Key NotesJelly My Jelly token saw a rapid market cap increase, reaching $230M in just two hours.The token was launched to support content creators within the Jelly app's ecosystem.The rise of Jelly token aligns with the growing "Internet Capital Markets" trend in Solana. The Jelly My Jelly token is gaining attention among crypto investors. Inspired by Venmo founder Sam Lessin, the token has experienced a rapid surge in value, reaching a market cap of $230 million within two hours and generating $500 million in trading volume.
A savvy investor, Mansa Musa, shared on X that he bought JELLYJELLY for $10,000 when its market cap was under $2 million. Its value has now grown to $1.32 million, resulting in an enormous profit for him. Similarly, a crypto commentator revealed that someone managed to turn $1,500 into $1 million in under three hours with JELLYJELLY today.
Someone flipped $1.5K into $1M in under 3 hours with $Jelly today.
These opportunities are out there—but do you know how to spot them? 👀 pic.twitter.com/io0OanxRxc
— ManLy (@ManLyNFT) January 30, 2025
However, Sam has claimed that he does not own any of the tokens, according to a post by IBC Group Official, founded by Mario Nawfal. He stated:
“Big moves from the Venmo founder: Jelly just launched, along with its own token, JELLYJELLY. The twist? He says he doesn’t own any of the token. Looks like a FaceTime-style app where convos get recorded and clipped for social – BUT you might need the token to even get in.”
According to a post shared by the Venmo founder on his X page, the token was launched to support creators on the Jelly app. The token will grant users access to the app and be integrated into the ecosystem, marking the launch as part of the token’s community-building efforts in the crypto market.
The coin is already gaining support from top exchanges, such as Bybit. The platform announced that it has listed the JELLYJELLYUSDT perpetual contract in the Innovation Zone, allowing users to enjoy 20X leverage. The token was launched on Solana’s pump.fun.
The Rise of Internet Capital Markets and the Future of Crypto Fundraising The token’s launch follows a new trend in the Solana ecosystem, where legitimate founders use Pump.Fun and similar platforms to raise capital for product development and marketing, rather than relying on traditional funding methods like VC rounds or IPOs.
The “Internet Capital Markets” trend—promoted by Solana—aims to use blockchain technology to make global finance more efficient, accessible, and cost-effective. According to a report by Multicoin Capital, Solana could disrupt traditional financial institutions with this approach.
Mario Nawfal wrote on X that the crypto space is being shaken up by Internet Capital Markets. He referenced the quick success of the Jelly My Jelly token, stating that the Venmo co-founder opted to use pump.fun instead of traditional fundraising methods. Nawfal also mentioned that this follows the recent launch of the $VINE token by the founder of Vine. He predicts that things are about to get even crazier in the crypto space, stating:
“Well, the co-founder of Venmo, Lessin, decided to launch a token rather than raise capital and used Pump Dot Fun to do so. This comes just days after the founder of Vine launched $VINE. Things are about to get crazier…”
Thus, Internet Capital Markets could lead to more token launches by recognized builders and even encourage startups and Product Hunt-type platforms to use token launches as an alternative to traditional financing.
Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor's and master's degrees in linguistics. When not writing, he trades forex and plays video games.
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On-chain data shows the Ethereum Market Value to Realized Value (MVRV) Ratio has just seen a signal that could prove to be bearish for ETH’s price.
Ethereum MVRV Momentum Has Witnessed A Bearish Crossover As pointed out by analyst Ali Martinez in a new post on X, the Ethereum MVRV Ratio has declined under its 160-day moving average (MA) recently. The “MVRV Ratio” refers to an on-chain indicator that keeps track of the ratio between the Ethereum market cap and the realized cap.
The realized cap here is a capitalization model that calculates ETH’s total valuation by assuming that the ‘real’ value of each token in circulation is equal to the spot price at which it was last transferred on the blockchain.
Since the last transaction of any coin is likely to correspond to the last point at which it changed hands, the Realized Cap essentially measures the sum of the cost basis of the circulating supply. This model could also be looked at as a representation of the amount of capital the investors as whole have put into Ethereum. In contrast, the market cap is the value that the holders are carrying right now.
When the value of the MVRV Ratio is greater than 1, it means the market cap is greater than the realized cap. Such a trend implies the investors as a whole are sitting on unrealized gains. On the other hand, the metric being under the mark suggests the holders are carrying a lower value than they initially put in, so the average investor could be considered underwater.
Now, here is the chart shared by the analyst that shows the trend in the Ethereum MVRV Ratio, as well as its 160-day MA, over the past year:
The two metrics appear to have crossed each other in recent days | Source: @ali_charts on X As is visible in the above graph, the Ethereum MVRV Ratio has registered a decline recently as ETH’s price has followed a bearish trajectory. The indicator is still above the 1 mark after this drawdown, suggesting the overall market remains in the green.
The metric’s fall, however, has meant that it has slipped under its 160-day MA. The combination of the indicator’s daily value and its 160-day is known as the MVRV Momentum. In the chart, Martinez has highlighted what happened the last time the MVRV Momentum showed a similar pattern as recently.
It would appear that the MVRV Ratio crossing under its 160-day MA led to a 40% price correction for Ethereum last year. It now remains to be seen whether the negative momentum in the indicator would also prove to be bearish for the cryptocurrency this time as well or not.
ETH Price At the time of writing, Ethereum is floating around $3,200, up more than 2% over the last seven days.
Looks like the price of the coin has seen a decline recently | Source: ETHUSDT on TradingView Featured image from Dall-E, Glassnode.com, chart from TradingView.com
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
The crypto sector is experiencing a bullish trend amid several positive developments. As per the data from Top 7 ICO, the cumulative market capitalization of the crypto market has touched $3.56T while Bitcoin ($BTC) price has jumped to the $104K mark. This underscores an increasing investor interest in the crypto realm.
In addition to this, the Fear & Greed Index is also neutral, standing at 54. The overall optimistic market overview potentially suggests a gradual movement toward a likely upcoming bull run.
Bitcoin ($BTC) Reaches $104,944, Raising Dominance to 58.5% The data from the crypto analytics company Top 7 ICO, the crypto sector is witnessing an upward trajectory. Particularly, Bitcoin’s price has spiked to $104,944, denoting a 2.4% surge during the past twenty-four hours. Additionally, the overall $BTC dominance has reportedly increased by 58.5%, indicating a 1.8% jump. Simultaneously, the top crypto token’s market capitalization is $2.07T. On the other hand, Ethereum’s dominance has seen a slight downside. In this respect, the $ETH dominance stands at 10.8%, accounting for a 1.6% dip.
Ethereum ($ETH) and Solana ($SOL) See 1.12% and 1.74% Price Surge over 24 Hours Along with that, the well-known crypto assets have also seen gains over the recent twenty-four hours. Particularly, the price of Ethereum ($ETH) is $3.182, showing a 1.12% rise over the twenty-four hours. Additionally, the market capitalization of Ethereum ($ETH) is $383B. Ripple ($XRP) has emerged as another gainer with a 24-hour increase of 0.07%. While its price is $3.1, $XRP’s market cap accounts for $178B. Moreover, Tether ($USDT) and Solana ($SOL) have also recorded 0.05% and 1.74% gains as their prices touch $1 and $237 respectively.
24-Hour Spot Volume Records Staggering $130B after a 15.3% Rise According to Top 7 ICO’s data, the ratio between the Bitcoin ($BTC) season and altcoin season has reached 44/100 over the past week. Furthermore, Dar Network, Solana ($SOL), and Worldcoin ($WLD) are also launching significant events to increase adoption. These events include the Dalarnia Legends Beta project, linear unlock of up to $15.8M, and linear unlock of almost $9.41M respectively.
Apart from the crypto landscape’s spike to $3.56T in market cap, the spot volume has touched $130B over the last twenty-four hours. This shows an enormous 15.3% rise. Keeping this in view, all the respective developments are paving the way for a potentially massive bull market in the near term.
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Crypto journalist with years of experience providing in-depth analysis and news on blockchain and decentralized finance. With a keen eye for detail, Shahzaib delivers insightful articles that explore the latest trends, market movements, and innovations within the crypto and blockchain ecosystem. His work focuses on educating readers while offering expert commentary on the evolving landscape of digital assets, DeFi protocols, and the broader impact of blockchain technology.
Shiba Inu could see its price eliminate a leading zero and trade with a market cap exceeding $132 billion if Solana reaches a price of $3,000.
Crypto assets like Solana (SOL) and Shiba Inu (SHIB) have experienced similar price dips recently as the bull momentum stalls but Optimism remains high in the crypto community regarding the future performance of both Solana and Shiba Inu. Both assets have a history of impressive growth during bull runs, and market participants are confident in their price actions.
For instance, at its current price of $240, Solana is up 183% over the past year. Similarly, at $0.00001983, Shiba Inu has gained 124% over the same timeframe.
