In the lead-up to the November United States Presidential elections, cryptocurrency emerges as a pivotal issue, influencing the political landscape and voter preferences.

A survey conducted by Harris Poll for Grayscale, which polled 1,759 U.S. voters aged 18 and older, underscores the increasing relevance of digital assets in the electoral context.

Voters’ Priorities and Candidate Stances

The survey revealed that a significant portion of the electorate, one in three voters, considers a candidate’s stance on cryptocurrencies crucial in their voting decisions.

Moreover, a substantial 77% of respondents believe that presidential candidates should possess a well-informed perspective on cryptocurrencies, reflecting a demand for political leaders to be knowledgeable about emerging technologies. The electorate appears divided on which political party leads in addressing digital asset issues.

The political significance of cryptocurrency is further highlighted by the evolving positions of key political figures. Former President Donald Trump, previously a vocal critic of Bitcoin during his tenure, has shifted his stance to endorse Bitcoin and support related crypto initiatives.

The Biden administration, too, has adapted its policies to be more favorable towards digital currencies. Other political figures, such as Robert F. Kennedy Jr., have also publicly supported the integration of cryptocurrencies.

The sentiments within the crypto community are mixed, with concerns particularly directed towards President Biden’s perceived stringent regulatory approach. Phillip Shoemaker, executive director of Identity.com, pointed out that many in the crypto community are apprehensive about the potential continuation of Biden’s presidency due to his administration’s tough stance on the crypto industry.

On the other hand, former President Trump’s positive rhetoric towards the industry has won him the support of many who prioritize cryptocurrency issues in their voting criteria. 

Crypto Landscape and Regulatory Sentiments 

Stephanie Vaughan, co-founder at Veda, noted the possibility of a shift in voter allegiance from Biden to Trump or third-party candidates among those dissatisfied with the current administration’s regulatory measures. Vaughan emphasized that a pro-crypto stance by any candidate could significantly influence U.S. and international regulations and legislation concerning digital assets.

Zach Pandl, head of research at Grayscale, highlighted that American voters across the political spectrum are showing increased interest in investing in crypto assets and are keen on supporting candidates who are well-versed in this sector. This interest is backed by a broad awareness of cryptocurrencies; the survey indicated that nearly all respondents (98%) had heard of Bitcoin, and a significant number were familiar with Ethereum’s Ether.

The survey also touched on the investment landscape, revealing that 17% of voters have invested in Bitcoin, closely aligning with traditional investment vehicles like bonds and surpassing those in exchange-traded funds (ETFs). Additionally, 24% of respondents expressed that the introduction of ETH ETFs would likely increase their willingness to invest in cryptocurrencies.

Furthermore, 44% of the voters believe that cryptocurrencies and blockchain technology will play a crucial role in the future of finance—an increase from the previous year. Despite this optimism, there is a strong call for more stringent government oversight, with 52% indicating that enhanced regulation would make them more inclined to invest in digital assets.

Source: Grayscale Demographics and Investment Trends

A substantial portion of the population, seven out of ten respondents, claims to have invested, with almost one in five (19%) holding cryptocurrency. This percentage is notably higher among men (23%), Black and Hispanic voters (26% and 32%, respectively), and younger voters (31% of Gen Z).

The survey also indicated that inflation has driven increased interest in cryptocurrency, with 40% of investors planning to include crypto in their future portfolios. Gen Z and Millennials, in particular, show a stronger inclination towards investing in cryptocurrency compared to traditional assets such as stocks and bonds, with 31% of Gen Z and 35% of Millennials having invested in crypto.

This latest poll shows a more significant segment of the voting population is interested in candidates’ views on crypto than a recent poll of swing-state voters, which reported this interest at 21%. This growing interest in cryptocurrency and blockchain technology among voters suggests that the topic will play a crucial role in shaping the political landscape in the upcoming elections.

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The Securities and Futures Commission (SFC) of Hong Kong has announced it will carry out on-site inspections of crypto trading platforms that are still in the process of licensing applications, as a key deadline approaches.

By June 1, 2024, all virtual asset trading platforms (VATPs) operating in Hong Kong must be either licensed by the SFC or deemed to be licensed temporarily until full compliance is achieved. Post-deadline, operating without the necessary licenses will constitute a criminal offense under anti-money laundering and counter-terrorism laws, according to the SFC.

Licensing Deadline Looms: SFC Scrutinizes Client Protection

During the next few months, as VATPs continue their licensing applications, the SFC will focus on-site inspections on ensuring these platforms comply with regulations, particularly in safeguarding client assets and adhering to know-your-client processes.

To date, OSL Digital Securities Limited and Hash Blockchain Limited are the only entities fully licensed by the SFC. Of the others, eighteen remain in the licensing process, while eleven have either withdrawn their applications or been removed, including notable exchanges OKX and Huobi Hong Kong.

The SFC has stressed that VATPs holding deemed-to-be licenses are not yet fully licensed and, therefore, cannot market their services or onboard new retail clients until they achieve full licensing status. Platforms found non-compliant during this interim period risk having their applications denied and may face additional regulatory actions, including a requirement to submit a plan for orderly business wind-down to protect client interests.

This stringent approach aims to ensure that only compliant and secure platforms operate within Hong Kong’s crypto market. Recent application withdrawals might be part of an effort by the SFC to streamline the process before the deeming arrangement takes effect. The decision to introduce on-site inspections highlights the SFC’s commitment to maintaining a robust regulatory environment for virtual asset trading.

Licensed Platforms and Application Withdrawals 

The SFC’s website currently lists OSL Digital Securities and Hash Blockchain as the only fully licensed VATPs. The regulator may update its lists on June 1 to reflect the number of deemed-to-be-licensed entities. The heightened licensing requirements come amid a rise in cryptocurrency-related scams in Hong Kong, prompting the SFC to warn about platforms impersonating the two licensed entities.

Hong Kong’s ambition to become a major crypto hub could face obstacles if many of the 18 applicants fail to meet this crucial deadline. The SFC has clarified that it does not expect applicants to market their services or onboard new retail clients before achieving full licensing. This cautious stance aims to protect investors and ensure only compliant platforms operate in the market.

Additionally, the SFC is considering allowing staking for Ethereum (ETH) exchange-traded funds (ETFs). Discussions with crypto ETF issuers about permitting staking through licensed services are ongoing, which could potentially provide investors with passive income opportunities. If approved, this regulatory change would place Hong Kong ahead of the United States, where staking for Ether ETFs is not yet permitted. 

Hong Kong’s Crypto Hub Aspirations: Challenges and Opportunities

The SFC launched six spot Bitcoin (BTC) and Ether (ETH) ETFs at the end of April, stirring activity in the Hong Kong crypto market. However, these spot exchange-traded products have recently experienced significant net outflows, with a notable increase on May 13, recording a net outflow of 519.5 BTC—a 420% rise from the previous Friday’s outflow of 99.99 BTC.

Of this total, ChinaAMC’s spot product accounted for more than 48% of the outflow, losing 251.65 BTC, followed by Harvest with a 147.86 BTC outflow, and Bosera HashKey with 119.99 BTC.

The regulatory landscape in Hong Kong is evolving as the SFC intensifies its oversight of crypto platforms. This increased scrutiny is part of the city’s broader efforts to establish itself as a major crypto hub while ensuring investor protection and market integrity. As the June 1 deadline nears, the outcome of these licensing applications will significantly influence the future of Hong Kong’s crypto industry. 

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In a significant development in the cryptocurrency world, the defunct Mt. Gox exchange has recently transferred $9.62 billion worth of Bitcoin into a new wallet, raising hopes among its creditors.

The consolidation involved 141,686 Bitcoin moved into the wallet “1Jbez” from various other cold wallets associated with the exchange.

Rehabilitation Trustee Confirms Repayment Plans

These movements are seen as a positive indication that users who have been unable to access their funds since 2014 might finally be repaid. The transfer represents the first on-chain movement of funds from Mt. Gox in over five years and aligns with the exchange’s plans to repay creditors by the end of October 2024.

Anndy Lian, an intergovernmental blockchain expert and author of “NFT: From Zero to Hero,” explained that the near $10 billion consolidation likely points to Mt. Gox’s intentions to repay its users. Lian remarked that this is the first movement of assets from Mt. Gox’s cold wallets in over five years and is likely part of the plan to distribute the assets back to creditors before the promised deadline of October 31, 2024.

Following these reports, Mt. Gox rehabilitation trustee Nobuaki Kobayashi confirmed that the consolidation is part of the exchange’s plans to start repaying creditors.

