Floki is poised to enter the Southeast Asian market, focusing strategically on Vietnam. With one of the highest cryptocurrency adoption rates globally, the company aims to solidify its presence through an ambitious marketing campaign.
Launching on June 17, 2024, in Ho Chi Minh City, Vietnam's financial hub, the campaign targets a city contributing 25% of Vietnam's GDP, despite its population of under ten million. With a GDP per capita exceeding the national average by 2.5 times, the city offers an ideal starting point for Floki's initiative.
The campaign aims to attract both current cryptocurrency users and newcomers by highlighting the advantages of Floki's platform. It will employ a comprehensive strategy involving digital and LED displays strategically placed across 200 high-traffic locations in the city, with a target of reaching 300,000 daily visitors to maximize engagement.
Scheduled to run for five weeks until July 22, 2024, the campaign will leverage a blend of traditional and digital advertising to create a robust market presence.
Vietnam stands out as a hotspot for cryptocurrency, boasting a substantial user base with 21.2% of its population actively involved in the market, ranking second globally. In 2023 alone, Vietnamese crypto traders generated $1.18 billion in profits, underscoring the country's significant role in the crypto landscape.
Despite these positive developments, the Floki token, currently priced at $0.0002396, has faced recent market declines, with a 3% drop in the past 24 hours and a 27% decrease over the last week.
In addition to its Vietnam campaign, Floki has unveiled plans to establish an educational institution in India, continuing its commitment to global education initiatives following successful projects in Ghana, Guatemala, Laos, and Nigeria.

Bitcoin, the world's largest cryptocurrency, fell by 3.78% to $66,817 on Tuesday. This drop reflects trader concerns ahead of the release of US inflation data and the Federal Reserve's monetary policy decision. Bitcoin had previously reached an all-time high of $73,798 in March, driven by inflows into dedicated US exchange-traded funds (ETFs). However, it has since struggled to hit new highs. The anticipated inflation data and the Federal Reserve's outlook on Wednesday could heighten fears that interest rates will remain high for an extended period, creating a challenging environment for speculative assets like cryptocurrency.
“A recent series of labor market figures exceeding expectations has cast doubt on the Federal Reserve's likelihood of cutting interest rates anytime soon. This shift in sentiment has dampened risk appetite, adversely impacting cryptocurrencies. Bitcoin's attempt to climb above $72K faltered, pulling back below $70K, despite breaking downward resistance. Meanwhile, selling pressure remains subdued, indicating a market inclined towards buying," said Rajagopal Menon, VP at WazirX.
In addition to US inflation and the Federal Reserve's outlook, a strong US employment report revealed that 272,000 jobs were added in May, significantly surpassing the forecast of 185,000. This robust jobs report, along with higher-than-expected wage growth, led to a sell-off in stock market futures and a surge in Treasury yields. The prospect of sustained higher interest rates pressured Bitcoin, causing it to drop sharply from a two-month high.
“Furthermore, there have been significant outflows from U.S.-listed spot Bitcoin ETFs, which experienced a cumulative outflow of over $64 million, contributing to the downward pressure on the price. Regulatory uncertainty following the European Parliament elections has also added pressure on Bitcoin's price. The election results will influence the implementation of the MiCA (Markets in Crypto Assets) regulations and shape EU policy towards crypto," said Balaji Srihari, Business Head at CoinSwitch.
Where Are Bitcoin Prices Headed?
Experts believe that while bearish sentiment may persist, demand for crypto is expected to remain strong in the near term.
“The market's bearish sentiment stems from uncertainties about upcoming events and their potential economic impact. Despite the downturn, institutional interest in cryptocurrencies remains robust, as seen from consistent inflows into Bitcoin spot ETFs, with 19 consecutive days of net inflows until June 10th," added Menon.
Minal Thukral, Head of Growth & Strategy at CoinDCX, noted that traders and investors are currently adopting a more conservative and cautious approach, potentially booking short-term profits.
On the other hand, Srihari of CoinSwitch expects continued volatility in the crypto market over the coming weeks, given significant developments in the global market.

