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Japanese cryptocurrency exchange, DMM Bitcoin, has confirmed a hack on May 31st, resulting in a loss of approximately 4,502.9 bitcoins, valued around $305 million. The exchange is currently investigating the breach and has implemented measures to prevent future attacks.
In response to the incident, DMM Bitcoin has halted all spot purchase transactions and warned users of potential delays in Japanese yen withdrawals. The company has pledged to fully reimburse customers for their lost Bitcoin deposits, planning to procure an equivalent amount of the lost BTC with the support of its group companies.
This incident follows a similar breach in 2020, where another Japanese cryptocurrency exchange, Coincheck, was hacked, compromising personal information and emails. Coincheck was also hacked in 2018, losing $533 million primarily in NEM tokens due to inadequate security measures.
Despite these setbacks, the resilience and adaptability of the crypto market remain strong, underscoring the importance of robust security measures in the rapidly evolving DeFi sector.
In response to the incident, DMM Bitcoin has halted all spot purchase transactions and warned users of potential delays in Japanese yen withdrawals. The company has pledged to fully reimburse customers for their lost Bitcoin deposits, planning to procure an equivalent amount of the lost BTC with the support of its group companies.
This incident follows a similar breach in 2020, where another Japanese cryptocurrency exchange, Coincheck, was hacked, compromising personal information and emails. Coincheck was also hacked in 2018, losing $533 million primarily in NEM tokens due to inadequate security measures.
Despite these setbacks, the resilience and adaptability of the crypto market remain strong, underscoring the importance of robust security measures in the rapidly evolving DeFi sector.
CryptoQuant, a market intelligence platform, has dismissed concerns over recent Bitcoin (BTC) transfers by defunct crypto exchange Mt. Gox. In a recent report, the firm stated that the movement of 138,000 BTC, equivalent to around $9.4 billion, between Mt. Gox's trustee addresses will not cause immediate selling pressure on the digital asset.
The crypto community had speculated that these transfers signaled the start of repayments to Mt. Gox creditors. However, CryptoQuant clarified that the new addresses receiving the bitcoins belong to Mt. Gox's Rehabilitation Trustee, the attorney managing the repayment process.
An announcement on May 28 confirmed that the exchange has not begun making repayments to creditors nor sold any BTC or cryptocurrency in relation to this. CryptoQuant stated that these types of transfers seem to be a prelude to the Trustee initiating repayments under the Rehabilitation Plan.
Therefore, the analysts believe that these transactions will not cause immediate sell pressure for BTC as the assets are not yet available to the open market. This news is a positive indication for the market, demonstrating the robustness of the digital asset ecosystem.
The crypto community had speculated that these transfers signaled the start of repayments to Mt. Gox creditors. However, CryptoQuant clarified that the new addresses receiving the bitcoins belong to Mt. Gox's Rehabilitation Trustee, the attorney managing the repayment process.
An announcement on May 28 confirmed that the exchange has not begun making repayments to creditors nor sold any BTC or cryptocurrency in relation to this. CryptoQuant stated that these types of transfers seem to be a prelude to the Trustee initiating repayments under the Rehabilitation Plan.
Therefore, the analysts believe that these transactions will not cause immediate sell pressure for BTC as the assets are not yet available to the open market. This news is a positive indication for the market, demonstrating the robustness of the digital asset ecosystem.
Bitcoin (BTC) experienced a dip to a weekly low of around $66,600 before recovering by approximately $1,000. Despite a bullish start to the week, BTC's price fluctuated between $67,000 and $69,000, with a brief attempt to surpass the latter on Thursday. However, the asset's price fell by $3,000 to $66,600, marking its lowest value in a week. The bulls reemerged, preventing further declines and pushing BTC's price to between $67,500 and $68,000. BTC's market capitalization is now at $1.330 trillion, maintaining a 50% dominance over altcoins.
Meanwhile, Ethereum (ETH) is showing a slight increase of about 1%, nearing the $3,800 mark. This movement is significantly less volatile compared to last week's fluctuations amid ETF news. Other altcoins such as BNB, SOL, XRP, ADA, and DOT have seen minor gains, while LINK and PEPE have risen by around 3-4%. On the other hand, SHIB and UNI have seen declines of almost 3% and 6% respectively. The total crypto market cap has decreased by about $20 billion, now standing at $2.660 trillion.