This analysis considers the potential price of Shiba Inu should Solana’s value expand by more than ten-fold during this bull run.
Shiba Inu Price If Solana Reaches $3,000 At Solana’s current price of $247, a rise to $3,000 would require an increase of 1,115%. Notably, Solana currently has a market cap of $120.45 billion with a circulating supply of 486 million.
Should it maintain this supply, a price of $3,000 would bring Solana’s market cap to approximately $1.46 trillion, implying a 12-fold growth.
The market cap difference between Shiba Inu and Solana is approximately $110 billion. If Shiba Inu were to follow a similar growth pattern as Solana’s rise to $3,000 (i.e., its market cap grew by 12x), its cap could potentially increase to about $132 billion.
At press time, Shiba Inu is trading at $0.00001983 with a supply of 589 trillion tokens. A $132 billion market cap for SHIB would correspond to a unit price of $0.00024094.
This suggests that Shiba Inu could potentially cancel another zero if Solana reaches a $1.46 trillion market cap, especially if the current gap between the two assets remains unchanged.
Can Shiba Inu Reach a $132 Billion Market Cap? Numerous market analysts have expressed the belief that Shiba Inu could surpass a $100 billion valuation in this cycle. Recently, a Bitcoin analyst predicted that SHIB could reach prices of $0.000183312 (an 821% gain) and $0.0004729 (a 2,276% gain).
For context, both price projections would imply a market cap exceeding $100 billion for SHIB. Specifically, the $0.0004729 price corresponds to a $278 billion market cap, which the analyst believes is achievable this year.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Stablecoin Expansion to Drive the Next Crypto Rally as Market Cap Hits $200B: CryptoQuant
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Liquidity in the cryptocurrency market has surged, with the total market capitalization of stablecoins recently surpassing $200 billion. This increase has historically preceded price rallies.
When the liquidity impulse grows, a rally usually follows.
USDT’s 30D market cap just turned positive (after contracting -2%), while USDC is surging 20%—its fastest pace in a year.
If stablecoin momentum continues, higher prices may be next. pic.twitter.com/fD8sQkKSKM
— CryptoQuant.com (@cryptoquant_com) January 30, 2025 According to data from CryptoQuant, stablecoin liquidity has increased since the U.S. presidential election, with major stablecoins like Tether’s USDT and Circle’s USDC leading the expansion.
Market Cap Hits Record High Amid Growing LiquidityThe total value of USD-denominated stablecoins reached an all-time high of $200 billion last week. Since then, it has grown further to $204 billion, representing an increase of $37 billion since November 4.
CryptoQuant reports that this surge in stablecoin liquidity reflects growing investor confidence, which has historically catalyzed crypto market upswings.
The expansion has been primarily driven by Tether’s USDT, the dominant stablecoin in the market. However, USDC, which had been losing market share, is now regaining traction.
A growing stablecoin supply often indicates increased buying power for traders, fueling demand for cryptocurrencies like Bitcoin and Ethereum.
Another key indicator of market liquidity, according to CryptoQuant, is the volume of stablecoins held on centralized exchanges.
The total value of USDT on these platforms has risen from $30.5 billion on November 4 to $43 billion, an increase of about 41% ($12.5 billion).
More stablecoins on exchanges show that traders have large amounts of capital on hand to deploy into crypto assets.
Such liquidity inflows have often preceded major price rallies, as traders convert stablecoins into volatile assets to seek gains.
USDT and USDC Lead the Stablecoin ExpansionStablecoin liquidity impulse, measured as the 30-day percentage change in market capitalization, has turned positive.
CryptoQuant analysts suggest this may signal an upward move in Bitcoin and the broader crypto market.
USDT’s liquidity impulse had been contracting by 2% at the beginning of 2024 but has now turned slightly positive, hinting at an uptick in crypto demand.
Meanwhile, USDC’s liquidity impulse has expanded by 20%, the fastest growth rate in at least a year.
Tether’s USDT remains the dominant player, with its market capitalization reaching $139 billion, increasing by $19 billion (15%) since November 4.
Meanwhile, USDC has experienced a strong comeback, increasing by $17 billion (48%) over the same period to reach a market cap of $52.5 billion.
The increase in liquidity and trading capital has historically coincided with crypto market rallies.
If past trends continue, an expanding stablecoin supply may contribute to increased market activity in Bitcoin and other digital assets.
Grayscale Investments has launched the Grayscale Dogecoin Trust, offering investors exposure to Dogecoin (DOGE)
Grayscale Investments has launched the Grayscale Dogecoin Trust, offering investors exposure to Dogecoin (DOGE), a cryptocurrency with a $49.7 billion market cap that has evolved from a meme coin to a tool for global financial inclusion, grassroots activism, and a viable means of payment.
The trust, which charges a 2.5% fee, is available to eligible accredited investors and is part of Grayscale's portfolio of over 25 crypto investment products.
According to Rayhaneh Sharif-Askary, Grayscale's Head of Product & Research, Dogecoin's low transaction costs and rapid transfer speeds make it an optimal vehicle for international remittances, particularly in regions with underdeveloped banking infrastructure. The launch comes amid a flurry of applications for memecoin exchange-traded funds (ETFs) following a shift towards a more crypto-friendly regulatory environment under President Donald Trump.
This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz.
Since November, the stablecoin market has grown by almost $40 billion. As a result, the total market valuations of broader stablecoins have climbed beyond $200 billion, according to data shared by OKX Ventures today.
Stablecoins hit a $204 billion market cap As stated in the data, stablecoin liquidity has experienced an unparalleled increase, suggesting robust user demand and expanded capital influxes into the cryptocurrency market.
The data showed the total market cap of stablecoins has surged by $40 billion since November 2024. Consequently, the entire market cap of these assets has crossed $204 billion. This reflects a massive $40 billion rise since November 4, 2024, when Trump was elected as the US President.
Most growth was contributed by major stablecoins, Tether’s USDT and Circle’s USDC. Based on the data, USDC’s market cap has increased by 15% ($19 billion) since November to climb to an overall $139 billion. Meanwhile, USDC has witnessed a more tremendous rise, surging by 48% ($17 billion) over the same period to reach $52.5 billion.
The data pointed out that major stablecoins, especially USDT and USDC, function as crucial liquidity sources in the digital asset market. These stablecoins enable investment and trading through seamless fiat money accessibility without complexity or friction.
Impact of stablecoin liquidity on crypto prices Also, the data indicated that the influx of stablecoins into centralized exchanges (CEXs) has significantly strengthened investors’ optimism about Bitcoin.
Since November, the overall value of USDT on CEXs has increased to $43 billion from $30.5 billion, representing a 41% surge. Normally, increasing stablecoin inflows into exchanges signals expanded purchasing capacity, laying the foundation for Bitcoin prices to continue rising.
Historically, this increase in stablecoins inflows to trading platforms happens before Bitcoin and the wider cryptocurrency market see higher price trajectories.
As per the data, the growth of stablecoins inflows could signal a new wave of uptrend price movements in the digital asset market. This could fuel Bitcoin to surge by over 50% and the market cap of wider crypto markets to increase to $3.5 trillion from the current $2.2 trillion. In other words, the rebound of stablecoin liquidity could boost greater price rises of cryptocurrencies.
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Nicholas Otieno is a fintech writer specializing in cryptocurrency markets. Since 2019, he has written articles to educate readers about cryptocurrency and its substantial positive impact on global prosperity. Nicholas is a Bitcoin holder, believing firmly in its fundamentals. His work has been featured in publications such as Finance Magnates, Blockchain.News, Bitcoin Magazine, Coincub, and among others. When he's not writing, Nicholas enjoys performing domestic tasks, spending time with friends, listening to music, and watching football.
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The Bitcoin (BTC) market recorded more losses than gains in the past week resulting in a net price decline of 2.37%. Nevertheless, investors and market experts alike remain highly bullish on the premier cryptocurrency’s potential for substantial gains amidst the current bull run.
Bitcoin Ready For $150,000 Price Target – Analyst In a Quicktake post on CryptoQuant, an analyst with username Percival has touted Bitcoin to achieve a $150,000 price in the current bull cycle. Commenting on the present market state which might be unsettling to certain investors, Percival states that Bitcoin’s price trajectory, marked by sharp upward spikes and periods of consolidation, resembles the structural dynamics of any mature financial asset.
In regards to future price movement, the analyst references a Fibonacci expansion from Bitcoin’s cycle low at $15,450 in November 2022 to the consolidation at $48,934 in 2024. In translating this historical data to the current market, Percival identifies a Bitcoin price target between $136,000 – $150,000 which is further supported by data from Bitcoin Realized Price Bands – a market metric that analyses supply based on different buying levels.
Source: CryptoQuant However, for Bitcoin to trade at $150,000, the asset must attain a total market cap of $3 trillion. Currently, there is strong historical data in support of this postulation. For context, Percival explains that Bitcoin Realized Cap rose by 470% in the previous bearish cycle in 2021. Presently, the realized Cap has only grown by 111% suggesting more potential for market growth.
