Tag: Altcoin News

Crypto exchange Bitget and web3 venture capital firm Foresight Ventures have jointly invested $30 million in The Open Network (TON) Blockchain to boost the adoption of emerging trends within the TON ecosystem.

According to the official announcement, the joint $30 million was executed through the acquisition of $TON, the native token of the TON protocol.

The fund will primarily focus on Tap-to-Earn and GameFi models that reward users with tokens for engagement. Bitget noted that the investment will foster growth and development within the TON network. The crypto exchange believes the move will drive mainstream adoption of TON-based projects, supporting Web3 innovation and expansion within the TON network.

Not the First

Bitget noted that this is not the first time it has supported the growth of the TON ecosystem. The company’s mobile wallet, Bitget Wallet, impacted the TON ecosystem through TONNECT 2024, an online event accelerating emerging dApp growth.

The initiative leveraged the growing user interest in TON within Bitget’s decentralized wallet. In Nigeria, Bitget Wallet topped Apple’s App Store charts, surpassing TikTok and WhatsApp, thereby showing the rising adoption of decentralized finance (DeFi).

Does TON Merit the Investment?

The TON Blockchain has experienced rapid growth in 2024, becoming one of the fastest-growing blockchains. With its connection to Telegram’s massive 950 million user base, TON has seen a significant increase in activity. 

According to a recent report by Bitget Research, on-chain transactions, ecosystem Total Value Locked (TVL), and DEX trading volume have all grown by over 10 times. This growth is largely driven by popular telegram apps such as Notcoin, Catizen, DOGS, and TADA, which have collectively amassed millions of users.

Telegram’s support for Web3 startups has contributed to TON’s success. As the ecosystem grows, TON seems to be positioned for mass adoption. Notably, With its growing user base, the blockchain is becoming a major player in the Web3 space, trailing behind other blockchain giants like Solana.

Investors of an allegedly $1 billion fraudulent crypto scheme are set to receive refunds. The TSSB secured a settlement deal with the perpetrators, Josip Heit, and his Gold Standard Bank (GSB) who made fake promises of tokenized partial ownership of a skyscraper to its customers.

GSB Investors to Get Refund

As part of the settlement, Heit and GSB will not face monetary penalties, but instead provide refunds to eligible US customers in the affected states, compensating those impacted by their actions. This includes Arizona, Texas, Alabama, Arkansas, and Georgia.

Even though Heit and GSB did not admit or deny any law violations, the settlement includes their ceasing from offering unregistered securities in the settling states. On the other hand, The settling states will withdraw all prior allegations of fraud or dishonest practices against the defendant as announced by their attorney, Avi Perry and Alex Spiro.

While expressing his satisfaction with the verdict, Heit said “We welcome this settlement… We are committed to refunding all eligible customers through the claims process. Our customers always come first. Protecting the brand, our reputation, and our customers is our top priority.”

Skyscraper Crypto Scam. What happened?

A large investment scheme involving hundreds of thousands of investors collapsed after failing to raise $175 million through crypto sales linked to a skyscraper project. GSB’s subsequent trading losses in October 2023 worsened the situation, leading to restricted withdrawals for many investors.

The Texas State Securities Board, which led the investigation, aims to ensure 100% refunds (minus withdrawals) for investors in the U.S. and Canada. AlixPartners, the world’s largest business litigation firm, has been appointed to manage the refunds. They have extensive experience handling high-profile cases, including those involving Bernie Madoff and FTX.

Having settled with some states, eligible customers who invested in GSB’s products, including crypto tokens and educational programs, may receive a refund if their state joins the settlement.

The skyscraper scam shows that investors should conduct thorough research before committing funds. They should be cautious of high-risk investments that promise unusually high returns, as these can be fraudulent.

Messi has joined the ongoing crypto memecoin trend by promoting Solana-based memecoin $Water through a post on his official Instagram account.

Famous Argentinian footballer Lionel Messi has pushed the price of the Solana $Water memecoin by over 350%, leading many of his fans and followers to invest in the token through his Instagram story. 

$Water has been on the downtrend for the past 14 days, plummeting to $0.0002878 per coin, more than 90% from its all-time high on the launch date. Messi’s endorsement was the catalyst that sent $Water soaring, demonstrating the immense power of celebrity influence in the cryptocurrency market.

Messi Sends $Water up by Over 350%

Through a Monday post on his Instagram Story, Football legend Lionel Messi advertised the newly launched Solana memecoin $Water to his online family of over 500 million followers. $Water moved from $0.0003193 to $0.0015 within three hours after Messi’s post.

According to Dexscreener, $Water was launched two weeks ago on Solana with a market capitalization of over $70 million and a daily trading volume of over $100 million. 

Following Messi’s post, $ Water’s official Instagram account reposted a screenshot of the story, expressing their heartfelt gratitude to Messi for his support, which they believe has profoundly impacted the token.