In a May 28 announcement, Kobayashi stated that the Rehabilitation Trustee is preparing to make repayment for the portion of cryptocurrency rehabilitation claims to which cryptocurrency is allocated. He requested that creditors wait for a while until the repayments are made, indicating that the current deadline might face further delays, as it was initially set in September 2023.

Over $9.4 billion worth of Bitcoin is owed to some of Mt. Gox’s creditors, who have been waiting to get their funds back for over ten years. Mt. Gox, which was one of the earliest cryptocurrency exchanges, once facilitated more than 70% of all trades within the blockchain ecosystem before its collapse in 2014 after multiple unnoticed hacks. 

Market Reacts to Potential Repayment 

The market’s response to the first batch of Mt. Gox transfers saw a dip in Bitcoin’s price by 2% on May 28, to a daily low below $67,500, before recovering to just above $68,000.

This dip is viewed as a sign of market pricing in a potential repayment by Mt. Gox. Lian noted that the market has reacted to these movements with a slight bearish sentiment, as Bitcoin’s price dropped around 2.1% to as low as $67,505 after the transfer. 

This reaction could be due to expectations of selling pressure from the creditors once they receive their repayments. Despite the slight price dip, Lian emphasized that a potential repayment would resolve one of the most pressing, long-standing issues in the crypto industry. 

Mt. Gox’s Rise and Fall

Mt. Gox, originally established as a trading card website, transformed into one of the first and largest cryptocurrency exchanges by 2010, facilitating over 70% of global Bitcoin transactions at its peak. However, the company’s initial success was marred by a significant hack in 2011, where attackers exploited security vulnerabilities, leading to the theft of around 25,000 BTC. Despite this, Mt. Gox continued operations and grew exponentially.

The platform’s security issues persisted, and in February 2014, Mt. Gox suspended all trading, closed its website, and filed for bankruptcy protection. The company announced that approximately 850,000 BTC (valued at around $450 million at the time) had been lost, allegedly due to theft over a prolonged period. This staggering loss affected around 127,000 creditors, including individual investors and institutional entities.

Investigations revealed that the exchange had been suffering from security breaches and mismanagement for years, with some accusations pointing towards internal fraud. The fallout from the collapse sparked significant controversy and legal battles. The CEO, Mark Karpelès, was arrested in Japan in 2015 on charges including embezzlement and data manipulation, further highlighting the company’s internal turmoil.

The Mt. Gox bankruptcy proceedings have been prolonged and complex, with creditors still seeking restitution. In 2018, a rehabilitation plan was approved to redistribute the remaining assets to creditors. The Mt. Gox incident underscored the need for stronger security measures and regulatory oversight in the burgeoning cryptocurrency market, serving as a cautionary tale for investors and exchanges alike. 

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A U.S. District Court judge has imposed a 7.5-year prison term on Ryan Salame, the former co-CEO of FTX Digital Markets, following his guilty plea to two felony offenses.

This marks a pivotal moment in the legal repercussions of the FTX collapse, which was previously among the globe’s leading cryptocurrency exchanges.

The Sentencing and Charges

Judge Lewis Kaplan of the Southern District of New York delivered the sentence on May 28, recognizing Salame’s participation in a conspiracy to run an unlicensed money transmission business and commit campaign finance fraud. In September 2023, Salame conceded to these charges and has been embroiled in legal procedures ever since.

While prosecutors sought a sentence of up to seven years, acknowledging Salame’s significant involvement in the misappropriation of FTX user funds and fraudulent activities associated with Michelle Bond’s congressional campaign, his defense advocated for a mere 18-month term. They argued that Salame played a lesser role in the wider conspiracy and presented a minimal risk of recidivism.

Other Key Figures in the FTX Collapse 

Salame’s sentencing follows the high-profile conviction of FTX founder Sam Bankman-Fried, making him the second major figure from the FTX saga to be sentenced.

Other key executives, including former Alameda Research CEO Caroline Ellison, former FTX engineering director Nishad Singh, and FTX co-founder Gary Wang, have also pleaded guilty to various charges and have cooperated with prosecutors in Bankman-Fried’s trial. Their sentencing dates had not been confirmed at the time of publication.

Since his guilty plea, Salame had been released on a $1 million bond. As part of his plea agreement, he is required to pay approximately $6 million in penalties to the U.S. government and an additional $6 million to FTX debtors.

He will also surrender two properties and a business as part of the forfeiture process. However, court filings indicate that Salame might retain ownership of a 2021 Porsche, which lacks sufficient equity for forfeiture. 

Source: rsalame7926 The Downfall of FTX

FTX, once a leading cryptocurrency exchange, experienced a dramatic downfall in late 2022. The company’s troubles began when reports surfaced of significant financial mismanagement and fraudulent activities. FTX had been using customer funds to cover risky bets made by its sister company, Alameda Research, also founded by Sam Bankman-Fried.

The crisis deepened when a leak revealed that a large portion of Alameda’s assets were tied up in FTT, a token issued by FTX. This revelation triggered a crisis of confidence, leading to a massive withdrawal of funds by customers. Within days, FTX was unable to meet the demand for withdrawals, exposing a severe liquidity crisis.

Salame played a notable role in the downfall of FTX by reporting the company’s fraudulent activities to the Securities Commission of the Bahamas on November 9, 2022, just days before Bankman-Fried resigned as CEO and the company filed for bankruptcy. Bankman-Fried was subsequently extradited to the U.S., where he faced trial and was convicted on seven felony counts.

On November 11, 2022, FTX filed for bankruptcy, and Bankman-Fried resigned as CEO. The bankruptcy filing disclosed that FTX owed billions of dollars to its creditors and had a substantial shortfall in its assets. The collapse of FTX sent shockwaves through the cryptocurrency market, leading to a significant drop in the value of various cryptocurrencies and eroding investor trust.

Subsequent investigations revealed extensive fraud, misuse of customer funds, and poor corporate governance. Several key executives, including Bankman-Fried, were charged with various financial crimes. Bankman-Fried’s trial culminated in his conviction on multiple felony counts, resulting in a 25-year prison sentence.

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A member of the Dogecoin and X teams, known as “DogeDesigner” (@cb_doge), issued an important reminder to the Dogecoin community regarding Tesla’s cryptocurrency acceptance policy. 

Amid frequent cases of scammers spreading misleading information about Tesla’s stance on cryptocurrencies, @cb_doge emphasized that the electric car manufacturer currently accepts payments exclusively in Dogecoin. This clarification was shared via a tweet on May 27, 2024, to address ongoing confusion and prevent potential scams.

Tesla only accepts one cryptocurrency, and that's Dogecoin.Let that sink in. pic.twitter.com/pbAFBcvyWe

— DogeDesigner (@cb_doge) April 27, 2024

Tesla’s acceptance of Dogecoin as a payment method was first introduced in January 2022, when Elon Musk announced that the company would begin accepting the meme cryptocurrency as an experiment. Since then, Tesla’s online store has enabled users to purchase merchandise, including items like the “Giga Texas” belt buckle and the Tesla Cyberwhistle, using Dogecoin. 

Following Tesla’s lead, SpaceX also started accepting Dogecoin for its merchandise. In May 2024, Dogecoin was officially added as a payment option on Tesla’s website, further solidifying its role in the company’s payment ecosystem.

During a recent visit to the Berlin Gigafactory, Elon Musk reiterated his support for Dogecoin, suggesting that Tesla might consider selling its electric cars for Dogecoin in the future. This statement was well-received by the Dogecoin community, with many expressing excitement and anticipation for the potential expansion of Dogecoin’s use within Tesla’s operations.

Musk also addressed rumors about the creation of a native cryptocurrency for his companies. He confirmed that neither X, Tesla, nor any other companies he runs have plans to release their cryptocurrency, dispelling ongoing speculation about the introduction of an “X coin.” This reaffirmation is crucial for maintaining transparency and trust within the crypto community and among Tesla’s customer base.

Dogecoin Faces Critical Resistance Levels

Dogecoin’s market performance has been under scrutiny, particularly regarding its ability to break through resistance levels. Crypto analyst Ali Martinez highlighted that DOGE is encountering a critical resistance zone between $0.166 and $0.171. This zone is of particular importance as it is supported by 75,500 addresses holding nearly 10 billion DOGE collectively. Overcoming this barrier could potentially lead to a substantial increase in DOGE’s price, with the next key resistance level projected at $0.322.

#Dogecoin is encountering significant resistance between $0.166 and $0.171, where 75,500 addresses have acquired nearly 10 billion $DOGE . However, once this barrier is overcome, #DOGE has the potential to double, with the next key resistance around $0.322 pic.twitter.com/p02Cks63EI

— Ali (@ali_charts) May 28, 2024

Martinez’s analysis underscores the challenges DOGE faces in maintaining upward momentum. The concentration of holdings within the $0.166 to $0.171 range indicates that many traders are currently holding their positions, creating a formidable barrier for the price to surpass. If DOGE manages to break through this resistance zone, it could trigger a bullish trend, potentially leading to a doubling in price.

