In a remarkable display of solidarity, the Ethereum community has joined forces with that of Solana in response to the security allegations put forth by the U.S. Securities and Exchange Commission (SEC). This unity is a testament to the growing concern within the crypto industry over regulatory pressures.
As the two communities rally together, Ethereum’s value has seen a significant retracement, dropping 18% from its peak on March 11th. This downturn has not deterred investor interest, however, as whale activity—often a sign of market movement—has surged to the highest levels this year.

Source: Santiment
Market analysts are closely monitoring the 30-day average returns of ETH wallets. This metric suggests that the current market conditions may present a buying opportunity. Reinforcing this sentiment is the Relative Strength Index (RSI) of Ethereum, which has plummeted to 28.5. This figure is the lowest recorded for the second-largest cryptocurrency by market capitalization since the price bottom witnessed in late January.
The convergence of these factors—community unity, whale activity, and technical indicators—paints a complex picture for Ethereum’s future. As the market continues to react to these developments, all eyes will be on the evolving landscape of cryptocurrency regulation and its impact on investor sentiment.
Source: https://azcoinnews.com/whale-activity-peaks-in-2024-as-ethereum-faces-regulatory-heat.html

The cryptocurrency market is on high alert as data from CryptoQuant signals an impending phase of increased volatility and a potential correction in Bitcoin’s value. Analysts have observed a surge in activity from Bitcoin ‘whales’—investors holding large amounts of BTC—which historically precedes market instability.
This uptick in whale transactions often leads to a short-term price decline, creating what is known as a local dip. The Exchange Whale Ratio (EWR), a metric that tracks the relative size of the top 10 Bitcoin inflows to exchanges, has spiked, indicating that whales are moving their holdings onto exchanges, possibly to sell.

Experts anticipate that this could result in Bitcoin’s price falling back to the support range of $62,000 to $63,000, a level that previously acted as a foundation for the cryptocurrency’s value. Such a drop would not be unprecedented but is expected to be part of a ‘healthy correction’ following the recent rapid price increase.
The potential sell-off by whales is seen as a necessary adjustment that could pave the way for more sustainable growth in the future. Investors and traders are advised to monitor the situation closely and prepare for possible fluctuations in the coming days.

Source: https://azcoinnews.com/cryptoquant-data-predicts-short-term-bitcoin-volatility-and-healthy-correction.html

In the wake of the crypto industry’s recent turmoil, Ava Labs founder Emin Gün Sirer has issued a stark warning about the emergence of subpar Layer 2 solutions (L2s) attempting to fill the void left by the disgraced former FTX CEO, Sam Bankman-Fried (SBF).
Sirer’s cautionary message comes in the form of a tweet, where he reflects on the community’s initial oversight of red flags due to SBF’s perceived intelligence and wealth. He criticizes the ease with which “trash L2s” can be launched, highlighting several concerning practices that could indicate potential fraud or mismanagement within these projects.
Key points from Sirer’s tweet include:
Mismatched Narratives: Projects whose narratives don’t align with their technology, particularly centralized sequencers without fraud proofs, are considered incompatible with the ethos of cryptocurrency.Premature Token Sales: Selling tokens to fund future technology development may fall under security offerings, raising legal and ethical questions.Founder Token Dumping: Founders selling tokens before a project’s launch suggests a lack of commitment and parallels with SBF’s alleged misdeeds.Low Float Tokens: Manipulation of low-float token valuations, a tactic associated with SBF, is a red flag for potential market manipulation.Questionable Founder Behavior: Sirer also alludes to founders’ personal conduct as a potential indicator of a project’s integrity.
Sirer proposes a litmus test for evaluating new crypto projects: assessing whether they bring innovative solutions to current industry challenges and if their leaders can convincingly articulate their vision to a non-expert audience.
As the crypto landscape continues to evolve, Sirer’s insights serve as a reminder for investors and enthusiasts to remain vigilant and discerning, especially when new players emerge to fill the gaps left by fallen giants.
Source: https://azcoinnews.com/ava-labs-emin-gun-sirer-alerts-crypto-community-to-l2-pitfalls-post-sbf-era.html

In a recent development that has stirred the Solana community and the broader crypto ecosystem, a surge of memecoins bearing inflammatory and offensive names has been widely denounced. On March 22, it came to light that anonymous entities exploited Solana’s token creation feature, flooding the network with thousands of memecoins. These tokens were not only distasteful but also carried racist, antisemitic, and anti-China sentiments in their names, alongside other derogatory content.
Anatoly Yakovenko, the founder and CEO of Solana, took a firm stance against this disturbing trend. His statement on platform X was concise and to the point: “F’ these anti-Semitic racist incels.”

