetaMask or Trust Wallet, then purchase $MBAG coins. Then, navigate to the MoonBag presale website and link your wallet. Get the needed MBAG, which will go straight into your wallet. Share Your Code, Share the Wealth with MoonBag Referral System Another great news about the MoonBag presale is that it offers a referral programme to expand its community. Share your exclusive referral code to climb the monthly leaderboard and win money. On their first purchase, new referrals get a 10% MBAG coin incentive, improving their investment and the platform’s user base expansion. Conclusion— Don’t Miss the MBAG Opportunity  With its inventive staking rewards, MoonBag (MBAG) surpasses competitors such as Polygon (Polygon) and Cardano (ADA) in the cryptocurrency market, establishing a new standard. The MoonBag coin, the top crypto presale in June 2024, not only presents a startling 88% APY but also effectively raised over $2.9 million in no time, proving its potential to be the next major smash. Driven by deliberate staking incentives, this strong performance guarantees the MoonBag presale’s uniqueness among other options for investors seeking high returns and notable market influence. Invest in MoonBag Presale  Website: MoonBag.org Presale: MoonBag Presale Telegram: https://t.me/moonbag_official Twitter: https://twitter.com/moonbag_org

The post MoonBag Leads The Charge as the Top Crypto Presale in June 2024, Outruns Polygon and Cardano appeared first on Blockonomi.

Solana’s recent 18% decline and Uniswap’s flat price movement around $11 have left many crypto traders anxious. Solana faces significant volatility despite predictions of a potential surge, while Uniswap struggles to break its resistance mark. Amidst these uncertainties, BlockDAG emerges as a promising alternative. BlockDAG’s innovative Directed Acyclic Graph (DAG) architecture accelerates transaction processing, offering near real-time confirmations. With its high TPS and impressive presale progress, BlockDAG attracts investors looking for stability and long-term gains. Analysts predict that BlockDAG’s price will reach $30 by 2030 turning a $100 investment made in the current batch 18 to $245,902 in 2030, making it an enticing option for crypto traders. A Closer Look at Solana’s 18% Decline Solana (SOL) has faced heightened volatility recently, reflecting the broader turbulence in the cryptocurrency market. Over the past month, SOL has suffered an 18% decline, part of a larger corrective phase following an impressive rally earlier this year. This downturn has been influenced by macroeconomic factors, regulatory developments, and shifts in investor sentiment. Despite this, crypto analyst Patel offers a detailed chart analysis predicting Solana’s potential path. Patel identifies a classic Cup and Handle pattern on the weekly SOL/USDT chart, typically signaling a bullish continuation. With significant resistance around $200 to $225, a successful breach could pave the way for further gains. Patel’s optimistic long-term outlook sets targets at $520 and $1,042, contingent on market conditions and overcoming short-term volatility. Uniswap (UNI) Price: Will it Reach $15? Uniswap (UNI) has experienced flat price movements recently, hovering around the resistance mark of $11. The token has retested this hurdle multiple times, indicating a potential breakout ahead. Analysts suggest that once UNI crosses the $12 mark, it could trigger a sharp bull move toward $15. Currently trading at $10.03, Uniswap reflects a neutral outlook on the charts, with a monthly return ratio of 7.30% and a yearly return of 111.20%. The token’s price action has been range-bound, and analysts remain neutral, suggesting that UNI may reclaim its upside mark of $15 soon. The immediate support levels are $9.20 and $8.70, with key upside hurdles around $10.60 and $11. $100 BlockDAG Investment Can Grow to $245,902 by 2030! BlockDAG presents a compelling case for crypto traders seeking stability and long-term gains amidst the current market volatility. Leveraging its unique Directed Acyclic Graph (DAG) architecture, BlockDAG accelerates transaction processing, offering near real-time confirmations. This rapid processing capability enhances user experiences and opens up new use cases, particularly in time-sensitive scenarios. The BlockDAG network revolves around BDAG, the key medium for handling transaction fees and supporting peer-to-peer transactions within the ecosystem. With a high transaction throughput of 10,000-15,000 transactions per second (TPS), BlockDAG combines low fees with near-instant confirmations, positioning it as a formidable technology for high-volume applications. BlockDAG’s hybrid consensus mechanism addresses key challenges in decentralized networks, enhancing transaction security and efficiency. Unlike traditional Proof-of-Work models vulnerable to 51% attacks, BlockDAG’s technology eliminates orphan blocks and accelerates throughput. The project aims to resolve the decentralization dilemma while maintaining high security, accessibility, and scalability. BlockDAG’s innovative approach to increasing block processing speed and high transactions per second (TPS) are standout features attracting investors to this potential gold mine, driving a surge in value. Analysts and crypto experts predict that BlockDAG’s price could reach $30 by 2030. A small investment of $100 at the current Batch 18 price of $0.0122 would be worth $245,902 when the price reaches $30 in 2030 as predicted by analysts. Imagine the potential earnings with a $1,000 investment! The presale coin progress has been remarkable, with BlockDAG starting at $0.001 in Batch 1 and now priced at $0.0122 in Batch 18, raising over $53.5 million and selling more than 11.8 billion BDAG coins. Final Remarks As Solana struggles with volatility and Uniswap attempts to break resistance, BlockDAG offers a beacon of stability for crypto traders. Its high-speed network, blockchain technological approach, and significant presale progress position it as a formidable player in the market. With projections indicating that a mere $100 investment could grow to $245,902 by 2030, BlockDAG stands out as a lucrative opportunity. For those seeking substantial long-term gains amidst Solana’s decline and Uniswap’s price fluctuations, investing in BlockDAG’s presale could be a strategic move toward securing significant future returns. Invest in the BlockDAG Presale Now: Presale: https://purchase.blockdag.network Website: https://blockdag.network Telegram: https://t.me/blockDAGnetwork Discord: https://discord.gg/Q7BxghMVyu

The post UNI & Solana’s Decline Push Crypto Traders Towards BlockDAG for Stability and Long-Term Gains as Analysts Predict $30 Potential appeared first on Blockonomi.

TLDR

Dexscreener has launched “Moonshot,” a new token launching platform on Solana, competing with Pump.fun.

Moonshot allows users to create their own tokens with a 1 billion supply for a small fee of 0.02 SOL.

Once a token reaches a market cap of 500 SOL (about $68,000), it migrates to the Raydium decentralized exchange.

The platform claims to be audited, unruggable, and free from pre-sales or insider allocations.

Since its launch, 333 tokens have been created on Moonshot, with 27 reaching the threshold for Raydium deployment.

Dexscreener has unveiled “Moonshot,” a new token launching platform built on the Solana blockchain. Launched on June 24, 2024, Moonshot is positioning itself as a direct competitor to the popular Pump.fun, offering users the ability to create and launch their own tokens with ease.

Moonshot’s entry into the market comes at a time when memecoins and user-generated tokens are experiencing a surge in popularity.

The platform allows anyone to mint their own token for a nominal fee of around 0.02 SOL, mirroring the accessible model that has made Pump.fun a hit within the Solana community.

The process of creating a token on Moonshot is straightforward. Users can connect their wallet, choose a name, symbol, and image for their token, and launch it into the wild.

