Despite Bitcoin’s (BTC) recent drop below $27K, DigiToads (TOADS) presale breaks records with more than $3.5 millions raised
In the wild oscillations of the crypto market, Bitcoin (BTC) recently dipped below $27K, causing a stir among investors. However, in this turbulent sea, a lily pad of opportunity has emerged, untouched by the waves of uncertainty. DigiToads (TOADS), a newcomer to the crypto pond, has made a splash with its record-breaking presale, raising over $3.5 million and illustrating that there are still vibrant prospects in the crypto ecosystem.
DigiToads (TOADS)
DigiToads, a fresh and innovative ERC-20 token, is making waves with its unique combination of features. Its appeal is multifaceted, combining elements of P2E (Play-to-Earn) gaming, deflationary tokenomics, staking rewards, a dedicated DAO treasury, and a popular NFT collection. Its engaging web3 game allows players to collect, nurture, and battle digital amphibians known as DigiToads. These amphibious warriors can be obtained through purchasing, trading, or winning, each possessing unique attributes that players can enhance using TOADS tokens.
This innovative defi project goes beyond gaming. By staking their NFTs, DigiToads holders can earn rewards from a staking pool funded by 2% of every TOADS transaction. The project also pledges 2.5% of its profits to environmental charities, demonstrating a corporate social responsibility rarely seen in the memecoin arena. Moreover, DigiToads champions community engagement, with 10% of game prize pool funds being airdropped to token holders every month.
The DigiToads crypto ICO has raised more than $3.5 million, a testament to the project’s appeal and potential. Investors, enticed by the prospect of a high-growth token that provides the chance to earn residual income through NFT staking and P2E gaming, have eagerly jumped aboard the DigiToads bandwagon.
Bitcoin (BTC) Dips Below $28,000
Bitcoin fell below $28,000 recently due to several reasons. One of the primary factors was concern over declining participation from institutional market participants. This decline in institutional involvement might have led to lower liquidity in the Bitcoin market.
Further contributing to this situation, a news report indicated that two of the most significant institutional liquidity providers were dialing back their crypto-trading businesses in the U.S. This development could have exacerbated the liquidity concerns and led to further selling pressure.
Lastly, it seems that a recent banking crisis failed to trigger a price surge in Bitcoin, as had been the case in previous weeks. The lack of a positive response to such crises could have sapped investor confidence and contributed to the downward price movement.
Regardless Bitcoin, the progenitor of all cryptocurrencies has had its fair share of ups and downs. Despite the recent dip, it remains the largest and most influential crypto, serving as a benchmark for market trends and investor sentiment. While many are fixated on the price fluctuations of this crypto behemoth, others are scanning the horizon for alternative opportunities, and that’s where DigiToads hops into the picture.
The success of the DigiToads presale amidst Bitcoin’s dip is a stark reminder of the diverse opportunities within the crypto market. It underscores the point that the crypto world is not simply about Bitcoin or Ethereum. It’s a vast ecosystem teeming with innovative altcoins and new defi projects that offer unique experiences and the potential for substantial returns.
Join the DigiToads Journey Today
In the crypto market, fortunes can be made or lost in the blink of an eye. But as the DigiToads example shows, those who scan the horizon, who venture beyond the familiar territories, can uncover opportunities that others may overlook. It’s a game of perception and intuition, of seeing the lily pad of opportunity amidst the churning waves. And right now, that lily pad is named DigiToads.
For more information on DigiToads visit the website, join the presale or join the community for regular updates.
| Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. The image used in this article is for informational purposes only and is provided to us by a third party. Coinpedia should not be held responsible for image copyright issues. Contact us if you have any issues or concerns. Readers should do their own research before taking any actions related to the company. |
Senators Criticize Lummis & Bankers Blaming Crypto & Making Millions
The post Senators Criticize Lummis & Bankers Blaming Crypto & Making Millions appeared first on Coinpedia Fintech News
During a Senate banking committee hearing on May 16, former Signature Bank executive Scott Shay was criticized by Senator Synthia Lummis. Shay blamed the bank’s collapse on cryptocurrency while benefiting from hefty bonuses and stocks. Shay admitted that the bank accepted digital asset deposits in 2018 but reduced them in 2022 due to market volatility. Lummis accused Shay of shifting blame, which he denied during the hearing.