The crypto industry has been in the throes of a memecoin craze for several months, largely fueled by the meteoric rise in the value of tokens like BONK and WIF. Solana, known for its low costs and rapid transaction capabilities, has emerged as a primary beneficiary of this memecoin trading boom, with a significant portion of the trade volume transpiring on its network.
A report from SolanaFM highlighted the staggering rate of token creation on Solana, with over 20,000 new tokens minted daily. This proliferation is supported by Solana’s relatively low transaction fees, which stand in stark contrast to those on other blockchains. For instance, while the average Ethereum transaction fee hovers above $9.00, Solana’s fees are typically just a fraction of a cent. However, it’s important to note that actual transaction costs can vary between chains.
In a telling statistic that underscores Solana’s role in the current crypto landscape, nearly all of the top 50 trending cryptocurrencies on DEX Screener, save for five, have circulated on the Solana network in the past 24 hours.

Source: https://azcoinnews.com/solana-community-condemns-influx-of-offensive-memecoins.html

In a financial landscape where digital currencies are becoming increasingly intertwined with global markets, Ethereum has marked a significant movement this March. Data from CryptoQuant reveals that the net transfer of Ethereum to centralized exchanges (CEXs) has surpassed $913 million USD, the highest since June 2022.
This influx, calculated as the net amount between inflows and outflows, is not just a mere statistic; it reflects the growing concerns among investors about the current regulatory environment. The crypto community is no stranger to the ebb and flow of regulatory news, but recent developments have cast a shadow of uncertainty, prompting investors to move their assets to exchanges possibly to liquidate or await further developments.

The implications of such a substantial transfer are manifold. On one hand, it could indicate a bearish sentiment, as investors prepare to sell off their holdings in anticipation of stricter regulations. On the other hand, it could also signify a strategic move to capitalize on potential market shifts that such regulations might bring.
As the month has not yet concluded, the industry watches with bated breath to see how this trend will evolve. Will this record-setting movement be a prelude to a larger market reaction, or will it be an isolated incident in the volatile world of cryptocurrency? Only time will tell, but one thing is certain: the intersection of digital currency and regulatory frameworks remains a critical point of focus for both investors and policymakers alike.
Source: https://azcoinnews.com/ethereum-sees-record-913m-net-transfer-to-exchanges-amid-regulatory-concerns.html

In the world of cryptocurrency, exchange-traded funds (ETFs) have become a barometer for investor sentiment. Recent data from SoSoValue indicates a trend of net outflows from Bitcoin spot ETFs, with a significant amount of $93.85 million leaving these funds on March 22. This marks a continuation of a four-day streak of net outflows, signaling a cautious or bearish stance among investors.
Grayscale’s Bitcoin Trust (GBTC), one of the largest and most well-known Bitcoin funds, experienced a substantial single-day net outflow of $358 million. This event has brought GBTC’s cumulative net outflows to a staggering $13.63 billion. The scale of this outflow underscores the shifting dynamics within the cryptocurrency investment landscape.

Soure: SoSoValue
In contrast, the BlackRock ETF IBIT saw the highest single-day net inflow of $233 million, bucking the broader market trend. This inflow has contributed to IBIT’s total historical net inflow reaching $13.32 billion, reflecting a growing confidence in BlackRock’s approach to cryptocurrency investment.
The divergence in fund flows between GBTC and IBIT highlights the competitive nature of the market and the varied strategies employed by investors. While some are pulling back, others are doubling down, and the long-term implications of these movements are yet to be fully understood.
Source: https://azcoinnews.com/march-22-marks-93-85-million-net-exodus-from-bitcoin-spot-etfs-extending-four-day-withdrawal-trend.html

NIM Network, a blockchain platform dedicated to AI gaming, has announced the launch of its Genesis Rolldrop program. The initiative is set to distribute a generous 9% of its token supply, amounting to 90 million NIM, in an airdrop to over 500,000 eligible wallets. Of this, a substantial 50 million NIM is earmarked for wallets currently staking on Dymension (DYM).