Meanwhile, Ethereum (ETH) is showing a slight increase of about 1%, nearing the $3,800 mark. This movement is significantly less volatile compared to last week's fluctuations amid ETF news. Other altcoins such as BNB, SOL, XRP, ADA, and DOT have seen minor gains, while LINK and PEPE have risen by around 3-4%. On the other hand, SHIB and UNI have seen declines of almost 3% and 6% respectively. The total crypto market cap has decreased by about $20 billion, now standing at $2.660 trillion.
Despite recent market volatility, Ripple's XRP has remained stable, trading between $0.51 and $0.54. Analysts predict a potential price increase due to its low Relative Strength Index (RSI) ratio, which currently stands at 40. The RSI is a momentum oscillator used to measure the speed and change of price movements, with a ratio above 70 usually indicating an overbought asset due for correction.
Several key factors could drive a rally for XRP. These include the upcoming launch of a Ripple stablecoin, the potential filing for an XRP ETF, and a possible settlement in the lawsuit between Ripple and the US Securities and Exchange Commission (SEC). Ripple has recently secured three partial court victories in this ongoing legal battle, each of which was followed by a significant XRP price resurgence.
Analysts remain optimistic about XRP's future. JAVON MARKS and Dark Defender predict potential price increases, citing the RSI pattern as a contributing factor. While MARKS foresees a rise in the range of $15-$20, Dark Defender anticipates initial targets of $0.5882 and $0.6044, with a potential spike to $1.88 if the coin's weekly candle closes above the $0.66 mark.
Several key factors could drive a rally for XRP. These include the upcoming launch of a Ripple stablecoin, the potential filing for an XRP ETF, and a possible settlement in the lawsuit between Ripple and the US Securities and Exchange Commission (SEC). Ripple has recently secured three partial court victories in this ongoing legal battle, each of which was followed by a significant XRP price resurgence.
Analysts remain optimistic about XRP's future. JAVON MARKS and Dark Defender predict potential price increases, citing the RSI pattern as a contributing factor. While MARKS foresees a rise in the range of $15-$20, Dark Defender anticipates initial targets of $0.5882 and $0.6044, with a potential spike to $1.88 if the coin's weekly candle closes above the $0.66 mark.
Former investment banker, Rashawn Russell, has been sentenced to over three years in prison for wire fraud related to a cryptocurrency scheme. Russell had been soliciting investments for his R3 Crypto Fund since November 2020, promising investors returns of up to 100%. He used falsified documents to convince investors of the scheme's legitimacy, and misappropriated funds for personal use and to repay earlier investors. The fraud led to approximately $1.5 million in investor losses, and Russell has been ordered to pay this amount in restitution.
The Department of Justice (DOJ) is intensifying its crackdown on crypto fraud, with numerous arrests made recently. This includes the arrest of two individuals involved in a $73 million crypto scam, and the charging of two brothers for exploiting the Ethereum blockchain to steal $25 million in crypto. Despite these incidents, the potential of DeFi and BRC 20 remains strong, and the market continues to show promise.
The Department of Justice (DOJ) is intensifying its crackdown on crypto fraud, with numerous arrests made recently. This includes the arrest of two individuals involved in a $73 million crypto scam, and the charging of two brothers for exploiting the Ethereum blockchain to steal $25 million in crypto. Despite these incidents, the potential of DeFi and BRC 20 remains strong, and the market continues to show promise.
Ethereum co-founder Vitalik Buterin has donated 30 ETH (worth approximately $113,000) to the legal defense fund of Tornado Cash developers Alexey Pertsev and Roman Storm. The donation was made through Juicebox, a decentralized fundraising platform. The fund, named "Free Alexey & Roman," has raised nearly 596 ETH, equivalent to about $2.2 million.
Buterin's support for privacy tools in the crypto space is well-known, and this move aligns with his previous actions. He has consistently advocated for privacy in crypto transactions and has published numerous papers on enhancing Ethereum’s privacy. This donation is not his first to a similar cause; in 2022, he donated 10 ETH to a legal fund supporting Julian Assange, the founder of WikiLeaks.
