The crypto market is down over the last 7 days, with the market cap falling from $2.37 trillion to $2.27 trillion. However, there are individual cryptocurrencies, of course, that are still yielding returns for their investors.

This article highlights the top 10 performing cryptocurrencies over the last 7 days according to Coinmarketcap, as well as some insights into what exactly might be driving price.

Table of Contents

Top 10 crypto gainers of the week

Assessing the best performing altcoins

Top 10 crypto gainers of the week

Let’s take a look at the best performing crypto coins this week. Our list of biggest crypto winners are taken from the top 300 results on Coinmarketcap, removing some of the projects that may be extremely volatile or subject to especially high risk for crypto traders, although many projects on this should still be viewed as very risky indeed.

1. Popcat (POPCAT)

The top performing coin this week is, unsusprisingly, a cat-based meme coin. POPCAT is hosted on the Solana blockchain and does not have or claim to have any particular utility, focused solely on entertainment value and speculative gains that meme coiners everywhere love to chase.

POPCAT is currently up 72% over the last 7 days after some new exchange listings added extra liquidity to the market.

2. Mog Coin (MOG)

If you haven’t had enough of meme coins boasting cartoon cats as their mascot, you’re in for a treat! Mog Coin (MOG) is another meme coin that comes in ninth on our list. It lives on the Ethereum network, although it can also bridge between Ethereum and Bitcoin thanks to an integration with Multibit. The project site says that users can purchase goods and services with the coin.

MOG is up 59% this week. Crypto users should always be wary of speculative meme coins, but perhaps exceedingly so in this case. In May of this year, crypto.news wrote about how Mog Coin is potentially full of security flaws, which we’ve linked below.

You might also like: $300m meme coin full of potential security flaws

3. Rollbit Coin (RLB)

RLB is the native crypto token for the Rollbit cryptocurrency casino and exchange, offering various discounts and rewards to users of the casino willing to purchase the coin. This week, the coin is up 41%, and the surge in price can be attributed to a recent announcement that the casino would burn RLB tokens.Token burns, where a project destroys part of the token supply permanently, can often lead to increased prices due to scarcity they create in the circulating supply of the currency.

4. Delysium (AGI)

Delysium describes itself as an “AI-powered virtual society” with a vision to host one billion users, as well as 100 billion virtual users. Bitget’s social data summary of Delysium indicates that a total of 34 users have discussed Delysium in the last 24 hours.

The coin is up 34% in the last week, riding high on the news that the project is releasing Agent-ID, a system for introducing AI agents on the platform.

5. SingularityNET (AGIX)

SingularityNET (AGIX) is up 28% this week on news that AGIX will merge with the FET and OCEAN tokens. All three projects involve AI, a trending niche of today’s financial investment and technology markets.

SingularityNET describes itself as a “decentralized AI marketplace”, with its native AGIX token allowing users to vote on governance decisions.

6. Ocean Protocol (OCEAN)

Ocean Protocol aims to allow users to monetize their data as well as data-based services. This concept of user-monetized data has been a hot topic since the rise of the internet of things (IoT), bolstered by scandals in traditional social media such as data leaks and perceived manipulation of social feeds online.

OCEAN is one of three tokens merging with AGIX, and is now up 30% for the week.

7. Fetch.ai (FET)

Fetch.ai is the third token involved in the aforementioned merger. The project boasts partnerships and collaborations with major companies like Bosch as well as a potential smart city use case in the city of Munich, Germany. You can read more about Fetch.ai here.

The project offers AI services on demand, and its token is now up 30% this week.

8. Non-Playable Coin (NPC)

This humorously-named project is a meme coin with little on-paper utility, opting for entertainment value instead. NPC token plays on the idea of mob mentality and people mindlessly buying crypto tokens without researching them first, and the project motto is “I support the current token” in a play on words of a popular online meme.

The coin is up 29% over the last 7 days, possibly on unsubstantiated rumors of a Binance listing. Readers should note that the project has been seeding various news articles online as part of their marketing efforts, and that there is no evidence of any upcoming listing at this time.

9. WEMIX (WEMIX)

WEMIX is a blockchain gaming platform. The site claims that it is the largest such platform in the world, and that over half a million users are playing blockchain games.

The coin was delisted from Bithumb, Upbit, Coinone, and Korbit in 2022 after the exchanges accused Wemix of supplying them with false information during their listing application. WEMIX is up 28% this week.

10. Wrapped Centrifuge (WCFG)

Wrapped Centrifuge is the Ethereum version of CFG token native to the Centrifuge network. The Centrifuge project offers DeFi and investing services, allowing users to invest in crypto derivatives. CFG is not available on the Ethereum network directly, so users can buy WCFG instead which is intended to represent and remain stable to the price of CFG.

WCFG is up 25% this week, as, of course, is CFG token, with WCFG rising slightly higher.

Assessing the best performing altcoins

When considering the altcoin top gainers of the week, it can be tempting to simply buy into a project that has risen a lot in value recently. Of course, there is no guarantee that price will continue to rise. Many people often have the same idea to chase trading volume, which can result in the expectation of a coin becoming oversold.

Savvy investors tend to thoroughly assess the underlying utility of crypto top gainers as well as the reputation of the team and the project’s track record as well as simply considering the recent price action.

While many traders focus purely on charts and view the market in terms of crypto’s best performers, the market is such that major players can bet against the flow and cause major losses for retail traders trying to follow price trends.

For example, the highest performing crypto on this list is a meme coin with no stated utility. While prices may increase, these projects are extremely volatile and subject to severe price swings, and many in the space view purchasing such coins as gambling rather than trading or investing.

You might also like: Three reasons why the crypto market fell on Tuesday

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

The trustee of the Mt.Gox exchange, which went bankrupt in 2014, announced plans to begin paying compensation in Bitcoin, Bitcoin Cash, and cash in early July.

Table of Contents

Mt.Gox Bankruptcy

Payout of $9 billion in Bitcoin

What market participants are saying

What will happen to Bitcoin in July?

The decision was made after the preparatory process, including providing technical support, complying with the rules in each country, and coordinating transfers with each crypto exchange, was completed.

Payments will begin on a first-come, first-served basis to platforms that have confirmed the required information.

“We have taken time to ensure safe and reliable repayment to creditors, including technical remedies for safe repayments, compliance with financial regulations in each country, and discussion of repayment arrangements with the cryptocurrency exchanges.”

Mt.Gox debtors

The market reacted nervously to the publication of the news. Bitcoin (BTC) fell below the $62,000 level. The decrease in the value of BTC led to a drop in the quotes of other cryptocurrencies from the TOP 10 by market capitalization.

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Mt.Gox Bankruptcy

Mt. Gox was one of the world’s largest crypto exchanges, operating from 2010 until filing for bankruptcy in 2014 after hacking attacks. At its peak, Mt. Gox accounted for about 70% of the total Bitcoin trading volume. In a 2014 hack, 850,000 BTC were stolen. Their current value is more than $57 billion.

The process of agreeing on payments to the bankrupt exchange Mt. Gox started in June 2018. In 2021, a court approved a compensation plan developed by the company’s trustee.

In December 2020, a plan was introduced to pay creditors in fiat money, Bitcoin, and Bitcoin Cash (BCH). Details of the plan were made public in January 2021, and it received court approval in February for a subsequent vote. The compensation plan was supported by about 83% of exchange users.