They also have the option to add social media links, potentially boosting the token’s visibility and appeal. Each token is created with a fixed supply of 1 billion, providing a clear and predictable tokenomics model.

What sets Moonshot apart is its unique liquidity migration process. Once a token reaches a market capitalization of 500 SOL (approximately $68,000), it automatically migrates to Raydium, a well-established decentralized exchange on the Solana blockchain.

BREAKING: @dexscreener LAUNCHES @pumpdotfun COMPETITOR "MOONSHOT" pic.twitter.com/g6Oq2RYpti

— DEGEN NEWS (@DegenerateNews) June 24, 2024

This transition aims to provide a more secure and liquid environment for further trading. As part of this process, between 150 to 200 million tokens are burned, introducing a deflationary mechanism that could potentially drive up the token’s value.

Dexscreener is making bold claims about Moonshot’s security and fairness. The platform states that it has been fully audited, although specific details of this audit are not provided.

It also asserts that the tokens created are “unruggable” and that there are no pre-sales or insider allocations, aiming to ensure a fair launch where all participants have an equal opportunity to acquire tokens.

Within hours of its release, the platform was flooded with new memecoins. As of the latest count, 333 tokens have been created on Moonshot, with 27 of them successfully reaching the 500 SOL threshold and migrating to Raydium. The tokens span a wide range of themes, from political tokens to those inspired by recent viral videos.

Among the tokens that have made it to Raydium, five have shown positive price movements in their early hours of trading: Pepe (PEPE), Stan (STAN), Long Horse (LONGHORSE), Dex Mascot (EAGLE), and Moon Cat (MC). This early traction suggests that there’s an appetite among traders for these newly minted tokens.

The post Dexscreener Launches Moonshot: A New Solana-Based Token Creation Platform appeared first on Blockonomi.

TLDR

Drake has lost over $1 million in Bitcoin through sports betting on recent NBA and NHL finals.

He lost $500,000 in Bitcoin betting on the Dallas Mavericks to win the NBA finals, and another $500,000 on the Edmonton Oilers in the Stanley Cup Finals.

These losses have reignited discussions about the “Drake Curse,” where teams and athletes allegedly lose after receiving Drake’s public support.

Drake is closely linked with Stake, a cryptocurrency casino and sports betting platform, of which he is a co-owner.

Drake has found himself on the losing end of over $1 million in Bitcoin wagers. The Canadian superstar, known for his chart-topping hits and high-stakes gambling, recently suffered back-to-back losses betting on major sports events, bringing attention to the growing world of cryptocurrency-based sports betting.

Drake’s betting spree began with a $500,000 Bitcoin wager on the Dallas Mavericks to win the NBA Finals. However, the Mavericks’ defeat by the Boston Celtics in a five-game series left the rapper’s digital wallet significantly lighter.

Undeterred by this loss, Drake doubled down with another $500,000 Bitcoin bet, this time on the Edmonton Oilers to clinch the NHL’s Stanley Cup. His fate was sealed when the Florida Panthers triumphed over the Oilers in Game 7, securing their first championship in franchise history and completing Drake’s million-dollar loss.

Drake’s Bet at Stake.com, Source: Instagram

True to his public persona, Drake didn’t shy away from sharing his high-stakes bets.

He took to Instagram to post his betting slips, writing, “Dallas cause I’m a Texan. Oilers are self-explanatory. Picks in are @stake.”

This reference to Stake, a popular cryptocurrency casino and sports betting platform, is no coincidence. Drake has been closely associated with Stake since 2020, eventually becoming a co-owner of the company.

These recent losses have reignited discussions about the infamous “Drake Curse,” a phenomenon where teams and athletes allegedly lose after receiving Drake’s public support.

This pattern of bad luck has drawn attention to Drake’s betting habits, raising questions about his ability to make successful predictions in the unpredictable world of sports.

It’s worth noting that while a million-dollar loss would be catastrophic for most, it’s likely just a drop in the bucket for Drake.

With an estimated net worth of $250 million, the rapper can afford such high-stakes gambles. However, his actions bring more attention to the world of crypto gambling, potentially influencing his vast fanbase and the broader public.

Drake’s foray into cryptocurrency-based sports betting is part of a larger trend.

Crypto gambling has exploded in popularity in recent years, with a host of Bitcoin casinos and betting sites now vying for a piece of the action.

This surge in interest isn’t limited to sports betting either. Political betting markets like Polymarket have also seen increased activity, particularly around high-stakes events like the 2024 U.S. presidential election.

Polymarket, which allows users to bet on outcomes using cryptocurrency, has seen trading volumes in the millions for markets such as “Who will win the 2024 U.S. presidential election?”

The platform has been praised for its potential to harness the “wisdom of the crowd,” but also criticized for its lack of regulation.

Despite controversy, interest from the industry remains high, with Polymarket recently raising $70 million in a funding round led by Ethereum founder Vitalik Buterin and Peter Thiel’s Founders Fund.

The post Drake’s $1 Million Bitcoin Loss: A Case Study in Celebrity Crypto Betting appeared first on Blockonomi.

TLDR

Mt. Gox is set to begin repayments of approximately $8.5 billion worth of Bitcoin to creditors in July.

Analysts suggest the impact on Bitcoin’s price may be less severe than many expect, with estimates that only about 65,000 BTC of the total 141,687 BTC may actually hit the market.

Many creditors are believed to be long-term Bitcoin holders who may not immediately sell their received Bitcoin.

The potential selling pressure on Bitcoin Cash (BCH) could be more significant than on Bitcoin (BTC).

The news of the upcoming repayments caused a brief dip in Bitcoin’s price, driving it below $60,000 for the first time since early May.

There has been much speculation about the potential impact of Mt. Gox’s upcoming Bitcoin repayments to creditors.

Set to begin in July, these repayments, totaling approximately $8.5 billion worth of Bitcoin, have raised concerns about a possible flood of Bitcoin hitting the market and driving down prices. However, several analysts and market observers suggest that the effect may be less dramatic than many fear.

Mt. Gox, once the world’s largest Bitcoin exchange, collapsed in 2014 after losing around 940,000 BTC to hackers. At the time, this amount was worth about $64 million. In the years since, the exchange’s trustees have recovered 141,687 BTC, now valued at approximately $8.5 billion, to be returned to creditors.

Despite the substantial sum involved, IG Markets analyst Tony Sycamore told Cointelegraph that much of the supposed Mt. Gox sell pressure may already be priced into current market conditions.

“The repayments have been coming for a long time,” Sycamore noted, adding that the crypto market has recently seen outflows to equities and deteriorating sentiment, which could have absorbed some of the anticipated impact.

Galaxy Digital’s head of research, Alex Thorn, provided a more detailed breakdown of the potential selling pressure. In a post on social media platform X, Thorn estimated that only about 65,000 of the total 141,000 BTC might actually hit the market. This significant reduction in potential selling activity is based on several factors.

creditors have been stuck in mt gox bankruptcy for 10+ yrs–finally trustee says in-kind distribution of #BTC #BCH will begin in july. we think fewer coins will be distributed than people think & that it will cause less #bitcoin sell pressure than market expects

here's why ????