Tornado Cash, a privacy-focused tool enabling anonymous crypto transactions, has been under scrutiny due to its misuse by criminals for money laundering and other illicit activities. This led to sanctions by the US Treasury’s Office of Foreign Assets Control (OFAC) in August 2022. Pertsev and Storm, developers of Tornado Cash, are facing legal challenges for allegedly facilitating these illegal activities. Buterin's donation is a clear sign of support for the beleaguered developers and the larger cause of privacy in the crypto industry.
Buterin's support for privacy tools in the crypto space is well-known, and this move aligns with his previous actions. He has consistently advocated for privacy in crypto transactions and has published numerous papers on enhancing Ethereum’s privacy. This donation is not his first to a similar cause; in 2022, he donated 10 ETH to a legal fund supporting Julian Assange, the founder of WikiLeaks.
Tornado Cash, a privacy-focused tool enabling anonymous crypto transactions, has been under scrutiny due to its misuse by criminals for money laundering and other illicit activities. This led to sanctions by the US Treasury’s Office of Foreign Assets Control (OFAC) in August 2022. Pertsev and Storm, developers of Tornado Cash, are facing legal challenges for allegedly facilitating these illegal activities. Buterin's donation is a clear sign of support for the beleaguered developers and the larger cause of privacy in the crypto industry.
ConsenSys-backed Layer 2 network, Linea, has joined StarkWare in condemning Matter Labs' attempt to trademark the term "zero-knowledge" (ZK) in nine countries. Matter Labs, the company behind zkSync, is seeking exclusive control over this foundational cryptographic concept, causing industry-wide outrage. StarkWare, a software company that develops ZK-proof technology, has called for community action against Matter Labs' "oppressive behavior".
Linea supports this stance, stating that using a legal framework to monopolize a branch of cryptography integral to building permissionless and decentralized L2 execution environments contradicts Ethereum’s ethos. They further highlighted the collaborative nature of Ethereum’s development and how the attempt to claim ownership over ZK technology hinders progress towards a more inclusive and censorship-resistant network.
In response, Matter Labs clarified that their move aims to ensure the term "ZK" can be used freely in the context of their projects like "ZK Sync" and "ZK Stack," using trademarks as the only available legal tool for such protection. They also addressed the misconception that trademarks grant exclusive ownership over a word or phrase, adding that rights only extend to specific goods or services.
Linea supports this stance, stating that using a legal framework to monopolize a branch of cryptography integral to building permissionless and decentralized L2 execution environments contradicts Ethereum’s ethos. They further highlighted the collaborative nature of Ethereum’s development and how the attempt to claim ownership over ZK technology hinders progress towards a more inclusive and censorship-resistant network.
In response, Matter Labs clarified that their move aims to ensure the term "ZK" can be used freely in the context of their projects like "ZK Sync" and "ZK Stack," using trademarks as the only available legal tool for such protection. They also addressed the misconception that trademarks grant exclusive ownership over a word or phrase, adding that rights only extend to specific goods or services.
Despite a recent dip in Dogecoin (DOGE) value, whale investors have snapped up over 700 million DOGE in the past 72 hours, equivalent to around $112 million. This accumulation trend coincides with a bearish trend reversal since May 29, suggesting a potential recovery for the meme coin.
In addition, other meme tokens such as Shiba Inu (SHIBA) and Pepe (PEPE) have also seen increased investor interest. Over 4 trillion SHIB tokens, valued at approximately $103 million, have been transferred to crypto exchanges in the past two weeks, indicating heightened trading activity.
Meanwhile, PEPE has gained almost 130% over the past month, with a whale investor making nearly $5 million in profit from the PEPE token within a month. This investor deposited all 660.7 billion PEPE tokens, worth $9.52 million, into a Binance wallet.
These trends suggest a renewed interest in meme coins, with traders shifting their focus to these tokens. This could potentially lead to a surge in their value, making them a worthwhile investment.
In addition, other meme tokens such as Shiba Inu (SHIBA) and Pepe (PEPE) have also seen increased investor interest. Over 4 trillion SHIB tokens, valued at approximately $103 million, have been transferred to crypto exchanges in the past two weeks, indicating heightened trading activity.