The exchange’s bankruptcy led to a seven-and-a-half-year legal battle before a plan was put in place to reimburse affected users in 2021. Since not all stolen coins were recovered, customers will only be compensated for a portion of the original amount — 142,000 BTC, 143,000 BCH, and 69 billion Japanese yen.

In December 2023, Mt. Gox customers reported returning money ten years after the collapse. Amid posts on social networks by anonymous users about receiving funds, the Bitcoin rate dropped by 4.5%.

At the end of May, the Bitcoin rate fell to $67,500 amid news of the movement of Mt. Gox’s assets for about $3 billion, intended to pay clients for the bankrupt exchange. Market participants fear that exchange clients, having received billions of dollars in compensation, will begin selling them, impacting the market.

You might also like: Will Mt. Gox payouts spark Bitcoin crash?

Payout of $9 billion in Bitcoin

Bitcoin fell 3% after the manager of the Mt. Gox exchange, which went bankrupt in 2014, announced plans to begin paying compensation in early July. The price of the main cryptocurrency dropped below $58,000, recovering above $61,000 level at the time of writing.

Source: CoinMarketCap

Despite concerns about Mt. Gox Bitcoin, there may be broader reasons for the volatility in the crypto market. News of the distribution of bitcoins to lenders comes amid an outflow of investment from bitcoin-traded funds. Capital losses from regulated crypto funds exceeded $500 million for the second week. This is the highest figure in two weeks since the adoption of spot Bitcoin ETFs in the U.S.

You might also like: Crypto sees over $300 million in liquidations as Bitcoin, altcoins plummet

What market participants are saying

According to CoinShares chief analyst James Butterfill, the movement of funds from funds at such a pace indicates the beginning of a real correction. 

Caroline Mauron, co-founder of digital asset derivatives liquidity provider Orbit Markets, agreed with his opinion. She believes bearish sentiment is setting in, and the market is having difficulty digesting large sell orders.

Others view this market behavior as a short-term correction at the beginning of a bull market. The head of Blockstream, Adam Back, wondered why creditors have already waited ten years for compensation. 

“It would be a strange time to sell at the beginning of a bull market.”

Adam Back, chief executive officer of Blockstream Corp.

In May, Galaxy Digital also estimated at 75% the share of coins returned by the platform trustee, the owners of which preferred to receive an early payment in kind at a discount.

While the market may believe that almost all of the 141,868 BTC will go into circulation this year, analysts believe the amount will be significantly less. It is expected that 64,697 BTC will go to individual creditors and another 30,000 BTC to claim funds and participants in a separate bankruptcy.

Head of Galaxy Research Alex Thorn clarified that 20,000 lenders from a pool of almost 65,000 BTC are early adopters of digital gold who have historically held it (11% of the supply has not moved for more than five years)

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

The expert notes that the majority in this category purchased Bitcoin at $451 or below — they remained holders despite several bear markets over a decade.

What will happen to Bitcoin in July?

According to Mark Cullen, Bitcoin will continue its decline in July. He believes that BTC’s positive dynamics may be followed by a fall to new local minimums. The analyst does not rule out a decline in Bitcoin to $57,000 in early July. At the designated level, according to his observations, there is a liquidity pool that can act as a magnet for the crypto rate.

#Bitcoin trying to break back into the wedge. I'm still looking for a pull back before it finally succeeds and grabs the liquidity above the mt Gox breakdown. https://t.co/ikeyf0fz9t pic.twitter.com/THQqerE0WU

— AlphaBTC (@mark_cullen) June 26, 2024

Trader Doctor Profit agreed with the forecast, implying a Bitcoin decline to $57,000. Unlike Mark Cullen, he is confident that BTC is already close to reaching a local minimum, which an update of the absolute maximum will follow.

The trader is sure the current drawdown should be used to purchase cheap bitcoins.

The bottom of the box is $57,500 regionThe closer we go to it, the harder I buyAnything close to it is a gift, few understand pic.twitter.com/V8X3wNxxa9

— Doctor Profit 🇨🇭 (@DrProfitCrypto) June 24, 2024

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Coinbase is going on the offensive after the SEC and FDIC denied information requests filed under the Freedom of Information Act. 

Crypto exchange Coinbase, through consultancy firm History Associates Inc, has sued the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) in a U.S. District of Colombia court for unfairly rejecting Freedom of Information Act (FOIA) solicitations.

The complaint accused the agencies of stonewalling crypto-related policy clarity and violating FOIA obligations. FOIA requests typically allow public access to records held by U.S. watchdogs. 

Coinbase employed History Associates in 2023 to petition for the release of documents related to the SEC’s approach to Ethereum and the classification of its native crypto, Ether (ETH). The firm also asked to review investigative information surrounding cease-and-desist orders issued to Enigma MPC and Etherdelta founder Zachary Coburn.

After an FDIC report last October revealed a directive for financial institutions to pause all operations related to crypto-assets, Coinbase petitioned the corporation to send copies of the letters.

Respective requests sent to the SEC and FDIC for details were denied several times, prompting America’s largest crypto exchange to attempt retrieval through court proceedings. According to Coinbase, both agencies, particularly the SEC, have engaged in a deliberate and concerted effort to pursue cryptocurrency inclusion from the U.S. financial system. 

“The SEC’s rationale for withholding documents from investigations that concluded in settlements years ago is tailor-made to frustrate the legitimate purposes for which Coinbase sought the Coburn and Enigma MPC documents in the first place—to understand the view of the law that underlies the SEC’s enforcement blitzkrieg against the digital asset industry.”, an excerpt from the lawsuit read.

Financial regulators have used multiple tools at their disposal to try to cripple the digital-asset industry. @SECGov has claimed sweeping authority, but refuses to provide any rules, let alone consistent or coherent ones. While @FDICgov pressured financial institutions to cut…

— paulgrewal.eth (@iampaulgrewal) June 27, 2024

You might also like: Bitwise CIO: SEC’s “hostile regulatory environment” benefits Coinbase

Coinbase vs. SEC intensifies

The complaints add to a long list of accusations against the SEC regarding what Coinbase and other crypto industry participants describe as a “regulation by enforcement” approach. SEC chair Gary Gensler has regularly fired back at the nascent digital asset landscape, scrutinizing the industry for rampant fraud practices and widespread non-compliance. 

America’s biggest crypto exchange is now engaged with the SEC on three fronts in a quest for regulatory clarity. Last June, SEC attorneys sued the company for supposedly facilitating unregistered securities trading and operating an illegal securities exchange. 

Additionally, the platform filed a rule-making petition in 2022 that has advanced to the U.S. Court of Appeals for the Third Circuit. 

Read more: Solana jumps 8% as VanEck files first SOL ETF bid

Ethena price has stabilized in the past three days as the developers continued to attract USDe integrations. ENA was trading at $0.58 on Thursday, 12.5% above its lowest level this month. It remains 48% below its all-time high.

Ethena’s developers have announced several integrations recently as its stablecoin continues to gain market share. Last week, Ethena unveiled a partnership with Bitget, one of the biggest crypto exchanges in the world. The partnership means that the company’s 25 million users will be able to use USDe as margin collateral for coin-m margined perpetuals. 

Users will also benefit from zero fee spot trading on the USDe/USDT pair and generate returns in the earn section.