Recent Market Performance of Dogecoin

As of press time, Dogecoin was trading at $0.164, marking a 4.56% decrease over the past 24 hours, according to CoinMarketCap data. Despite this recent decline, DOGE has demonstrated resilience over the past month, posting a gain of 10.88%. The 24-hour trading volume for Dogecoin has surged by 14%, reaching $1.45 billion. This increase in trading volume indicates heightened interest and activity in the DOGE market, reflecting its popularity among both retail and institutional investors.

Dogecoin’s recent performance has garnered considerable attention within the cryptocurrency community. Known for its meme-inspired origins and community-driven nature, DOGE has become a favorite among investors, partly due to endorsements from high-profile figures like Elon Musk. Its low transaction fees and strong community support continue to bolster its appeal, even amid fluctuating market conditions.

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PEPE, a meme coin themed around the infamous frog, has soared to unprecedented heights. 

Meanwhile, its recent surge has caught the attention of investors and enthusiasts alike, as it defies expectations and outperforms several major digital assets. 

Meme coins, once regarded as a novelty within the crypto space, have steadily gained traction and credibility in recent times. Alongside the surging popularity of Bitcoin, Ethereum, and other established cryptocurrencies, meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and now PEPE have demonstrated remarkable resilience and growth. This trend coincides with the approval of Spot Bitcoin Exchange Traded Funds (ETFs) earlier in 2024, signaling a broader acceptance of digital assets in mainstream finance.

PEPE’s Meteoric Rise and On-Chain Metrics

The meteoric rise of PEPE is not merely a product of speculation but is backed by robust on-chain metrics. Data from Santiment, a crypto intelligence tracker, reveals a significant uptick in PEPE’s active addresses and social dominance between May 20 and 27. During this period, active addresses nearly doubled, indicating heightened user engagement, while social dominance reflected a growing presence in crypto discussions on social media platforms.

Moreover, the supply of PEPE on exchanges has remained relatively stable. This suggests that selling pressure on PEPE is subdued, potentially paving the way for further price appreciation. With bullish on-chain metrics and growing investor interest, PEPE appears poised to extend its gains in the near term.

Technical Analysis and Price Outlook

From a technical standpoint, PEPE has been on an upward trajectory since April 14, forming higher highs and higher lows along the way. However, a recent analysis by Crypto Patel highlights a concerning development for the meme coin. 

According to Patel, PEPE breached a crucial support level, triggering a notable price decline. The breakdown was accompanied by increased trading activity, indicating strong selling pressure in the market.

Source: Crypto Patel

Despite the setback, PEPE’s current price remains relatively resilient at $0.000016 , representing a modest decline of 4.23% over the last 24 hours, according to CoinMarketCap data. However, on a weekly basis, PEPE has surged by an impressive 25.31%, underscoring its volatile nature. With a circulating supply of 420 trillion PEPE, the coin’s market capitalization stands at $6.7 billion, solidifying its position as a prominent player in the crypto market.

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On May 26, a series of hacks compromised several X accounts belonging to crypto influencers and celebrities, promoting various coins and causing short-lived price surges. One prominent target was GCR, whose account was hacked and used to post promotional content for ORDI and Luna 2.0. 

This led to brief price increases of over 5% for ORDI and an astonishing 274% for Luna2.0. The analyst noted that the hacker’s choice of promoting ORDI, which has a market cap of $856 million, was less effective for potential gains than a microcap coin. The incidents highlighted vulnerabilities in account security within the crypto community. 

The GCR X Account Hack

On May 26, the X account of GCR, boasting over 247,900 followers, was compromised. The hacked account posted promotional content for ORDI and Luna2.0, leading to brief price increases of 6% for ORDI and an astonishing 274% for Luna2.0. This incident is part of a more significant wave of attacks on celebrity X accounts, as suggested by the crypto community. 

Bitcoin developer Udi Wertheimer indicated that GCR had previously warned of an ongoing operation targeting high-profile Twitter accounts. With niche celebrities launching meme coins and platform engineers potentially unavailable during long weekends, heightened vigilance is recommended.

Rich The Kid Persuades Followers to Buy RICH

American rapper Rich The Kid’s X account, with 2.3 million followers, posted a link encouraging the purchase of a new token called “RICH,” created using the Solana-based meme coin tool pump.fun. Within two hours of its launch, RICH achieved a market cap of $90,000. 

Although there has been no official confirmation of a hack on Rich The Kid’s account, the promotional post for the token has since been removed.

Caitlyn Jenner or a Deepfake Video

The X account of American media personality Caitlyn Jenner recently endorsed a new meme coin called “JENNER,” which has quickly amassed a market cap of $27.1 million within approximately eight hours of its launch, as reported by DEX Screener.

Debate within industry circles has arisen regarding the authenticity of a promotional video featuring Jenner endorsing the coin, with some speculating it might be a deepfake. However, both Jenner and her manager, Sophia Hutchins, have affirmed the legitimacy of the posts and videos. 

Furthermore, the promotion of the JENNER coin extended to Jenner’s Instagram accounts, with Hutchins subsequently hosting an X space on Jenner’s account to reiterate the absence of any deepfake involvement.

In the video, Jenner directly addressed her 3.3 million X followers, affirming the authenticity of the cryptocurrency promotion and urging swift action: “Yes, this crypto on my account is real. If you wanna get in on this, get in a hurry, OK, get in right now.”

The JENNER token’s launch also occurred on pump.fun. Notably, the crypto wallet shared by Jenner matches that of adult content creator Kazumi, who was also purportedly hacked while endorsing the coin “ZUMI” on May 20.

Industry pundits have raised concerns regarding the alleged ties between JENNER and other tokens like RICH, DOLL, and SOULJA. However, Hutchins asserted that Jenner’s team was unaware of such associations when questioned in the X spaces.

Trending Coin 5thScape Attracts Crypto Whales 

While hackers have targeted crypto influencers and celebs X account for exponentially increasing the value of crypto coins, 5thScape stands different. It is the first AR/VR-based crypto ecosystem with hyper-realistic games and educational resources. 

Crypto whales aim to make the most underrated investments and be mum until they come out quite profitable. Yet sources suggest that owing to its potential and 14-5% price appreciation usually, they are looking forward to it. 

>>Click Here to Visit 5thScape Presale Page

The 5thScape ecosystem’s 5SCAPE utility and transaction coin is presently in the presale phase. It will bring a whole VR environment, several VR associate games, and cutting-edge accessories, including chairs and headsets.

Besides, the trending AR/VR Coin has already raised $6.1 million within its first preliminary phase, demonstrating its huge potential. Token holders can purchase games using 5SCAPE tokens, which are further beneficial for in-game purchases, subscriptions, and other products in the 5thScape universe. 

It has a vast ecosystem support, wherein its scope extends beyond gaming. Crypto analysts also reveal that early investors would reap 600x profits by 2025.  Additionally, token buyers will receive many advantages, such as:

Exclusive discounts on products and content 

Free access to hyper-realistic games 

Preliminary access to a VR ecosystem 

Dual earning opportunities through the Play to Earn ecosystem and coin trading 

Analysis Suggests 5thScape Price Prediction in 2024

The recently announced 5thScape project is currently in the presale phase and has shown exponential price increments since then. This project is progressing with developing two important virtual reality sports games while offering teasers for three more. Soon, it will begin producing the third one.

The study indicates that between 2022 and 2025, the VR market will increase by about 22.91% annually. The moment is suitable for investors to seize the 5SCAPE token to control the market and create a robust ecosystem and community. Furthermore, it is predicted that the VR gaming business will expand even faster, with a 36% compound annual growth rate (CAGR) between 2023 and 2030.

Our forecast for the 5thScape price in 2024 is an average of $0.0107 and a high of $0.0109, with a low of $0.0045 when early presale investors take profits.

The Final Verdict

The crypto influencers and celeb X account’s hack underscores the vulnerabilities inherent in account security within the crypto space. It highlights the need for greater vigilance among both influencers and their followers. 

As hackers continue to adapt their tactics and exploit emerging trends, exercising caution when engaging with cryptocurrency promotions is imperative. 

This would help safeguard you against potential risks and mitigate the impact of future attacks. Amidst the chaos, what stops you from seizing the opportunity to invest in 5SCAPE for maximum profits? 

The post 3 Celebrities Fall Victim of Account Hacking While 5thScape Attract Crypto Whales appeared first on Coinfomania.