The airdrop extends beyond stakers, with eligibility criteria encompassing:
Members of gaming communities such as Parallel, Pirate Nation, AI Arena, and TODAY The Game.Holders of NFTs like Pudgy Penguins, 9dcc, and WolvesDAO.Individuals who have interacted with infrastructure and community fundraising projects like Ocean, Olas Network, and Gitcoin.
Participants can preview their allocation, mirroring the proactive approach of past airdrops from Celestia and Dymension, where tokens were directly sent to qualifying wallets without requiring any action from the users.
Nim Network Genesis Rolldrop is live!https://t.co/KFhyct3Fs9 pic.twitter.com/FgNRY2uUtZ— NIM Network 🐒 (@nim_network) March 21, 2024

NIM Network stands out as the first RollApp deployed on Dymension, a pioneering modular blockchain within the Cosmos infrastructure. RollApps, developed using Dymension’s RDK tool, are appchains that inherit the security, liquidity, and connectivity benefits of the Dymension Hub. This integration ensures that all RollApps can leverage the advantages of the broader Dymension Hub, streamlining the user experience across multiple applications.
Source: https://azcoinnews.com/nim-network-distributes-tokens-to-dym-stakers-in-latest-airdrop.html

In the ever-turbulent world of cryptocurrency, Bitcoin has once again made headlines with its dramatic price fluctuations. On March 21, the digital currency experienced a significant drop, hitting a 24-hour low of $64,760, a stark contrast to its daily high of $68,120 just 18 hours prior.
The majority of this decline occurred within a mere three hours, as Bitcoin’s value plummeted by 3.2% from $66,906 to $64,760. At the time of writing, Bitcoin has made a modest recovery, hovering just above the $65,000 mark, yet the market continues to face downward pressure.
Currently, Bitcoin stands at $65,131 with a market capitalization of $1.28 trillion, marking an overall decrease of 3% in the last day. Despite this dip, Bitcoin’s price is still at a 27-month high, showcasing the resilience and potential of the flagship cryptocurrency.

BTC/USDT 1 day chart on Binance | Source: TradingView
The rest of the crypto market has not been immune to these shifts, with nearly all top ten coins experiencing declines ranging from 3% to 5% in the recent hours.
Solana, in particular, witnessed one of the more significant drops, descending from a local high of $195 to a daily low of $176, before making a slight comeback to $179.
Ethereum, the second-largest cryptocurrency by market cap, faced a less drastic fall, with its price dropping from $3593 to $3421. As of the latest update, Ethereum is trading at $3500.
The market’s volatility has been palpable, especially since March 18, following a correction after Bitcoin’s surge to a new all-time high of $73,881 weeks before the anticipated halving event. This rally has led to significant market movements.
In the past day alone, the market has seen a total of $192.1 million in liquidations, with long positions bearing the brunt of the losses, accounting for $111.03 million, compared to $81.07 million in short positions. This indicates a strong bearish momentum in the market, particularly after the recent rally.
Source: https://azcoinnews.com/cryptocurrency-rollercoaster-bitcoins-sharp-decline-after-soaring-highs.html

In a groundbreaking development, bitsCrunch has announced the full indexing of all Solana blockchain blocks, marking a significant achievement in its 2024 roadmap. This initiative, positions bitsCrunch at the forefront of blockchain analytics by offering detailed analytics and forensic services for NFT projects, marketplaces, gaming ventures, and brands within the Solana ecosystem.
The expansion of bitsCrunch’s AI-powered capabilities, including NFT price estimation and IP infringement detection, now fully supports Solana-based projects. Vijay Pravin, the Founder and CEO of bitsCrunch, expressed his enthusiasm for the announcement, stating, “Today’s announcement is a robust validation of the bitsCrunch value proposition by a leading and fast-evolving platform, reinforcing our commitment to decentralizing blockchain analytics.” He highlighted the growing interest from prominent Web3 investors and venture capitalists, reflecting the company’s rapid growth trajectory.

The announcement follows the successful launch of bitsCrunch’s Delegation Incentive Program, which encourages $BCUT token holders to delegate their tokens to network operators. This strategy not only enhances the network’s security but also allows token holders to earn significant rewards. The delegated tokens contribute to the network’s decentralization, increasing its resilience against attacks and manipulation. Moreover, the rewards for token holders are automatically staked, facilitating the compounding of their earnings.
The BCUT token has gained considerable traction, with listings on major exchanges such as ByBit, KuCoin, Gate.io, Crypto.com, CoinList, CoinList Pro, Uniswap, and Bitpanda.
The bitsCrunch Advantage
Distinguishing itself from basic analytics, bitsCrunch offers sophisticated, deep-dive analytics and forensics for NFTs and digital assets. The company leverages advanced AI models to analyze not only transactions but also the intricate details of NFT images, providing a comprehensive view of the digital asset landscape.
Targeted Solutions for Diverse Segments
NFT Marketplaces and Aggregators: bitsCrunch equips platforms with extensive metrics, including market analytics, metadata, historical sales data, and listings, empowering them with the tools necessary for success.NFT Lending Protocols: The company’s AI-driven NFT Price Estimation tool, combined with detailed market metrics and metadata, provides lending platforms with a sophisticated understanding of asset-related risks.Gaming Projects: bitsCrunch’s advanced gaming analytics offer in-depth wallet behavior analysis and on-chain usage statistics, aiding in user acquisition and identifying potential issues.NFT Projects Across Sectors: From PFPs to renowned brands like Nike, bitsCrunch’s AI models protect intellectual property rights, ensuring creators maintain control over their digital assets.
This strategic move by bitsCrunch is set to empower the Solana ecosystem, providing stakeholders with the insights and tools needed to navigate the complex world of NFTs and digital assets effectively.
Source: https://azcoinnews.com/bitscrunch-unveils-comprehensive-solana-analytics-boosting-nft-ecosystem.html