Excited to share one of the most important USDe integrations to dateMore than 25m users at @bitgetglobal can now enjoy:– USDe as margin collateral for coin-m margined perps & futures– Zero fee spot trading on the USDe/USDT pair– USDe in the earn section pic.twitter.com/iPCcBS0vVt

— Ethena Labs (@ethena_labs) June 20, 2024

This week, Ethena unveiled a partnership with Symbiotic, a staking platform. The partnership will enable users to generate staking rewards for staking the ENA token in Mellow. Users will also receive 30x ENA multiplier, Symbiotic points, and future potential for LayerZero allocations. 

Further, Ethena has integrated with AAVE, one of the biggest players in the Decentralized Finance (DeFi) industry. This deal will enable users to deposit the USDe stablecoin and loop their positions with other stablecoins on Aave. They will also be able to deposit stETH, weETH, ETH, and WBTC on Aave to borrow stablecoins into USDe. 

Users are now able to:i) Deposit USDe and loop their position with other stablecoins on Aaveii) Deposit stETH, weETH, ETH and WBTC on Aave to borrow stablecoins into Ethena USDe or sUSDehttps://t.co/rb5R7kjW0f

— Ethena Labs (@ethena_labs) June 6, 2024

Some of the other USDe integrations are with companies like Bybit, BounceBit, and Blast, one of the top layer-2 networks.

These integrations, and its strong rewards, has helped Ethena USDe become the fourth-biggest stablecoins in the industry with a market cap of $3.6 billion and over 232k holders.

Holders love USDe for its strong yield, which stands at about 8.6%, a figure that is higher than what US government bonds are offering. 

Still, there are concerns about whether this yield is sustainable, especially in periods of high volatility. Some analysts have compared its strong yields to that of Terra Luna, which collapsed in 2022. The two biggest risks are the funding rates reversal and counterparty risks. 

Ethena price has stabilized

Ethena’s ENA token has not done well even with the ongoing USDe growth and integrations as it has lost almost half of its value from its all-time high. This performance is likely because of the growing risks about its stablecoin. It is also in line with the performance of most altcoins, which have entered a bear market in the past few weeks. 

Ethena futures open interest

Ethena’s daily traded volume and its open interest in the futures market have also continued dropping after peaking in April. 

Ethena price hourly chart

Therefore, bulls will hope that the small inverse head and shoulders (H&S) pattern that has formed on the hourly chart will work out. In technical analysis, this is one of the most accurate reversal patterns. 

Tezos, the self-upgradable proof-of-stake (PoS) blockchain, has today unveiled “Tezos X”, a new upgrade that’s part of the project’s roadmap to achieving greater usability and utility.

According to details in a blog post, developers envision Tezos X as an upgrade that represents a major evolution of the original Tezos blockchain. When fully implemented, Tezos X would herald an integrated blockchain ecosystem that boasts greater performance, composability and interoperability.

Tezos X vision – the evolution of Tezos

Tezos is a smart contracts blockchain platform that launched after a $232 million initial coin offering (ICO) in 2017. Although it’s failed to hit the highs expected when it went live, the project remains actively developed.

The new vision is to move Tezos “from a monolithic blockchain, where every blockchain node replicates everything, to a fully modular design with an integrated experience.”

According to the developer team, a “modu-lithic” ecosystem means the blockchain continues to be highly decentralized as specialized modules help different user groups interact within a highly efficient environment.

In this case, Tezos X highlights a design where accounts, applications and transaction history migrate to the “canonical rollup”, freeing the layer-1 chain to only handle consensus and settlement.

“Freeing up layer 1 resources means everything can run faster without requiring powerful hardware to secure the network,” Tezos developers wrote.

This approach does not only mean a considerable boost in on-chain performance, but also enhances Tezos composability and interoperability.

Tezos X in the works since 2022

Developers began working towards massively scaling Tezos in early 2022 via Smart Rollups. This is a scaling technology that allows for an optimized and dedicated second layer to execute transactions, the L1 guarantees consensus and settlement.

“Free from the burden of also having to process every transaction and computation, the L1 would become significantly faster, with even lower latency. The lighter load also means bakers would still be able to secure the network with low-spec hardware, ensuring decentralization” Tezos developers noted.

Also important in this mission is the dedicated Data-Availability layer. This ensures that the Tezos mainnet can handle huge amounts of data from rollup users, all in a fully decentralized way.

With these features, Tezos X sees a single canonical rollup being capable of handling all activity on the network. 

Tezos X rollout is expected to continue through 2026.

Tezos X proposed roadmap: Source: Tezos blog

CleanSpark Inc. (CLSK) has announced a merger agreement to acquire GRIID Infrastructure in an all-stock transaction valued at $155 million. 

This acquisition includes the payment and assumption of GRIID’s (GRDI) debt. As part of the agreement, CleanSpark and GRIID have entered into an exclusive hosting agreement, allocating 20 MW of power to CleanSpark immediately.

The merger received unanimous approval from the Boards of Directors of both companies. It is anticipated to be finalized in the third quarter of 2024, subject to GRIID shareholder approval and other standard conditions.

Agreement terms

Under the terms, GRIID stockholders will receive shares of CleanSpark common stock. The formula is based on an exchange ratio determined by the aggregate merger consideration.

The merger accounts for GRIID’s outstanding liabilities and a $16.587 per share valuation of CleanSpark’s common stock. CleanSpark’s stock is currently trading at $16.35 per share. 

CleanSpark is taking on all of GRIID’s debt and other responsibilities. To help GRIID during the transition, CleanSpark has given a $5 million working capital loan and a $50.9 million pay-down bridge loan. These loans are secured and have seniority over GRIID’s other debts.

Zach Bradford, CEO of CleanSpark, expressed enthusiasm for the merger, highlighting the potential for rapid growth in Tennessee. 

Bradford stated, “This acquisition gives us a clear and steady path to accomplish in Tennessee what we proudly achieved in Georgia—building over 400 MW of infrastructure backed by long-term power contracts.” 

Bradford also noted plans to exceed 100 MW in Tennessee by the end of 2024 and to grow to 200 MW in 2025 and over 400 MW by 2026.

GRIID’s tumultuous stock movement 

Griid was a vertically integrated Bitcoin (BTC) mining company that owned energy infrastructure and high-density data centers in North America, mainly in Tennessee. The company stock has had a tumultuous week. 

GRDI opened the week at $1.17 a share and rose over 150% in 3 days to prices above $3 a share on Wednesday. Since this acquisition news, the company’s shares have dropped back to $1.20 a share. 

GRIID operates bitcoin mining data centers across Tennessee, supported by the Tennessee Valley Authority. GRIID’s operations extend to Watertown, New York, and various locations in Tennessee, with additional facilities in Ohio and Texas.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Binance’s zkSync listing and airdrop stir crypto market. Rollblock gains investor attention post-presale success.

The crypto market is filled with excitement after Binance’s recent announcement about the listing of zkSync and its associated zkSync airdrop. This news — and especially the zkSync airdrop — has created a ripple effect and caused significant movements in various crypto assets. 

Rollblock has captured the attention of investors who believe it might be the next big listing, given its incredible presale performance. Let’s delve into the dynamics of these developments and understand why Rollblock is becoming an investment magnet.

zkSync: Binance’s newest listing

Binance has now announced that it will introduce zkSync this summer, together with the zkSync airdrop, to incentivize use. Several trading pairs are available, and this move underscores Binance’s drive to support unique technologies.

zkSync uses ZK-SNARK roll-up technology, which improves transaction scalability and, at the same time, maintains security. The technology is key in addressing Ethereum’s current limitations, and there is speculation that the project might see a high level of usage, making it a hot new crypto in the market.