Recently, hackers have accessed celebrity accounts to advertise memecoins, but that is not the case with Messi’s post on $Water as he has not come out via any means to refute the claims that he is supporting the project or delete the post from his account. 

Celebrities Embrace Crypto

Messi has only joined a league of influential personnel and celebrities to show open acceptance of cryptocurrencies. A few artists have moved beyond promoting other tokens to launching their memecoins and promoting them to their online community. 

Australian rapper Iggy Azalea launched $Mother memecoin on the Solana network and has kept it active ever since with exciting updates to keep driving investors’ momentum on the project, including re-establishing an abandoned telecommunication company.

Famous Nigerian singer David Adeleke also launched $Davido and advertised to his followers, making the memecoin pump within the first few hours of the launch. However, he cashed out big, leaving many investors in losses, as even the SEC warned against investing in the coin. 

The crypto market saw over $290 million liquidated, yet several memecoins still have many profitable holders.

On Wednesday, the crypto market experienced a surge in liquidations, reaching a weekly high with over $290 million liquidated. Despite this downturn, several memecoins stand out with many profitable holders.

Currently, 85.5% of MOG holders and 78.53% of PEPE holders are profitable, leading the memecoin space. Similarly, 78.41% of FLOKI holders and 73.9% of WOJAK holders are also profitable.

This chart illustrates the percentage of holders in profit across various memecoins👇

💚Despite a general market downturn, many memecoins still have a significant portion of their holders in profit.

💰 $MOG and Pepe $PEPE lead the space with the highest percentages of… pic.twitter.com/ElivXDXVeu

— IntoTheBlock (@intotheblock) July 4, 2024

Shiba Inu (SHIB) continues to demonstrate resilience, with 51.83% of its holders in profit, according to IntoTheBlock. The token has seen a notable increase in its burn rate, with over 410 trillion tokens removed from circulation. This strategic move aims to enhance both price stability and market capitalization.

Market Liquidations and Volatility Impact

The US spot Bitcoin exchange-traded fund (ETF) witnessed a net outflow of $20 million on Wednesday, marking a second consecutive day of outflows contributing to broader market declines. Bitcoin and other cryptocurrencies faced selling pressure due to developments involving Mt. Gox and the German government.

A recent report from CryptocurrenciesToWatch (CTW) has shown that over 108,293 traders were liquidated, totaling $295.82 million. This surge underscores the volatility and risks inherent in the cryptocurrency market, resulting in significant losses for many traders.

Bitcoin’s price declined from approximately $62,200 to $58,487, reflecting a 4.7% drop over 24 hours. Ethereum also saw a notable decrease, falling 5.5% from $3,384 to $3,198, while Solana experienced the steepest decline among the top 10 cryptocurrencies, dropping roughly 11% to $134. Despite this market correction, US ETF products have maintained a net asset under management (AUM) above $51 billion, a testament to investor confidence even amidst volatility. 

In conclusion, amidst significant liquidations and price declines, PEPE and MOG have emerged as leaders in the memecoin sector, with a high percentage of profitable holders. Their resilience highlights the ongoing interest in these assets despite market uncertainties. As the crypto market evolves, their ability to maintain profitability underscores their strength, though caution remains essential in this volatile landscape.

This incident highlights the extreme volatility and risk inherent in memecoin investments, serving as a cautionary tale for investors.

An investor lost over $300,000 in less than a minute after a high-risk cryptocurrency trade went bad. The investor bought 91,705.6 $DJT tokens for 2,500 $SOL, worth about $342,100, today at 00:39:31. Just 44 seconds later, they sold the tokens for only 4.91 $SOL, worth about $673. The investor reportedly bought from the wrong pool via a bot.

What a sad story!

This guy spent 2,500 $SOL($342.1K) to buy 91,705.6 $DJT but only got 4.91 $SOL($673) back when he sold it.

He lost $341.4K in less than 1 minute!https://t.co/jrL0ZGa76Dhttps://t.co/qICy7GZfmj pic.twitter.com/olr78X8snp

— Lookonchain (@lookonchain) June 18, 2024

This incident highlights the extreme volatility and risk inherent in cryptocurrency investments, serving as a cautionary tale for investors. In a reply to Lookonchain’s report, an X user noted the importance of investors doing good research before investing in digital assets. He tweeted, “Well it means easy come easy go! Before entry do research max!”

The $DJT token, created two months ago on the Solana blockchain, experienced a surge of 400% in the past 24 hours, leaving many scratching their heads and wondering if this is the real deal or a hoax. This surge was due to an unconfirmed report that former U.S. President Donald J. Trump is associated with the token.