Meanwhile, PEPE has gained almost 130% over the past month, with a whale investor making nearly $5 million in profit from the PEPE token within a month. This investor deposited all 660.7 billion PEPE tokens, worth $9.52 million, into a Binance wallet.
These trends suggest a renewed interest in meme coins, with traders shifting their focus to these tokens. This could potentially lead to a surge in their value, making them a worthwhile investment.
In a recent development, American TV personality Caitlyn Jenner has reportedly made a profit of $405,000 by launching 12 meme coins on the Solana blockchain within just four days. According to Lookonchain, Jenner's strategy involved launching tokens, buying large quantities, and quickly selling them for substantial profits. Despite initial skepticism, the former Olympian confirmed her endorsement, dismissing fears of a potential hack.
However, this trend of celebrity-backed tokens has raised concerns among experts, who warn about the pitfalls inherent in such tokens, which often attract unsuspecting traders and leave them financially depleted. Even seasoned traders have reportedly suffered losses, overshadowing the genuine innovations pursued by legitimate projects.
A market player under the pseudonym 'Cold Blooded Shiller' advised followers to view celebrity endorsements of meme coins as opportunistic "cash grabs," similar to previous trends like simply mentioning "crypto" during past market cycles or "NFTs" in more recent times. He warned that celebrities capitalize on these buzzwords to prompt a snowball effect where more people rush to invest in these projects without fully understanding the risks involved.
However, this trend of celebrity-backed tokens has raised concerns among experts, who warn about the pitfalls inherent in such tokens, which often attract unsuspecting traders and leave them financially depleted. Even seasoned traders have reportedly suffered losses, overshadowing the genuine innovations pursued by legitimate projects.
A market player under the pseudonym 'Cold Blooded Shiller' advised followers to view celebrity endorsements of meme coins as opportunistic "cash grabs," similar to previous trends like simply mentioning "crypto" during past market cycles or "NFTs" in more recent times. He warned that celebrities capitalize on these buzzwords to prompt a snowball effect where more people rush to invest in these projects without fully understanding the risks involved.
European Bitcoin exchange-traded products (ETPs) have seen over $500 million in net outflows this year, despite the rising demand for Bitcoin, according to data from Morningstar. This comes as competition intensifies from US-based counterparts. However, ETPs for other cryptocurrencies like Ether have absorbed $42 million within the same period.
The launch of US Bitcoin ETFs in January has increased interest in European crypto ETPs but also brought unprecedented competition, forcing European issuers to lower their fees. Asset managers BlackRock and Fidelity, for instance, now offer 0.25% annual management fees, prompting European Bitcoin ETP providers like Invesco, WisdomTree, and CoinShares to drop their previous fees from rates above 0.9% to below 0.4%.
Funds that failed to lower their management fee, such as Grayscale Bitcoin Trust and Canada's Purpose Bitcoin ETF, have suffered significant asset losses. Despite the competition, VanEck's CEO in Europe, Martijn Rozemuller, remains optimistic, stating that European crypto ETPs are still relatively larger than the spot Bitcoin ETFs in the US.
The launch of US Bitcoin ETFs in January has increased interest in European crypto ETPs but also brought unprecedented competition, forcing European issuers to lower their fees. Asset managers BlackRock and Fidelity, for instance, now offer 0.25% annual management fees, prompting European Bitcoin ETP providers like Invesco, WisdomTree, and CoinShares to drop their previous fees from rates above 0.9% to below 0.4%.
Funds that failed to lower their management fee, such as Grayscale Bitcoin Trust and Canada's Purpose Bitcoin ETF, have suffered significant asset losses. Despite the competition, VanEck's CEO in Europe, Martijn Rozemuller, remains optimistic, stating that European crypto ETPs are still relatively larger than the spot Bitcoin ETFs in the US.
The past week saw significant developments in the Bitcoin ETF landscape. BlackRock's IBIT surpassed Grayscale's GBTC to become the largest Bitcoin ETF issuer, holding $19.97 billion in BTC compared to GBTC's $19.7 billion. This achievement came just 96 days after the launch of US spot Bitcoin ETFs. Furthermore, Bitcoin ETFs globally attracted over one million BTC on Tuesday.