The trading volume of XRP has seen a substantial increase, rising by 40% over the past 24 hours. This surge brought the total spot market volume to $794 million, according to data from CoinMarketCap. 

Furthermore, CoinGlass reported a 56.94% increase in the volume of XRP derivatives trading, particularly perpetual futures, reaching 938,508,249 million. Consequently, the combined trading volume of XRP for the period stands at an impressive $1,097,021,913 billion.

This significant rise in trading volumes is occurring as XRP approaches the critical $30 billion mark in market capitalization. Currently, XRP’s market cap is at $29.32 billion, just 2.26% short of reaching this pivotal threshold. Notably, XRP has previously approached this mark but has yet to maintain its position above it.

The increased trading volume indicates heightened interest from market participants. Despite this, the ratio of market capitalization to trading volume is at 4.66%, which is within the normal range of market activity. If XRP’s market capitalization exceeds $30 billion, it could place the token among the top 600 largest entities globally. The renewed interest and trading activity raise the question of whether XRP can solidify its position above the $30 billion mark.

On-Chain Metrics and Holder Behavior

Over the past ten days, XRP holders have consistently realized losses totaling nearly $20 million, as tracked by the Network Realized Profit/Loss metric on Santiment. This metric helps identify the net profit or loss realized by holders of an asset on any given day. The realization of these losses indicates capitulation, which could lead to a price recovery and a breakout from the current consolidation phase.

Social dominance, a metric that measures XRP’s share in crypto-related discussions, has remained relatively stable. It recorded 1.46% on May 19 and 1.51% on May 28. This stability suggests that despite the price fluctuations, XRP remains a relevant topic among market participants.

Technical Analysis: Potential for Further Gains

XRP has been in an uptrend since April 18, consistently forming higher highs and higher lows. The altcoin is currently attempting to flip the $0.5310 resistance level into support. This level is significant as it represents the 50% Fibonacci retracement of the decline from the April 9 peak of $0.6431 to the April 13 low of $0.4188. If XRP succeeds in this, it could extend its gains by nearly 7%, targeting $0.5703, the high observed on May 6 and April 22.

Source: TradingView

The Moving Average Convergence Divergence (MACD) indicator supports this potential upward movement, with green histogram bars above the neutral line indicating underlying positive momentum. Additionally, the Relative Strength Index (RSI) stands at 50.23, suggesting bullish momentum in the altcoin.

While XRP shows promise of continued gains, a correction remains a possibility. Should this occur, XRP might sweep liquidity at the May 23 low of $0.5027 and find support at $0.4866, a level that has served as a support point for over a month. The outcome of the ongoing SEC vs. Ripple lawsuit also remains a crucial factor, with potential implications for XRP’s price and market position.

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A renowned XRP whale has been making headlines recently, constantly moving substantial amounts of XRP coins to a particular centralized exchange. While the identity of this entity remains in question, his continuous transactions have echoed speculations and discussions across the crypto community.

Even though XRP investors are hopeful for an imminent price movement to the $1 zone, the steady offloading of huge amounts of the coin by huge investors throws the possibility in the balance. Also, following the large dump, the price of the coin has reacted negatively, dropping by almost 1% in the last 24 hours.

Whale Transfers 29 Million XRP Coins to Bitstamp

In a significant development, WhaleAlert, a popular cryptocurrency large transaction tracker, has reported a notable movement of XRP from a wallet address to the Bitstamp exchange. According to the update, the whale transferred exactly 28,600,000 XRP to the Luxembourg-based CEX about 13 hours ago from press time. The total value of this transaction is worth a staggering $15,366,977 ($15.3 million).

28,600,000 #XRP (15,366,977 USD) transferred from unknown wallet to #Bitstamphttps://t.co/hPrnRaAAoG

— Whale Alert (@whale_alert) May 27, 2024

Meanwhile, upon further check, it was revealed through on-chain data the identity of the address is the known r4wf7…4Rzn. This particular wallet address has moved millions of XRP to the aforementioned exchange over the past couple of months. Just recently, it was reported by Coinfomania that the same address shifted 32 million XRP coins to the same exchange, sparking conjecture within the crypto community.

It is important to note that this whale began the series of XRP transfers to the Bitstamp exchange shortly after the blockchain giant Ripple acquired an undisclosed stake in the exchange company. Hence, guesses about a possible connection between the entity and Ripple Labs have been brought into question.

Moreover, this transaction comes amid a prediction by crypto expert analysts of a possible XRP price surge to the $1 level. According to a popular crypto analyst, Egrag Crypto, XRP is likely to trade between $1.2 and $1.5 in the coming weeks. Also, another analyst known as Dark Defender has predicted that a potential break above the $0.6 sets the ground for an upward rally to the coveted $1 mark. With the continuous transfer dumps by XRP whales, the possibility of these predictions coming to pass imminently is questioned.

XRP Price Reaction Amid Massive Dump

Data from CoinMarketCap paints a clear picture of the price movement of the coin following this development. According to the data, XRP has declined by 0.7% to trade at $0.5264. However, its trading volume over the last 24 hours has skyrocketed by 42.7% to $1.11 billion, with a live market cap of $29.1 billion. Also, XRP has traded between the lows and highs of $0.5214 and $0.5401 in the last 24 hours.

According to Coinglass statistics, there was increased trading activity for XRP, while investor interest was decreased, possibly as a result of speculative trading. While XRP’s derivatives volume surged 92.98% to $983.60 million, its overall investment (OI) decreased by 0.16% to $613.23 million.

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The global memecoin market has experienced a rally over the last day, with the price of the majority of the tokens trading in the green zone. Investors who favor this sector in the crypto market are calling it the memecoin season as this category looks to be one of the most attractive at the moment.

Coins like Dogwifhat, Shiba Inu, Pepe, FLOKI, BONK, and others have recorded impressive gains in the last 24 hours, further fueling the speculation of a further upward trend in this sector. The general memecoin market cap jumped by 6% earlier today to touch $68.2 billion, however, at the time of writing, the value has now dropped to $63.4 billion, still maintaining a 0.45% rise.

Dogwifhat (WIF) Sees 14% Surge

Meanwhile, Dogwifhat (WIF), the trending memecoin launched on November 20, 2023, has continued to impress investors since its inception. Against the backdrop of the broader memecoin market rally, the tokens’ value surged by a notable 14% within the last day to reach $3.42. However, the price of the token has dropped a little to $3.23 at the time of writing, signifying a 5.01% increase.

Source: CoinMarketCap

At the time of the surge, Dogwifhat (WIF) briefly entered the top 30 largest cryptocurrencies by market cap list, beating other tokens like Filecoin (FIL), Kaspa (KAS), and Cosmos (ATOM). Nevertheless, it has since dropped in position, now resting at the #35 spot with a live market cap of $3.2 billion and a 24-hour trading volume of $1.13 billion.

Recall that WIF reached its all-time high of $4.83 about 2 months ago on March 31 during the last memecoin rally. Since then the price of the token has dropped by 33% according to data from CoinGecko. In the last 24 hours, WIF has traded between the lows and highs of $3.08 and $3.43.

Memecoin Market Rally

As earlier stated, the global memecoin is experiencing a rally, printing gains for investors. Top coins like Floki (FLOKI) have spiked by 11% over the last 24 hours along with a 101% surge in its trading volume. At press time, FLOKI is trading at $0.0002739 with a live market cap of $2.6 billion.

Other coins like BONK also surged by 5% during the rally with a 51.2% increase in its 24-hour trading volume. At this time, BONK is changing hands at $0.00003829 with a live market cap of $2.5 billion.

Cat in a Dos World (MEW) coin has recorded the most impressive growth at this time. CoinMarketCap data shows that the price of the token is currently up by 19% to trade at $0.003886. What is more, MEW the 24-hour trading volume has skyrocketed by 292% to $117.8 million with a live market cap of $345.3 million.

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LBank, a global crypto exchange has announced that it will list K9 Finance DAO (KININE) as a tradeable asset in the innovation zone. The update has sent excitement across the Shiba Inu ecosystem as this marks a major milestone in the lifecycle of the recently launched token.

Reacting to this, the Shiba Inu team has extended congratulations to the KNINE team and also applauded them for bringing more value to the Shiba Inu ecosystem.

LBank Extends Support for KNINE

In a recent post on X (formerly Twitter), LBank, a Hong Kong-based global cryptocurrency exchange, informed its users that it has introduced the K9 Finance DAO project on its platform. Consequently, users can now trade the asset against the USDT stablecoin (KNINE/USDT).

According to the announcement on its official website, deposits for KNINE will commence at 12:00, on May 27, 2024 (UTC). Furthermore, trading will also start at the same time. Moreover, users can start withdrawals the following day, May 29 at 12:00 (UTC).