Furthermore, the analyst identifies possible sources of demand to drive up the projected $3 trillion market expansion, one of which is the US Bitcoin Spot ETFs.
Notably, these investment funds registered nearly $40 billion in inflow during their debut trading year in 2024. With the US expected to adopt a pro-crypto stance in the Donald Trump administration, institutional demand is also likely to surge stronger through these ETFs. In addition, Percival includes the Bitcoin Futures market which is currently valued at $95 billion as another potential bullish driver for the projected market expansion
BTC Price Overview At the time of writing, Bitcoin trades at 102,334 reflecting a 1.66% decline over the last day. However, the flagship cryptocurrency is up by 7.93% on its monthly chart after a strong positive performance in January.
According to data from the prediction site CoinCodex, market sentiments remain bullish with the Fear & Greed Index of 76 which indicates extreme greed among investors. Looking forward, the analysts at Coincodex predict Bitcoin could trade at $113, 658 and $132,823 in the next five and thirty days respectively. In particular, they project the digital asset to have crossed $150,000 in the next three months.
BTC trading at $102,410 on the daily trading chart | Source: BTCUSDT chart on Tradingview.com Featured image from iStock, chart from Tradingview
Stablecoins surpassed a market cap of $200 billion. USDT and USDC are dominating the stablecoins market. The Stablecoin market cap leapfrogged the $211 billion mark amid USDC’s positive momentum. As per the recent report by Alphractal, a data analysis platform, the stablecoin market has witnessed tremendous growth since 2023 which was driven by USDT (Tether).
According to a report, the stablecoin market surged by 73% from $121.18 billion in August 2023 and hit an all-time high of $211 billion. Among all stablecoins, USDT shows a robust performance.
The data suggest that the USDT and USDC are the most demanded stablecoin in the crypto market. At the time of writing USDT holds a market cap of $139.45 billion and its ATH market cap of $140 billion was registered in December 2023.
Alphractal highlights that USDC got an advantage from the recent drawdown in altcoins where investors swap their crypto holdings into USDC. The USDC market dominance indicates a similar pattern from the 2021 bull cycle. If its metric rises continuously it will probably be a bearish signal.
Stablecoins are digital assets whose value is defined through another asset, typically the U.S. dollar. It provides a stable price to investors as they should maintain their pegged value while purchasing another asset.
President Donald Trump Boosts the Stablecoins Growth As per the CryptoQuant data, the stablecoin market has grown by approximately $40 billion since Donald Trump’s victory in the US election. The growth in stablecoins indicated higher liquidity, which means that more capital is flowing into the crypto market.
Moreover, the rise in capital could lead to a higher demand for other crypto assets such as Bitcoin, and impact their price positively. The report indicates that the higher liquidity in stablecoins could signal a bull rally in the crypto market.
Highlighted Crypto News Today:
Seven People Sentenced in Manchester for Kidnapping and $124K Crypto Extortion
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For the past few months, stablecoins have yielded the spotlight to their more speculative counterparts, including tokens inspired by politicians. However, recent on-chain data suggests that stablecoins are back and have surpassed the $200 billion market cap.
According to the data shared by Alphractal, the segment’s capitalization has surged to $211 billion, a record high, thanks to months of stable growth, which started in mid-2023.
Stablecoins‘ market capitalization grew by 73% from its August 2023 value of $121 billion, updated data released on January 31st show. The primary driver of this segment’s growth is still Tether’s USDT, however, USDC has been gaining ground recently, which is fascinating.
🚨 Stablecoin Market Cap Surpasses $211B – USDC Gains Momentum!
Since 2023, the stablecoin market has grown significantly, mainly driven by USDT (Tether). However, recently, USDC has been gaining an edge over other stablecoins.
This trend is occurring due to the recent drop in… pic.twitter.com/IRKrQErmCE
— Alphractal (@Alphractal) January 31, 2025
Tether’s USDT Remains Primary Driver Of Growth Since 2023, the stablecoin market has grown steady, mostly due to Tether’s USDT. As of now, stablecoins are worth $223 billion, which is a 0.2% increase from yesterday.
Interestingly, USDT and USDC are the present growth drivers of stablecoins. Apart from the numbers from both coins, the stablecoins group hasn’t changed much since 2023 and has shown steady and average values. Right now, Tether’s USDT is valued at almost $140 billion, and USDC is at $53 billion.
USDC Slowly Gains Ground On Other Coins Alphractal’s post on Twitter/X shows that USDC has been gaining ground over other stablecoins in the market. According to the post, this is happening due to a drop in altcoin prices and since a substantial part of the sell-offs have been swapped into USDC.
As of today, the market cap of cryptocurrencies reached $3.41 trillion. Chart: TradingView The post also showed that USDC’s dominance in this segment has hit a key resistance level, the same amount observed in 2021. This was the start of the bear market in 2022 when Bitcoin’s price dropped to as low as $15,500. If this metric persists, it can serve as the market’s bearish signal, impacting investors’ buying decisions. However, if this metric declines, it can be USDC’s jumping board to claim new highs.
What To Expect From The Stablecoins Segment In The Short-Term In the last bull run, USDC’s supply increased in May, then reached its high in March 2022. The stablecoin’s market cap increased by 170% from April 2021 to March 2022. If the current coin supply continues to grow but price starts to dip, then the stablecoin market may hit its peak in a few months.
Traditionally, a rising market cap for stablecoins reflects growing investors’ confidence, which signals an increase in capital inflows.
On the contrary, a rising stablecoin market cap is usually associated with growing investor conviction, signaling the potential for boosted capital inflows. This suggests that the bullish momentum could continue for a few more months.
Featured image from Gemini Imagen, chart from TradingView
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The crypto and US equities markets started the week on the worst possible note, reacting negatively to the launch of the Chinese AI platform DeepSeek. Despite the initial downturn, the Bitcoin price has since returned above the $100,000 level, moving mostly sideways to close the week.
According to a recent on-chain report, liquidity on centralized exchanges has reached a new record high, suggesting that crypto bulls now have increased buying power. The question is — can this fresh buying power push the Bitcoin price to a new high?
Impact Of Growing Stablecoins On Crypto Prices In its latest weekly report, blockchain intelligence firm CryptoQuant revealed liquidity in the crypto market has experienced a significant boost since the US Presidential election in November 2024. Liquidity in crypto is measured by the total value of circulating stablecoins, which recently reached a new all-time high.
According to data from CryptoQuant, the market capitalization of dollar-backed stablecoins surpassed the $200 billion mark last week and is currently at $204 billion, a record high. This value represents an over 22% expansion since Donald Trump’s victory in the US elections.
One major contributor to this growth is Tether’s USDT, which accounts for nearly 70% of the USD-denominated stablecoin market. USDT’s market cap currently stands at around $139 million, reflecting a 15% increase since November last year.
Source: CryptoQuant Interestingly, this expansion has been mirrored in the stablecoin balances of centralized exchanges, with the total amount of USDT on these trading platforms now at record levels. CryptoQuant revealed that the market cap of USDT on centralized crypto exchanges has increased from $30.5 billion to $43 billion in the past three months, representing a 41% increase.
Dollar-backed stablecoins are an important source of liquidity for trading on centralized exchanges. Hence, an expansion in the stablecoin supply of exchanges implies an increase in the buying power of crypto investors.
“The next leg up for Bitcoin and crypto prices could be around the corner, as the stablecoin liquidity impulse starts to expand again,” CryptoQuant noted. Moreover, a growing stablecoin market cap — especially on centralized exchanges — is historically correlated with higher Bitcoin prices.
CryptoQuant added:
USDT’s liquidity impulse (30-day % change in market capitalization) is now slightly positive after contracting by 2% at the start of 2025. A further acceleration typically drives crypto prices higher. Meanwhile, USDC’s liquidity impulse is expanding by 20%, its fastest pace in at least a year.
From a different perspetive Alex Merz, from the Blockchain Game Alliance stated: “The cryptocurrencies scene face a new era, in which online casinos accepting bitcoin and other cryptos are multipliang exponentionally their new customers, due to the recent approval of cryptocurrencies by many jurisdictions and local regulators, and because users now find a way to gamble in an anonymous way with their investment wins, thanks to the price increase.”
Bitcoin Price At A Glance As of this writing, Bitcoin is valued at around $102,400, reflecting an almost 2% decline in the past 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView Featured image from iStock, chart from TradingView
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Opeyemi Sule is a passionate crypto enthusiast, a proficient content writer, and a journalist at Bitcoinist. Opeyemi creates unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies. Opeyemi enjoys reading poetry, chatting about politics, and listening to music, in addition to his strong interest in cryptocurrency.
Prominent on-chain analytics firm Glassnode believes that Bitcoin (BTC) has more room to run to the upside based on one on-chain indicator.