The Crypto Community Buzz

Many in the crypto community are skeptical about the legitimacy of the $DJT token. Ryan Selkis, founder of data provider Messari and a vocal Trump supporter, on X, stated there is a “50-50” chance the token is either legitimate or a scam. Also, Pirate Wires, a news and media company, claimed that Donald Trump is launching the $DJT token, with his son Barron heading the project. Mike Solana, CMO of the venture capital firm Founders Fund and editor-in-chief of Pirate Wires, shared a smart contract address in a reply to Pirate Wires’ tweet to increase visibility.

Despite these claims, Trump’s team has not confirmed the token launch. Blockchain data firms like Bubblemaps doubt the connection between Trump and the token. They noted that 67% of the token supply is concentrated in one cluster, and 43% of the total supply is on the Solana-based automated market maker Raydium.

Amid these widespread doubts, the TRUMP token’s value fell by 31% to $7.46 within four hours following the rumors, according to CoinGecko data. This significant drop resulted in over $150 million being wiped from the MAGA (TRUMP) market cap.

The combination of Sun’s significant deposits and the current market conditions has led to intense speculation.

Today, Spot On Chain reported that Justin Sun, the founder of TRON, has made substantial deposits into Binance, the world’s largest cryptocurrency exchange. These deposits amount to a significant $21 million across four different assets. This unexpected move has generated considerable buzz and speculation regarding potential market implications.

It turns out to be Justin Sun (@justinsuntron)!

In the past 30 minutes, Justin Sun has deposited $21M worth of 4 assets to #Binance, including:
• 93,979 $AAVE ($11.26M)
• 3,800 $MKR ($9.3M)
• 4,178 $COMP ($245K)
• 203,623 $LQTY ($217K)

Follow @spotonchain and set alerts for… https://t.co/0u9Uo9mpQq pic.twitter.com/jW2OOURRib

— Spot On Chain (@spotonchain) June 10, 2024

Sun’s deposits included 93,979 AAVE tokens, valued at $11.26 million, and 3,800 MKR tokens, worth $9.3 million, among other assets. The sheer volume and value of these deposits, especially coming from a high-profile individual like Sun, have led to widespread speculation about his intentions. The crypto community is abuzz with theories and concerns about what might be driving these actions.

Large Deposits Spark Speculation

In the world of cryptocurrency, large deposits on exchanges are often interpreted as a bearish signal. This interpretation stems from the idea that such deposits are usually made to sell the assets. When a significant quantity of tokens is moved onto an exchange, it often suggests that the holder is preparing to liquidate their position. This can result in an increase in supply on the market, potentially driving down prices.

Given Justin Sun’s prominent position in the crypto space and the notable size of his deposits, many are speculating that he might be planning to sell these assets. Sun’s actions are always closely watched, and his latest move is no exception. The timing of these deposits, amidst a broader market downturn, adds another layer of intrigue and concern.

Currently, the overall cryptocurrency market is experiencing a downturn. Bitcoin, the leading cryptocurrency, has seen its price fall by 0.3%, now trading below $70,000 per BTC. Ethereum, which is closely tied to many of the tokens Sun has deposited on Binance, is also seeing a decline. The market’s primary altcoin is now valued at $3,669, reflecting a general trend of negative performance.

The combination of Sun’s significant deposits and the current market conditions has led to intense speculation. Some wonder if Sun’s actions are a strategic move in anticipation of further market declines, while others believe he may have different plans altogether. Regardless of the motive, the crypto community is closely monitoring the situation, eager to see what unfolds next.

BNB hits an all-time high above $700, firmly establishing it as the 4th largest cryptocurrency by market cap.

Binance Coin (BNB) recently soared to unprecedented heights, hitting an all-time high above $700. This remarkable surge, up by 12% in the last 24 hours and 17% over the past week, firmly establishes BNB as the 4th largest cryptocurrency by market capitalization.

Celebrating $BNB reaching a new all-time high! 🎉 pic.twitter.com/EHXXwaLqUm

— BNB Chain (@BNBCHAIN) June 5, 2024

The surge in BNB’s value can be attributed largely to the introduction of the Trading Volume Incentive Program by BNB Chain. By offering rewards, this program incentivizes trading on BNB Chain platforms, such as opBNB and BSC.

The result of the incentive program has been a notable increase in trading activity, with opBNB boasting over 3 million daily active users and BSC averaging 1.08 million daily active users this week. Moreover, the platforms’ low transaction fees, with opBNB’s median gas fee at $0.001 per transaction and BSC’s at $0.052, have further attracted users and developers alike.

Binance Launchpool Boosting BNB’s Price

Additionally, Binance Launchpool has played a significant role in driving up BNB’s value. The platform incentivizes users to hold and stake BNB to participate in new token offerings on Binance, the world’s leading crypto exchange. This mechanism creates demand for BNB and reinforces its utility within the Binance ecosystem. Notcoin, a token supported by Binance Launchpool, has seen remarkable growth, with its market capitalization reaching $2.2 billion and a 132% increase in value over the last seven days.