New #listing $KNINE (K9 Finance DAO) will be listed on LBank！@K9financeK9 Finance DAO is the official liquid staking solution for Shib and the Shibarium blockchain. Details: https://t.co/H6bMmDCc5J pic.twitter.com/ae8B7hKD9u

— LBank.com (@LBank_Exchange) May 27, 2024

KNINE, a stake-to-earn token was launched on March 7, 2024, as the official liquid staking solution for Shib and the Shibarium blockchain. Users can stake KNINE to earn all the revenue from the liquid staking product and DAO. Meanwhile, introducing KNINE to the centralized exchange LBank comes just days after the token was listed on the Dubai-based CoinW exchange.

These two major listings are strategic moves to increase the tokens’ accessibility and visibility within the crypto ecosystem. The performance of the KNINE token in the market is expected to be significantly impacted by its listing on both exchanges. By becoming more accessible in a significant market, KNINE should see an increase in investor interest and improved liquidity.

Shiba Inu Team Reacts

Meanwhile, following the announcement by LBank, the Shiba Inu team took to its official X account to extend congratulations to the KNINE project. The listing has excited the broader Shiba Inu community, popularly called SHIB Army. In the post, the team expressed it as “another win for adoption,” stating that the new development will bring more value to the Shiba Inu ecosystem.

This major recognition and endorsement by the Shiba Inu team highlights the importance of the token to the ecosystem. At this time, KNINE is the only liquid staking provider on Shibarium with a deep advisory relationship in the Shiba Inu ecosystem.

K9 (KNINE) Price Amid Major Listing

The major listing of KNINE on the aforementioned crypto exchanges has had some impact on the price of the token. Following the update, the price of the token surged by 13%. However, according to fresh data from CoinMarketCap, the price of KNINE dropped significantly after the spike and is now up by 0.32% to trade at $0.000025.

What is more, the trading volume recorded over the past 24 hours has also been impacted. Per the data, it has jumped by 43.5% to $732,000. As a result, KNINE now has a live market cap of $3.3 million. Investors are closely watching the price movement to see how it reacts in the long term, with hopes of more exchanges extending support to the new project.

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The team behind Base memecoin Normie (NORMIE) is currently negotiating with a hacker to recover 90% of the funds stolen due to a smart contract vulnerability, which led to a $41.7 million plunge in the token’s market cap within three hours.

Blockchain analytics firm Lookonchain was among the first to identify the exploit and the hacker’s subsequent offer through an on-chain message to Normie’s deployer address on May 26.

The Hacker’s Offer and Conditions

Following the exploit, Normie accepted the hacker’s offer to return 90% of the stolen tokens, despite the token’s price having already fallen by 96%. The agreement hinges on Normie using the stolen funds, along with $2.3 million from the team’s development wallet, to launch a new token to reimburse NORMIE holders. Additionally, the hacker requested no reprisals in a subsequent on-chain message.

The Normie team confirmed the need for a re-launch, stating it would occur after recovering their main Twitter account and securing the funds from the exploiter. However, their temporary Twitter account was also suspended shortly after these statements.

The hacker insisted on strict conditions, emphasizing that the re-launch must happen before the funds are returned. They noted that the development wallet had significantly profited during the exploit, and they had no other means to ensure the proper use of those funds.

In the wake of the hacker’s offer, X was flooded with fake Normie posts falsely announcing the relaunch of the new token, aiming to deceive people into clicking on fraudulent links. “Dinho,” an administrator of the official NORMIE Telegram group, could not confirm when token holders might recover their stolen funds, and his X account was also suspended. 

Normie exploiter message. Source: Lookonchain The Wider Impact on Holders and the Memecoin Market

NORMIE’s price began to fall at 3:55 am UTC on May 26, plummeting over 92% to $0.0032 within an hour, according to CoinGecko. It fell to 99.5% within two and a half hours, and despite a brief price spike to $0.019, it continued to decline to $0.0016 at the time of writing, marking a 96% fall. The market cap bottomed out at $200,000 after falling from $41.9 million but has since seen a slight recovery.

According to the team behind the blockchain scam detector tool Quick Intel, 72,000 NORMIE holders were affected by the smart contract vulnerability, initially discovered in March. One trader, in particular, lost over $1 million worth of digital assets due to the exploit. The trader had spent $1.16 million to buy 11.23 million Normie memecoins but saw his investment fall over 99% to just $150, as reported by Lookonchain on May 26.

Normie was launched during a memecoin mania on Base in March 2024, achieving a peak market cap of $130 million on April 2, according to CoinGecko. A recent investigation revealed that 91% of Base memecoins possess vulnerabilities that could expose users to significant losses. 

Resilience in the Memecoin Market

Despite the unfortunate incident with Normie, the memecoin market remains active, with traders continuing to invest in animal-themed cryptocurrencies. Frog-themed memecoin Pepe, for example, reached a new all-time high of $0.00001718 on May 27, rising over 75% in the past week.

Although memecoins lack intrinsic utility and are among the most volatile digital assets, some traders have managed to profit significantly. Two weeks ago, a Pepe trader turned $3,000 into $46 million by trading the memecoin, making an over 15,718 times return on their initial investment, buoyed by the resurgence of the GameStop saga.

Despite the risks inherent in the memecoin market, it continues to attract traders drawn by the potential for high returns. This ongoing interest highlights the volatile and speculative nature of memecoins, where significant gains and losses can occur rapidly. 

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In a recent development within the cryptocurrency sector, Bitget, a prominent crypto exchange and Web3 company, appointed Gracy Chen as its new CEO.

This appointment marks a significant stride toward diversifying leadership in an industry that is predominantly male-dominated, particularly at the executive level. Chen, who takes over from Sandra Lou, brings a wealth of experience from her extensive career both within and outside the Web3 sphere.

Bitget’s Position in the Global Market

Bitget stands as a major player in the global cryptocurrency market, boasting a user base of 25 million. It is recognized as one of the top five futures trading platforms and ranks within the top ten for spot trading, with operations extending across over 100 countries. As the sole female CEO among the top-tier crypto exchanges, Chen views her position not only as a profound honor but also as an opportunity to introduce a broader perspective to the industry.

During an interview, Chen expressed her belief that female business leaders often adopt a more collaborative approach, which is vital in the cryptocurrency domain. Her vision for Bitget includes a strong focus on compliance across the various regions it serves, promoting sustainable growth in emerging markets, and supporting initiatives aimed at empowering women and youth within the industry. This includes mentorship programs and networking events specifically designed to foster inclusion and diversity.

One of the notable projects launched under her leadership is the $10 million #Blockchain4Her initiative, aimed at uplifting women in the blockchain space. This initiative focuses on providing tailored educational programs, workshops, and mentorship opportunities specifically for women, thereby fostering an environment of support and growth. 

Promoting Women in Leadership

Chen proudly notes that over half of Bitget’s managerial roles are filled by women, reflecting the company’s commitment to promoting women-led initiatives. She argues that Bitget’s success is a testament to what companies led by women can achieve. Additionally, she highlighted a forthcoming incubation program tailored specifically for female entrepreneurs. This program is designed to help women showcase their innovations and attract potential investments.

Moreover, the B4H Ambassador Program recently welcomed three influential women: Tess Hau, founder of Tess Ventures; Yevheniia Broshevan, co-founder of Hacken; and Cecilia Hsueh, CEO of the Layer-2 ecosystem project Morph. Their involvement is expected to further enrich the program’s impact and reach.

Chen’s strategy extends beyond promoting diversity. In her previous role, she focused on expanding the user base and enhancing user experience, and she plans to continue these efforts by developing a strong international presence for Bitget. She emphasized that security and compliance are critical areas of focus, which have been bolstered by localized marketing strategies that have significantly helped in building trust among users. 

Source: GracyBitget Adapting to a Dynamic Industry

Recently, Bitget made strides in regulatory compliance, obtaining licenses in Poland and Lithuania, and is exploring similar opportunities in other regions. In an effort to broaden the utility of cryptocurrencies, Bitget launched the “Bitget Card” in collaboration with Visa. This crypto-backed credit card enables users to employ their digital assets beyond mere investment purposes, an initiative Chen plans to expand upon.

The overarching vision of Bitget under Chen’s leadership also involves investing in blockchain education to prepare the next generation for a tech-centric future.

This aligns with industry-wide initiatives such as the Blockchain 4 Youth program, which has already engaged thousands of participants through lectures and workshops globally. Chen believes in the transformative potential of blockchain technology and is committed to fostering a blockchain-based future that catalyzes innovative solutions, driving acceptance of this burgeoning technology.