Despite these positive developments, Bitcoin's price has struggled to break the $70,000 mark and currently sits around $67,320. Meanwhile, Ethereum's price has been consolidating, with large investors signaling an accumulation trend.
In the altcoin market, meme coins have taken center stage with PEPE charting all-time highs and WIF up by over 20%. The meme coin market also saw the entrance of celebrity Caitlyn Jenner, who launched a dozen meme coins on the Solana blockchain.
In other news, Gemini Earn announced the recovery of 97% of customers' lost crypto, while former FTX exec Ryan Salame was sentenced to 7.5 years in prison. The market cap stands at $2.667T with a 24H volume of $80B and BTC dominance at 50%.
Despite these positive developments, Bitcoin's price has struggled to break the $70,000 mark and currently sits around $67,320. Meanwhile, Ethereum's price has been consolidating, with large investors signaling an accumulation trend.
In the altcoin market, meme coins have taken center stage with PEPE charting all-time highs and WIF up by over 20%. The meme coin market also saw the entrance of celebrity Caitlyn Jenner, who launched a dozen meme coins on the Solana blockchain.
In other news, Gemini Earn announced the recovery of 97% of customers' lost crypto, while former FTX exec Ryan Salame was sentenced to 7.5 years in prison. The market cap stands at $2.667T with a 24H volume of $80B and BTC dominance at 50%.
The U.S. Securities and Exchange Commission (SEC) has reportedly instructed prospective issuers to submit amended S-1 forms for Ethereum ETFs, marking a significant step in the approval process. Despite the short notice, progress is being made, with the SEC actively engaging with issuers to finalize these forms.
VanEck and BlackRock have already submitted their amended S-1 forms, with the latter detailing a $10 million seed investment for its ETF. The S-1 forms are expected to undergo at least two more rounds of draft filings before final approval.
Despite potential delays, analysts remain optimistic. JPMorgan analysts anticipate the spot Ether ETF trading will commence well before November, viewing the ETF approval and broader crypto landscape as increasingly political leading up to the 2024 U.S. presidential election.
GSR Research Analyst Brian Rudick sees the delay as a marginal positive that could attract early inflows and benefit ETH’s price. The approval of Ethereum ETFs is anticipated to significantly impact the DeFi and BRC 20 markets.
VanEck and BlackRock have already submitted their amended S-1 forms, with the latter detailing a $10 million seed investment for its ETF. The S-1 forms are expected to undergo at least two more rounds of draft filings before final approval.
Despite potential delays, analysts remain optimistic. JPMorgan analysts anticipate the spot Ether ETF trading will commence well before November, viewing the ETF approval and broader crypto landscape as increasingly political leading up to the 2024 U.S. presidential election.
GSR Research Analyst Brian Rudick sees the delay as a marginal positive that could attract early inflows and benefit ETH’s price. The approval of Ethereum ETFs is anticipated to significantly impact the DeFi and BRC 20 markets.
In this week's crypto market analysis, Ethereum (ETH) shows promising signs of a bullish trend, despite a modest 1.5% price increase. The resistance at $4,000 is expected to break, potentially leading to new highs in 2024. Meanwhile, Ripple (XRP) and Cardano (ADA) are struggling with weak buy momentum and key resistance levels.
Shiba Inu (SHIB), however, has outperformed with an 8% increase, demonstrating the strength of meme coins in the current market. The price has moved above $0.000025, which could potentially break $0.00003 in June if the momentum continues.
Polkadot (DOT) is currently in a local downtrend, with a key resistance level at $7.6. However, the market remains optimistic, as buyers have consistently returned at key support levels to halt the downtrend. The overall market sentiment remains positive, with potential for significant gains in the near future.
Shiba Inu (SHIB), however, has outperformed with an 8% increase, demonstrating the strength of meme coins in the current market. The price has moved above $0.000025, which could potentially break $0.00003 in June if the momentum continues.
Polkadot (DOT) is currently in a local downtrend, with a key resistance level at $7.6. However, the market remains optimistic, as buyers have consistently returned at key support levels to halt the downtrend. The overall market sentiment remains positive, with potential for significant gains in the near future.