On the social media platform X, the analytics firm points to BTC’s Realized Cap, which records the price at which each coin was last moved and aims to gauge how many holders are in profit or at a loss.
[adinserter block="1"]
Says Glassnode,
“Realized Cap tracks net capital inflows into Bitcoin, a key driver of bull markets. So far, it has grown 2.1x from the 2022 low – below the 5.7x peak of the last cycle. The typical euphoric phase sees a sharp acceleration, but this hasn’t fully materialized yet.”
Source: Glassnode/X Glassnode also notes that Bitcoin’s current cycle appears to be following in the footsteps of its 2015-2018 bull run, which was largely driven by spot market investors.
“Despite a much larger market cap, pullbacks have rarely exceeded -25%, reflecting strong demand, ETF (exchange-traded fund) inflows, and Bitcoin’s role as a macro asset.”
Source: Glassnode/X The analytics firm says when new demand materializes, price action tends to accelerate in a “second euphoric phase.”
“Prior cycles saw explosive growth, though a 100x rally from the low – like in 2015 – is unlikely at today’s scale. If demand strengthens, there may still be room for further expansion.”
BTC is trading at $101,807 at time of writing. The top-ranked crypto asset by market cap is down more than 3.5% in the past 24 hours.
A developer named Mini Doge announced that he launched the 1993 game Doom on the Dogecoin blockchain.
The game was launched using Inscriptions. A developer named Mini Doge announced that he found the 1993 game Doom inscribed onto the Dogecoin blockchain.
The game also has support for full-screen mode, which also works with a mouse. To do this, follow the link in the Content section. Mini Doge warned that the first boot would take about a minute.
To port the project, the developer used “inscription” technology; these are tokens based on the DRC-20 standard. When the client is deployed, all data is pulled directly from the Dogecoin blockchain.
Amid the launch, online activity jumped. A similar situation was observed at the stage of the appearance of Inscriptions in the Bitcoin network.
Source: BitInfoCharts The function of the Inscriptions has been repeatedly criticized. In particular, the US National Vulnerability Database (NVD) has flagged the “inscriptions” created in the Ordinals protocol as a cybersecurity threat to the Bitcoin network. According to the warning, in some versions of Bitcoin Core and Bitcoin Knots, BRC-20 can bypass restrictions on the amount of data transferred through a transaction by disguising it as code. Being listed as an NVD means a cybersecurity vulnerability has been studied, cataloged, and deemed necessary for public attention.
Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Dogechain, a major noncustodial wallet powering the Dogecoin (DOGE) ecosystem, is shutting down. Surprisingly, many members of the Doge army are not aware of a scenario that has pushed an X user and Dogecoin proponent to speak out.
Identified as Astro on X, the whistleblower wrote:
#Dogechain has been around for +10 years. All of a sudden, shutting down in less than 30 days. No one dares to openly say exactly why and most people have not figured it out yet.
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While the Dogechain wallet has a strong legacy in the broader digital currency ecosystem, the regulatory terrain in the United States has forced many innovators to rethink their stance lately. Dogechain is not the first of the wallets to announce a shutdown.
Legacy Bitcoin-privacy wallet Wasabi also revealed earlier this week that it is ceasing operations. The decisions appear to stem from fears emanating from the arrest and charges brought by Samourai Founders for money laundering. From Tornado Cash to Samourai, the tolerance of U.S. regulators for privacy-centered outfits remains low.
The Dogecoin community is currently frustrated as the exit of Dogechain implies the number of native DOGE-dedicated wallets has fallen.
Dogecoin influence not waningDespite the current outlook on the market and regulatory consideration, the influence of Dogecoin is not fading. Dogecoin Founder Billy Markus remains one of the top market voices with takes on the current trend.
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Dogecoin might be losing its grip with Dogechain's closure, but the coin may gain full integration on Elon Musk’s payment app. Though speculative, this anticipation has triggered renewed optimism that the utility of the dog-themed meme coin will soar soon.
Dogechain's exit is not negatively impacting the price of DOGE yet. It is up 0.7% in the past 24 hours to $0.1328, per data from CoinMarketCap. The coin’s trading volume is down 36% to $1,110,810,641.
PawPort, Dogechain’s new bridge, scales DRC20 transactions and brings Web3 capabilities to Doginals, boosting Dogecoin’s market presence.
Published: June 4, 2024 │ 4:00 PM GMT
Created by Kornelija Poderskytė from DailyCoin
Dogechain Launches PawPort, the first DRC20 to EVM bridge. The new bridge allows Doginals to be used in DeFi and NFT applications. PawPort provides a scalable solution for DRC20 transactions. Among the top crypto projects, Dogecoin was among the earliest to come to the scene and gained a dedicated following. However, as a fork of Litecoin, Dogecoin lacks some of the advanced features of new chains, like its own NFTs and smart contracts. Thanks to ordinals, first developed for Bitcoin, this is changing.
Recently, Dogecoin gained even more advanced functionalities, thanks to Dogechain’s PawPort, a bridge connecting DRC20 assets to the EVM. This allows the integration of Doginals (Dogecoin Ordinals) in NFTs and DeFi applications.
Dogecoin Gains New Functionality With DogechainOn May 22, Dogecoin’s layer 2 chain Dogechain launched PawPort, a bridge designed to facilitate the transfer of DRC20 assets, also known as Doginals, to the Ethereum Virtual Machine (EVM). This bridge allows for the near-instant transfer of DRC20 assets, enhancing their utility.
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With the launch of PawPort, users can now trade Doginals on decentralized exchanges such as Quickswap. Developers can also integrate Doginals into DeFi applications and blockchain games.
This new functionality also enables DRC20 tokens to trade instantly and with lower transaction costs, helping scale the ecosystem. It will also put more liquidity into Doge, potentially attracting more memecoin traders.
What Dogechain Does For DogecoinAs a layer 2 solution for Dogecoin, Dogechain helps enhance the functionality of the network. As Dogecoin was originally a simple, peer-to-peer digital currency, Dogechain enables smart contracts for the network.
It also helps improve Dogecoin’s scalability by offloading transactions from its network. This helps increase transaction volumes and speed on the Dogecoin network, crucial for sustaining DOGE’s popularity.
As a scaling solution, Dogechain currently bridges over 40 million DOGE to its network, serving as a reserve for its wrapped DOGE tokens. Since 2023, Dogechain has started working on enhancing Doginals, which allows users to inscribe data on the Dogecoin network, similar to Bitcoin Ordinals.
On the Flipside As a memecoin, Dogecoin relies heavily on community engagement and celebrity endorsement. As such, it is highly volatile. Dogecoin’s main competitor, Shiba Inu, is an ERC-20 with smart contract functionality already built-in. Why This MattersLevel 2 solutions are widely seen as key for scaling large and popular chains such as Bitcoin, Ethereum, and Doge. For these networks to keep up with other chains, they rely on faster speeds and lower transaction costs which make trading on the network more accessible.
Read more about a new ordinal standard for Bitcoin:
ARC-20: What Are Bitcoin Atomicals?
Read more about keeping your funds safe from malicious extensions:
Are Your Crypto Extensions Safe? $1M Binance Hack Reveals Risks
DailyCoin's Vibe Check: Which way are you leaning towards after reading this article?
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Recent developments have rocked the bitcoin market; Bitcoin leads the drop and pulls numerous altcoins down as well. Though often written off as a joke, Dogecoin (DOGE) has shocked several analysts with its relative steadiness amid the crisis.
DOGE Holds On While Others Fall While well-known players like Bitcoin and Ethereum have witnessed notable price declines, Dogecoin has been able to keep support. With some experts cautiously hopeful, this surprising resilience has spurred discussions about the direction of DOGE.
Analyst Predictions And Community Sentiment Analyst forecasts drive this cautious optimism; figures like Crypto Patel say DOGE may have a buying opportunity from the present price adjustment.
Patel’s study shows DOGE’s relative stability during the recent market slump, therefore placing it perhaps for future expansion against other altcoins that dropped more steeply.
#DOGECOIN Chart Update 🚀
Down before the big pump$DOGE best accumulation zone:
$0.1-$0.07. I’m targeting $1 and $2 in the long term.
To those who’ve held for the last 6 years, your profit is 6900x at ATH and the current ROI is still 1150x.
Reminder: I never suggest… pic.twitter.com/bXT63iQb8V
— Crypto Patel (@CryptoPatel) June 24, 2024
Patel has proposed a “accumulation zone” for DOGE between $0.07 and $0.10, therefore implying a possible long-term price goal much higher. Based on his projection, DOGE might eventually climb to $1 or maybe $2.
Through social media campaigns and fervent buying frenzy, the driven “Doge Army” has a history of raising prices. Positive analyst views like Patel’s could inspire renewed community interest that could drive a spike in trading activity and maybe cause the price to rise.