Furthermore, the BNB Chain’s effectiveness and scalability in hosting decentralized applications (DApps) and smart contracts have contributed to BNB’s success. With its growth surpassing 130% in the past year, the BNB Chain continues to attract developers and users alike.

In the past 24 hours alone, approximately $4.15 billion worth of BNB was traded, marking a 50% increase in trading volume from the previous day. This surge has propelled BNB’s market capitalization to $104 billion.

Meanwhile, the broader cryptocurrency market is experiencing a bullish trend, with Bitcoin rising by 2.85% and surpassing the $71,000 mark. This positive momentum in Bitcoin has had a spillover effect on altcoins, many of which are also trading in green.

Nigerian musician Davido enters the crypto ecosystem, launches $Davido memecoin on Solana, and sells off $474.4k worth of his token.

Despite the ban on digital assets in the Nigerian financial market and the ongoing issues with crypto exchanges and the Nigerian government, cryptocurrency has gained more popularity in Nigeria as many investors and famous figures experiment with the market.

Davido Launches $Davido Memecoin

Notwithstanding government disapproval, David Adedeji Adeleke, known as Davido, a leading music artist in Nigeria, has announced on X (formerly Twitter) the launch of a new cryptocurrency after his professional name, $Davido.

$Davido was listed yesterday on the Solana blockchain and started trading on the Solana-based Raydium exchange. 

After the launch, Solana’s official X account, Drip, and Phantom posted to officially welcome Davido into the crypto ecosystem. He replied to the welcome posts, “The King of Sol is here! $Davido.”

At launch, $ Davido’s maximum supply of one billion coins was released into the market. After launch, he received about 7.5 SOL worth $1,275 as startup capital. He acquired $203 million $Davido for 7 $Sol, holding more than 20% of the total supply. 

A few hours after the token announcement, $Davido ranked first on DexScreener, as many of his fans and other crypto users invested in the newly released token with different amounts, raising the token holders to more than 16,000 wallets. 

Within the first few hours after launch, $Davido market capitalization jumped to $24 million.

Davido Cashs Out $474.4k From $Davido 

After trading for about four hours, Davido burned 2% off $Davido. He transferred 20 million tokens to a dead account to reduce the quantity of $Davido in circulation.

Following the burn, he sold 121.88 million of his $Davido holdings for 2,791 SOL, cashing out about $474,400 within six hours after his token launch. He sold more than 12% of the total $Davido supply, dumping the price significantly, as many users lost a considerable percentage of their $Davido investments. 

Having traded for less than 24 hours, $ Davido’s market capitalization has reduced by more than 80%. At press time, the token trades at $0.002 per $Davido, with its market capitalization falling to the $2 million mark.

A large percentage of newly-launched tokens are declining, raising investors’ concern about looking for new cryptocurrencies. 

Binance is one of the largest and most popular exchanges globally. However, recent data show that over 80% of the tokens listed on the exchange are experiencing losses in terms of trading volume. 

According to an analysis, over 80% of tokens listed on Binance in the last six months have declined. The recent development has raised concerns for investors seeking new cryptocurrencies.    

Aside from the 31 tokens analyzed, only five coins have appreciated, including Memecoin (MEME), Ordi (ORDI), the Solana-based Jupiter (JUP) token, Jito (JTO), and Dogwifhat (WIF), according to pseudonymous crypto researcher Flow on May 17, on the X platform.   

According to Flow, despite lacking a real user base, new tokens on Binance are listed with an average fully diluted valuation of over $4.2 billion, significantly limiting their upside potential.    

Hard Times for Binance Tokens 

Flow stated that tokens launched on the Binance platform are not investment-driven. He also noted that Binance tokens serve as exit liquidity for insiders, capitalizing on retail investors’ lack of access to quality early investment opportunities.

Furthermore, intergovernmental blockchain expert and author of NFT: From Zero to Hero Anndy Lian revealed that the fact that more than 80% of the newly listed tokens are in the red signals a challenging market environment.  

“Many of the projects listed on Binance may have a longer period of growth; the growth may not be instant like the previous bull market,” he said.     

Surge in Ordi Token Since its Launch 

Interestingly, the Ordi token surged over 261% since its launch, making it the most profitable; Dogwifhat followed with a 117% increase.   

Lian noted that memecoin growth was mainly propelled by retail interest, operating independently from the altcoin market segment.   

“Since some of them are long-term hodl, many retail investors swarmed to memecoin. You can see that from the performance of MEME and WIF if you look at the trading volume. Six of the top trading coins are memes,” he mentioned.   

To further highlight the meme coins craze, Pepe recorded a new all-time high above $0.000010 on May 13, following Keith Gill’s return to social media, known for his role in the 2021 GameStop short squeeze.