Bitcoin experienced a rollercoaster ride in the past 24 hours, with its price plummeting to $67,100 before soaring to nearly $70,000. Despite the volatility, the leading cryptocurrency failed to break the coveted $70,000 mark and currently hovers around $68,000. Its market cap remains below $1.350 trillion, but its dominance over altcoins is above 50%.
In the altcoin market, Pepe, the third-largest meme coin, has resumed its bullish trend with a 9% daily surge. Other top gainers among the largest 100 altcoins include JASMY (27%), BEAM (25%), and ORDI (18%). Major altcoins like Ethereum, Binance Coin, Solana, Ripple, Dogecoin, and Toncoin experienced less volatility, with gains ranging from 0.5% to 1%.
Despite recent fluctuations, the total crypto market cap has recovered some ground, though it remains below $2.7 trillion. This market resilience underscores the growing investor confidence in the blockchain industry, particularly in DeFi and BRC 20 tokens, which continue to show promising growth potential.
In the altcoin market, Pepe, the third-largest meme coin, has resumed its bullish trend with a 9% daily surge. Other top gainers among the largest 100 altcoins include JASMY (27%), BEAM (25%), and ORDI (18%). Major altcoins like Ethereum, Binance Coin, Solana, Ripple, Dogecoin, and Toncoin experienced less volatility, with gains ranging from 0.5% to 1%.
Despite recent fluctuations, the total crypto market cap has recovered some ground, though it remains below $2.7 trillion. This market resilience underscores the growing investor confidence in the blockchain industry, particularly in DeFi and BRC 20 tokens, which continue to show promising growth potential.
Riot Platforms Inc., a prominent crypto mining firm, intends to acquire Bitfarms Ltd., a significant player in the Bitcoin mining industry. Riot has already secured a 9.25% stake in Bitfarms and plans to make a public takeover offer, despite the board's recent rejection. The proposed acquisition, valued at approximately $950 million, would create the world's largest Bitcoin miner with a combined power capacity of 1 gigawatt and a mining capacity of 19.6 exahashes per second. The deal is expected to provide strategic and financial benefits, including enhanced growth potential and better access to equity markets.
The acquisition comes at a crucial time for the Bitcoin mining industry, which is undergoing rapid consolidation following the halving. This event has posed revenue challenges for miners, prompting larger companies to seek mergers and acquisitions to strengthen their competitive edge. Riot, with minimal debt, over $700 million in cash, and 8,872 Bitcoin, is well-positioned for this acquisition, which is expected to support Bitfarms' growth and provide better access to equity markets.
The acquisition comes at a crucial time for the Bitcoin mining industry, which is undergoing rapid consolidation following the halving. This event has posed revenue challenges for miners, prompting larger companies to seek mergers and acquisitions to strengthen their competitive edge. Riot, with minimal debt, over $700 million in cash, and 8,872 Bitcoin, is well-positioned for this acquisition, which is expected to support Bitfarms' growth and provide better access to equity markets.
In May 2024, the stablecoin market cap reached a two-year high of $161 billion, a 0.63% increase from the start of the month, according to CCData. Tether (USDT) retains its dominance in the stablecoin industry with a record market cap of $111 billion, accounting for 69.3% of the total. Other notable performers include Athena USDe, whose market cap grew by 11.6% to $2.61 billion, and BlackRock’s tokenized fund, BUIDL, which surged 19.6% to $448 million.
Circle’s USDC also saw a significant increase, with its market cap reaching $32.6 billion in May, marking the sixth consecutive month of growth. This coincides with increased demand, as USDC pairs recorded an all-time high monthly trading volume in March. The report also noted that USDC has benefited from increased on-chain trading activity on networks like Base and Solana.
Despite regulatory uncertainties and potential delisting of USDT pairs from platforms like Kraken due to upcoming MiCA regulations, the stablecoin market has shown resilience. The report also touched on the slow adoption of Central Bank Digital Currencies (CBDCs), with Brazil postponing its DREX digital currency pilot program to 2025 and Nigeria's e-Naira CBDC seeing only marginal transaction increases since its October 2021 launch.