DOGE market cap at $17.7 billion on the daily chart: TradingView.com The Challenge Of Sustainability The long-term sustainability of Dogecoin still begs questions. Although memecoins are naturally fluctuating, their value is more typically related with hype and social media trends than with actual usefulness. Although a temporary pump is definitely feasible, long-term success depends on elements outside community excitement.
Widespread acceptance and practical applications are what Dogecoin needs to really become established. Progress has been slow even as engineers work on enhancements like the “Dogechain” scaling solution. If DOGE is to have long-lasting success, constant growth and interaction with main platforms will be absolutely vital.
The Road Ahead For DOGE Dogecoin will depend critically on the next months. Will it find a niche in the always changing bitcoin scene using its recent resiliency and community support? Alternatively will memecoins’ natural volatility finally cause them to fade?
Featured image from Sports Illustrated Vault, chart from TradingView
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Popular Dogecoin influencer Mishaboar has issued an urgent warning to all DOGE investors and the broader community. Mishaboar has revealed that investors stand to lose all their coins if they fail to retrieve their private keys from the defunct Dogechain.info platform.
Final Deadline For Dogecoin Investors To Secure Private Keys In an X (formerly Twitter) post on November 18, Mishaboar delivered a critical warning to DOGE investors and holders, revealing that investors could permanently lose their Dogecoin holdings if they fail to download their private keys from the Dogechain.info, one of the most widely used Dogecoin wallets over the past decade.
Mishaboar disclosed that Dogechain.info had officially shut down operations in July 2024 due to bankruptcy issues, prompting many users to raise concerns about how to retrieve and secure their private keys.
In June 2024, Dogechain announced the closure of its website, urging users to quickly transfer their DOGE tokens from the platform and secure their keys. This platform was popular for storing and managing investors’ Dogecoin tokens, enabling them to interact exclusively with this meme coin for years.
However, the recent closure of the platform has created a time-sensitive situation that could lead to severe consequences for Dogecoin holders if they do not adhere to present warnings. Mishaboar has issued December 31 as the deadline for all Dogecoin investors affiliated with Dogechain.info to download their private keys from the defunct wallet’s website.
The Dogecoin influencer has announced that failure to retrieve private keys before the deadline above would result in the loss of coins, as these keys are essential for accessing crypto wallets and recovering funds. Mishaboar has also reported receiving an alarming amount of emails from previous Dogechain users struggling to recover their wallets, highlighting that there was no method or strategy to recover lost funds if private keys are not backed up before the deadline.
The Dogecoin influencer has advised investors to act quickly and use the “Wallet Backup” option on the Dogecoin.info website to download private keys and ensure they are stored safely offline. Moreover, for users experiencing issues with the website’s two-factor authentication, Mishaboar suggests contacting the appropriate wallet provider to help provide an adequate solution.
Beware Of Phishing Scams While he strongly advised investors to download their private keys on the Dogechain.info website to avoid losing funds, Mishaboar also disclosed the increasing prevalence of phishing scams. The crypto influencer has warned the community about an ongoing phishing scam targeting DOGE investors.
He revealed that users should be cautious and only interact with the official domain, Dogecoin.info. Mishaboar further disclosed a similar-sounding domain name, “Dogechain.com” has been associated with phishing attacks designed to gain access to users’ information and private keys and steal their funds.
DOGE price shows strength on the daily chart | Source: DOGEUSDT on Tradingview.com Featured image created with Dall.E, chart from Tradingview.com
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One of the most recognized figures in the Dogecoin community, Mishaboar, has issued a critical warning to users as Dogecoin’s layer two network Dogechain prepares to begin its shutdown process this month. According to official statements, all services on the network will cease, and users must move their assets before the bridge mechanism is permanently disabled.
Two-month transition period announcedThe Dogechain team has confirmed it will discontinue the project, citing current market conditions making it increasingly difficult to sustain and maintain the network. Dogechain has been known as an infrastructure offering decentralized finance applications, gaming projects, and NFT capabilities for the Dogecoin ecosystem.
Glossary: A layer two is a system built atop the main blockchain that enables additional use cases by processing transactions on a separate infrastructure. A bridge is a technical tool that allows assets to be transferred between different networks.
According to information released by the team at the beginning of the month, the Dogechain bridge will remain operational for roughly 60 more days. After this period, the bridge will shut down completely. All users are strongly advised to withdraw their assets, close any open positions, and finalize their liquidity transactions within this timeframe to avoid issues.
Before Dogechain services shut down, users must withdraw their assets via the bridge; assets left on the network may become permanently inaccessible, the team emphasized.
Mishaboar urges not to waitHighlighting that millions of DOGE remain bridged on Dogechain, Mishaboar called on Dogecoin holders to act without delay. His posts underline that once the shutdown procedure is complete, assets remaining on the network may no longer be reachable by their owners.
It’s not only DOGE at risk; tokens issued on Dogechain and other digital assets could also be permanently lost after the bridge’s closure. The announcements also warn that retrieving historic blockchain data and network status from the Dogechain infrastructure may no longer be possible.
TitleStatusDuration bridge remains openApproximately 60 daysUser action requiredWithdraw and transfer assetsPotential outcome after periodAssets left on the network may become inaccessibleSecond major security warning in JuneEarlier in June, Mishaboar had issued another warning to veteran Dogecoin users. In that message, he called on Dogeparty users to swiftly move their funds out of old wallet addresses as a precaution.
Dogeparty, a tokenization platform operating on the Dogecoin blockchain, had announced that transactions involving DOGE and tokens continue from wallets dating back to 2014. The shared information indicates a vulnerability likely stemming from the seed generation used in the first web wallet, mostly affecting Dogeparty wallets created in 2014 and 2015. As a result, urgent wallet migration was strongly recommended for account safety.
The Dogeparty team stated that wallets created during 2014 and 2015 might have been exposed to a security flaw, which makes it critical to move assets to new addresses immediately.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Rubio: US and Iran to continue technical consultations at the end of this month
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Rubio: US and Iran to continue technical consultations at the end of this month
Multiple foreign media outlets reported on the 24th that US Secretary of State Rubio said technical teams from the United States and Iran will hold further talks in Switzerland by the end of June. (Xinhua News Agency)
5 hours ago
Over the past 24 hours, total crypto market liquidations hit $606 million, with more than 130,000 traders liquidated.
According to Coinglass data, the global cryptocurrency market recorded $606 million in liquidations over the past 24 hours, including $542 million in long-position liquidations and $68.22 million in short-position liquidations. A total of 135,785 traders worldwide were liquidated in the same period, with the largest single liquidation order occurring on Binance’s BTCUSDT trading pair, valued at $12.0111 million.
5 hours ago
Bitcoin falls below $60,000
According to HTX market data, Bitcoin has fallen below $60,000, with a 4.3% drop in the past 24 hours.
5 hours ago
US Treasury Secretary: AI boom may boost productivity and help curb inflation.
US Treasury Secretary Bessent told CNBC in an interview that he hopes the Federal Reserve will remain "open-minded" about the inflation pattern after the reversal of Iran-related energy price hikes. Bessent noted that the U.S. could enter an economic environment marked by high GDP growth without a corresponding rise in traditional inflation. He cited that in the 1990s, Alan Greenspan foresaw that office modernization and the internet could drive non-inflationary growth, and allowed the economy to keep expanding. Bessent believes the U.S. has a strong chance of seeing a similar scenario again. When asked whether the Fed still needs to worry about potential inflation and whether interest rate cuts are possible this year or next, Bessent declined to comment. However, he argued that it is necessary to stay open-minded about the price or inflation impacts from the Iran conflict, and monitor inflation performance after those effects subside. Bessent also said an open mind is needed, as the AI boom could boost productivity and deliver disinflationary effects, helping inflation return to the Fed’s target level. He added that he believes Kevin Warsh will choose the optimal path that meets both the Fed’s inflation and growth mandates. Bessent also noted that Warsh previously took a hawkish stance on inflation.
5 hours ago
US stocks' intraday storage sector sees broad declines, with Western Digital and Seagate Technology both falling over 4%.
According to Bitget data, during U.S. stock trading hours, the storage sector saw broad declines: Western Digital (WDC) fell 4.47%, Seagate Technology (STX) dropped 4.17%, SanDisk (SNDK) declined 2.31%, and Micron Technology (MU) edged down 0.96%. Most optical communication concept stocks rose, with Corning (GLW) leading the gains at 9.75%, followed by Ciena (CIEN) up 3.24%, Coherent (COHR) rising 2.93%, Lumentum (LITE) gaining 2.61%, and Nokia (NOK) advancing 1.82%. Additionally, Marvell Technology (MRVL) fell 2.59% and Applied Optoelectronics (AAOI) declined 1.90%.
5 hours ago
During intraday trading in U.S. stocks, crypto-related concept stocks fell broadly, with MSTR dropping more than 7%.