In a recent turn of events, blockchain analytics firms Nansen and onchain sleuth ZachXBT have brought to light a series of transactions that suggest Arrington Capital may have engaged in insider trading and a Sybil attack to acquire and distribute a significant amount of EtherFi’s native token, ETHFI.
According to reports, Arrington Capital, a private equity investor in the restaking platform EtherFi, minted $5,000 worth of eETH last month. This eETH was then divided among 10 different wallets, with each wallet receiving 500 eETH. Subsequently, these wallets claimed a total of 200,498 ETHFI tokens in airdrops. These tokens were then consolidated and sent to the cryptocurrency exchange Binance, presumably for sale.

This move has raised eyebrows within the cryptocurrency community, as Arrington Capital is not only an investor in EtherFi but also appears to have circumvented the platform’s airdrop cap of 25,000 ETHFI per address by distributing the eETH across multiple wallets. The cap is intended to prevent any single entity from acquiring a disproportionate share of the airdropped tokens.

The controversy stems from the fact that such actions, if proven true, could be interpreted as a Sybil attack. This type of attack involves creating multiple fake identities, or in this case, wallets, to exploit a system’s incentives – in EtherFi’s case, the airdrop mechanism. Moreover, the alleged use of insider information to perform these actions could have legal implications, given the regulatory scrutiny the cryptocurrency industry faces.
In response to the allegations, EtherFi stated that Arrington was unaware of the vesting period, as the decision was made shortly before the airdrop. Meanwhile, Arrington Capital has denied the accusations of conducting a Sybil attack on EtherFi, stating that the distribution methodology of the protocol was not taken advantage of.

Source: https://azcoinnews.com/arrington-capital-accused-of-insider-trading-and-sybil-attack-in-etherfi-airdrop.html

In a remarkable development for the Base chain, the decentralized exchange (DEX) trading volume has surged by 53% month-over-month, reaching a new all-time high of $359 million on March 20. This significant increase is primarily attributed to the dominant performance of Uniswap, which accounted for a staggering 76% of the total volume.
The Base chain, which has been gaining traction since its launch by Coinbase following the Solana blockchain, also witnessed unprecedented levels of gas usage. The network consumed 478.24 ETH worth of gas, marking the highest usage to date. This surge aligns with the growing number of daily active addresses on the Base chain, which hit 464,000, including 129,600 new addresses joining the network.

Source: DefilLama
Analysts suggest that the primary catalyst behind these record-breaking figures is the influx of MEMECOINs on the Layer 2 (L2) blockchain. These digital assets, often characterized by their viral nature and community-driven value, have attracted a significant amount of attention and investment, propelling the Base chain’s activity to new heights.
As the cryptocurrency landscape continues to evolve, the Base chain’s latest achievements underscore the dynamic nature of blockchain technology and its capacity to support a thriving ecosystem of digital assets.
Source: https://azcoinnews.com/base-chain-sees-record-highs-in-dex-trading-volume-and-gas-usage.html