— Alex Thorn (@intangiblecoins) June 24, 2024

Thorn predicted that approximately 75% of creditors have opted for an “early” payout, sacrificing 10% of their repayment in the process. This would result in about 95,000 BTC hitting the market initially. However, 20,000 BTC is owed to claims funds, and roughly 10,000 BTC is owed to Bitcoinica BK, leaving just 65,000 BTC to regular creditors.

Thorn and other analysts believe that many individual Mt. Gox creditors may be more inclined to hold onto their Bitcoin rather than immediately sell. Sam Callahan, senior analyst at Swan Bitcoin, pointed out that

“Creditors who wanted to sell their bitcoin have now had more than 10 years to do so through selling their bankruptcy claims to more convicted, long-term investors.”

Several factors support this “diamond-handed” theory. Many of the creditors are thought to be long-term Bitcoin enthusiasts who are more likely to hold their recovered assets.

Many individual creditors resisted years of “compelling and aggressive offers” from claims offering payouts in U.S. dollars, suggesting a preference for Bitcoin over fiat currency.

The potential impact of capital gains tax on sellers is another consideration. While original creditors are receiving only a 15% in-kind recovery, many claim holders have seen a 140-times gain since the bankruptcy proceedings recovered their Bitcoin. This significant appreciation could deter immediate selling.

Analysts suggest that the selling pressure on Bitcoin Cash (BCH) could be “far worse” than on Bitcoin. This is because many investors never actually bought BCH outright, only receiving it due to the hard fork of Bitcoin that occurred in 2017.

~25K BTC from Mt Gox has moved in the last hour, likely the beginning of distributions to creditors

i sent a note to GLXY clients & counterparties a couple weeks ago with estimated payout amounts

i personally expect most BTC gets hodl’d, but i can’t say the same for the BCH pic.twitter.com/0f0LWOqGtc

— Alex Thorn (@intangiblecoins) May 28, 2024

Despite these reassuring analyses, the news of the upcoming Mt. Gox repayments has already had some impact on the market.

Bitcoin’s price briefly dipped below $60,000 for the first time since early May, dropping more than 4% on Monday following the announcement of the impending distributions.

However, Sycamore remains optimistic about Bitcoin’s price action in the coming weeks, pointing to strong support at the 200-day moving average.

He suggested that the recent price dip “probably offers a pretty good entry point for people that have been holding on for better buying levels.”

The post Breaking Down the Mt. Gox Bitcoin Distribution: What to Expect appeared first on Blockonomi.

TLDR

Pepe coin (PEPE) has seen a significant price increase, rising 12.6% in the last 7 days and 10% in the past 24 hours.

Pepe’s open interest increased by 14% across exchanges, with 65.82% of traders going long on the coin.

Several memecoins, including Popcat (POPCAT) and Mog Coin (MOG), have recorded double-digit growth in the past 24 hours.

Dogwifhat (WIF) surged over 25% after reaching a multi-month low earlier in the week.

This memecoin rally comes amid a broader cryptocurrency market downturn, with Bitcoin struggling to build bullish momentum.

Memecoins have broken away from the recent bearish cryptocurrency market trends, recording substantial gains over the past 24 hours.

This surge comes at a time when major cryptocurrencies like Bitcoin are struggling to maintain momentum, with Bitcoin recently touching its monthly low of $58,554 on June 24.

Leading the charge is Pepe coin (PEPE), which has seen a remarkable price increase of 12.6% over the last seven days, including a 10% jump in the past 24 hours. As of the latest data, PEPE is trading around $0.00001189. This upward movement breaks a period of sideways trading for the meme-inspired cryptocurrency.

Pepe Coin Price at Coingecko

Pepe’s resurgence is supported by several bullish indicators. The coin’s open interest (OI) has increased by 14% across exchanges in the last 24 hours, signaling growing investor engagement. The Long/Short ratio for PEPE has jumped to 1.93, with 65.82% of traders taking long positions, indicating a predominantly bullish sentiment among investors.

Technical analysis of PEPE’s price action reveals promising signs. The coin has crossed above its 50-day simple moving average (SMA), typically considered a bullish signal.

PEPE’s 24-hour trading volume surged by 105%, suggesting a significant uptick in investor interest. The relative strength index (RSI) for PEPE is currently at 48 and rising, having crossed above its moving average on the daily timeframe, potentially setting up for further upside movement.

Some analysts are even more optimistic about PEPE’s prospects. Crypto analyst Decilizer suggests that Pepe could be gearing up to “slash a zero” from its price if Bitcoin remains bullish. This potential for exponential growth is characteristic of the volatile nature of memecoins.

$PEPE is gaining strength on the charts, gearing up for another upside move. If Bitcoin stays bullish, this memecoin might just trim a zero from its price. $SHIB and $DOGE are stepping up to lead the charge.
Previously there was an 11x surge in profits. #memecoins pic.twitter.com/VmS9v3c7yL

— Decilizer (@decilizer) June 25, 2024

But Pepe isn’t the only memecoin seeing green in a sea of red. Several other meme-inspired cryptocurrencies have posted impressive gains over the past 24 hours. Solana-based Popcat (POPCAT) recorded a staggering 50% surge, while Mog Coin (MOG) saw a 39% price increase.

Dogwifhat (WIF), another memecoin that made headlines earlier in 2024 after reaching a $4 billion market cap, has also joined the rally.

After falling to a multi-month low of $1.47 earlier this week, WIF surged over 25% on June 25, recovering the majority of its recent losses. The token reached a daily high of $1.94 before settling around $1.83.

Other notable performers include Floki (FLOKI) with an 11% growth and Bonk (BONK) with a 16% surge. Even the more established memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) saw positive movement, though to a lesser extent. DOGE achieved a 2.4% price increase, while SHIB recorded a modest 0.15% gain.

The post Pepe Coin (PEPE) Leads Memecoin Rally with Double-Digit Gains appeared first on Blockonomi.

TLDR

Bitcoin payments app Strike has expanded its services to the United Kingdom.

Strike now operates in over 100 countries and territories globally.

UK users can buy, sell, send, withdraw, and make global payments using Bitcoin and the Lightning Network.

To comply with UK regulations, users must pass an “Appropriateness Assessment” quiz about Bitcoin risks.

Strike’s expansion comes as some other crypto companies have retreated from the UK market.

Strike, the popular Bitcoin payments app, has officially launched its services in the United Kingdom, marking a significant expansion of its global footprint. The move comes as part of Strike’s aggressive growth strategy, which has seen the company extend its operations to over 100 countries and territories worldwide.

Founded by Jack Mallers, Strike aims to make Bitcoin more accessible and functional for everyday users through its mobile application, which leverages the Lightning Network for fast and low-cost transactions. The UK launch follows Strike’s recent expansion into Europe and Africa earlier this year.

With a population of 67 million and as the sixth-largest economy globally, the UK presents “significant opportunities for Bitcoin adoption,” according to Mallers. The company’s decision to enter the UK market is particularly noteworthy as some other cryptocurrency firms have recently retreated from the country due to regulatory challenges.

Strike App UK

Strike’s UK rollout offers several key features for local users. Customers can now buy Bitcoin directly with free unlimited GBP deposits from their bank accounts, where supported.