According to Bitget market data, the three major U.S. stock indexes rose broadly: the Dow Jones Industrial Average gained 0.94%, the S&P 500 increased 0.60%, and the Nasdaq rose 0.63%. Crypto-related stocks fell across the board, with declines as follows: Strategy (MSTR) down 7.33%; Circle (CRCL) down 4.35%; Bitmine (BMNR) down 3.97%; Coinbase (COIN) down 3.73%; Robinhood (HOOD) down 3.70%; Gemini (GEMI) down 3.27%; Bullish (BLSH) down 3.25%; Sharplink (SBET) down 3.19%.
Rubio: US and Iran to continue technical consultations at the end of this month
Multiple foreign media outlets reported on the 24th that US Secretary of State Rubio said technical teams from the United States and Iran will hold further talks in Switzerland by the end of June. (Xinhua News Agency)
5 hours ago
Over the past 24 hours, total crypto market liquidations hit $606 million, with more than 130,000 traders liquidated.
According to Coinglass data, the global cryptocurrency market recorded $606 million in liquidations over the past 24 hours, including $542 million in long-position liquidations and $68.22 million in short-position liquidations. A total of 135,785 traders worldwide were liquidated in the same period, with the largest single liquidation order occurring on Binance’s BTCUSDT trading pair, valued at $12.0111 million.
5 hours ago
Bitcoin falls below $60,000
According to HTX market data, Bitcoin has fallen below $60,000, with a 4.3% drop in the past 24 hours.
5 hours ago
US Treasury Secretary: AI boom may boost productivity and help curb inflation.
US Treasury Secretary Bessent told CNBC in an interview that he hopes the Federal Reserve will remain "open-minded" about the inflation pattern after the reversal of Iran-related energy price hikes. Bessent noted that the U.S. could enter an economic environment marked by high GDP growth without a corresponding rise in traditional inflation. He cited that in the 1990s, Alan Greenspan foresaw that office modernization and the internet could drive non-inflationary growth, and allowed the economy to keep expanding. Bessent believes the U.S. has a strong chance of seeing a similar scenario again. When asked whether the Fed still needs to worry about potential inflation and whether interest rate cuts are possible this year or next, Bessent declined to comment. However, he argued that it is necessary to stay open-minded about the price or inflation impacts from the Iran conflict, and monitor inflation performance after those effects subside. Bessent also said an open mind is needed, as the AI boom could boost productivity and deliver disinflationary effects, helping inflation return to the Fed’s target level. He added that he believes Kevin Warsh will choose the optimal path that meets both the Fed’s inflation and growth mandates. Bessent also noted that Warsh previously took a hawkish stance on inflation.
5 hours ago
US stocks' intraday storage sector sees broad declines, with Western Digital and Seagate Technology both falling over 4%.
According to Bitget data, during U.S. stock trading hours, the storage sector saw broad declines: Western Digital (WDC) fell 4.47%, Seagate Technology (STX) dropped 4.17%, SanDisk (SNDK) declined 2.31%, and Micron Technology (MU) edged down 0.96%. Most optical communication concept stocks rose, with Corning (GLW) leading the gains at 9.75%, followed by Ciena (CIEN) up 3.24%, Coherent (COHR) rising 2.93%, Lumentum (LITE) gaining 2.61%, and Nokia (NOK) advancing 1.82%. Additionally, Marvell Technology (MRVL) fell 2.59% and Applied Optoelectronics (AAOI) declined 1.90%.
5 hours ago
During intraday trading in U.S. stocks, crypto-related concept stocks fell broadly, with MSTR dropping more than 7%.
According to Bitget market data, the three major U.S. stock indexes rose broadly: the Dow Jones Industrial Average gained 0.94%, the S&P 500 increased 0.60%, and the Nasdaq rose 0.63%. Crypto-related stocks fell across the board, with declines as follows: Strategy (MSTR) down 7.33%; Circle (CRCL) down 4.35%; Bitmine (BMNR) down 3.97%; Coinbase (COIN) down 3.73%; Robinhood (HOOD) down 3.70%; Gemini (GEMI) down 3.27%; Bullish (BLSH) down 3.25%; Sharplink (SBET) down 3.19%.
ZachXBT, a crypto detective who has recently issued warnings for numerous altcoins, has now warned against a new platform and altcoin.
Accordingly, ZachXBT claimed that imToken and Tokenlon are hubs for illegal money laundering.
On-chain researcher ZachXBT has identified imToken and the decentralized exchange (DEX) Tokenlon as centers for illicit money laundering.
Tokenlon claimed that the vast majority of its trading volume originated from illicit money laundering activities such as fraud, human trafficking, investment fraud, and Chinese underground markets.
According to ZachXBT, Tokenlon has virtually no legitimate trading volume outside of Southeast Asia, and a large portion of its operations are linked to illicit fund flows.
He also warned about possible future actions against Tokenlon and ImToken, naming the platform’s co-founder.
He said that imToken co-founder Ben He should be sentenced to life imprisonment.
ZachXBT also argued that Chinese “whale” exchanges such as Butter Network, HiFiSwap, and SWFT, suspected of being involved in illicit fund flows, should be prioritized for sanctions and face heavy penalties for their alleged involvement in the criminal activity.
Following ZachXBT’s announcement that it would take action against DEX Tokenlon, Tokenlon’s native token, LON, dropped by approximately 8%.
*This is not investment advice.
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The platform, however, rejected any wrongdoing. Tokenlon explained that it does not custody funds and that all transactions remain publicly traceable on-chain.
Blockchain investigator ZachXBT has built a reputation for repeatedly calling out crypto platforms and entities he believes are involved in suspicious or illegal activity.
In his latest allegation, he has turned attention to Tokenlon, a relatively lesser-known decentralized exchange with around 17,000 followers on X.
Tokenlon Draws Scrutiny ZachXBT has alleged that a large share of trading activity on decentralized exchange Tokenlon may be tied to illicit sources. These include romance scams, human trafficking, investment fraud, and underground markets in China.
He also mentioned Tokenlon’s co-founder, Ben He Bin, and suggested that possible future actions could be taken against Tokenlon and ImToken. In addition, the investigator also pointed to other platforms which he believes are connected to illegal fund flows, such as Butter Network, HiFiSwap, Bridgers/SWFT, and Tokenlon, calling for them to be prioritized for enforcement attention.
A user shared that their friend’s mother was scammed out of 270 ETH, and the funds were reportedly sent to Tokenlon. In response, ZachXBT said he has seen many similar cases from victims. Although the platform presents itself as decentralized, he claimed that it does not fully function as one in practice.
In response, Tokenlon acknowledged that it is aware of the discussions regarding illicit funds on-chain and their interaction with decentralized protocols and asserted that it does not custody user funds, while adding that transactions are publicly traceable on-chain. It maintained that it “absolutely does not facilitate crime.”
“We recognize that permissionless infrastructure can be exploited. Combating this requires a “unified defense” across wallets, security firms, and law enforcement.”
Decentralization Claims Questioned Interestingly, ZachXBT cited a 2022 report by Cryptoforensic Investigators, which questioned Tokenlon’s decentralization claims. It explained that while platforms like Uniswap and 1inch operate fully through immutable smart contracts, Tokenlon behaves differently in practice. The report said Tokenlon, linked to the imToken wallet and imToken PTE Ltd., allows users to swap Bitcoin through its “imBTC DApp.”
You may also like: Important Ripple (XRP) Deadline Concerning Many Users Major Figure in $15 Billion Bitcoin Scam Network Arrested in Tokyo Report: Rug Pulls Dominate Crypto Scams, Accounting for 54% of Threats According to its analysis, this setup resembles a centralized OTC service rather than a true decentralized exchange. It described a process where BTC is sent to Tokenlon-controlled wallets, recorded off-chain in their system, and later converted into imBTC before being swapped for USDT. The report further alleged that imBTC functions like a centralized asset pegged to Bitcoin, with Tokenlon retaining custody of the underlying BTC, similar to how stablecoin issuers manage reserves.
Additionally, a 53-page working paper titled “How Do Crypto Flows Finance Slavery? The Economics of Pig Butchering,” first posted on 28 March 2024, also found that around 57-60% of all Tokenlon swaps during 2022-23 involved addresses linked to scam networks. It claimed that victim funds in ETH or USDC often pass through Tokenlon and are later converted into USDT or DAI before reaching centralized deposit accounts.
Rubio: US and Iran to continue technical consultations at the end of this month
Multiple foreign media outlets reported on the 24th that US Secretary of State Rubio said technical teams from the United States and Iran will hold further talks in Switzerland by the end of June. (Xinhua News Agency)
5 hours ago
Over the past 24 hours, total crypto market liquidations hit $606 million, with more than 130,000 traders liquidated.
According to Coinglass data, the global cryptocurrency market recorded $606 million in liquidations over the past 24 hours, including $542 million in long-position liquidations and $68.22 million in short-position liquidations. A total of 135,785 traders worldwide were liquidated in the same period, with the largest single liquidation order occurring on Binance’s BTCUSDT trading pair, valued at $12.0111 million.