The zkSync airdrop program is set to distribute 10,500,000 ZK tokens to eligible users, aiming to boost the adoption and liquidity of zkSync, and this initiative has positioned zkSync as a favorite of many experts in the crypto market, attracting a substantial number of transactions and interactions from the crypto community looking for the next big thing to lock in big profits in 2024.

You might also like: Hayes backs DOGECOIN; analysts forecast Rollblock to hit $1 before DOGE, ADA

A new contender in the gamblefi arena

Rollblock is in the midst of its presale. This unique platform combines the best of decentralized and centralized gaming, offering a transparent, secure, and rewarding experience for users. The Rollblock ecosystem is powered by the RBLK token, which serves as a critical part of the platform in terms of its utility.

The project’s hybrid infrastructure model allows it to offer a seamless and user-friendly experience. Unlike many DeFi protocols that require users to navigate complex interfaces and manage their own private keys, Rollblock provides a simplified onboarding process. Users can create an account with just an email address, which makes it really easy for anyone to join the platform and start playing. This is one factor that many in the space think could have a big impact on growing the user base and hitting a level of momentum.

One of Rollblock’s key strengths is its transparency, and by using blockchain, Rollblock can ensure that all bets and transactions are recorded on-chain forever. This provides a level of transparency and fairness that traditional online casinos just can’t match! The high level of transparency addresses a major pain point in the online gambling industry, which has issues for many due to concerns about rigged games and shady operations.

The RBLK token is really at the heart of the Rollblock ecosystem, and holding RBLK tokens grants users several amazing benefits, including a share of the casino’s revenue. This unique revenue-sharing incentivizes users to hold onto their tokens for long periods, which creates an economic model designed for the long term, which obviously benefits all stakeholders. RBLK holders can even participate in governance decisions, shaping the future direction of the platform.

The Rollblock crypto presale is rapidly approaching the $1 million mark, showcasing strong interest from the crypto community. Analysts are bullish on RBLK’s prospects, predicting significant price appreciation during the presale and beyond. With its unique approach, strong team, and growing community, Rollblock is well-positioned to capitalize on the explosive growth of the online gambling market and become a leading player in the GambleFi space.

You might also like: Rollblock: New altcoin with a revenue share model draws Solana and Dogecoin holders

The next big thing?

As Binance’s listing of zkSync takes center stage, the crypto community is also turning its gaze towards Rollblock as a potential next hot new crypto. The zkSync airdrop program is set to boost zkSync’s market presence significantly. Meanwhile, Rollblock’s unique value proposition and promising presale performance suggest it could follow a similar path of rapid growth and widespread adoption.

Investors looking to capitalize on the crypto bull run that many experts are predicting should consider Rollblock, which combines the lucrative aspects of online gambling with the transparency and security of blockchain technology. With a strong revenue-sharing model and unique features, Rollblock is poised to become a major player in the crypto market. As always, thorough research and strategic investment are key to navigating these exciting yet volatile opportunities.

For further information about Rollblock, visit the official presale website or join the online community.

Read more: Rollblock aims to outperform ADA, AVAX, and MATIC this year 

Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.

Cybersecurity experts warn that if yield-generating pools or protocols on Lido or MakerDAO are compromised, Blast users’ associated tokens in those pools “will be compromised as well.”

Cybersecurity experts at web3 firm Resonance Security are raising concerns related to the security implications of Blast‘s reliance on third-party decentralized finance protocols.

In a Thursday blog post, Grace Dees, a cybersecurity business analyst at Resonance Security, warned that Blast’s dependence on external protocols for generating yield brings inherent risks, noting that MakerDAO, which generates 5% yield for USDB (Blast’s stablecoin) holders, “has not published a security audit of their smart contracts in three years.”

“If yield-generating pools or protocols on Lido or MakerDAO are compromised, the associated tokens of Blast users in those pools will be compromised as well,” Dees warned. The analyst noted, that even though relying on third-party integrations “is not a bad thing,” she pointed out that some of MakerDAO’s most recent public audits “even go back five years.”

“This raised concern to me because smart contracts can be susceptible to newly discovered vulnerabilities and should be audited periodically to protect against those new discoveries,” Dees said.

You might also like: BLAST token jumps 20% as fake airdrop scams flood X

Concerns about Blast’s security extend beyond third-party dependencies. Dees outlined issues with Blast’s LaunchBridge contract, describing it as a “custodial contract protected by a 3/5 multisig address,” rather than a rollup bridge.

Experts stress the importance of robust security measures, including regular audits and bug bounty programs. Although MakerDAO hasn’t published a recent security audit, its bug bounty program via ImmuneFi helps “cover the security gaps in their contracts,” Dees acknowledged.

To mitigate third-party risks, Resonance Security recommends that Blast prioritize close collaboration with their partners to develop and uphold “stringent security standards” that can save projects many headaches in the long run.

Read more: Blockchain fraud group strikes again, launches fresh scheme on Blast network

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Investors are focusing on utility tokens such as Ethena, Solana, and Angry Pepe Fork for potential gains, while some tokens face challenges.

Looking at the market movement, it appears it will be back in the bullish zone soon. While some tokens are moving high up the ladder, some cryptos are still finding it difficult to leave the bearish sentiments. Nevertheless, investors have begun to accumulate some utility tokens that can bring them profit soon. Some of the top crypto coins that have seen voluminous traction in recent weeks are Ethena, Solana, and Angry Pepe Fork. Let’s see how far they can go in a few weeks.

Angry Pepe Fork sees a surge in buyers’ traction 

Joining the likes of Ethena and Solana, Angry Pepe Fork has seen a surge in users’ traction as the market continues its partial resurgence. Angry Pepe Fork is a new pattern of fighting off rebels and renegades in a bid to attain the top. The project has taken the market by storm, featuring a unique conquer-to-earn model, allowing individuals to crush zombie memecoins.

Apart from that, Angry Pepe Fork features a staking dApp, allowing individuals to stake their assets for a certain period. The benefits that accrue from staking depend on the number of zombie crushes. Furthermore, the platform also rewards individuals with its native token and makes them highly placed members of the ecosystem. 

In terms of security, Angry Pepe Fork could be one of the best cryptos to invest in. The project boasts a soundproof smart contract with only a fixed total supply of 1.9 billion tokens available. This is done to ensure constant token appreciation and rarity which makes it appeal to memecoin enthusiasts and the general crypto community. 

Having started the presale a few weeks ago, APORK, the Angry Pepe Fork native token is selling at $0.014. Juxtaposing the rise of Angry Pepe Fork with that of Pepe, analysts believe APORK may be a more profitable investment than PEPE, making it a top crypto to buy now. With the potential to earn a profit of 250% at presale and 350% by launch, Angry Pepe Fork is one of the best cryptos to capitalize on.

You might also like: DOGE signals bullish breakout; Angry Pepe Fork shows Pepe coin traits

Ethena token goes bearish but investors accumulate

Ethena coin is an Ethereum-compatible protocol providing crypto-based solutions for financial transactions without relying on traditional financial institutions. Ethena was listed on Binance on April 2, 2024, and attained an all-time high record of $1.52 a week later. However, Ethena price  has gone bearish in recent times, slipping slightly in the past month.