Circle’s USDC also saw a significant increase, with its market cap reaching $32.6 billion in May, marking the sixth consecutive month of growth. This coincides with increased demand, as USDC pairs recorded an all-time high monthly trading volume in March. The report also noted that USDC has benefited from increased on-chain trading activity on networks like Base and Solana.
Despite regulatory uncertainties and potential delisting of USDT pairs from platforms like Kraken due to upcoming MiCA regulations, the stablecoin market has shown resilience. The report also touched on the slow adoption of Central Bank Digital Currencies (CBDCs), with Brazil postponing its DREX digital currency pilot program to 2025 and Nigeria's e-Naira CBDC seeing only marginal transaction increases since its October 2021 launch.
In the wake of a surge in meme coin launches this year, Lookonchain has highlighted the risks associated with trading these tokens, particularly those endorsed by celebrities. The latest example is the JENNER token, launched on the Solana blockchain by American celebrity Caitlyn Jenner. Despite doubts about the token's legitimacy, some traders bought and traded JENNER tokens, leading to significant losses for some.
One trader who had previously made a substantial profit trading the BOME token, suffered a significant loss with JENNER. After investing 1,208 SOL into JENNER, the trader could only recover 423 SOL, resulting in a loss of 785 SOL, or approximately $133.4K, in just one day.
Concerns were raised when Jenner's account continued to promote the token hours after its launch. However, Jenner later clarified that her account was not hacked. She also promised to donate to former President Donald Trump's campaign from the tax revenues generated if the token on the Ethereum blockchain reaches a $50 million market cap.
Despite the risks associated with meme coins, their popularity shows no signs of waning. Experts warn that these tokens can overshadow the efforts of teams dedicated to developing legitimate products and can have a negative impact on the industry. They also caution against meme coin scams, particularly those endorsed by celebrities who are primarily motivated by easy financial gains.
One trader who had previously made a substantial profit trading the BOME token, suffered a significant loss with JENNER. After investing 1,208 SOL into JENNER, the trader could only recover 423 SOL, resulting in a loss of 785 SOL, or approximately $133.4K, in just one day.
Concerns were raised when Jenner's account continued to promote the token hours after its launch. However, Jenner later clarified that her account was not hacked. She also promised to donate to former President Donald Trump's campaign from the tax revenues generated if the token on the Ethereum blockchain reaches a $50 million market cap.
Despite the risks associated with meme coins, their popularity shows no signs of waning. Experts warn that these tokens can overshadow the efforts of teams dedicated to developing legitimate products and can have a negative impact on the industry. They also caution against meme coin scams, particularly those endorsed by celebrities who are primarily motivated by easy financial gains.
Polkadot has launched the Join-Accumulate Machine (JAM) upgrade, replacing the Relay Chain to improve block validation efficiency and enhance network stability and scalability. The upgrade combines elements of Polkadot and Ethereum and supports existing parachains. To encourage development, a 10 million DOT prize was announced.
Additionally, Polkadot has partnered with the Founder Institute to launch its first Web3 cohort, marking a significant step in the development of the Polkadot ecosystem. The initiative is set to begin on May 28, guided by leading experts from the Polkadot community.
Despite a recent drop in DOT's price, analysts remain optimistic about its future performance. The asset's latest pullback is seen as a result of following BTC's footsteps, but it is believed to remain bullish as long as it trades above the critical resistance level of $6.90.
Additionally, Polkadot has partnered with the Founder Institute to launch its first Web3 cohort, marking a significant step in the development of the Polkadot ecosystem. The initiative is set to begin on May 28, guided by leading experts from the Polkadot community.
Despite a recent drop in DOT's price, analysts remain optimistic about its future performance. The asset's latest pullback is seen as a result of following BTC's footsteps, but it is believed to remain bullish as long as it trades above the critical resistance level of $6.90.
In recent times, Ripple's price has been consolidating on both the USDT and BTC pairs, with no decisive movement in any direction. This has led to frustration among market participants as XRP fails to follow other large-cap cryptocurrencies. On the USDT paired chart’s daily timeframe, XRP’s price has been moving rangebound inside a symmetrical triangle pattern. The $0.5 level is currently holding the price, preventing it from dropping lower.
However, the market has also failed to rally toward the 200-day moving average located around the $0.7 resistance zone. If the asset finally breaks above the triangle, investors can be optimistic that a rise above the 200-day moving average and toward the $0.7 resistance level would be probable.