In a move aimed at rectifying the fallout from the collapsed Earn program, Genesis and Gemini have initiated steps to compensate affected users. According to a statement released on March 19th by Gemini, Genesis has sought approval from a bankruptcy court for a settlement that will allocate funds to users impacted by the failed program.
The proposed settlement, outlined in a motion filed by Genesis, aims to distribute funds to users affected by the Earn program’s suspension, which occurred in November 2022. If approved by the bankruptcy court, the settlement will ensure that all Earn users receive 100% of their digital assets back, with approximately 97% expected in the near term. The remainder will be disbursed as recoveries are received from Digital Currency Group, Inc. (DCG).
This announcement marks the beginning of the necessary approval process by the Bankruptcy Court for the settlement to take effect. Users are reassured that no action is required on their part to benefit from the terms of the settlement.
Under the proposed settlement, users stand to regain their digital assets in full, along with any appreciation accrued since their participation in the Earn program. This means that if a user had lent one bitcoin into the Earn program, they will receive one bitcoin back, along with any appreciation in value.
The total value of assets to be returned under the settlement is estimated to exceed $2 billion at current prices, representing a significant increase from the value at the time of the program’s suspension.
Gemini, in support of the settlement, has committed to expedite the delivery of digital assets to users upon the settlement’s effectiveness. The initial distribution, comprising approximately 97% of owed digital assets as of the suspension date, is expected to occur within a few weeks of the settlement’s approval. The remaining balance will be credited as recoveries are obtained from DCG.
As part of the settlement, Gemini has pledged $50 million to contribute to users’ recoveries, with $40 million referenced in a previous update from February 28, 2024.
In addition to addressing user compensation, the settlement also resolves legal proceedings related to the Earn program, including adversary proceedings and preference claims against users. Genesis has waived all preference claims and causes of action against Earn users as part of the settlement terms.
The Earn program, initially launched in partnership between Gemini and Genesis in February 2021, offered users a lending product providing returns on crypto deposits. However, withdrawals were suspended in November 2022 amid a broader lending crisis and the collapse of FTX. Earn was subsequently discontinued in January 2023, leading to Genesis filing for partial bankruptcy.
Notably, in January 2023, the US Securities and Exchange Commission filed charges against Gemini and Genesis, which have since partially concluded with Genesis agreeing to pay a $21 million civil penalty.

Source: https://azcoinnews.com/genesis-and-gemini-take-steps-to-compensate-users-affected-by-failed-earn-program.html

Bitcoin has seen a significant price correction this week, with an over 8.6% decline, causing ripples across the trading charts. The digital currency’s value plummeted to $61,500, marking the lowest point in the last fortnight and painting a stark ‘fat red candle’ on the charts.
Amidst this downturn, veteran trader Peter Brandt has offered his insights, suggesting that Bitcoin may have formed a “head and shoulders” (H&S) pattern, a common technical indicator that could signal a reversal of the recent bullish trend. Brandt’s analysis, shared via Twitter, points out that the H&S pattern is visible on the Factor Real Range Chart, which omits the wicks for a cleaner view—a method he prefers for its clarity.
Bitcoin $BTC completes H&S top on Factor Real Range Chart. This chart eliminates wicks, which I think cause more confusion than clarity (though I respect those who think the opposite). Remember, some H&S overshoot targets, many, if not most, fail to generate suggested price behavior and fail or morph. BTW, a correction to mid/upper $50s would retest upper boundary of the advancing channel from which price thrust from on Feb 26/27. This is NOT a prediction. Your trades are at your own risk. This correction is healthy. BTC is in a major bull trend. The H&S is negated if $69k is reclaimed (not $59 – fat fingers). The fundamental driver of Bitcoin is eventual destruction of fiat. Interest rates might correlate from time to time, but eventually not matter.
Brandt emphasizes the unpredictability of technical patterns, noting that while some H&S formations may exceed their projected targets, others may not fulfill the anticipated price movements or may evolve into different patterns altogether. He also hints at a potential correction to the mid-to-upper $50,000s, which would align with a retest of the upper boundary of the advancing channel that Bitcoin broke through in late February.
However, Brandt is cautious to clarify that his observations are not to be taken as financial advice or predictions. He reminds traders that all investments carry risk and that market behavior can deviate from textbook patterns.
In a broader context, Brandt touches upon the fundamental factors influencing Bitcoin’s value, asserting that the “eventual destruction of fiat” currencies is the primary driver behind Bitcoin’s long-term bull trend. He suggests that while interest rates may show correlation with Bitcoin’s price movements in the short term, they will ultimately become irrelevant as the cryptocurrency continues to challenge traditional monetary systems.
Source: https://azcoinnews.com/brandt-affirms-bitcoins-health-amid-correction-eyes-69k-for-bull-trend-continuation.html