The app also enables automatic conversion, scheduled recurring purchases, and self-custody withdrawals. Users can sell their Bitcoin and withdraw funds to their bank accounts, transfer to self-custodial wallets, or make instant payments over the Bitcoin or Lightning Network.

One of Strike’s standout features is its utilization of the Lightning Network, a second-layer solution built on top of the Bitcoin blockchain.

This technology enables fast and cost-effective micropayments, addressing some of the scalability issues associated with traditional Bitcoin transactions. All Strike customers receive a Lightning Address in the format of username@strike.me, simplifying the process of receiving payments compared to more complex Lightning invoices.

The app’s global peer-to-peer transfer capability allows UK users to send funds from their GBP balance to friends’ Strike accounts instantly, anywhere Strike is available. Recipients can receive the value as Bitcoin, GBP, euros, US dollars, or USDT, depending on their location and preferences.

Strike’s “Send Globally” feature is particularly noteworthy, enabling UK users to make fast, low-cost local currency remittances to countries including Benin, Ghana, Ivory Coast, Kenya, Nigeria, Rwanda, Senegal, Togo, the Philippines, Mexico, and Vietnam.

This service uses Bitcoin’s Lightning Network as a global payment rail under the hood, potentially disrupting traditional remittance channels.

UK Regulation

To comply with UK regulations, Strike has implemented additional steps in its signup process. New users must provide their investor classification and pass a knowledge test called an “Appropriateness Assessment.”

This quiz aims to ensure that users understand the risks involved in investing in Bitcoin, recognize that Strike is a custodial provider managing assets on behalf of users, and acknowledge that no investor protection is available.

Users are classified as either “Restricted investors” (allocating less than 10% of net assets to high-risk investments) or “High net worth investors” (earning over £100,000 in the past 12 months or having net assets exceeding £250,000). Those who don’t meet these criteria are currently ineligible to use Strike in the UK.

The app also includes an education hub called Strike Learn to help users understand more about the service, Bitcoin, and potential risks. UK customers are shown risk warnings to comply with local rules, with financial promotions in the country approved by the FCA-regulated firm Englebert Ltd.

Strike’s expansion into the UK comes at a time of evolving cryptocurrency regulation in the country.

The UK’s Financial Services and Markets Act 2023 has provided the groundwork for regulators to oversee stablecoins and other crypto activities, placing them within the same regulatory framework as traditional financial services. New advertising rules for crypto firms were also introduced in October 2023.

Jack Mallers expressed the company’s commitment to growing Bitcoin adoption globally despite regulatory complexities. “Our work is far from done,” he stated, emphasizing Strike’s dedication to making Bitcoin accessible for regular users and businesses worldwide.

The post UK Welcomes Strike: Bitcoin Lightning App Now Available to Local Users appeared first on Blockonomi.

TLDR

Kanav Kariya, president of Jump Crypto, has announced his resignation from the company.

His departure comes amid reports of a potential Commodity Futures Trading Commission (CFTC) investigation into Jump Crypto.

Jump Crypto has faced several challenges, including the Wormhole bridge hack in 2022 and involvement in the Terra/LUNA ecosystem collapse.

The CFTC investigation reportedly revolves around Jump’s trading, investing, and other crypto involvement.

Kariya did not specify his next career move but plans to stay engaged with portfolio companies and take time for personal matters.

Kanav Kariya, the president of Jump Crypto, has announced his resignation from the high-frequency trading firm’s cryptocurrency unit, marking the end of his tenure during a tumultuous period for the company.

Kariya’s departure, announced on June 24, 2024, comes as Jump Crypto faces potential regulatory action and grapples with the aftermath of several high-profile incidents in the crypto space.

Today marks the end of an incredible personal journey for me. It’s my last day at Jump, a moment I’m receiving with both a heavy heart and great excitement about the road ahead. I’m leaving with a set of awesome relationships and unique, invaluable and shaping experiences. It’s…

— Kanav Kariya (@KanavKariya) June 24, 2024

In a statement posted on social media platform X, Kariya reflected on his journey with Jump Crypto, which began when he joined as an intern. He rose through the ranks to become the unit’s first president in 2021 at the age of 25.

“Today marks the end of an incredible personal journey for me,” Kariya wrote, describing the past few years as “unbelievably eventful.”

Kariya’s resignation coincides with reports of a pending investigation by the Commodity Futures Trading Commission (CFTC) into Jump Crypto’s activities.

While the exact scope of the investigation remains unclear, it is said to encompass the firm’s trading, investing, and other cryptocurrency-related operations. It’s important to note that the existence of an investigation does not necessarily imply wrongdoing.

Jump Trading, founded in 1999 by derivatives pit traders in Chicago, has been a major player in the high-speed trading world. The company expanded into the cryptocurrency sector in 2021 with the creation of Jump Crypto, quickly establishing itself as a significant market maker and investor in digital assets.

Under Kariya’s leadership, Jump Crypto was involved in several notable projects within the cryptocurrency ecosystem.

The firm helped found Pyth, a decentralized network providing off-chain data like asset price feeds to DeFi protocols. Jump also contributed to the development of Wormhole, a crypto bridge connecting Solana’s blockchain to Ethereum.

Jump’s Problems

However, Jump Crypto’s tenure in the crypto space has been marked by several challenges and controversies. In February 2022, the Wormhole bridge suffered a massive hack, resulting in the fraudulent minting of 120,000 wrapped Ethereum tokens (wETH).

Jump Crypto, which owned the developer behind Wormhole, took responsibility for the damages and deposited $321 million worth of Ether into the bridge to cover the losses.

The firm faced further scrutiny following the collapse of the Terra/LUNA ecosystem in May 2022. An investor lawsuit alleged that Jump Crypto had reaped $1.3 billion in profits by coordinating with Terra founder Do Kwon to manipulate the price of Terra’s UST stablecoin.

The lawsuit also claimed that Jump received LUNA tokens at steep discounts, sometimes up to 99% off the market price, as a reward for supporting the Terra ecosystem.

Jump’s involvement with Terraform Labs has also drawn attention from regulators. In its lawsuit against Terraform and Kwon, the Securities and Exchange Commission alleged that an unnamed firm, later revealed to be Jump, had helped maintain Terra’s peg during its collapse in 2021.

The recent CFTC investigation may encompass these trading activities and others cited in the SEC’s case against Terraform Labs. However, the specific focus and extent of the probe have not been publicly disclosed.

As for Kariya’s future plans, he stated that he intends to stay engaged with the portfolio companies he’s been most involved with and take some time to “catch up on relationships and reading” that he had put aside. He expressed a desire to be patient and wait for inspiration before committing to his next venture.

Jump Crypto’s parent company, Jump Trading, has a storied history in the world of high-frequency trading. The firm’s expansion into cryptocurrencies under Kariya’s leadership represented a significant move into a new and volatile market.

Despite the challenges and controversies, Jump Crypto established itself as a major player in the crypto space during Kariya’s tenure.

The post Jump Crypto President Departs Amid Regulatory Scrutiny and Past Controversies appeared first on Blockonomi.

TLDR

Bitcoin’s price dropped below $61,000, triggering over $122 million in long position liquidations.

The price drop coincides with Mt. Gox’s announcement of starting repayments to creditors.