The XRP/BTC pair demonstrates even lower volatility, as the price has been practically moving horizontally. The market has been hovering around the 800 SAT level for almost two months now. Yet, with the long-term trend being bearish and the Relative Strength Index still showing values below 50%, an even deeper decline seems probable at the moment.
Lastly, XRP’s price lastly charted impressive gains when Ripple notched a few important victories in its legal spat against the US Securities and Exchange Commission. The recent calmness in that direction could be attributing to the lack of massive movements for XRP.
However, the market has also failed to rally toward the 200-day moving average located around the $0.7 resistance zone. If the asset finally breaks above the triangle, investors can be optimistic that a rise above the 200-day moving average and toward the $0.7 resistance level would be probable.
The XRP/BTC pair demonstrates even lower volatility, as the price has been practically moving horizontally. The market has been hovering around the 800 SAT level for almost two months now. Yet, with the long-term trend being bearish and the Relative Strength Index still showing values below 50%, an even deeper decline seems probable at the moment.
Lastly, XRP’s price lastly charted impressive gains when Ripple notched a few important victories in its legal spat against the US Securities and Exchange Commission. The recent calmness in that direction could be attributing to the lack of massive movements for XRP.
Bitcoin (BTC) is currently trading around $68K, with analysts predicting a significant surge, potentially reaching $150,000. This is largely driven by the impact of Bitcoin ETFs, which are attracting substantial daily inflows. The decreasing BTC supply available to the public is also a factor, indicating a potential bull market.
Ripple's XRP is trading around $0.524, with expectations of a significant surge. Key targets are $1.20 to $1.50, with a critical breakout point at $0.70 - $0.75. Despite recent consolidation, industry participants expect a significant resurgence in the near future.
Dogecoin (DOGE) faces significant resistance between $0.166 and $0.171, but could potentially double if it overcomes this barrier. The meme coin has been added to many analysts' watch lists, with predictions of new peaks under certain conditions.
Overall, the market outlook is optimistic, with potential for significant gains across these major cryptocurrencies.
Ripple's XRP is trading around $0.524, with expectations of a significant surge. Key targets are $1.20 to $1.50, with a critical breakout point at $0.70 - $0.75. Despite recent consolidation, industry participants expect a significant resurgence in the near future.
Dogecoin (DOGE) faces significant resistance between $0.166 and $0.171, but could potentially double if it overcomes this barrier. The meme coin has been added to many analysts' watch lists, with predictions of new peaks under certain conditions.
Overall, the market outlook is optimistic, with potential for significant gains across these major cryptocurrencies.
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A few days ago, a profitable method on CoinMarketCap was shared. There's always a profit to be made with the right strategies. Here’s a step-by-step guide to help maximize earnings using Cyber Coin on Binance.
Search Cyber Coin: Go to CoinMarketCap and look for Cyber Coin.
Market Comparison: Check the different exchanges selling Cyber. Notice the price differences.
Buy Low, Sell High: On Binance, buy Cyber with USDT at a lower price.
Sell on Binance: Sell Cyber on a different pair for a higher price. Example: Buy Cyber/USDT at $6.12 and sell Cyber/TRY at $6.29.
Conversion: Convert the Turkish Lira back to USDT.
Steps in Detail:
Open Binance: Ensure you have capital. Start with as little as $10, but more capital means more profit.
Buy Cyber: Buy Cyber/USDT. For example, $1,000 will give approximately 163.23 Cyber.
Sell Cyber: Sell Cyber for TRY. Note the amounts and set your sell limit higher than the current selling price.
Swap Back to USDT: Convert TRY back to USDT. Ensure the exchange rate is profitable.
Important Tips:
Speed Matters: Be quick to catch the price differences.
Monitor Prices: Profits can fluctuate. Always check current rates before trading.
Simulation: Always simulate trades to ensure profitability.
Stay tuned for more crypto insights! 👍 Generous contributions support the mission, enabling diligent work to provide the best investment advice. Tips are instrumental in enhancing efforts to serve better.
Disclaimer: This strategy involves risks. Ensure to understand the market dynamics before investing. Happy trading!
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