Uwerx (WERX) Presales Raise Millions. Will It Gain As High As Liquity(LQTY) And Cosmos (ATOM)?
Over the past decade, more centralized sectors and institutions have adopted blockchain in their business. This widespread adoption could be due to the fact that traditional institutions may be unable to keep up with the latest technological applications.
Investors and analysts are gaining more interest in the future of centralized institutions and how they can compete with futuristic projects like Uwerx. In this article, we will discuss the potential of Uwerx and whether it can measure up to projects like Liquity (LQTY) and Cosmos Hub (ATOM).
Secure Your Future With UWERX (WERX)
Over 78.45% of large sectors and industries plan to increase their dependency on freelance workers in the next five years. This will significantly raise the global demand for more freelance workers and prompt the need for a more sustainable and reformative solution to the problems plaguing the freelance gig market. This is where Uwerx comes in.
Uwerx will be a transformative project that aims to provide the much-needed security and assurance that traditional platforms have been unable to deliver to the gig market for a long time. By adopting blockchain-based integrations to its platform, Uwerx aims to create a conducive space for clients seeking services while maintaining independence and freedom for freelancers.
The project will include benefits like certificate rewarding programs and courses, escrow-enabled payments, client-freelancer communication tools, dispute management programs, and an incentive system that encourages new members and rewards old members based on their performance. In addition to all these wonderful benefits, Uwerx will charge just a 1% transaction fee.
Uwerx is dedicated and committed to its goals. The project has completed the second stage of its ICO in less than nine days. It is now in its third presale phase. Uwerx will also be featured on notable exchanges like CoinSniper through the help of its certified and credible audits from SolidProof and InterFi. The future of the freelance market looks vibrant already.
After considering the prevalence of online scams and the volatility of the coin market, the team has decided to relinquish smart contract ownership once Uwerx lists on centralized exchanges. This move will prevent any rug pulls and ensure security and transparency.
Stage four allocations will be set at 77,500,000 from its previous budget of 60,000,000, while stage five will be set at 72,000,000. The alpha version of the platform will feature a clean and friendly interface. The team is really excited about it and looks forward to sharing it with its community soon.
We believe the value of WERX tokens will go higher and reach $1 by Q3-Q4 2023. To curb the possibilities of a rug pull, Uwerx developers will place a 25-year lock on their liquidity, ensuring the safety of investors’ funds.
Cosmos (ATOM): Providing a Link for Blockchain Networks
By focusing on interoperability and customization, the Cosmos (ATOM) network employs a series of independent networks called Zone to create a network that allows crypto platforms to stream transactions between themselves via an open-source command. Cosmos (ATOM) is powered by a Proof-of-Stake consensus mechanism.
The network stands on three layers of protocols: a consensus layer, which runs the nodes in the system and helps them polish the system’s current state. The second layer is the networking layer, which facilitates the communication between various transactions and all blockchain activities on the network. The last layer is responsible for the network’s updates and transaction processes.
The network’s native token, ATOM, facilitates its Proof-of-State protocol and other transactions on the network, including staking features.
Cosmos (ATOM) ranks close to #25 in market capitalization and has pulled a market value of over $2.5 billion. An ATOM token trades at $11.10 However, analysts believe the token will reach $23.25 by 2024.
Become an Asset Mogul With Liquity (LQTY)
Liquity is a decentralized protocol designed to aid lending in the crypto space using Ether tokens. Users can take out loans from the network and offer their Ether tokens as collateral. Each loan is paid out in LUSD, a stablecoin protocol joined to the US Dollar.
A care system called Trove allows users to maintain their loans and set repayment plans. Each Trove is connected to an Ethereum address. Lenders who finance their Liquity (LQTY) accounts are rewarded handsomely.
The platform aims to create accessibility to borrowers by ensuring they are not overcharged for refinancing their accounts and overcollaterized due to interest rates from traditional banking.
A LQTY token is valued at just $1.1 with a market capitalization rank of over $120M. You can purchase LQTY from any major exchange and become a part of its great ecosystem.
Each crypto project tries to introduce new applications that could improve the adoption of decentralized finance across all sections. This is not limited to promising projects like Cosmos (ATOM) and Liquity (LQTY).