Nearly $300 million in total crypto liquidations occurred in 24 hours, with Bitcoin accounting for $103 million.

Bitcoin’s Relative Strength Index (RSI) reached 28, indicating oversold conditions not seen since August 2023.

The German government’s sale of seized Bitcoin and potential Mt. Gox repayments are contributing to selling pressure.

The cryptocurrency market experienced a significant downturn as Bitcoin’s price fell below the $61,000 mark, leading to a wave of liquidations across the crypto space.

This price drop has raised concerns among investors and traders, with some experts warning that Bitcoin could potentially fall below the critical $60,000 threshold.

As of Monday, June 24, 2024, Bitcoin’s price briefly dipped below $61,000, resulting in the liquidation of over $122 million in leveraged long positions within a 24-hour period.

According to data from CoinGlass, the total crypto liquidations across all assets approached $300 million, with Bitcoin accounting for $103 million of that sum.

The sudden price drop caught many traders off guard, particularly those holding long positions. Out of the nearly 91,000 traders affected, an overwhelming 91.59% were long traders. Ethereum followed Bitcoin in liquidation volumes, with $64 million liquidated, while Solana came in third with $13 million.

Major cryptocurrency exchanges saw significant liquidation volumes, with Binance leading at $102.9 million, followed by OKX at $82 million. Huobi, Bybit, and Bitmex also reported substantial liquidations. The largest single liquidation order occurred on Bitmex, where one trader lost $10 million on the XBTUSDT pair.

This market downturn coincides with several key events that may be contributing to the selling pressure. One significant factor is the announcement from Mt. Gox, the defunct cryptocurrency exchange, that it would begin processing repayments to its creditors starting next week.

Mt. Gox owes approximately $9.4 billion worth of Bitcoin to around 127,000 creditors who have been waiting for over a decade to access their funds.

Eric Balchunas, a senior ETF analyst at Bloomberg, commented on the potential impact of the Mt. Gox repayments, stating, “That’s like over half of all the ETF inflows being negated in one shot. Damn.” This influx of Bitcoin into the market could introduce significant sell pressure, potentially driving prices lower.

Adding to the selling pressure, the German government recently moved nearly 6,500 BTC from a wallet that has held approximately 50,000 BTC since February 2024. This movement, worth over $3 billion at current prices, has raised concerns about potential large-scale selling by government entities.

The price drop has pushed Bitcoin into oversold territory according to the Relative Strength Index (RSI), a popular momentum indicator. Bitcoin’s daily RSI reached 28, signaling oversold conditions not seen since August 2023 when BTC was trading around $26,000. This could potentially indicate that a price bounce may be on the horizon, although market sentiment remains cautious.

Despite the current downturn, it’s worth noting that Bitcoin’s price is still significantly higher than it was a year ago. However, the cryptocurrency has experienced a nearly 12% drop over the past 30 days, reflecting increased volatility and uncertainty in the market.

The impact of this price drop has been felt across the broader cryptocurrency market. Ethereum, the second-largest cryptocurrency by market cap, saw a 5% price drop and nearly $60 million in long liquidations. Bitcoin Cash (BCH), which is also part of the Mt. Gox repayment plan, experienced a more severe 9% drop in the past 24 hours and is down nearly 30% over the past month.

The post Bitcoin Falls Below $61,000, Sparking $300 Million in Crypto Liquidations appeared first on Blockonomi.

TLDR

Hut 8, a Bitcoin mining company, received a $150 million investment from Coatue Management.

The investment is aimed at building AI-related infrastructure.

This deal reflects a growing trend of AI firms seeking power and infrastructure from Bitcoin miners.

Hut 8’s shares rose following the announcement, as did other Bitcoin mining-related data center stocks.

The investment is through convertible notes with an 8% annual interest rate.

Hut 8, a prominent Bitcoin mining company, has announced a significant $150 million investment from Coatue Management. This move highlights a growing trend in the tech industry: artificial intelligence (AI) firms turning to Bitcoin miners for their power and infrastructure needs.

The investment, made through convertible notes, comes with an 8% annual interest rate and a conversion rate of $16.395 per share. This price represents a 45% premium over Hut 8’s 10-day volume-weighted average price through June 20, 2024. The deal is expected to close by July 11, 2024.

Hut 8, based in Miami, is known primarily as a Bitcoin miner but is now positioning itself to become a leader in the AI infrastructure market. The company plans to use its experience in developing and operating complex energy infrastructure to meet the increasing demand for AI computing power.

Philippe Laffont, Founder and Portfolio Manager of Coatue, explained the reasoning behind the investment:

“We are committed to supporting innovators advancing AI and believe that compute capacity is crucial to unlocking significant growth across the ecosystem. We believe that Hut 8 is well-positioned to accelerate new compute capacity and can capitalize on the opportunity it will bring.”

The news had a positive impact on Hut 8’s stock, which rose about 4% following the announcement. Other Bitcoin mining-related data center stocks also saw gains, with Soluna Holdings surging nearly 17% and Applied Digital adding about 10%.

This investment reflects a broader trend in the tech industry. AI and high-performance computing (HPC) firms are increasingly looking to the Bitcoin mining industry to secure their need for computing power. Bitcoin miners often have the necessary computing capacity and favorable deals with power suppliers that AI and HPC companies require.

Hut 8 CEO Asher Genoot commented on the partnership:

“We are thrilled to be partnering with Coatue, given the firm’s deep expertise and long track record of investments in the AI ecosystem. We believe this partnership will allow us to unlock significant opportunities and connectivity to the broader space as we enter this next phase of growth.”

The company highlighted the current gap in the market, stating,

“Many traditional data center operators are failing to meet the surging demand for AI compute capacity due to power shortages, long lead times to bring new capacity online, and the extensive upgrades required for existing data centers to support the latest generation of high-density compute.”

Hut 8 isn’t alone in this shift towards AI infrastructure. Other cryptocurrency miners, including Core Scientific and TeraWulf, have also entered the high-performance computing business, hosting data centers or making deals with AI companies.

This trend has caught the attention of major financial institutions. JPMorgan suggested that the demand for power by large-scale data centers and AI firms could spark a new era of mergers and acquisitions for Bitcoin miners with attractive power contracts.

Coatue Management is also an investor in CoreWeave, a cloud computing provider that recently offered to buy Core Scientific, another Bitcoin miner, for over $1 billion. Core Scientific rejected the offer, saying it undervalued the company.

As of March 31, 2024, Hut 8 ranked second among listed miners in terms of Bitcoin holdings, with 9,102 Bitcoins held in reserve, worth approximately $557 million at the time of the announcement. The company operates a portfolio of 19 sites.

This pivot towards AI infrastructure comes at a crucial time for Bitcoin miners. With the Bitcoin halving event in April 2024, many mining firms have been seeking ways to diversify their revenue streams and remain competitive amid profitability challenges.

The post Bitcoin Miner Hut 8 Secures $150 Million Investment for AI Infrastructure Development appeared first on Blockonomi.

TLDR

Tether is stopping the minting of USDT on Algorand and EOS blockchains.

Redemptions will continue for 12 months on these chains.

The decision is based on low usage and community interest.