Even though the Ethena market cap is well above $1 billion, the token has failed to sustain the challenge at the $1 psychological threshold. However, analysts believe a bullish reversal could take the Ethena price to the $0.84 mark and potentially to $1 in the coming weeks.

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Is $160 possible for Solana in this dip?

Despite several use cases and its expansive ecosystem, the token has fallen into the bear market. Having gained a slight 2% last month, Solana’s price has decreased by 13% in the past week. The Solana market cap also shares the same fate, unable to climb $70 billion.

However, a key positive from Solana could be seen from the technical analysis. Currently, the token holds a Fear and Greed Index of 74 Extreme Greed, indicating a bullish outlook. Although the market sentiment is not convincing, the Solana coin may push to reach $160 within June.

For more information, visit Angry Pepe Fork’s presale website.

Read more: Trending altcoins for traders: Spotlight on Chainlink, Aave, Angry Pepe Fork

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Kaspa price has recovered and is slowly nearing its highest point this year as other cryptocurrencies remain under pressure. KAS has risen for four straight days and was trading at $0.18, up 32% from its lowest level this month. 

Kaspa has outperformed most large-cap cryptocurrencies in the second quarter. Notably, Bitcoin, Ethereum, Solana, and Ripple’s XRP have dropped by 12.5%, 4.35%, 22%, and 25%, respectively. 

Kaspa vs Bitcoin vs Ethereum vs Solana vs XRP

Kaspa’s rebound coincided with its open interest in the futures market rising for seven straight days and moved to its highest level since June 7th. It stood at $61 million, with most of the interest being in Bybit, Binance, and Bitget. 

Thursday’s rally happened after Marathon Digital, one of the biggest Bitcoin mining companies, announced that it has been actively mining the coin. 

Today we're announcing that we have been actively mining Kaspa.Diversification has been key to our investments in energy solutions and tech innovations, and it remains crucial in our digital asset compute operations. Read the full press release: https://t.co/rwiXIJCx7q

— MARA (@MarathonDH) June 26, 2024

This is an important move at a time when many Bitcoin mining companies are looking for ways to grow after the recent halving event. Riot Platforms made a hostile bid for Bitfarms  while Hut 8 raised $150 million to build AI infrastructure. 

Like Bitcoin, Kaspa is a proof-of-work (PoW) network with a maximum supply limit of 28.7 billion tokens. 24 billion of these ones have already been mined, meaning that miners are battling to mine over 4 million coins.

Recent data shows that Kaspa’s hash rate has been in a strong uptrend and has now jumped to a record high of 362.89 PH/s. Hashrate is an important metric that reflects the performance of mining hardware. Also, its mining difficulty has soared to a record high of 357.36p, higher than where it started the year at 141p. 

However, the key challenge for Kaspa is that its trading volume has been low for a while. Its 24-hour trading volume stood at $128 million, lower than Pepe’s $700 million.

Kaspa price nearing key level

KAS price chart

Kaspa’s rebound has pushed it near two important resistance levels. First, it is nearing the crucial level at $0.1893, its highest swing on February 20t, and the upper side of the cup and handle pattern shown in green. A cup and handle is one of the most bullish patterns in the market.

Kaspa is also nearing the resistance at $0.1940, where it formed a false breakout earlier this month and its all-time high.  Cruising above that level could point to more upside in the near term.

Andromeda has announced its integration with finance blockchain Injective to accelerate the adoption of decentralized finance (DeFi). 

Through this partnership, Andromeda, known as the first Web3 Operating System, and Injective, the fastest blockchain developed for financial applications, will enhance their capabilities. 

Both groups will combine their technologies to unlock new economic opportunities and use cases. The integration will explore new opportunities for cross-chain tokens, streamlined asset management, and web3 applications.

Partnership objectives

A key objective of the Andromeda-Injective integration is implementing a solution for tokenized asset management within a unified trading platform. This will enable users to fractionalize, tokenize, and trade digital assets, unlocking new opportunities for investment and asset diversification. 

In other words, the partnership aims to make it easy for people to split token ownership, create digital tokens, and trade different types of assets all in one place, opening up new ways for them the technology to invest and spread money around. The approach will increase the ease of asset appreciation and earning yield on tokenized assets

“We believe that by executing our L1 distribution model, we’ll be integrating Andromeda’s onchain Operating System with Injective’s scalable Layer1 protocol and will unify networks, enabling users to access a diverse array of decentralized applications and DeFi functionalities within a singular platform,” said Mant Hawkins, Core Contributor. “Doing so will enhance multi-chain/ecosystem composability and enable DeFi innovation to compound.”

The integration will benefit the Andromeda and Injective communities by enabling a new wave of DeFi applications. Developers and users will have access to the same uniform platform that supports financial products, fosters collaboration, and drives wider adoption.

The collaboration between Andromeda’s OS and Injective will create strong, scalable solutions to meet the changing requirements of the DeFi space, improving user experience and driving growth in both communities.

Fenix Finance, a decentralized exchange (DEX) protocol on the Blast network, has secured a $300,000 seed investment round, according to an announcement.

Layer-3 protocol Orbs, which doubles as Fenix’s technology partner, led the seed funding round.

Fenix to deploy funds in platform development

Fenix’s decentralized exchange technology ensures users benefit from a more capital efficient marketplace on Blast, offering deeper liquidity and catalyzing overall economic growth.

The funds and technical support from Orbs will help Fenix Finance introduce new products and expand its ecosystem, the protocol said.

Among key developments, Fenix plans to use funds raised from the investment round to build out its new liquidity feature dubbed the Fenix Liquidity Hub. The Orbs L3-powered feature allows Blast users to access token swaps with optimized price execution that taps into both on-chain and off-chain liquidity.

The team also eyes improvement to the Fenix Nest. This is a protocol feature that incorporates key Curve ecosystem components such as vote delegator, vote optimizer, and rewards auto-compounder. These mechanisms help power the ecosystem’s voting incentives marketplace.

Also crucial to the platform is the onboarding of more partners, and deepening of the protocol’s available liquidity.

Since launching its Open Beta less than two months ago, Fenix Finance has experienced rapid growth. The platform’s user base has grown to over 5,000, while generated volume has surpassed $150 million.

Orbs’ technology key in DeFi market

Orbs’ decentralized L3 blockchain infrastructure offers advanced on-chain trading, providing for CeFi-level execution to DeFi protocols.

Optimized trading that leverages aggregated liquidity, on-chain derivatives and advanced trading orders means Ethereum Virtual Machine (EVM) and non-EMV smart contracts can tap into greater capital efficiency and deeper on-chain liquidity.

The L3 has invested in multiple projects that integrate its technology including, Thena, Symmio, IntentX, and Harris & Trotter.

Wealth Manager VanEck has moved to expand its crypto-related suite of offerings with a Solana trust.

Spot Bitcoin (BTC) ETF Issuer and asset manager VanEck submitted the first-ever bid for a Solana (SOL) exchange-traded fund in the U.S., per a Thursday filing with the Securities and Exchange Commission (SEC). CoinMarketCap data showed that the price of SOL surged over 8% shortly after the news broke.

Solana price jumps after VanEck files spot SOL ETF | Source: CoinMarketCap

According to the document, the so-called VanEck Solana Trust will track and reflect the performance of SOL prices as the firm attempts to foray deeper into crypto-backed investment vehicles. Similar to update prospectus submissions for spot Ethereum (ETH) ETFs, VanEck’s filing stressed the absence of staking for its Solana Trust. 