In a recent announcement, the COTI network has revealed that its much-anticipated V2 airdrop campaign will kick off on March 25th. However, the distribution of the new COTI V2 tokens will be delayed until the last quarter of 2024, coinciding with the token’s official launch.
COTI V2 represents a significant leap in blockchain privacy, operating as a Layer 2 protocol on Ethereum. It is specifically engineered to securely transmit sensitive data across the blockchain within Web3 applications.
Current COTI token holders, as well as those who have made deposits into the project’s treasury, are eligible for the airdrop rewards. Notably, individuals who deposited into the treasury before February 28th, 2024, will receive additional airdrop rewards, calculated as a percentage of their annual deposit. The announcement states:
“Users simply need to deposit into the treasury to participate, but those who deposited before February 28th, 2024, will receive an extra reward as a gesture of gratitude from the COTI team for their early support.” This initiative will distribute up to 40 million COTI V2 tokens (valued at approximately $8 million) among both Native and ERC-20 COTI holders, in addition to the APY rewards already being earned in the COTI Treasury.
Key Points of the COTI V2 Airdrop Campaign:
When: The campaign begins on March 25th, 2024. Token distribution will follow the COTI V2 Token Generation Event (TGE), scheduled for Q4 2024.What: Treasury participants will automatically qualify for a share of the 40 million COTI V2 tokens, on top of regular APY rewards.Who: The campaign is open to all COTI holders, both Native and ERC-20. Early depositors before February 28th, 2024, will receive a special bonus.How: Participation requires a deposit in the Treasury, regardless of the deposit date.
About COTI V2: COTI is upgrading its infrastructure to create the fastest and most lightweight confidentiality layer on Ethereum. Utilizing a novel cryptographic protocol based on Garbled Circuits and backed by Ethereum’s security, COTI V2 introduces a cutting-edge solution for data protection on public blockchains. This upgrade is set to catalyze a new era of Web3 innovation and adoption, enabling confidential transactions, Artificial Intelligence, DeFi, decentralized identification, and more.
The $COTI token plays a vital role in transaction fuel, network security, and access to privacy features.
The COTI Treasury: Launched in 2022, the COTI Treasury allows anyone to deposit COTI and earn APY rewards in both COTI and gCOTI. Currently, over 500 million $COTI has been deposited. Users can tailor their potential APY by selecting the deposit amount, multiplier, lock period, and APY boost.
New locking options of 180, 270, and 360 days are now available, offering even greater rewards starting March 25th. For the first time, COTI ERC-20 token holders without VIPER wallets can participate in the Treasury without KYC and receive APY rewards for their deposits.
Joining the Airdrop Campaign: From March 25th, all Treasury users will automatically be eligible for a portion of the 40 million COTI V2 tokens, in addition to their APY rewards. The airdrop rewards will be based on a combination of current APY, deposit conditions, and user activity within the Treasury.

Source: https://azcoinnews.com/coti-v2-airdrop-campaign-postponed-to-q4-2024-promises-enhanced-privacy-on-ethereum.html

In a groundbreaking development for the cryptocurrency sector, Cardano, a leading Layer-1 smart contract platform, has announced the launch of the USDM stablecoin by Mehen Finance. This event marks a significant achievement for Cardano, emphasizing its commitment to providing a secure, scalable, and sustainable environment for decentralized applications (DApps).
USDM: A New Era of Stablecoins on Cardano
The Mehen token, known as USDM, is a digital store of value that is directly convertible to U.S. dollars on a 1:1 basis. As a native token of the Cardano blockchain, USDM can be transferred seamlessly across the network without necessitating additional smart contracts. This feature represents a substantial advancement in the ease of use and integration of stablecoins within the Cardano ecosystem.
Mehen Finance has indicated that institutional customers are already initiating the onboarding process, expected to take between one to two days. Consequently, the USDM token will progressively become available on-chain in the week following March 18.
A Milestone for Cardano’s Growth
The introduction of USDM is a pivotal moment for Cardano as it continues to broaden its ecosystem, attracting a growing number of users and developers. The platform’s steady march towards widespread adoption is bolstered by this addition, which offers a stable and reliable option for transactions and value storage within the Cardano network.
USDM: Setting Itself Apart
Distinguishing itself from other stablecoins like iUSD and DJED, USDM is not algorithmic or synthetic. Instead, it is fully backed by U.S. dollars, ensuring a stable and trustworthy asset for users. To obtain USDM tokens, users deposit U.S. dollars into their Mehen account, which are then held in a dedicated account for token holders. Upon completion of the transaction, users can mint an equivalent amount of USDM cryptocurrency tokens.
Cardano’s Stablecoin Market: A Promising Future
The last quarter witnessed a remarkable expansion in Cardano’s ecosystem, with the value of its stablecoin offerings surging by 37% quarter-over-quarter and an impressive 673% year-over-year. The launch of Mehen’s USDM stablecoin is anticipated to further fuel growth in the Cardano stablecoin market, setting the stage for a robust and dynamic future.
As the first fiat-backed stablecoin on the Cardano platform, USDM is poised to play a crucial role in the ongoing evolution of the cryptocurrency landscape, offering a secure and scalable solution for digital transactions.