USDT on Algorand and EOS represents only about 0.1% of total USDT supply.

Tether is focusing on chains with higher usage and community interest.

Tether, the company behind the world’s largest stablecoin, USDT, announced on Monday that it will stop minting new tokens on the Algorand and EOS blockchains.

This decision, effective immediately, is part of Tether’s strategy to focus on blockchains with higher usage and community interest.

USDT, a stablecoin designed to maintain a 1:1 peg with the US dollar, is currently available on 16 different blockchains. However, the vast majority of USDT tokens are on just two chains: Tron and Ethereum.

According to Tether’s transparency report, there’s about $59 billion on Tron and $52 billion on Ethereum, out of a total supply of around $113 billion.

In contrast, the USDT supply on Algorand and EOS is much smaller. Algorand hosts about $85 million worth of USDT, while EOS has approximately $17 million. Together, these amounts represent less than 0.1% of the total USDT in circulation.

Tether explained in a blog post that this move is part of a “strategic transition to prioritize community-driven blockchain support.”

The company stated that it aims to “strike a balance between maintainability, usage and community interest” when deciding which blockchains to support.

While new USDT tokens will no longer be minted on Algorand and EOS, Tether has committed to supporting redemptions on these chains for the next 12 months. This means that users holding USDT on these blockchains will still be able to redeem their tokens during this period. Tether mentioned that they may evaluate and announce further changes around the end of this redemption period.

This isn’t the first time Tether has stopped supporting certain blockchains. In August 2023, the company discontinued minting USDT on three other chains: Kusama, Bitcoin Cash’s Simple Ledger Protocol (SLP), and the Omni Layer Protocol. The Omni Layer Protocol on Bitcoin was where the first Tether tokens were issued back in October 2014.

While Tether is reducing its presence on some blockchains, it’s expanding on others. In April 2024, the company launched USDT on The Open Network (TON), which is associated with the messaging app Telegram. Since then, about $500 million worth of USDT has been minted on TON, representing about 0.44% of the total supply.

The post Tether Halts USDT Minting on Algorand and EOS Blockchains appeared first on Blockonomi.

Cryptos can’t seem to maintain upward momentum – despite a great fundamental outlook. The problem for cryptos is the macro environment – and potentially the biggest liquidity crisis since 2008.

We know – no one wants to hear it.

For the moment any upside for crypto is likely capped, and the downside could be substantial. The banking crisis that started last year was never solved, and it could be entering its acute phase as we write these words.

In short – cryptos and every other risk asset globally are staring into the abyss!

The real worry now is that liquidity is so strained after years of aggressive Central Bank policy that safe assets like government bonds are on the chopping block, and cryptos could see a huge downward move in the coming months.

Buckle up – this one could get nasty…

The Wave of Global Liquidity Ended

Inflation is a problem that never goes away. At least in the world of post gold-standard fiat currency. Central Banks want their product (money) to retain value for a little while longer – so rates have been elevated compared to recent history.

In fact, despite all the nice talk from Central Bankers, rates in the USA and UK are still on hold. The balance sheet at the FED is contracting, which makes global liquidity look strained. Crypto as an asset class are highly leveraged to global liquidity.

One place that rates moved up recently is Japan. For the first time in 17 years!

It wasn’t a big rate rise – Japan is currently charging 0.1% for money. Even with such a small rate, the financial system is showing signs of stress. All this points to less money in the markets.

With liquidity falling, cryptos are facing a bad market that is getting worse.

Potential For Massive Problems

The Norinchukin bond liquidation is a big deal.

Norinchukin is a Japanese investment bank, and it is facing huge losses in its bond portfolio. To address this, Norinchukin is selling off tens of billions in US and EU bonds. You read that right – tens of billions $$$ in high grade bonds.

Here is a fun fact – as of June 2024 – Norinchukin is Japan’s 5th largest bank with nearly $1 trillion in assets (give or take $100 billion). So, it is a big bank, it is facing incredible losses, and it remains to be seen if this is a systemic problem.

The bank cites bad bets on low-yield offshore bonds as the cause of the problem, which could portend other issues in the Japanese banking system (which is a tinderbox – just ask Kyle Bass).

Have we been in the eye of the storm?

The storm we are referring to is the banking crisis that claimed SVB in 2023. A financial crisis lasts a lot longer than more people realize, as Jim Rickards accurately points out.

So here is a scary idea – we might be entering a financial crisis that is on the level of 2008 – or a whole lot worse. While cryptos have been under pressure, they could be heading a lot lower.

Who Remembers 2008?

Anyone who was in the markets during 2007 remembers how long it took for things to fall apart. It all came crashing down in 2008, and the financial world was reset at the highest levels. The US CDO market was to blame – and the people who made it happen were bailed out.

Now, a much larger market could be on the chopping block…

If we are seeing a repricing of Western government debt – all bets are off. Anything could happen.

Here is a freaky scenario – Let’s suppose investors realize how fundamentally broken the Western financial system really is EN MASSE. Norinchukin didn’t make wild @$$ bets on emerging market equities – they are facing losses on good paper.

There is another small issue that is 100% true – Norinchukin is liquidating around 8% of its assets at a time when the home currency is nearing all time lows. So, with the local value of all its offshore holdings rising in JPY terms – it is still facing massive mark-to-market losses.

There are way more facts we could toss into this mix – but what we outlined above is enough to give you a flavor of the situation. It is complex, mostly hidden, and not at all good. In 2008 similar circumstances led to fire sale prices in any risk asset – at least at first.

Crypto: A Small Market Cap World

A trillion USD isn’t a huge amount of money. It seems like it should be – and that is part of the problem we face. Now, a trillion USD appears to be the US government’s annual budgetary shortfall – which may be why Norinchukin is dumping Western assets first.

Bitcoin is holding over $1 trillion in overall market cap – but in today’s world – that isn’t saying much. When we look at how the smaller tokens are valued, they simply don’t add up to much. Central Banks don’t care about how cryptos trade – so they could be sold hard and there would be no action from official actors.

Especially in a world where a BTC ETF can be shorted after being sold all day, crypto investors should be on guard in a marketplace like the one we have at the moment.

If you weren’t around in 2008 – let us give you a little guidance…

There are no rules to how low an asset price can go. BTC could go back to $10,000 if we see market-wide liquidations. In fact, with BTC ETFs all over the world, Bitcoin could become a favorite for hedge fund short selling if it keeps showing weakness.

For the moment, it looks like cryptos are being driven by a shadowy problem in the global financial markets. If cryptos are showing how messed up global liquidity is – we could be in for a bumpy ride!

The post Op-Ed: Is Bitcoin The Liquidity Canary In The Coal Mine? appeared first on Blockonomi.

CoinStats, an all-in-one cryptocurrency portfolio tracker, said on Saturday that it was under a phishing attack that affected 1,590 cryptocurrency wallets, accounting for 1.3% of all CoinStats wallets. The company has temporarily shut down its application following a security breach.

The incident followed another phishing attack that targeted MakerDAO governance delegates on Sunday. With more people using cryptos, scams are on the rise.

The attack was first announced on June 22 when CoinStats said some of its iOS users got a scam notification. Shortly after the initial discovery, the team confirmed the security breach and urged users to immediately move their funds using a previously exported private key.