“Neither the Trust nor the Sponsor, the SOL Custodian, or any other person associated with the Trust will, directly or indirectly, engage in any action where any portion of the Trust’s SOL is used to earn staking rewards, to earn additional SOL or to generate income or other earnings.” read the June 27 SEC filing. 

In a statement regarding the application, Matthew Sigel also challenged assertions from the SEC, although indirect, and Michael Saylor’s view that SOL is an unregistered security. Sigel argued that Solana is a commodity just like Bitcoin and Ethereum.

Another one. First to file for a Solana exchange-traded fund. https://t.co/klazclgYc6

— VanEck (@vaneck_us) June 27, 2024

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Was a Solana ETF inevitable?

VanEck likely included this language to comply with perceived SEC direction, which currently leans toward classifying staking activities under federal securities laws. The filing comes ahead of widely anticipated approvals for spot Ether ETFs after the successful launch of several Bitcoin counterparts in January. 

Also, VanEck’s application reaffirmed remarks from analysts and industry leaders like Solana co-founder Raj Gokal and Ripple CEO Brad Garlinghouse, who both said a SOL ETF was merely a matter of time. 

Furthermore, the news indicates confidence from asset managers amid a political tailwind shift in the U.S. leading up to the winter elections. Candidates on both sides have espoused some crypto-friendly rhetoric, with Donald Trump adopting a more aggressive stand on the matter and Biden’s regime disclosing willingness to discuss digital asset regulatory policies. 

Read more: Spot Ethereum ETF could begin trading soon: here’s why

Jasmy price has suffered a harsh reversal this month, moving into a bear market after falling by more than 30% from its highs. 

Jasmy, like other cryptocurrencies, is being affected by the recent Bitcoin price action. After rising to $72,000 earlier this month, Bitcoin formed a double-top pattern and dropped by over 14%.

This drop happened as Bitcoin ETF outflows continued and as the German government sold thousands of Bitcoins. Several Bitcoin mining companies have also sold their coins in a sign of capitulation. As a result, as shown below, Bitcoin balances in exchanges have risen slightly in the past few days.

Bitcoin balances in exchanges

Additionally, there are signs that the Fed will be one of the last major central banks to cut interest rates because US inflation has remained stubbornly high. Some of its peers like the Bank of Canada, ECB, and SNB have started their cutting cycle.

Jasmy’s retreat has also happened at a time when its mentions on social media and its trading volume has pulled back. Data shows that the daily average of JASMY traded in exchanges has averaged less than $160 million in the past few days. 

Earlier this month, the average amount was over $500 million. The same has happened in the futures market where open interest has dropped from $82 million on June 5th to $40 million today. 

Jasmy open interest 

Jasmy price forms a bearish pattern

JasmyCoin price chart

Technically, the recent sell-off started when the JASMY token formed a long-legged doji candlestick pattern on June 4th. In most cases, this doji is one of the top signs of a reversal in technical analysis.

JASMY has now formed a bearish pennant pattern, which is made up of a long flag pole and a symmetrical triangle. This pattern often leads to a bearish breakout when it nears the confluence point. As a result, unless market conditions improve, there are signs that the token will drop soon.

Fortunately, JasmyCoin has constantly remained above the 50-day moving average and the important support at $0.02757, its highest swing in March. As such, more downside will be confirmed if the price drops below that point.

Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial.

The promise of blockchain technology extends beyond purely monetary and financial applications. Blockchain enables the creation of decentralized protocols that can revolutionize how communities operate, enforcing rules of interaction among different actors at the protocol level. This shift replaces social consensus with technical consensus, fostering protocol-based social interactions encompassing business and societal governance.

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Although we may not see states governed by decentralized autonomous organizations, or DAOs, in the near future; however, functioning DAOs already manage crypto communities that set rules for ecosystem operations. These setups will inevitably influence the real world, leading to the emergence of “real-world” businesses based on DAO models. 

Currently, we can see the integration of crypto-inspired mechanics into traditional businesses, which can be categorized into three high-level groups: 

1) Immutable ledger for record-keeping and automated transactions

Blockchain can serve as an immutable ledger to facilitate record-keeping and automate business transactions through smart contracts. A prime example is real estate, where ownership can be tracked and verified on-chain, and property rights can be tokenized as NFTs and transferred accordingly. Supply chain management and logistics also benefit from blockchain, making business flows tamper-proof and automated. 

2) Tokenization

Tokenization allows any existing value to be represented on the blockchain. Loyalty rewards programs, for instance, can turn loyalty points into tokens distributed to users with each translation, creating a market for loyalty rewards and attracting more customers. Distributed collaboration networks, such as decentralized physical infrastructure networks (DePINs)  and AI networks, reward participants with tokens that can be used within the ecosystem, creating a self-sustaining economy. 

3) Distributed governance

Implementing a distributed governance approach to making business decisions and building business structures based on DAO-inspired ideas would be a more holistic approach to applying blockchain technology to real-world business. 

The DAO approach

To illustrate, let’s consider a ride-sharing business based on the DAO approach. The ecosystem includes drivers, passengers, payment providers, and infrastructure providers. Payment and infrastructure providers maintain the network, handle payments, and develop the underlying protocol. A smart contract manages driver-passenger matching and tracks the ride flow, with reputation scores recorded on-chain. Cash flows directly from passengers to drivers, increasing driver profits, while a portion is routed to the infrastructure provider to sustain the network. Ecosystem governance tokens, earned by drivers and passengers as loyalty rewards, allow all actors to influence system parameters, balancing interests flexibly. 

At Waves, one of the first L1 blockchain launched in 2016, we have always been interested in governance models. In 2022, we launched Power Protocol to advance blockchain governance. 

However, the Waves ecosystem faces a stress test triggered by the FTX bankrupts and Luna stablecoin depeg. Waves’ algorithmic stablecoin USDN failed to maintain its $1 peg, leading to a sell-off of the Waves token and initiating a slow death spiral. Many products on Waves depended on USDN, causing a contagion effect. Despite personal efforts to mitigate losses, the only solution was to continue ecosystem development by launching new products and creating value.

That’s where the DAO model came into play—the ecosystem funding process became fully decentralized. Waves DAO was launched, where Waves network validators and active community members decided how to spend part of the inflation that the validators earned to propel the ecosystem further and launch new products.

An important part of Power Protocol is slashing mechanics. It provides accountability for the decision-making process. The DAO had certain KPIs established before its launch; if the governance process leads to meeting those KPIs, decision-makers are rewarded, and their voting power is increased; otherwise, they are slashed, and their voting power is taken from them. In my opinion, this is crucial for real-world application of DAOs; simple DAO models usually used in crypto are actually worse than “off-chain” governance since they don’t have any checks and balances against manipulation and abuse and usually just realize weighted voting based on token balances, where the group of holders with the most tokens can have any proposal approved by the DAO. 

In Waves’ DAO, slashing provided a higher level of accountability for the DAO participants and made the DAO focus on its main goal—funding the development process and propelling the ecosystem forward as a whole. 

The Waves example demonstrates that DAO models can succeed where centralized models fail. Properly implemented decentralized governance can be more robust and resilient than centralized counterparts. This approach is not limited to blockchain but can transform any business model by making governance more inclusive, setting clear KPIs, and optimizing cash flows.