Source: https://azcoinnews.com/cardanos-ecosystem-welcomes-mehens-usdm-a-fiat-backed-stablecoin.html

In a bold move that has stirred the crypto community, pro-XRP lawyer John Deaton has announced his candidacy for the Massachusetts Senate race, challenging incumbent Senator Elizabeth Warren. Deaton, a staunch advocate for cryptocurrency, has called upon his substantial social media following to support his campaign both morally and financially.
Deaton’s announcement came through a post on X, where he informed his 324,100 followers of his $500,000 personal investment into his senate campaign. His message was clear and confident: he believes he can unseat Warren, who has been a fixture in Massachusetts politics for over a decade.

“The common belief that Elizabeth Warren is unbeatable in Massachusetts is a myth,” Deaton declared. “I can win.” With the election set for September 3, Deaton has already funded half of his campaign and is now reaching out to his followers to help raise an additional $500,000. Contributions are welcomed in both cash and cryptocurrency, reflecting his commitment to the digital currency space.
Deaton’s campaign is not just about challenging Warren but also about self-belief and the fight for freedom. “If I could self-fund the entire campaign, I would, because freedom is at stake here,” he stated. “I need your help to raise $1 million by the end of the quarter.”
Support for Deaton’s campaign has come from notable figures within the crypto world, including Cardano founder Charles Hoskinson. On March 4, Hoskinson expressed his backing for Deaton, emphasizing the need for leaders who are prepared to confront the establishment and protect the crypto industry from detrimental legislation.
Deaton’s campaign strategy is centered around “taking on the Washington elites,” a stance that resonates with many in the crypto community. In a video released on February 20, he criticized Senator Warren for her lack of action for Massachusetts, positioning himself as the candidate ready to make a real difference.
Source: https://azcoinnews.com/pro-xrp-lawyer-john-deaton-announces-senate-run-against-elizabeth-warren.html

In the fast-paced world of cryptocurrency, Sundayfunday.sol has emerged as a trailblazer, showcasing extraordinary success in the realm of decentralized finance. Holding the prestigious title of BOME TOP1 holder, Sundayfunday.sol has recently made waves by spearheading a fundraising initiative with a monumental investment totaling 420 SOL, equivalent to approximately $67,200. The outcome? Nothing short of remarkable.

BOME price 7 day chart by Coingecko
As of the latest reports, Sundayfunday.sol’s investment has yielded an unrealized gain of a jaw-dropping $34.56 million. From the initial investment of 420 SOL, the asset has surged to an impressive 183,860 SOL, showcasing an exceptional return rate of 436 times the initial capital. Such exponential growth underscores the unparalleled potential within the cryptocurrency market, with Sundayfunday.sol emerging as a prime example of strategic investment prowess.
BOME’s largest personal holding address, sundayfundday.sol (AcLH…ST8z), sold 190 million BOME into 19,600 SOL through Raydium, with a current value of approximately $3.62 million. Currently sundayfunday.sol still holds 1.242 billion BOME, worth approximately $29.8 million.… https://t.co/5R4Cwh6sWy— Wu Blockchain (@WuBlockchain) March 17, 2024

In a recent development, Sundayfunday.sol executed a strategic move by selling 190 million BOME tokens for 19,600 SOL through the Raydium platform. At present market values, this transaction amounts to approximately $3.62 million. Despite this sell-off, Sundayfunday.sol retains a significant holding of BOME tokens, cementing its position as a major player within the cryptocurrency landscape.
Sundayfunday.sol’s success story is not the only one captivating the attention of the cryptocurrency community. According to data from Looksonchain, a participant in the BOME pre-sale has also experienced substantial gains. Selling off their entire allocation of 347 million BOME tokens for 34,647 SOL, this investor realized an impressive return of 340 times their initial investment. What’s particularly noteworthy is the minimal initial investment of only 102 SOL, amounting to approximately $19,000, to participate in the pre-sale, which resulted in a generous 347 million BOME token airdrop.
The cryptocurrency market continues to evolve at a rapid pace, with stories like Sundayfunday.sol’s serving as a testament to the immense opportunities and potential rewards available to savvy investors. As decentralized finance gains traction and mainstream adoption, figures like Sundayfunday.sol are pioneering new frontiers, reshaping the financial landscape with their bold investment strategies and remarkable returns.
Source: https://azcoinnews.com/from-67200-to-34-56-million-sundayfunday-sols-436x-return-rate-in-bome-investment.html