The Shiba Inu coin burn rate skyrocketed by 3010% today amid a recent downtrend, potentially signaling a rebound in SHIB's price due to the decreasing supply, although uncertainty remains.
Significant Increase in SHIB Burn Rate
During the ongoing bearish market, Shiba Inu (SHIB) has seen a remarkable increase in its token burn rate. According to data from Shibburn, a platform that tracks SHIB token burns, the burn rate surged nearly 3010% on Wednesday, June 12. Over 232 million SHIB tokens were burned by the community during this period.
Detailed Breakdown of SHIB Burns
This notable rise in token burning occurred despite a declining price for Shiba Inu. By reducing the circulating supply, the burn rate has the potential to enhance the token’s value. In the past 24 hours, the SHIB burn rate increased by an astounding 3010.53%, according to Shibburn.
During this time, the Shiba Inu community collectively burned 232.64 million SHIB tokens through multiple transactions. One wallet address, 0xd9a…, stood out by burning 225.63 million SHIB tokens in a single transaction. Additionally, two other wallets significantly contributed by burning over 1 million tokens each. Wallet 0xa9d… transferred 3.18 million SHIB in two transactions, while wallet 0xc58… burned 1.69 million SHIB.
Other community members also conducted smaller token burns, contributing to the overall increase. Consequently, the total number of burned SHIB tokens has reached an impressive 410.72 trillion.
Potential Impact on SHIB’s Price
As of Wednesday, SHIB's price dropped by 2.36% to $0.00002196, with a market capitalization of $12.96 billion. The 24-hour trading volume for SHIB rose by 30.12% to $816.98 million, likely due to increased selloffs as $1.34 million in long liquidations were recorded in the past 24 hours.
Currently, SHIB's price is significantly lower than the crucial resistance point of $0.000025. According to a Coingape report, surpassing this threshold could allow SHIB's price to rise to $0.00003 in the near term and potentially reach $0.00005 if the momentum sustains.
Maintaining the $0.00005 level could push SHIB towards the ambitious target of $0.0001. However, SHIB is still far from its all-time high of $0.00008845, and the prevailing trend remains bearish. Therefore, SHIB must recover above $0.000025 to achieve these high-end goals. This recovery could be driven by the rapid burn rate and anticipation surrounding the Shiba Inu ETF, though uncertainty persists.

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In a significant announcement on Wednesday, Terraform Labs revealed their plan to settle the SEC lawsuit by paying nearly $4.5 billion. This has sparked skepticism within the crypto community, as the bankrupt company only has $75 million in assets under management.
Source of the $4.5 Billion Settlement?
Ki Young Ju, the founder of CryptoQuant, recently raised concerns about how Terraform Labs will secure such a large sum, equivalent to 64,824 Bitcoin. He questioned whether the money was truly used to restore the UST peg, expressing doubts about the transaction's legitimacy.
“Where does this money come from? Did they use it to restore the peg? Sus,” Ki Young Ju stated on the X platform. He further emphasized the implausibility of Terraform Labs having $4.47 billion in assets, even if its market cap is $40 billion, suggesting that neither Do Kwon nor Terraform Labs should have access to such substantial funds. CoinGape also reported Coinbase CLO Paul Grewal's skepticism about the SEC settlement.
Terraform Labs' Asset Shortfall
With only $75 million in their “known” wallet, Terraform Labs faces significant challenges in raising the additional $3.75 billion needed for the settlement.

David Hoffman, co-founder of Bankless and Ethereum contributor, commented, “If Terraform Labs has $4.5B in assets… and if it is paid as a fine to the U.S. SEC, instead of the users who lost it…. it’ll be one of the craziest examples of agency corruption in our lifetimes.”
Details of the SEC Settlement
The settlement involves disgorgement to the bankrupt estate rather than a direct payment to the SEC. The judgment includes $4.05 billion in disgorgement, interest, and a $420 million civil fine. Given Terra’s bankruptcy filing in January, they will unlikely pay much of the total settlement amount, which will be treated as an unsecured claim in the Chapter 11 liquidation process.
Terra founder Do Kwon has also agreed to a ban on crypto transactions and will transfer $204 million to Terraform’s bankruptcy estate.

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Price of Solana
The current price of Solana (SOL) is $148.90 USD, with a market capitalization of $68.63 billion USD. Over the past 24 hours, Solana has seen a trading volume of $2.77 billion USD and a price decline of 7.47%. The circulating supply is 460.95 million SOL. The price of SOL to USD is updated in real-time.