Read more: Stirring up a revolution in emerging economies using DAOs | Opinion

Author: Sasha Ivanov

Sasha Ivanov is the founder of Waves. Since 2013, he has focused on integrating blockchain technology into finance, launching several startups. In 2016, he founded Waves, which has grown into the expansive Waves Tech ecosystem. Sasha has consistently introduced groundbreaking innovations, including the Ride smart contract language within Waves, pioneering decentralized finance solutions, and advanced crypto finance management tools. His leadership also led to the development of the Power Protocol in 2023, which shifted all ecosystem projects to DAOs, enabling community governance. In 2024, Ivanov launched Units.Network, an interconnected blockchain ecosystem promoting collaboration and innovation with cross-chain solutions, overcoming scalability challenges.

Decentralized crypto exchange Bluefin has unveiled plans to launch its own native token BLUE on the Sui blockchain.

Bluefin, an orderbook-based derivatives exchange backed by Polychain Capital, plans to introduce its own governance token, BLUE, to enable the community to guide the development of its Sui-based protocol. In a Thursday blog post, Bluefin stated that token holders will be able to “propose and vote on key protocol decisions.” Those interested in submitting a proposal would have to put at least 10,000,000 BLUE in voting power.

“Voting power will be determined based on the number of tokens you decide to lock into a proposal. The voting process starts with a forum discussion and is then followed by an on-chain vote on the Bluefin Governance portal,” the Bluefin team explained.

BLUE token distribution timeline | Source: Bluefin

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Token distribution details reveal that 52% of BLUE will be allocated for “ecosystem growth,” fully unlocking after five years. This includes 32.5% for user incentives, 8.5% for protocol development, 6.5% for the treasury, and 4.5% for liquidity reserve.

Another 28% is designated for “strategic participants,” to be distributed among investors via private sales and advisors, with a three-year vesting period. The remaining 20% is allocated for “core distribution,” also with a three-year vesting period. The tokenomics documents also reads that BLUE will have a maximum supply of 1 billion, with an initial circulating supply of 116 million tokens.

Bluefin says all smart contracts related to the Blue token have been audited by TrailOfBits, reassuring investors that “there has been no security breach on Bluefin since the launch of the protocol.”

Founded in 2020 by Rabeel Jawaid, Ahmad Jawaid, Nikodem Grzesiak, and Zabi Mohebzada, Bluefin has raised approximately $30 million thus far, according to PitchBook data, with support from investors including Polychain Capital, Brevan Howard Digital, Wintermute, Alliance DAO, and Bixin Ventures among others.

Read more: Sui tops $300m in defi TVL, surpasses Bitcoin

Zeta Markets, a decentralized exchange on Solana, has announced the Token Generation Event for its native token ZEX. 

This event also marks the start of the ZEX token airdrop, which aims to reward loyal users and promote long-term participation in the protocol.

ZEX will be integral to Zeta Markets, supporting governance, staking, and incentives. The token introduces a vote-escrow model to Solana, improving governing and incentives for long-term stakers. 

Tristan Frizza, the founder of Zeta Markets, told crypto.news in an interview that the vote-escrow model expands on the concept pioneered by Curve on Ethereum by introducing two new ideas.

“Firstly, stakers are exponentially rewarded for the duration of their lock — therefore more heavily allocating power to those who are committed for longer. Secondly, we introduce the ability for stakers to vest and unlock their tokens gradually — providing users more liquidity and limiting the supply shock on the ecosystem caused by mass unlocks,” Frizza said. 

The airdrop includes 10% of the total ZEX supply, with 8% reserved for Zeta traders. Early stakers can qualify for a second airdrop, distributed based on staking duration and amount locked.

Starting today, eligible users have 90 days to claim their airdrop allocations.

Airdrop distribution

The initial airdrop rewards genuine and long-term users based on their Z-Score, which measures trading activity on Zeta. 

“With our initial airdrop, we’re distributing 80M $ZEX (8% of the total supply) across almost 80,000 users,” Frizza said. “Our goal was to place $ZEX in the hands of committed, long-term aligned traders who actively contribute to our protocol’s growth.”

The distribution process included safeguards such as minimum Z-Scores, maximum token allocations, linear distribution, boosts for early supporters, and sybil detection.

“We capped the allocation to whales and conducted sybil analysis to ensure a fair and equitable distribution to the 80k qualified wallets,” Frizza said.

The token ZEX will also serve as the native gas token and incentive mechanism on Zeta X, Zeta’s upcoming DeFi Layer 2 on Solana. Zeta X aims to deliver centralized exchange (CEX)-like performance on-chain, with its mainnet launch expected in Q1 2025.

Long-term growth

A substantial 30% of the ZEX supply is dedicated to ongoing trading incentives, distributed at the end of each 28-day epoch. The Genesis Epoch, running until July 25, 2024, features 8M ZEX in trading rewards, along with a boosted referral program and community grants.

“30% of the total supply will fuel trader incentives over the next 90 months,” Frizza said, highlighting the strategic alignment of the tokenomics, “Our vote-escrow model provides exponentially boosted incentives and greater governance influence to token holders that stake more and for longer.”

Zeta Markets aims to become the leading DEX for perpetual contracts, capitalizing on the shift from centralized finance (CeFi) to decentralized finance (DeFi). With over $10 billion in trading volume and 125,000 monthly active users, the platform plans to scale through the launch of Zeta X. 

“Zeta advances the frontier of what is possible on Solana by introducing a DEX that combines the performance of centralized exchanges with the transparency and security of self-custodial, decentralized finance,” said Avichal Garg, Managing Partner at Electric Capital.

Zeta Markets continues to focus on long-term growth and community engagement, setting new standards for decentralized exchanges.

What makes meme coins the most profitable sector in 2024? How are coins like Pepecoin, Dogwifhat, and Brett managing to capture the market’s attention and generate such extraordinary returns? Read on.

The meme coin market is surging once again, grabbing headlines and enticing the trading community. In the last 24 hours alone, the meme coins market cap has soared to $48.34 billion, marking a 2.5% increase. 

Leading this rally are coins like Pepecoin (PEPE), Dogwifhat (WIF), and Brett (BRETT), which showed impressive gains. Even the larger, more established meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB), have seen notable price increases.

As of June 27, DOGE is priced at $0.1234. It has a substantial market cap of $18 billion and a 24-hour trading volume of over $480 million. SHIB follows closely with a price of $0.00001715. Its market cap stands at $10.3 billion, with a daily trading volume of nearly $191 million.

Among the newer meme coins, PEPE has surged by 5.5% in the last one week, now priced at $0.00001237. WIF and Brett have also made notable strides, with WIF priced at $2.03 after a 2% increase in the last 24-hours, and BRETT at $0.1583 following a 0.41% rise.

According to Wu blockchain, in 2024, meme coins have proven to be the most profitable sector, with an average return rate of 1,834%. 

Moreover, the profitability of meme coins outshines other sectors, being 8.6 times more profitable than the second most profitable sector, RWA, and 542.5 times more profitable than the DeFi sector.

Let’s dive deeper into the developments within the meme coin market and explore what we can expect in the coming days.

Major developments driving the meme coin market 

The driving force behind the current meme coin frenzy is Solana (SOL), a blockchain that has become the epicenter of this market mania. 

On June 25, Solana introduced “Actions” and “Blinks,” developed in partnership with Dialect, a Solana development shop. These features enable users to transact directly on blockchains from websites and social media platforms they use daily.