As the cryptocurrency landscape continues to evolve, Chen underscores the importance of adaptability and continuous learning—qualities she considers essential for thriving in this dynamic industry. With nearly 94% of all crypto buyers being Millennials and Gen Z, according to data from Stilt, the future of cryptocurrency seems increasingly intertwined with the tech-savviness of younger generations, a demographic shift that leaders like Chen are keen to harness.

The post Gracy Chen’s Strategy as Bitget CEO to Revolutionize the Male-Dominated Cryptocurrency Sector appeared first on Coinfomania.

The Open Network (TON) has achieved a remarkable milestone, with its total value locked (TVL) surpassing $320 million, according to DeFiLlama. 

This growth marks an increase from $23 million in early March, showcasing a surge of over 1278%. The impressive rise in TVL is largely attributed to the launch of the Open League initiative, which has successfully incentivized user engagement with decentralized applications within the TON ecosystem.

The Open League program aims to distribute 30,000,000 Toncoin (TON), the platform’s native token, among its users. This initiative has driven substantial participation, contributing significantly to the network’s TVL. The blockchain first hit the $100 million milestone in April, and subsequently surpassed $200 million on May 6, 2024, before reaching the current figure.

Role of Decentralized Applications

Decentralized exchanges and liquid staking projects have played a crucial role in TON’s TVL growth. Platforms such as Ston.fi and Dedust, along with staking projects like Tonstakers and bemo, have garnered considerable user interest. These applications have attracted and retained users, contributing to the steady increase in locked value on the TON blockchain.

The rise in TVL underscores the growing influence of TON and the effectiveness of its ecosystem initiatives. Despite the significant increase in TVL, the network’s token, TON, has maintained relative stability in its market value. Over the past week, TON has traded around the $6 mark, with a current value of approximately $6.38, reflecting a modest 0.23% increase.

In addition to the surge in TVL, TON has recorded several noteworthy achievements since its launch. Developed in collaboration with Telegram, TON became the world’s fastest blockchain in November 2023, achieving a speed of 104,715 transactions per second. This accomplishment underscores the network’s technological capabilities and its potential for high transaction throughput.

2/ On Oct 31, 2023, #TON officially became the world’s fastest and most scalable #blockchain, hitting 104,715 transactions per second! Validated and confirmed by @CertiK https://t.co/CPASNEclnc

— TON (@ton_blockchain) November 3, 2023

Moreover, TON has entered the ranks of the top ten cryptocurrencies globally, with a market capitalization of $20.8 billion. This milestone highlights the network’s growing prominence in the cryptocurrency space. 

Additionally, the protocol has raised $504 million in funding, with investments from prominent entities such as Pantera Capital. The US-based crypto venture capital company recently announced an undisclosed investment in TON, further bolstering the network’s financial foundation.

Partnerships and Collaborations

TON has also secured partnerships with key industry players to enhance its offerings and expand its reach. In April, the TON Foundation, responsible for overseeing the network’s management, collaborated with Hong Kong’s HasKey Group. This partnership aims to improve access to fiat on- and off-ramps for Telegram wallet users, facilitating smoother transactions between fiat and cryptocurrency.

Other notable partners of TON include crypto exchanges KuCoin and MEXC, as well as stablecoin issuer Tether. These collaborations are expected to enhance liquidity and trading options within the TON ecosystem. Additionally, the network has partnered with MoonPay, Transak, DWF Labs, and FireBlocks, further strengthening its infrastructure and service offerings.

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Argentina is collaborating with El Salvador to gain insights from its pioneering adoption of Bitcoin and other cryptocurrency activities.

This initiative is spearheaded by Argentina’s National Securities Commission (CNV), which recently held a meeting with El Salvador’s National Commission of Digital Assets (CNAD) to discuss crypto adoption and regulation strategies in both countries.

Key Meeting on Crypto Adoption

The meeting, held on May 23, featured key officials including CNV president Roberto Silva, CNV vice president Patricia Boedo, and CNAD president Juan Carlos Reyes. The primary focus was on El Salvador’s experience as the first country to adopt Bitcoin as legal tender in September 2021. The officials exchanged ideas and approaches regarding cryptocurrency use in global economies, with a particular emphasis on El Salvador’s Bitcoin initiative.

President Silva of the CNV highlighted El Salvador’s leadership not only in Bitcoin adoption but also in the broader cryptocurrency sector. He underscored the valuable industry insights provided by CNAD, which oversees and regulates El Salvador’s digital asset market. Silva expressed Argentina’s intention to strengthen ties with El Salvador, hinting at potential collaboration agreements to further explore this innovative financial landscape.

Vice President Boedo, who visited El Salvador in March to engage in market development discussions, emphasized the significance of El Salvador’s expertise in the crypto industry. She remarked on Argentina’s pioneering role in technology and the CNV’s commitment to working efficiently with the industry to create appropriate regulations. This collaboration aims to leverage El Salvador’s experience to enhance Argentina’s regulatory framework. 

Argentina’s Regulatory Advancements 

This partnership comes at a time when Argentina is advancing its own regulatory measures for the local cryptocurrency market. In April, the Argentine government introduced registration requirements for crypto firms, mandating that cryptocurrency exchanges comply with legal operations in the country. These measures align with recommendations from the Financial Action Task Force (FATF) as part of broader reforms to Argentina’s Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) laws.

The legislative process began to take shape on March 14, when Argentina’s senate approved modifications to laws aimed at preventing money laundering and the financing of terrorism. CNV President Silva stated that virtual asset service providers must register with the government to operate legally, reinforcing the country’s commitment to regulating the crypto market.

El Salvador’s CNAD president Juan Carlos Reyes (left) and Argentina’s CNV president Roberto Silva (right). Source: Argentina.gob.ar

This regulatory push occurred before the presidential election in November 2023, which saw Javier Milei, a pro-Bitcoin politician, ascend to the presidency. Milei’s victory was celebrated by many crypto proponents who viewed it as a positive shift for digital assets in Argentina. However, the implementation of FATF requirements has raised concerns about the future of cryptocurrency in the country.

Argentina has been increasingly involved in the cryptocurrency space since Milei took office. In late 2023, Foreign Affairs Minister Diana Mondino announced that the government was preparing a decree to legalize the use of Bitcoin and other cryptocurrencies for payments under specific conditions. This move aims to provide a legal framework for cryptocurrency transactions within the country. 

El Salvador’s Sustainable Bitcoin Mining

Meanwhile, El Salvador continues to capitalize on its geothermal resources to mine Bitcoin, demonstrating a commitment to sustainable energy solutions in the cryptocurrency sector. Since 2021, the country has mined 474 Bitcoin, valued at approximately $29 million, using energy harnessed from the Tecapa volcano.

This initiative forms part of a broader strategy where El Salvador allocates 1.5 megawatts of the 102 megawatts produced by a state-owned power plant to cryptocurrency mining. Despite the environmental concerns typically associated with Bitcoin mining, El Salvador’s approach utilizing renewable energy sources has positioned it as a leader in eco-friendly crypto mining practices.

However, El Salvador’s aggressive investment in Bitcoin has not been without its critics, particularly as the bear market took hold from 2022 into 2023, leading to substantial financial losses on early investments. This scrutiny escalated when President Nayib Bukele announced in November that the nation would resume daily Bitcoin purchases, signaling a doubling down on his cryptocurrency strategy despite the previous year’s market downturns.

In contrast, global environmental concerns regarding Bitcoin’s energy consumption persist, with entities like Greenpeace advocating for a shift from Bitcoin’s traditional proof-of-work protocol to the more energy-efficient proof-of-stake. Regulatory responses have also emerged, such as New York State’s recent moratorium on proof-of-work mining signed into law by Governor Kathy Hochul in November 2023, reflecting growing legislative attention to the environmental impact of cryptocurrencies.

Through these collaborative efforts and ongoing regulatory developments, Argentina aims to harness El Salvador’s experiences to effectively regulate and innovate within its own cryptocurrency market. This partnership reflects a broader trend of nations learning from one another to navigate the complex and rapidly evolving landscape of digital assets.

The post Argentina Explores Bitcoin Adoption After El Salvador’s Lead appeared first on Coinfomania.

The value of the former U.S. President Donald Trump’s cryptocurrency holdings has surged past the $10 million mark, driven largely by a substantial increase in the value of the MAGA (TRUMP) meme coin.

According to Arkham Intelligence, Trump’s investment in this particular coin, which operates on the Solana blockchain, now stands at $7.3 million. The TRUMP coin, embodying a political meme, appears to be part of Trump’s strategy to engage and promote himself within the cryptocurrency community.