We are confident that Uwerx will overtake them and widen the gap with time. Uwerx will be a leading project that aims to address problems facing an industry that is tipped to rank among the world’s leading industries.
You can jump on this opportunity by clicking the links below to get more information on Uwerx.
Website: https://www.uwerx.network
Presale: http://invest.uwerx.network
Telegram: https://t.me/uwerx_network
Twitter: https://twitter.com/uwerx_network
| Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. The image used in this article is for informational purposes only and is provided to us by a third party. Coinpedia should not be held responsible for image copyright issues. Contact us if you have any issues or concerns. Readers should do their own research before taking any actions related to the company. |
Crypto Whales Make Millions Profit Through These New Meme Coins: $PEPE, $WOJAK, $AIDOGE
Crypto traders are making big gains with risky investments in new meme coins, despite recent resistance in Bitcoin and top altcoins. By putting spare capital into carefully selected low-cap altcoins, traders have seen profits of up to 10 times their initial investment.
Whales Ride The MemeCoin Wave
According to the on-chain analytics platform Spot on Chain, crypto whales made millions of dollars from a small investment in $PEPE, $WOJAK, and $AIDOGE.
$PEPE
One notable whale invested $251 in $PEPE and made approximately $1.68 million in just four days. Similarly, two different crypto whales invested approximately $2.1k and $3k in the same meme coin and bugged $1.53 million and $1.39 million respectively.
$WOJAK
The on-chain platform identified two different crypto whales that made a significant profits through $WOJAK meme coin. Interestingly, two crypto whales invested approximately $4k and $2k respectively only to bag $443k and $65k respectively.
According to market data provided by Binance-backed Coinmarketcap, $WOJAK had a market capitalization of approximately $15,767,505 and a 24-hour trading volume of about $59,424,111 on Wednesday.
$AIDOGE
ArbDoge AI (AIDOGE) is a meme coin with a market capitalization of approximately $60 million and a 24-hour trading volume of about $194 million as of Wednesday. Reportedly, a crypto whale invested $72k in the $AIDOGE and bagged about $210k in less than a day. Notably, the investor entered the trade right after news of the $AIDOGE listing on the Huobi crypto exchange.
Meanwhile, cryptocurrency traders are cautioned on such trades as most of the gains are unrealized gains and could be wiped out anytime due to the high volatility.
How TMS Network’s (TMSN) Investors Are Making Millions? Even Mask Network (MASK) Holders Want To Jump Ship
Since the beginning of 2023, several cryptocurrencies have moved upward on the price chart. Mask Network (MASK) and TMS Network (TMSN) are two such projects. However, Mask Network’s (MASK) growth has been way below TMS Network’s (TMSN) rise. While Mask Network (MASK) has risen by 54% in the last month, TMS Network (TMSN) presale has registered a mind-boggling growth rate of 1200% during the same period.
Mask Network’s (MASK) Rapid Growth Halts Amid Bank Crisis
Mask Network (MASK) is one of the high-fliers in 2023, gaining 200% since the beginning of the year. However, a price rally of Mask Network (MASK) started way back in November 2022, when Binance added the token to its Bluebird Index. But the price of Mask Network (MASK) made the most significant jump after the first week of March. On March 7, Binance included Mask Network (MASK) in its proof-of-reserve assets. This caused a 29% spike in the price of Mask Network (MASK) in 24 hours.
The overall market revival also helped Mask Network (MASK) trade in the green zone. However, the collapse of Silvergate Capital and Silicon Valley Bank (SVB) hampered its speed and Mask Network (MASK) turned southward again. The price of Mask Network (MASK) has fallen by 14% in the last week. Besides, Mask Network (MASK) has plunged by 11% in the past 24 hours. Mask Network (MASK) is still up by 54% on the monthly price chart.
Mask Network (MASK) was launched in 2017 to act as a bridge between web2 and web3. Mask Network (MASK) is a user-friendly mobile app and browser extension that helps users send cryptocurrencies, use dApps, and share encrypted content through social media platforms like Facebook and Twitter. Mask Network (MASK) allows users to access the web3 world with the tools of web2. The browser extension for Mask Network (MASK) is available on Firefox and Chrome.