Today, we connect Solana to the entire internet.Vote, Donate, Mint, Swap, Pay — use Solana, everywhere. pic.twitter.com/XjoBF0uO2a

— Solana (@solana) June 25, 2024

“Solana Actions allow users to execute on-chain transactions across various platforms, including websites, social media, and physical QR codes,” explained the Solana Foundation. 

This integration simplifies the process for both developers and end-users, with popular Solana wallets like Phantom and Backpack supporting these new features. 

For example, a meme coin reference in an X post could now include an “action” that lets users initiate a transaction directly from the post. 

Additionally, users can share these “blinks” with their followers, integrating blockchain transactions into everyday online interactions more seamlessly.

This innovation will further attract social media celebrities who have recently launched digital assets based on internet memes and pop culture figures. 

For instance, the Australian rapper Iggy Azalea’s Mother token (MOTHER) reached a $70 million market cap within a month of its launch on Solana. Similarly, Dogwifhat, a standout in the 2024 meme coin craze, now boasts a market cap of over $2 billion.

Meanwhile, the BNB Chain is also aiming to capitalize on this momentum with its “Meme Heroes” initiative, which supports meme coin innovation by allocating $900,000 for liquidity pool support, raising its total commitment to $1 million. 

BNB’s campaign seeks to enhance liquidity and foster a stable trading environment, encouraging developers and meme projects to apply for support.

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What to expect next?

The hype around meme coins is reaching a fever pitch on social media. Platforms like X (formerly Twitter), Reddit, and Discord are buzzing with price predictions and discussions about the next big meme coin. 

For instance, the Dogwifhat price prediction indicates a 222.11% rise, reaching $6.64 by July 26, according to Coincodex. Similarly, the Pepe Coin price prediction suggests a 229.42% surge, hitting $0.00004164 by the same date.

The excitement around these coins is spreading a sense of fear of missing out (FOMO) among traders. Posts on social media tout the potential of such coins, claiming they’re on the verge of flipping. 

While the excitement is palpable, it’s crucial for you to exercise caution. The current sentiment around meme coins is positive, but it’s important to remember that trading meme coins is similar to gambling. 

The history of meme coins is littered with instances of sharp price declines and scams. Rug pulls, where developers abandon a project and abscond with investors’ funds, are unfortunately common in the meme coin space.

Take, for example, the infamous Squid Game token, which saw its price skyrocket before the developers pulled the rug, leaving investors with worthless tokens. 

Similarly, many meme coins have experienced dramatic crashes after initial hype, resulting in colossal financial losses for those who bought in at the peak.

Social media can amplify the hype around these coins, making it easy for inexperienced traders to get caught up in the frenzy. Influencers and anonymous accounts often promote meme coins without disclosing their own investments, leading to artificially inflated prices. 

The volatility of meme coins means that while some traders may see substantial gains, others can lose everything just as quickly.

For those considering investing in meme coins, it’s essential to do thorough research and understand the risks. Diversifying investments and only putting in money you can afford to lose are prudent strategies. 

Always remember, fortunes can change in an instant, and it’s crucial to stay informed and cautious. Never invest more than you can afford to lose.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

BLAST, the native token of Ethereum layer-2 scaling solution Blast, surged 20% following its launch while a deluge of fake airdrop posts flooded X.

BLAST debuted at $0.02 per token, giving it a fully diluted value (FDV) of $2 billion at launch, according to aggregated data from Ambient Finance and the perps trading platform Aevo.

Created by makers of the incentivized NFT marketplace Blur, Blast’s distribution yielded an initial market cap of $392 million.

BLAST’s price has now risen slightly more than 20% to $0.024 at the time of publication, according to CoinMarketCap data. The crypto asset now has a market capitalization of $408 million and a daily trading volume of $730 million.

BLAST 24-hour price chart | Source: CoinMarketCap

The airdrop released 17% of BLAST’s total supply, with 7% allocated to users who bridged Ether or USD on Blast (USDB) to the network since late last year.

Another 7% was distributed to users who contributed to the success of decentralized applications (dApps) on the network, and 3% was reserved for the Blur Foundation for future community airdrops.

Blast, created by the makers of the incentivized NFT marketplace Blur, faced significant challenges from scammers on social media.

Numerous fraudulent posts claimed that Blast’s airdrop had started sooner than expected. These posts, bearing the same profile picture and display name as Blast’s legitimate X account, directed users to fake websites and boasted “Gold checkmarks” introduced by the platform’s current owner, Elon Musk.

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Some of these suspicious links even infiltrated Blast’s official Discord server before being removed by a community moderator.

One victim reportedly lost $217,000 worth of crypto after visiting a phishing site, as detailed by the cybersecurity firm Scam Sniffer. The user had unknowingly signed multiple malicious transactions, highlighting the ongoing challenges in combating bad actors on the platform.

🚨 Attention! 🚨With the recent surge in popularity of $BLAST, it has come to our attention that there is an alarming increase in phishing attempts. Fraudsters are sending out fake $BLAST airdrop messages on platform X, aiming to deceive unsuspecting individuals. 😱 pic.twitter.com/JEpbciavpG

— AegisWeb3 (@AegisWeb3) June 27, 2024

Despite the airdrop’s success in distribution, it attracted criticism from market commentators on X, particularly regarding the absence of a staking mechanism for BLAST tokens.

Moreover, some BLAST token holders expressed intentions to sell their airdropped tokens immediately upon the opening of perpetual markets.

$BLASTremember to dump all of your bag the second they open perps https://t.co/9VwuQGuWP8 pic.twitter.com/VCrvtSmfwv

— Mac 🐺 (@MacnBTC) June 26, 2024

Blast’s airdrop marks the second Ethereum layer-2 blockchain airdrop in June, following the zkSync airdrop earlier in the month.

The zkSync token distribution faced heavy criticism from the community, with claims that many users were left out in favor of Sybil addresses—multiple wallets created by the same user to claim a large number of tokens.

Read more: Aave fork on Blast mistakenly liquidated $26m

Bitget’s latest report reveals that deepfake-related crypto fraud has resulted in losses exceeding $79.1 billion since 2022, with a 245% increase in 2024 alone.

The surge in artificial intelligence (AI) popularity has drastically transformed the landscape, with deepfakes emerging as a new threat resulting in nearly $80 billion in losses since 2022.

According to Bitget Research’s latest report, the number of cases involving malicious deepfakes soared by 245% around the globe in 2024 compared to the previous year. Despite various efforts on the international level, quarterly losses from deepfake use could reach “around $10 billion by 2025,” the exchange says, adding that 2024 will likely end with $25.13 billion in such crimes.

Dynamics of deepfake-related crypto crimes | Source: Bitget

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Bitget chief executive Gracy Chen noted that deepfakes are moving into the crypto sector “in force,” adding that “there is little we can do to stop them without proper education and awareness.”

“The vigilance of the users and their ability to discern scams and fraud from real offerings is still the most effective line of defense against such crimes, until a comprehensive legal and cybersecurity framework is in place on a global scale.”

Gracy Chen

Bitget also detailed that social engineering and bot fraud accounted for 14.21% of deepfake crimes in Q1 2024, resulting in $2.03 billion in losses.

The report also projects a 70% surge in crypto deepfake crimes by early 2026. Bitget’s analysts suggest that “without regulatory intervention” financial losses from deepfakes “are likely to continue increasing,” eventually becoming a big threat for both the cryptocurrency sector and the broader financial industry.

Read more: Sophisticated deepfake AI hack nets over $2m in stolen funds from OKX user