5 hours ago
Bitcoin falls below $60,000
According to HTX market data, Bitcoin has fallen below $60,000, with a 4.3% drop in the past 24 hours.
5 hours ago
US Treasury Secretary: AI boom may boost productivity and help curb inflation.
US Treasury Secretary Bessent told CNBC in an interview that he hopes the Federal Reserve will remain "open-minded" about the inflation pattern after the reversal of Iran-related energy price hikes. Bessent noted that the U.S. could enter an economic environment marked by high GDP growth without a corresponding rise in traditional inflation. He cited that in the 1990s, Alan Greenspan foresaw that office modernization and the internet could drive non-inflationary growth, and allowed the economy to keep expanding. Bessent believes the U.S. has a strong chance of seeing a similar scenario again. When asked whether the Fed still needs to worry about potential inflation and whether interest rate cuts are possible this year or next, Bessent declined to comment. However, he argued that it is necessary to stay open-minded about the price or inflation impacts from the Iran conflict, and monitor inflation performance after those effects subside. Bessent also said an open mind is needed, as the AI boom could boost productivity and deliver disinflationary effects, helping inflation return to the Fed’s target level. He added that he believes Kevin Warsh will choose the optimal path that meets both the Fed’s inflation and growth mandates. Bessent also noted that Warsh previously took a hawkish stance on inflation.
5 hours ago
US stocks' intraday storage sector sees broad declines, with Western Digital and Seagate Technology both falling over 4%.
According to Bitget data, during U.S. stock trading hours, the storage sector saw broad declines: Western Digital (WDC) fell 4.47%, Seagate Technology (STX) dropped 4.17%, SanDisk (SNDK) declined 2.31%, and Micron Technology (MU) edged down 0.96%. Most optical communication concept stocks rose, with Corning (GLW) leading the gains at 9.75%, followed by Ciena (CIEN) up 3.24%, Coherent (COHR) rising 2.93%, Lumentum (LITE) gaining 2.61%, and Nokia (NOK) advancing 1.82%. Additionally, Marvell Technology (MRVL) fell 2.59% and Applied Optoelectronics (AAOI) declined 1.90%.
5 hours ago
During intraday trading in U.S. stocks, crypto-related concept stocks fell broadly, with MSTR dropping more than 7%.
According to Bitget market data, the three major U.S. stock indexes rose broadly: the Dow Jones Industrial Average gained 0.94%, the S&P 500 increased 0.60%, and the Nasdaq rose 0.63%. Crypto-related stocks fell across the board, with declines as follows: Strategy (MSTR) down 7.33%; Circle (CRCL) down 4.35%; Bitmine (BMNR) down 3.97%; Coinbase (COIN) down 3.73%; Robinhood (HOOD) down 3.70%; Gemini (GEMI) down 3.27%; Bullish (BLSH) down 3.25%; Sharplink (SBET) down 3.19%.
According to information received, AirDAO received an investment of 500 thousand dollars from DWF Labs to ensure the growth of the ecosystem.
Announcing this news from the X account, AirDAO said:
“DWF Labs will provide a $500,000 grant to the AirDAO Ecosystem Treasury to support ecosystem development and our growth as a first-layer blockchain.
The AirDAO Council will use these funds to launch dApps to increase the utility of our ecosystem and create mobile-first DeFi protocols that will improve our users' access to decentralized financial instruments and enhance investment opportunities.
“DWF laboratories had previously agreed on a joint ecosystem development fund of $1 million.”
.@DWFLabs continues to strengthen its commitment to the #AirDAO ecosystem with a $500,000 grant for ecosystem growth. $AMB
In a recent market development, a wallet address known to be associated with Bitcoin investment company Amber Group made a significant move by depositing a total of 10.89 million LDO worth $32.81 million into Coinbase. This strategic maneuver, which occurred about 2 hours ago, necessitates a closer look at the whale’s actions and potential outcomes.
Analysis of Historical Withdrawal and Deposit Transactions: From Binance to CoinbaseWhen examining the transaction history, it is seen that Amber Group carried out a series of withdrawal transactions from Binance during the period of August-December 2023. During this time frame, the average purchase price of the altcoin LDO was $2,076. However, with a notable change in strategy, Amber Group chose to deposit all of its LDO assets into Coinbase at a higher value of $3,014.
The strategic shift from withdrawing altcoin LDO at an average of $2,076 on Binance to depositing at $3,014 on Coinbase has raised intriguing questions about Amber Group’s objectives. Selling the deposited tokens at their current market value could yield a significant increase of 45.1%, amounting to an estimated profit of approximately $10.21 million.
Key Takeaways and ConsiderationsTiming and Market Dynamics: The timing of the deposit into Coinbase is a step in harmony with broader market dynamics. It could also mean a strategic response to evolving conditions. Understanding the context surrounding this move is very important for interpreting Amber Group’s intentions.
Profitability Calculation: The estimated profit of $10.21 million based on current market value highlights the potential gains that can be achieved with strategic moves in the cryptocurrency market. This figure serves as an important metric for assessing the success of Amber Group’s decision.
Whale Watching Strategy: The actions of leading whales, especially those associated with influential organizations like Amber Group, often serve as indicators for other market participants. The decision to deposit tokens into Coinbase could affect market sentiment and trigger other reactions.
Navigating the Crypto Landscape: Implications for InvestorsCrypto investors and enthusiasts need to understand and interpret whale movements to make informed decisions. The strategic shift observed in this case underscores the dynamic nature of the crypto environment, where large transactions can significantly influence market trends.
In conclusion, the recent deposit of 10.89 million LDO into Coinbase by a wallet address associated with Amber Group has added a new element to the crypto narrative. The strategy’s shift from Binance withdrawal transactions to Coinbase deposit transactions indicates a calculated approach potentially influenced by market conditions.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
A community-governed layer one blockchain AirDAO has reportedly suffered a hacker attack, resulting in a loss of 126.5 ETH and 41.61 million AMB tokens.
The AirDAO team disclosed in an X post on Mar. 21 that the project had fallen victim to a hacker attack, leading to a loss of 35.2 million AMB tokens and 125.51 ETH from its AMB/ETH Uniswap pool.
The AirDAO team has identified a theft of 35.2m AMB tokens and 125.51 ETH from our AMB/ETH Uniswap pool. We are working with exchanges and relevant authorities to identify the hacker and retrieve all stolen funds. If the hacker returns the funds immediately we will pay a white… pic.twitter.com/lGWrT6ZCWJ
— AirDAO (@airdao_io) March 21, 2024 While the exact method of the attack remains undisclosed, the team revealed that the perpetrator gained unauthorized access “using a social engineering scam with malicious attachments in an email presenting to be one of our known partners.”
“This was an isolated theft of the liquidity pool. This does not affect users’ funds on the AirDAO blockchain or exchanges, and the AirDAO multisig is also unaffected.” AirDAO
In a bid to expedite the recovery process, AirDAO has offered the hacker a white hat hacking fee of 10% if the stolen funds, totaling nearly $870,000, are returned promptly. However, if cooperation is not forthcoming, the team has stated its intention to involve law enforcement. The AirDAO team noted it is “working with exchanges and relevant authorities to identify the hacker and retrieve all stolen funds.”
According to data from PeckShield, the stolen funds have been transferred to various centralized exchanges, including MEXC, KuCoin, and ChangeNOW. Analysts at SlowMist added that some part of the stolen funds also went to Binance and BitMart. At the time of reporting, these platforms had not issued public statements regarding the incident.
Founded in 2022, AirDAO positions itself as a community-governed blockchain and ecosystem of web3 decentralized applications powered by its blockchain network called AMB-NET and its native token, AMB.
AirDAO Loses 35.2M AMB and 125 ETH to a Uniswap Pool Exploit AirDAO suffers an exploit leading to an “isolated theft” on its AMB/ETH Uniswap pool.
Published: March 21, 2024 │ 1:11 PM GMT
Created by Kornelija Poderskytė from DailyCoin
AirDAO has suffered an exploit on one of its liquidity pools. The DAO described the attack as an “isolated theft” of the pool. Efforts to recover the stolen funds are underway. AirDAO, a community-governed L1 blockchain ecosystem, has lost crypto assets worth almost $1 million after suffering an exploit on its AMB/ETH Uniswap pool, the organization said on Thursday.
Without disclosing the exact method of the attack, the AirDAO team said in a statement that the hacker obtained access to the compromised LP through a social engineering scam involving malicious attachments in an email posing as one of the organization’s “known partners.”
AirDAO Suffers a Phishing Scam ExploitIn an X (Twitter) post on March 21, the AirDAO team alerted the crypto community to an “isolated theft” of its AMB/ETH liquidity pool on Uniswap, which resulted in the loss of 35.2 million AMB tokens and 125.51 ETH.