An Evolving Story

According to CoinStats’ latest announcement, the attack is now under control and the team is working to bring the app back online securely and as quickly as possible. Importantly, CoinStats assures users that no connected wallets or centralized exchanges (CEXes) were compromised.

CoinStats reiterated that users should move their funds to a secure location. The team also provided a link to a Google Doc containing a list of potentially affected wallet addresses, but warns this list may change as the investigation continues.

CoinStats is actively working to restore full functionality to the app. No timeline has been provided for when the app will be back online.

CoinStats was not the only entity targeted by phishing attacks this weekend. On the same day, a cryptocurrency wallet reportedly fell victim to a phishing exploit, which led to a loss of $11 million.

The incident was discovered by Scam Sniffer, an account aiming to protect users from phishing attacks and other scams in the Web3 space. Scam Sniffer reported that the owner of the victim wallet had signed numerous phishing signatures, resulting in a loss of 3,657 MKR and 1.2 million USDe on Pendle.

Additional analysis of Arkham Intelligance showed that the wallet’s owner was a MakerDAO governance delegate.

A MakerDAO governance delegate is a member of the MakerDAO community who participates in the governance process through voting on proposals and decisions related to the Maker protocol. These delegates are essential to the functioning of the Maker protocol and play an important role in ensuring its integrity.

The price of MakerDAO’s token, MKR, dropped nearly 10% after the hacker reportedly converted the stolen MKR to Ether (ETH).

BtcTurk Hit by Security Breach

Over the weekend Turkish cryptocurrency exchange BtcTurk also disclosed a security breach. On June 22, the exchange revealed vulnerabilities affecting 10 of its hot wallets. While it assured cold wallets remain secure, the incident seemingly resulted in a major loss.

On-chain detective ZachXBT linked the attack timeframe to a large movement of Avalanche (AVAX) tokens on the blockchain. These tokens, valued at approximately $$54.2 million, were sold across exchanges like Binance, Coinbase, and THORChain.

After the incident surfaced, leading exchange Binance said it was supporting BtcTurk through an announcement. According to Binance CEO, Richard Teng, Binance had frozen over $5.3 million in stolen AVAX transferred to the exchange.

“Binance is assisting BtcTurk with investigations and have frozen over $5.3M in stolen funds so far. Our investigations & security teams work around the clock as part of our proactive efforts to protect the ecosystem from bad actors. We will provide further updates as relevant,” stated Teng.

Following the incident, AVAX’s price dropped 10%. At the time of writing AVAX is trading at around $24,3, down 6% in the last 24 hours. ZachXBT suggested the price decline was linked to the hack on BtcTurk.

BtcTurk’s security breach follows a string of recent attacks targeting crypto exchanges. This includes the $305 million hack of DMM Bitcoin exchange in Japan and the ongoing controversy surrounding security firm CertiK’s appraisal of Kraken exchange.

The post CoinStats Falls to Phishing Attack, Over 1,500 Crypto Wallets Blasted appeared first on Blockonomi.

In a world where cryptocurrency’s influence can’t be overstated, recent developments in Toncoin and Ethena contrast sharply with the meteoric rise of BlockDAG. While Toncoin’s potential breakout and Ethena’s resilience amidst a significant price drop capture market attention, BlockDAG steals the spotlight. Having already garnered $53.2 million in a historic presale, BlockDAG not only reflects the early Bitcoin days but also stands out for its robust growth and vibrant backing, forecasting a future that could potentially transform modest investments into fortunes. Toncoin’s Path to $11  Crypto analyst Ali Martinez anticipates a 40% surge in Toncoin’s (TON) value, predicting a target price of $11. Consequently, this forecast arises from a bullish pattern identified on the TON/USDT 12-hour trading chart, characterized by an ascending triangle formation. Moreover, Martinez highlights a key resistance level at $7.54, suggesting a potential breakout if this price can be exceeded. Additionally, he also recommends buying at a slight dip to $7.2, offering a strategic entry point before the expected price rise. Furthermore, the analysis is supported by Fibonacci retracement levels, which point to significant support at several key price points, thereby enhancing the bullish outlook for TON. Ethena’s Price Plunge  Ethena (ENA) has faced a significant price drop recently, decreasing by over 57% to $0.653, despite the Total Value Locked (TVL) exceeding $3.4 billion, suggesting market confidence remains strong. Moreover, this substantial TVL is a critical factor, indicating a potential for price recovery to exceed $1. Subsequently, market dynamics have been affected by broader crypto trends and a major selloff from ENA’s largest staker, leading to over $13 million in losses. Consequently, this has influenced a tendency to sell on rebounds, but a price reversal is possible around the $0.65 mark, hinting at potential stabilization and upward movement soon. BlockDAG: The Next Bitcoin?  BlockDAG has swiftly ascended as a formidable contender in the cryptocurrency realm, reminiscent of a chess prodigy making a grandmaster’s impact in their debut tournament. Consequently, having already amassed $53.2 million from a crypto presale that sold over 11.7 billion BDAG coins, BlockDAG mirrors the legendary early days of Bitcoin, sparking a frenzy among crypto whales eager to capitalize on its anticipated ascent. Positioned at a modest $0.0122 currently, with ambitions to catapult to $0.05 at launch, BlockDAG’s trajectory is steeped in optimism. Consequently, experts foresee a stratospheric climb to $1 by 2024 and envision a price of $10 by 2025, escalating to $20 by 2027, with a visionary peak of $30 by 2030. Such projections sketch a future where early backers might witness a staggering 30,000x return on their initial investment, turning modest stakes into fortunes. Furthermore, with each batch, from the inaugural to the 18th, the price of BDAG coins has surged by a remarkable 1120%, underscoring robust investor confidence and a vibrant community backing. As the presale continues towards batch 45, this potent blend of groundbreaking technology and strategic market positioning solidifies BlockDAG’s potential to not just navigate but dominate the high seas of the crypto market, promising a golden horizon for its pioneers. The Key Note  The distinct trajectories of Toncoin, Ethena, and BlockDAG highlight varied investor experiences and market responses. Toncoin’s potential surge and Ethena’s market resilience juxtapose BlockDAG’s unprecedented rise. With BlockDAG’s remarkable presale success and aggressive growth forecasts, it exemplifies a transformative power in the crypto landscape, poised to turn early investments into significant returns, marking it as a significant highlight in today’s cryptocurrency narratives. Join BlockDAG Presale Now: Website: https://blockdag.network Presale: https://purchase.blockdag.network Telegram: https://t.me/blockDAGnetworkOfficial Discord: https://discord.gg/Q7BxghMVyu

The post 30,000X ROI: Crypto Investors Continue To Take Profits on BlockDAG; Toncoin Price Surge and Ethena Dips appeared first on Blockonomi.