As of the latest evaluations, Trump’s total cryptocurrency portfolio is valued at $10.14 million, with Ethereum (ETH) being the second-largest holding, amounting to $1.81 million. Notably, Trump has not invested in Bitcoin (BTC), the largest cryptocurrency by market cap, despite its prominence in the digital asset space.

Trump’s Commitment to Crypto Sector

Trump, who is also a Republican presidential candidate, has recently emphasized his support for the cryptocurrency sector. He pledged to foster a conducive environment for the growth of digital currencies in the United States.

During a speech in Washington D.C. on May 25, he vowed to take necessary measures to protect the future of digital currencies and declared his support for individuals’ rights to manage their own digital assets, affirming, “I will support the right to self-custody.”

The former President has also been vocal about his opposition to certain regulatory initiatives, particularly those proposed by Senator Elizabeth Warren. Trump criticized Warren’s approach, promising to shield Bitcoin from what he described as regulatory overreach by her and her colleagues. Furthermore, he expressed a strong stance against the establishment of a central bank digital currency. 

Engaging the Crypto Community 

In recent weeks, the cryptocurrency community has observed Trump’s increased affinity towards the sector, which seems to be a strategic move to garner more support in the upcoming presidential elections.

High-profile figures in the cryptocurrency industry, such as Charles Hoskinson, founder of the Cardano blockchain, and Justin Sun, founder of Tron (TRX), have publicly supported Trump, hoping his administration would create a more favorable environment for cryptocurrencies.

Earlier in the month, Trump acknowledged the transformative potential of blockchain technology and digital assets for the financial sector. He underscored the importance of innovation and maintaining a technological edge.

Donald Trump’s holding of $TRUMP. Source: ArkhamIntel

He reiterated these sentiments in a post on Truth Social, stressing that “Our country must be the leader in the field, there is no second place,” and emphasized the need to embrace and leverage blockchain and cryptocurrencies for growth and efficiency.

On May 21, Trump’s campaign began accepting donations in cryptocurrency via Coinbase Commerce, signaling a more open and supportive stance towards digital currencies. Despite this positive outlook, Trump highlighted the necessity for regulatory frameworks to protect investors and ensure market stability. He argued that while fostering innovation is crucial, it must be balanced with responsible governance to prevent financial misconduct and fraud.

Questions Raised

While many Bitcoin proponents have celebrated Trump’s bullish stance on Bitcoin, some advocates worry that long-term political support might not necessarily be beneficial for the cryptocurrency. Conversely, Robert F. Kennedy Jr., another pro-crypto presidential candidate, has issued a scathing critique of Trump’s presidency, accusing him of failing to fulfill key promises and advancing policies that favored the wealthy.

Kennedy criticized Trump for not delivering on his commitments to revive manufacturing, increase wages, and reform trade deals. He lambasted Trump’s tax policies and regulatory decisions, which he argued disproportionately benefited corporate interests like Jeff Bezos and major agricultural conglomerates at the expense of small farmers and the broader workforce.

Kennedy also condemned Trump’s administration for its handling of domestic and international issues, including exacerbating racial tensions and international conflicts, and for his policies during the COVID-19 pandemic, which Kennedy claimed worsened the economic and opioid crisis.

He concluded with a stark warning about the potential repercussions of a second Trump term, urging the public to consider the past actions as indicative of future behaviors. 

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In 2024, the intersection of Artificial Intelligence (AI) and cryptocurrency is sparking considerable interest among investors, particularly regarding which digital coins might hit the $1 mark. The ongoing integration of AI with cryptocurrency platforms has led to the creation of innovative solutions with practical applications, fueling advancements across the digital asset landscape.

These innovations have resulted in significant returns for many who have invested early. For those looking to optimize their investment strategies, it’s crucial to choose the right cryptocurrencies that offer a balanced risk-reward ratio. If mainstream options don’t appeal to you, consider exploring our extensive list of promising, lesser-known cryptocurrencies that are on track to reach or exceed $1.

Here is a list of the top 5 candidates to add to your watch list this year:

5thScape (5SCAPE)

Sealana (SEAL)

Bitcoin Minetrix (BTCMTX)

eTukTuk (TUK)

Dogecoin20 (DOGE20)

Rising Crypto Coins To Hit $1 In 2024 Reviewed

Let’s delve deeper into the five projects listed above. Keep reading to find out which cryptocurrency is poised to reach $1 this year.

1.      5thScape (5SCAPE) – Inherent VR Utility Token That Tops This List

5thScape, an innovative project positioned in the AR/VR environment, focuses on developing immersive virtual games and next-gen hardware, such as the comfortable AR gaming chair and high-tech VR headset. Central to the project is the 5SCAPE coin used to perform transactions within the ecosystem and reward holders. The token’s utility and robust tokenomics are more than hype.

>>Click here to visit 5thScape Presale Page 

To experience the heightened realm of virtual games and cinematic content, you must own 5SCAPE tokens. These tokens are a gateway to a world of imagination and gameplay. From learning to playing, everything can be achieved with a click. (Click to buy 5SCAPE tokens). Exploring the digital space, upskilling through the learning resources in the content hub and engaging in immersive games can fetch you rewards in this landscape.

The 5SCAPE coin is currently valued at $0.00376, but this will rise incrementally throughout the presale. Its exchange listing will begin at $0.01, a 166% increase from today’s price. Should the coin set new market trends, its price will soar to $1 soon.

2.      Sealana (SEAL) – Solana Meme Coin Passed $2 Million In Presale

Solana-based tokens are capturing investor interest and storming the crypto world. Sealana, another meme coin developed on the Solana base chain, introduces a new token inspired by American pop culture, featuring an amiable crypto-trading seal. Its undemanding presale options attracted significant attention, reaching a breakthrough $2 million mark. Despite market speculations, Sealana underscores the meme community and growing meme crypto market. Sealana aims to establish a strong market presence with its potential in DeFi and gaming landscapes. Considering the Solana blockchain’s fast transaction speed and security, SEAL tokens will potentially surpass the $1 mark post-exchange launch.

3.      Bitcoin Minetrix (BTCMTX) – Energy-Efficient Green Bitcoin Alternative

Bitcoin mining consumes much energy; a hot new crypto has developed the world’s first stake-to-mine token to address this issue. Bitcoin Minetrix, the mastermind behind trading energy-efficient tokens to get BTC mining credits, has exploded in the crypto space this year. BTCMTX token buyers can engage in stake-to-mine activities and earn mining credits that can be exchanged for cloud mining time. Mining revenue thus obtained will save lots of energy. With plans for exchange listings, BTCMTX has uniquely poised itself to disrupt the industry and hit $1.

4.      eTukTuk (TUK) – Artificial Intelligence Powered Green Crypto Tokens

To address the safety concerns arising from traditional transportation facilities, tech-savvy companies are striving to commonize the concept of electric vehicles in the market. Currently, owning and maintaining electric vehicles is a costly affair. The lack of charging stations also contributes to the backlash against the concept. eTukTuk is a venture that integrates blockchain into electric-driven automobiles using TUK tokens. TUK can be used to incentivize drivers, set up charging facilities, and establish manufacturing units in developing nations. If eTukTuk solves the alarming environmental concern, it will soon become a multi-bagger asset and cross the $1 mark on the trading charts.

5.      Dogecoin20 (DOGE20) – Upcoming Meme Coin For 2000% Staking Rewards

Currently, Dogecoin20 is the meme coin making the headlines in the industry. The leading crypto presales for 10x gains in 2024, with $200K raised in a day, is Dogecoin20. Dogecoin is the new dog of the crypto world, aiming to blend blockchain technology with the iconic Doge character. This ERC-20 token is an eco-friendly alternative to Dogecoin, using the energy-effective Ethereum network for reward generation. With a market cap of $28.62 billion, DOGE20 is the compelling contender to achieve a $1 valuation. DOGE20 token holders can stake their tokens and earn over 2000% APY within 2 years. Early investors will receive 12.5% of the total token supply allocated for community rewards in the first year.

Is 5thscape A Game-Changer In The Crypto Universe?

Numerous tokens claim to hit $1, but many have failed to reach that valuation. However, financial experts believe the VR industry to skyrocket and rise by 104% in the near future. Projects like 5thScape are on the verge of exploding. Its presale success is storming the news as it enters the sixth stage and collects over $6.28 million. The immersive VR gameplay and video content will set new standards in the blockchain industry. Invest early to reap the maximum benefits of this highly rewarding cryptocurrency.

The post Five Coins To Reach $1 in 2024 – Why 5thscape is a Must-Watch? appeared first on Coinfomania.

Justin Sun, the founder of the TRON Foundation has commended Changpeng ‘CZ’ Zhao, the founder and former CEO of Binance exchange. In a series of tweets, he emphasizes the advantages of doing the right things (effectiveness) over focusing on profit.