About Solana (SOL)
Solana is an independent Layer 1 blockchain designed to be a fast and efficient network, using a smart contract protocol. Launched in 2020, it is often compared to Ethereum and has been dubbed ‘The Ethereum Killer’.
Solana’s scalability, low transaction fees, and high-speed capabilities make it popular for NFT-based decentralized applications (dApps), decentralized finance (DeFi), and digital blockchain-based payment systems.
The network achieves high transaction throughput and rapid processing times through its Proof-of-History (PoH) technology, enabling it to process up to 65,000 transactions per second. This is accomplished by linearly hashing transactions to establish a verifiable order, eliminating the need for block creator timestamps or validator transaction order checks.
Co-founded in 2017 by Anatoly Yakovenko and Raj Gokal, the Solana network operates on a PoH mechanism and a proof-of-stake (PoS) consensus layer. The native token, SOL, is used for staking to support validation processes and to pay transaction fees. Solana burns 50% of the SOL used in transaction fees to manage inflation, with the other 50% awarded to transaction validators. Holders of sufficient SOL can become validators or delegate their tokens to support the network and earn staking rewards. SOL prices are updated live on Binance.
A significant security breach on August 3, 2022, impacted the Solana network, with decentralized wallet apps Phantom and Slope reporting the attacks. Approximately $8 million in SOL was stolen from around 8,000 wallets, which interacted with iOS and Android applications. The source of the hack and potential reimbursements for affected wallet owners remain undetermined.

The global cryptocurrency market is experiencing notable fluctuations and developments today. Here are some key updates:
Market Overview:The total cryptocurrency market capitalization is approximately $2.64 trillion, marking a 4.27% increase over the last day. Despite this rise, major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have shown mixed performances, with BTC trading around $69,448, down by 2.47% over the past 24 hours​ (CoinMarketCap)​​ (CoinGecko)​.Bitcoin's dominance in the market continues, but the performance of altcoins and other tokens is also significant, reflecting diverse investor interest across various crypto assets​ (CoinGecko)​.Binance Update:Binance, one of the largest cryptocurrency exchanges, has surpassed 200 million registered users globally as of June 8, 2024. This milestone highlights the growing adoption and interest in cryptocurrency trading and investment worldwide​ (Binance)​.Binance's ecosystem continues to evolve, particularly with innovations in the Maximal Extractable Value (MEV) space on the BNB Chain. This development aims to optimize transaction sequencing and enhance profitability for miners and validators while maintaining network security and stability​ (Binance)​.Top Performers:While the overall market shows mixed trends, some cryptocurrencies outperform others. For instance, tokens like WING, W, and KNC have seen significant gains, up by 11%, 9%, and 7% respectively, highlighting pockets of robust performance within the broader market​ (CoinMarketCap)​.
Overall, the cryptocurrency market is dynamic with ongoing innovations, user growth, and varied asset performances shaping the landscape. Investors and participants are closely monitoring these trends to navigate their strategies effectively.
#CryptoSurgeTrend #MarketCap #Bitcoin #Ethereum #CryptoNews
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LUNC News: The Terra Luna Classic community is currently voting on a significant proposal to update the LUNC burn tax distribution. This pay-per-job (PPJ) proposal, which follows the earlier-approved proposal 12098, seeks the community's and validators' approval for the planned changes.
Terra Luna Classic Prepares for Burn Tax Changes
Popular developer Frag has introduced text proposal 12114, which aims to secure PPJ approval to implement the burn tax distribution changes passed earlier. The proposal outlines plans to revise the burn tax to include an oracle pool split, in accordance with proposal 12098.
The Terra Classic burn tax is set at 0.5%, with 80% allocated for burning and 20% split equally between the Community Pool and rewards. Proposal 12098 modifies this split, directing the 20% as 10% to the Community Pool and 10% to the Oracle Pool.
The implementation plan includes:
Updating the distribution logic in the ante handler.Adjusting the split parameters to reflect the new logic.Modifying proposal types and handlers for the new parameters.Writing unit tests for the ante handler to ensure compliance with proposal 12098.Creating an upgrade proposal handler to facilitate changes with a coordinated chain halt and adjust distribution parameters per proposal 12098.
Frag proposes to complete this work within 56 hours at a cost of $3600 in LUNC. The tasks involve development, local testing, unit tests, testnet rollout and coordination, and mainnet rollout and coordination. Frag is confident in completing the implementation by mid-July.

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