In the realm of cryptocurrencies, where rapid shifts define success, Solana and Filecoin are showing promising signs of growth. Solana’s technical patterns predict a bullish future, while Filecoin impresses with its resilience against market volatility, steadily climbing towards higher resistance levels. Amid these contenders, BlockDAG emerges distinctly, having not only secured a significant presale success but also innovated user engagement through technologies that integrate crypto with daily digital interactions, marking an impressive rise in its trajectory. Could Solana Price Hit $280? Solana (SOL) is currently exhibiting a chart pattern that suggests a substantial rise in its price could be on the horizon. Consequently, technical analysis reveals a symmetrical triangle pattern, often seen as a precursor to a bullish market trend. Additionally, market analysts, including Ali Martinez, point out that the key levels to watch are support at $143 and a resistance at $178. Furthermore, a stable position above these thresholds may propel Solana’s price by 53%, potentially reaching as high as $280. Conversely, a dip below the $143 support level could trigger a decline towards $67, marking a critical juncture for investor sentiment and market direction. BlockDAG: From Viral Keynotes to $53.2 Million Raised  As BlockDAG’s viral keynote at Shibuya Crossing catapulted its status within the crypto community, its ambitious endeavors paint a vibrant portrait of its future. Notably, boasting a staggering $53.2 million raised through its presale, BlockDAG’s trajectory is marked by a profound 1120% price leap since its inception, hinting at a fertile ground for growth. Central to this burgeoning ecosystem lies a suite of user-centric innovations, from the BDAG crypto payment card facilitating seamless global transactions, to the versatile X1 Miner app that turns every smartphone into a mining rig. Simultaneously, with BDAG priced at a modest $0.0122 in its latest batch, the platform is not merely selling coins but fostering a revolution. Particularly, the X1 Crypto Miner app embodies this revolution, offering up to 20 coins mined daily on user smartphones, blending convenience with efficiency. This tool democratizes mining, extending beyond seasoned investors to everyday users keen on tapping into crypto’s potential from their pockets. Furthermore, BlockDAG’s mining technology continues to evolve, ranging from entry-level rigs to the formidable X100, all designed to ensure sustainable mining. As the platform garners trust and expands its community, the ambitious price targets of $10 by 2025 seem not just plausible but inevitable. Thus, this confluence of strategic innovation and community engagement positions BlockDAG as a cornerstone in the personal finance landscapes of tomorrow, promising not only returns but a reshaped interaction with digital currencies. Filecoin Eyes $8 Level  Filecoin (FIL) has shown significant positive movement in its price, currently targeting the $8 level, showcasing strong bullish momentum. Despite the broader market’s instability, partly due to Bitcoin’s influence, FIL has resiliently surpassed the $5 resistance level and is trading around $6.5. This upward trend is gaining investor attention, and with sustained buying pressure, it could soon test the major resistance at $8. Consequently, key support and resistance levels identified by analysts for FIL include $5 as support, with $8 and $6.5 as critical resistance points for the weekly and daily charts, respectively. This price action underscores a robust recovery, making FIL a cryptocurrency to watch as it approaches these crucial thresholds. The Bottom Line  Solana and Filecoin demonstrate robust potential, with technical and market indicators suggesting upward trajectories. However, BlockDAG distinguishes itself by effectively marrying innovation with practical application, revolutionizing user interaction with digital currencies. Through its innovative mining solutions and the notable rise in its market value, BlockDAG is positioning itself as a crucial player in shaping the future of personal finance within the digital currency space, promising both growth and transformation. Join BlockDAG Presale Now: Website: https://blockdag.network Presale: https://purchase.blockdag.network Telegram: https://t.me/blockDAGnetworkOfficial Discord: https://discord.gg/Q7BxghMVyu

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As the market approaches the month’s end, concerns are rising about a potential downtrend. Ethereum liquidations and Aptos crypto news indicate stress and upcoming challenges. Amid these developments, BlockDAG, a layer-1 project with a stellar presale, has become the preferred destination for inflows. Its advanced DAG technology and promising long-term potential make it a top crypto to buy. The BlockDAG presale has surged to over $53.2 million, driven by increasing investor interest. Analysts predict BDAG has the potential to yield more than 30,000x ROIs, highlighting its appeal in the current market. Ethereum Liquidations and Market Activity Ethereum (ETH) experienced a significant spike in long liquidations on June 11th, with $62 million in long liquidations and $7.3 million in short liquidations, according to Coinglass. Liquidations occur when a trader’s position is closed due to insufficient funds. This spike marks the highest liquidation level since May 23rd. Despite these Ethereum liquidations, the coin’s Funding Rate remains positive at 0.0069%, suggesting ongoing demand for long positions. In the past 24 hours, Ethereum’s derivatives market has seen a decline. The total volume of trades in its options market dropped by 52% to $321 million. Open Interest, measuring outstanding contracts, fell by 2% to $15.73 billion. These declines indicate reduced market activity and potential liquidity challenges. Aptos Crypto News: Growth and Challenges Recent Aptos crypto news highlights significant growth in the first quarter. The circulating market cap increased by 127% to $6.6 billion, outpacing similar projects. Despite this, the native token APT saw a modest 76% gain. Aptos’ revenue grew by 37% to $475,000, though revenue in APT terms decreased by 10%. Network activity surged, with daily transactions and addresses growing by 66% and 97% respectively. The average transaction fee dropped by 45% to 0.0006 APT ($0.007). However, APT’s price performance struggled, currently trading at $8.46, and has faced resistance at $8.80. The staked market cap grew by 68% to over $14 billion, yet APT’s price remains under pressure. BlockDAG: Advanced DAG Tech Spurs Presale On BlockDAG’s advanced Directed Acyclic Graph (DAG) technology sets it apart from traditional blockchain networks. Unlike Bitcoin and Ethereum’s Proof of Work (PoW) systems, which rely on a sequential chain of blocks, BlockDAG uses a DAG structure to allow multiple references per block. This design increases transaction capacity and network throughput, addressing scalability issues that have long plagued other cryptocurrencies. The BlockDAG presale coin has attracted significant investor interest, raising over $53.2 million. Currently, in its 18th batch, BDAG is priced at $0.0122, with more than 11.7 billion coins sold. Analysts project that BlockDAG’s unique technology and market strategy could yield a 30,000x return on investment, making it a top crypto to buy. BlockDAG’s compatibility with Ethereum Virtual Machine (EVM) allows for easy integration of Ethereum-based contracts, enhancing its appeal. The project also plans a swift mainnet launch within six months, showcasing its commitment to rapid innovation. These factors position BlockDAG as a promising contender in the cryptocurrency market, appealing to both new and seasoned investors. The Last Line While Ethereum and Aptos face challenges, BlockDAG stands out as a promising investment opportunity. With its advanced DAG technology, BlockDAG has raised over $53.2 million in its presale, selling more than 11.5 billion coins. Analysts project that BlockDAG’s unique technology could yield a 30,000x ROI, making it a top crypto to buy. Despite concerns like Ethereum liquidations and Aptos crypto news, BlockDAG’s strong growth projections and technological edge position it favorably. For investors seeking substantial returns, BlockDAG offers a compelling case for investment. Join BlockDAG Presale Now: Website: https://blockdag.network Presale: https://purchase.blockdag.network Telegram: https://t.me/blockDAGnetworkOfficial Discord: https://discord.gg/Q7BxghMVyu

The post Top Crypto to Buy: Amidst Ethereum Liquidations and Aptos Dip BlockDAG Pulls in Investors with 30,000x Profit Potential appeared first on Blockonomi.