The crypto prominent figure also mentioned Jack Ma, the founder of Ali Baba, the multinational e-commerce company, in the thread. Sun highlighted the lessons he has learned from the two figures concerning handling businesses. Let us take a look at what he said.

Always Do What is Right, Because it is Right

Earlier today, the Chinese-born Grenadian cryptocurrency entrepreneur and business executive, Justin Sun, shared his thoughts and business lessons he has learned from CZ and Jack Ma. According to him, the second thing he learned from the two founders is to always do the right things as opposed to doing the easy things.

Sun stressed that the right thing is often difficult and might not yield the desired profit in the short term while quoting the famous words of Ken Watanabe “Always do what is right, because it is right.”

The second lesson I learned from Jack Ma and CZ is to always do the right thing, not the easy thing. The right thing is often difficult and may not yield immediate profits. However, always remember, "Always do what is right, because it is right."

— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 26, 2024

Furthermore, Sun recalled Jack Ma’s days at Hupan University, saying that during that time, Ma continuously emphasized that a company’s ultimate value does not come from its profits, but from the value it provides to its users. “Doing the right thing for users, rather than focusing on profit itself, is crucial,” he wrote.

Still, on the same thread, Sun defines what profit means to him. According to his tweet, making easy decisions may lead to profitability in the short term, however, in the long run, it can undermine the fundamental value to users, stating that “Profit is merely a byproduct of the value provided to users.”

Next, he referenced Zhao’s entrepreneurial journey, stating that he observed a similar pattern from the embattled Binance founder. From CZ’s journey as a businessman, Sun had observed that a good company achieves significant profit by providing high user value “through consistently doing the right thing.”

Importance of Protecting the Users

Meanwhile, Sun had previously highlighted the first lesson he learned from CZ and Jack Ma. In a separate tweet, Sun recalled his days of studying at Jack Ma’s Hupan University. According to him, during that time, Ma always emphasized the importance of protecting users, stating that Ali Baba mainly focuses on its users before investors, partners, and employees.

The first lesson I learned from Jack Ma and CZ: Protecting the user. When I was studying at Jack Ma's Hupan University, he repeatedly emphasized the importance of protecting users. At Alibaba, the priority of users is above investors, partners, and employees.

— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 22, 2024

What is more, Sun likened the mindset of Ma to CZ, saying that in his eleven years of entrepreneurship, CZ has become another exemplary model of user priority. “Users should always be placed at the top of all interest distributions,” he wrote.

Finally, Sun stressed that achieving this does not come easy, adding that companies should always remind themselves that the interests of the users are always the top priority.

Lastly, Sun commented on the forthcoming U.S. presidential elections, urging the public the support a presidential candidate who is pro-crypto. “We need to demonstrate to the candidate that the cryptocurrency community, companies, and protocols are significant stakeholders whose voices should be heard and whose interests should be protected,” he concluded.

The post Justin Sun Commends Changpeng Zhao, Emphasizes Effectiveness Over Profit appeared first on Coinfomania.

The general crypto market has begun the week with mixed movements. While some of the coins are trading in the green zone, the majority are in the red as depicted in the crypto heat map by CoinMarketCap. Over the last 24 hours, the global crypto market cap has increased by 0.06% to $2.58 trillion. Additionally, the total trading volume over the last day has surged by 30% to $67.98 billion, with the volume of stablecoins taking up a significant 90% of the entire crypto market’s 24-hour volume.

Source: CoinMarketCap

Bitcoin has maintained a dominance of 52% with a price slump while Ethereum is experiencing a spike, riding on the wave of the recent ETH spot ETF approval by the Securities and Exchange Commission. Let us take a closer look at some of the prices of top cryptocurrencies in the market.

Major Crypto Prices Today

Bitcoin, the flagship cryptocurrency, has seen a drop in the last 24 hours. According to data from CoinMarketCap, the price of BTC is currently $68,754, representing a 0.91% decrease within the recorded time. What is more, the 24-hour trading volume has jumped by 19% to $18.6 billion with a live market cap of $1.35 trillion.

Ethereum, the second-largest cryptocurrency by market cap on the other hand has moved in the opposite direction. Per CMC data, the price of ETH is up by 3.41% to trade at $3,933. Additionally, its trading volume over the last day has surged by 74.8% to $18 billion while maintaining a market cap of $472.2 billion. ETH has traded between the lows and highs of $3,781 and $3,948 in the last 24 hours.

Meanwhile, the trending cryptocurrency XRP has dipped. In the past 24 hours, the price of XRP has dropped by 1.17% to trade at $0.52. However, its trading volume tells a different story as it has grown by 27.4% to $774.8 million. The lows and highs for XRP over the last day have been $0.5243 and $0.5378.

On the memecoin front, Dogecoin (DOGE), the largest memecoin by market cap has also plummeted within the last day. According to fresh data, the price of DOGE has declined by 2.65% to $0.166, trading between the lows and highs of $0.1646 and $0.171. Dogecoin’s 24-hour trading volume has also plummeted by a significant 39.5% to $1.05 billion with a live market cap of $24 billion.

Shiba Inu (SHIB), the second-largest memecoin has joined in the dip frenzy. The price of SHIB has declined by 0.7% in the last 24 hours to trade at $0.00002492. Its trading volume has also dropped by 8% to $351 million, trading between the lows and highs of $0.00002421 and $0.0000249.

Top Trending Gainers Today

On the list of top trending gainers, we have spotted some tokens including;

BounceBit (BB), a BTC restaking infrastructure that provides a foundational layer for different restaking products, has surged by 30.63% to trade at $0.694 with a live market cap of $284.3 million.

Notcoin (NOT), the buzzing play-to-earn token integrated into the TON ecosystem, has jumped by 18.59% over the last day, trading at $0.006. NOT now has a live market cap of $616.3 million.

Pepe (PEPE), the trending memecoin has continued to maintain its position as one of the top gainers. According to fresh data, the price of PEPE has surged by 12.24% to trade at $0.00001692. Additionally, its market cap has climbed to $7.1 billion after surging by 10.9%, maintaining its position as the third-largest memecoin in the market.

The post Crypto Market Overview May 27: Bitcoin Approach $69k, ETH at $3,900, XRP, DOGE and SHIB Dip appeared first on Coinfomania.

A renowned XRP whale has begun the new week on a high note, moving a massive 32 million coins from a blockchain wallet to a centralized crypto exchange. This recent transaction comes amid the ongoing legal case between Ripple and the Securities and Exchange Commission. The SEC recently opposed Ripple’s motion to seal remedies-related documents, adding another layer to the saga between both entities.

Against the backdrop of this development, this whale has shifted a significant amount of the XRP coin, raising speculations among investors and market participants who are closely watching the price reaction of the coin following this. Let us take a closer look at it.

Popular Whale Shifts 32 Million XRP

WhaleAlert, a large cryptocurrency transaction tracker, has drawn our attention to a transaction involving a massive amount of XRP coins in the last 24 hours. According to the data, the whale moved exactly 31,800,000 XRP (worth $16,870,003) from a wallet initially identified as ‘unknown’ to the CEX Bitstamp. However, upon further check, it was found that the wallet associated with this transaction was the notable address r4wf7…4Rzn.

31,800,000 #XRP (16,870,003 USD) transferred from unknown wallet to #Bitstamphttps://t.co/zUGkBj87A2

— Whale Alert (@whale_alert) May 26, 2024

This wallet address has been involved in huge XRP transactions for a couple of months now, sparking discussions and guesses about the entity behind it. Particularly, the Luxembourg-based crypto exchange Bitstamp has received significant amounts of XRP coins since the blockchain giant Ripple acquired an undisclosed stake in the company.

Meanwhile, in the court case between Ripple and the SEC, It’s also important to note that in the remedies briefing before Judge Torres, the U.S. SEC filed a response opposing Ripple’s move to seal important documents. All of these changes have further enhanced the mystery around the purpose of the XRP whale transaction.

XRP Price Movement Amid Massive Dump

The price of XRP has suffered a notable drop following the 32 million dumped by the whale. According to CoinMarketCap data, XRP has declined by 2.16% to trade at $0.52 in the last 24 hours. However, its trading volume has surged by 20% within the recorded time to $735 million with a live market cap of $29.2 billion.

Source: CoinMarketCap

What is more, the volume of derivatives traded fell 3.79% to $526.51 million, while XRP’s Futures Open Interest decreased by 0.26% to $617.99 million. This demonstrates the declining interest of investors in the asset. Finally, XRP has traded between the range of $0.5243 and $0.5395 over the last day.

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