Ether.fi, the leading liquid restaking protocol on the Ethereum blockchain, has unveiled its plan to distribute governance tokens through an airdrop. The token, aptly named ETHFI, is set to have a whopping total supply of 1 billion tokens, with an initial circulating supply of 115.2 million tokens.
A Two-Season Airdrop Strategy
The airdrop is structured in two main stages: Season 1 and Season 2. Season 1, which covers behavior up to March 15, will see the release of 6% of the total token supply. Season 2, commencing immediately after, will release an additional 5% of the remaining tokens. The exact end date for Season 2 remains unspecified, adding an element of suspense to the event.
Tokenomics and Distribution
The distribution plan for the remaining tokens is meticulously outlined in the protocol’s tokenomics. Investors, partnerships, core contributors, and the protocol’s treasury are all set to receive a portion of the tokens, ensuring a wide and fair distribution that supports the protocol’s long-term viability.
Eligibility Criteria and Controversies

Ether.fi has set forth a variety of criteria for airdrop eligibility, catering to different participants in the ecosystem. Holding eETH, referring new users to the protocol, or being part of the Early Adopter Program are some of the ways to qualify. However, in a bid to prevent market manipulation, “whale wallets” are subject to a 3-month waiting period before they can claim their tokens, while smaller wallets enjoy the benefit of instant claims.
The announcement has not been without its share of drama. Notably, Justin Sun, the polarizing figure behind TRON, is set to receive nearly 3.5 million tokens from the initial allocation, following a substantial deposit of 20,000 ETH. This revelation has sparked discussions within the community, highlighting the complexities of airdrop allocations.
Ether.fi’s announcement comes on the heels of significant financial milestones. With over $3 billion in total value locked, the protocol stands head and shoulders above its competitors, boasting more than double the value of its nearest rival. This financial prowess is further bolstered by a recent $27 million venture funding round, split between a SAFE and a Series A, as reported by The Block.

Source: https://azcoinnews.com/ether-fi-announces-airdrop-of-governance-tokens-amidst-market-excitement.html

In the ever-evolving landscape of cryptocurrency investments, Bitcoin spot Exchange-Traded Funds (ETFs) have emerged as a beacon of investor confidence, even as the market faces significant volatility. On March 15th, the Bitcoin spot ETF market witnessed a remarkable total net inflow of $198 million, underscoring the growing investor appetite for cryptocurrency exposure through traditional investment vehicles.
The day was not without its shifts, however. Grayscale’s Bitcoin Trust ETF (GBTC) experienced a net outflow of $139 million. This movement reflects a broader trend in the market, where investors are increasingly favoring products that offer direct exposure to Bitcoin prices.

Source: Sosovalue
Standing out from its peers, Fidelity’s Bitcoin spot ETF, FBTC, recorded the highest net inflow for the day, attracting approximately $155 million. This substantial influx is part of a consistent pattern of growth for FBTC, which has now amassed a total historical net inflow of $6.87 billion. The ETF’s performance is a testament to Fidelity’s reputation and the trust investors place in its offerings.
The significance of these movements cannot be overstated. As spot ETFs continue to gain traction, they offer a glimpse into the future of cryptocurrency integration within the broader financial ecosystem. With Fidelity’s FBTC at the helm, the market is witnessing the maturation of Bitcoin as an asset class that commands serious consideration from both retail and institutional investors.

Source: https://azcoinnews.com/bitcoin-spot-etfs-attract-198-million-fidelitys-fbtc-leads-with-record-inflows.html

In a bold move that underscores its commitment to cryptocurrency, El Salvador has significantly increased its Bitcoin reserves. President Nayib Bukele announced that the nation has been making a “daily fixed investment” of 1 Bitcoin since November 2022. This initiative is set to continue until Bitcoin can no longer be purchased with legal tender.
On March 15, President Bukele revealed that El Salvador has transferred over 5,000 BTC to a secure cold wallet, effectively doubling its digital assets to an impressive $400 million. The cold wallet, containing exactly 5,689.68 BTC, is safely housed in a physical vault on national soil, marking a strategic step in the country’s financial evolution.

The announcement was made on a social media platform, where President Bukele referred to the new setup as “our first #Bitcoin piggy bank.” This terminology not only reflects a sense of national pride but also indicates a forward-thinking approach to financial security and investment.
El Salvador’s pioneering stance on Bitcoin has been closely watched by the global community. By integrating Bitcoin into its financial infrastructure, the country is positioning itself at the forefront of a potential economic revolution, one that could pave the way for other nations considering similar ventures into the realm of digital currencies.
As the world keeps an eye on this unfolding narrative, El Salvador’s “Bitcoin piggy bank” stands as a testament to the nation’s innovative spirit and its unwavering belief in the transformative power of cryptocurrency.
Source: https://azcoinnews.com/el-salvador-escalates-bitcoin-holdings-with-daily-investment-strategy-says-president-bukele.html