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“We are working with exchanges and relevant authorities to identify the hacker and retrieve all stolen funds. If the hacker returns the funds immediately we will pay a white hat hacking fee of 10%, if the hacker fails to cooperate, we will continue with law enforcement.” The team wrote.Per the current market prices, the stolen crypto assets are worth about $875,393.9 million.
While efforts to recover the stolen funds are underway as intimated by the AirDAO team, blockchain security firm PeckShield noted that the hacker has already transferred the crypto assets to MEXC, ChangeNow, and KuCoin.
Notably, the PeckShield alert reported slightly different figures regarding what was stolen, noting that the hacker made away with 126.5 ETH and 41.61 million AMB. Per PeckShield’s figures, the loss is estimated at $957,669.87.
Noting that it would address the community on the investigation’s process, the AirDAO team said more liquidity will be added to the Uniswap LP “as soon as possible” and that “the worst of the situation is over.”
Stay updated on why Humanized AI recently faced exit scam accusations:
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AirDAO has announced a theft incident from its AMB/ETH Uniswap liquidity pool. The attack, which led to the loss of $35.2 million AMB tokens and 125.51 Ethereum (ETH), has prompted action from the AirDAO team to mitigate the situation and safeguard stakeholders’ interests.
The AirDAO team has identified a theft of 35.2m AMB tokens and 125.51 ETH from our AMB/ETH Uniswap pool. We are working with exchanges and relevant authorities to identify the hacker and retrieve all stolen funds. If the hacker returns the funds immediately we will pay a white… pic.twitter.com/lGWrT6ZCWJ
— AirDAO (@airdao_io) March 21, 2024 The theft was executed through a social engineering scam, wherein the attacker, using a fake email with malicious attachments, posed as a known partner of AirDAO. This breach enabled unauthorized access to the liquidity pool, culminating in the theft of substantial digital assets. The hacker’s wallet address, identified as 0xFD1754f6Cb9DA53c6F26E3E2eE3DE875CC11C7AA, is now under scrutiny as AirDAO collaborates with exchanges and law enforcement agencies to trace and recover the stolen funds.
The AirDAO’s team has extended an olive branch to the perpetrator, offering a 10% white hat hacking fee for the return of the stolen assets. This offer stands as an incentive for the hacker to cooperate and return the funds voluntarily. Should this approach fail, AirDAO is prepared to pursue legal action to ensure justice and the recovery of the stolen assets.
Exchanges are currently working in conjunction with AirDAO to track and freeze the stolen funds, aiming to prevent further unauthorized transactions. The team has reassured the community that this theft was an isolated event, affecting only the liquidity pool on Uniswap. Importantly, users’ funds on the AirDAO blockchain and exchanges remain secure, and the integrity of the AirDAO multisig wallets is intact.AirDAO aalso announced plans to replenish the liquidity pool on Uniswap promptly.
AUTHOR
Kester is an experienced freelance content writer. His focus is primarily on blockchain technology and cryptocurrency. One might even refer to him as a "blockchain enthusiast." He has been following advancements in the crypto and blockchain area for several years, researching and writing his insights in the media. In addition to being a skilled content writer, Mushumir is also knowledgeable in SEO and digital marketing. He aspires to succeed as a content creator in the digital realm, dealing with customers in the finance and tech industries to generate traffic through engaging taglines and content. Mushumir enjoys traveling, reading, and playing cricket when he is not writing. He now works as a news and article writer for BlockchainReporter.
Today, Prom has announced that AirDAO is becoming a part of its ecosystem. AirDAO is a community-operated L1 blockchain committed to reshaping the landscape of Web3 through decentralized governance and collective action. Its principal objective is to produce a customer-oriented dream of DeFi.
Prom Integrates AirDAO Into the Ecosystem
We're thrilled to see our ecosystem expanding: we welcome @airdao_io, a community-governed L1 blockchain, on board.
AirDAO is an ecosystem of Web3 projects shaped by collective wisdom via DAO governance. AirDAO's mission is to create a… pic.twitter.com/9Vy3LGjywt
— Prom (@prom_io) May 17, 2024 Prom and AirDAO Partnership Enhances Web3 Scalability By combining exceptional products with a dedicated and diverse community, Prom seeks to make DeFi better for everyone, more accessible, and more suited to the needs of real-world customers. This precisely reflects Prom’s goal to make Web3 technologies more uniform, user-oriented, and disclosed through decentralization.
Through this integration, Prom and AirDAO will contribute their forces to the development of the scalability of next-generation Web3 products. Users will be able to receive more efficient and scalable products of this kind capable of serving a growing number of transactions and users. Prom announced this collaboration on X. DWF labs also appreciated this collaboration and labelled it as an ‘impactful collaboration’. Moreover, it said that it is proud to be a contributor to this collab.
Exciting to see dynamic and impactful collaborations forming within our ecosystem ✨
Proud to have contributed to this 🔥
— DWF Labs (@DWFLabs) May 17, 2024 AirDAO, as mentioned previously, operates based on a decentralized autonomous organization model, implying collective decision-making by the community. This ensures that all developments and management processes are governed by community knowledge and necessity, rendering the ecosystem more integrating and flexible.
By including AirDAO into the ecosystem, Prom will be able to capitalize on AirDAO’s innovative blockchain technology and governance model. This will not only improve the current range of solutions but will also enable numerous exceptional projects to inject success and take-up into the Web3 future.
Furthermore, this partnership signals a joint mission to drive a decentralized future, where users are empowered and informed about their digital assets and activities. AirDAO and Prom have combined their talents and resources to create a more dynamic, inclusive DeFi experience.
Prom and AirDAO Collaboration Set to Redefine Web3 Landscape The collaboration is projected to introduce game-changing innovations in the Web3 sector, offering users more adaptable and dynamic solutions than ever before. The partners are prepared to test the waters of the decentralized frontier like never before and see how far technology can go.
To sum up, the assimilation of AirDAO into the Prom Ecosystem is an important step toward a common goal of decentralization, transparency and friendliness to consumers of the Web3 future. The future of Web3 is optimistic, and the peak of the AirDAO partnership will benefit both the community and the Web3 front in general.
AUTHOR
Umair Younas is a cryptocurrency-related content writer linked with this work since 2019. Here, at Blockchainreporter, he serves as a news and article writer. He is a crypto, blockchain, NFTs, DeFi, and FinTech enthusiast. He has strong command over writing authentic reviews about brokers and exchanges and he has collaborated with our education team to write educational content as well. He has a dream to raise awareness among people about digital currencies. His works are well-researched and brimmed with information hence they provide fresh insights. Stay tuned to his posts if you want to stay up-to-date with the crypto-verse.
Today, Zealy has announced a partnership with AirDAO and Udao. Zealy is a platform aims to increase the growth and engagement of the community in the Web3 space using the work-2-earn model. This project seeks to develop the powers of all the platforms involved and empowers communities in Web3.
Zealy partnership announcement:
We are taking our investment in to Zealy very seriously, and this is why we are partnering with the very best on the platform. @udao_official have had phenomenal traction in the quest space and are a welcomed partner to the AirDAO ecosystem. We… https://t.co/GkjGy9pb5N
— AirDAO (@airdao_io) May 20, 2024 Zealy Enhances Work-2-Earn Model with AirDAO and Udao AirDAO is a community-governed layer 1 blockchain that uses $AMB token fast progressing in the quest space. Zealy has been able to benefit a lot from AirDAO’s strong dApps ecosystem as the two continue to work closely. Their participation will help in enhancing the growth and development of the community.
Udao is a next-generation AI-driven skills platform on Web3 that will join this venture. Udao is an AI that aims to promote skill growth and learning and is therefore ideal for partnership with Zealy. Collaborating with Udao will help Zealy achieve its vision of creating new opportunities for users to improve themselves and participate in Web3.
Zealy grows Web3 communities by rewarding participation through its work-2-earn model. This approach also involves the users and encourages them with rewards for their participation in the community.
Zealy Encourages Participation in AirDAO and Udao Quests In order to mark this milestone, Zealy begins to hold its partner quests for this campaign. Participants are encouraged to take part in this invite and check out the differentiated possibilities that AirDAO and Udao provide. It ensures a higher societal potential and has more people participating in it actively.
Zealy is determined to continue its vision for growth in the blockchain space. The collaboration with AirDAO and Udao is another milestone for the reach of such a vision. Moreover, it clearly contributes toward a further integration and enhancement of the web3 universe.
AUTHOR
Umair Younas is a cryptocurrency-related content writer linked with this work since 2019. Here, at Blockchainreporter, he serves as a news and article writer. He is a crypto, blockchain, NFTs, DeFi, and FinTech enthusiast. He has strong command over writing authentic reviews about brokers and exchanges and he has collaborated with our education team to write educational content as well. He has a dream to raise awareness among people about digital currencies. His works are well-researched and brimmed with information hence they provide fresh insights. Stay tuned to his posts if you want to stay up-to-date with the crypto-verse.