TMS Network (TMSN) Brings Utmost Convenience For Traders
TMS Network (TMSN) is a decentralized trading platform that combines cryptocurrencies and traditional derivatives. It is a blockchain-based network that solves major issues like centralization, limited transparency, slow transaction speed, and high fees. TMS Network (TMSN) enables users to trade all kinds of derivatives without using fiat payment. It permits the trading of stocks, futures, Forex, CFDs, and other derivatives by using cryptocurrency as payment. Moreover, traders are not required to open new accounts on TMS Network (TMSN). All they need to do is to connect their crypto wallet to the network.
TMS Network (TMSN) is armed with institutional-level liquidity to allow traders to execute their trades instantly. TMS Network (TMSN) has also implemented an on-chain analysis mechanism to provide advanced price analysis. Moreover, TMS Network (TMSN) eliminates any possibility of wash trading, price manipulation, and tampering by using smart contracts.
TMS Network (TMSN) also boasts better scalability than other blockchain platforms. It can process an increased number of trade activities at lower costs. The network has launched TMS Trader Education, and TMS Social Trading Club to help new traders learn from professionals, and make informed and profitable decisions. TMS Network (TMSN) also provides the facility of non-custodial portfolio management and auto-rebalancing of holdings.
TMSN is the native crypto of the network’s ecosystem. Currently, the presale of TMSN tokens is in stage 2, and can be purchased at $0.413, which is 1300% above its launch price of $0.003. Experts have predicted that early TMSN token holders are likely to get a 100x return on their investment. Interestingly, TMSN holders will also earn commissions from trading volumes generated by other traders on the network.
To find out more please check the links below:
Presale: https://presale.tmsnetwork.io
Telegram: https://t.me/TMSNetworkIO
Twitter: https://twitter.com/tmsnetwork_io
| Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.
The image used in the article is been obtained from a third party and is used for informational purposes only. Coinpedia should not be held responsible for image copyright issues. Please contact us immediately if you have any issues or concerns. |
Crypto Market Downtrend: Millions of Liquidations Recorded After the Looming Silvergate Concerns
Early on Thursday, Bitcoin (BTC) shook a little bit as the crypto-friendly bank Silvergate Capital (SI) lost more than 50% of its value due to concerns that it might not survive. Despite 2023 off to a strong start with BTC being up 34.8% for the year, there has been a dramatic decline.
A barrage of liquidations have been sparked by a sharp drop in the price of Bitcoin across all crypto markets. While Bitcoin slipped from $23,443 to $22,259, $250 million in cryptocurrency holdings were liquidated, as reported by CoinGlass. The most affected traders were those who were long Bitcoin and Ethereum, with $76 million and $40 million in liquidations, respectively.
However, there was no clear reason for the drop, despite the fact that economic headwinds continue to affect the crypto markets. It might also be the possible aftereffects of Silvergate fiasco, which recently declared that it will need to perform a new audit to determine its viability following the collapse of FTX.
Contrary to the FTX collapse in November, which caused bitcoin to plunge to multi-year lows, the impending Silvergate issues had minimal impact on the largest cryptocurrency in the world by market value. On Thursday, the price of bitcoin stayed at $23,000.
According to the anonymous trader and analyst Credible Crypto, BTC has reached low time frame support at $22,243 and must maintain the level to prevent a further decline.
“There is our drop to low time frame support as expected. Now bulls have to make a stand here. If they fail to, then my downside target will be met sooner rather than later… I will also add that until/unless we break the lows at $21,373 I lean bullish (green path),” he wrote.
Bankruptcy Proceedings Come At A High Cost For FTX, Law Firm To Earn Millions
The FTX bankruptcy case has proved to be a lucrative opportunity for Sullivan & Cromwell, a well-known law firm, as it is expected to earn millions in fees for handling the fallen crypto empire’s finances.
According to a recent court filing, Sullivan & Cromwell has already billed them $7.5 million for just 19 days of work on the case. Despite concerns raised by US lawmakers, the executive branch, and FTX founder Sam Bankman-Fried about the firm’s previous work for the company and the appointment of former partner Ryne Miller as FTX General Counsel, the new CEO of FTX, John J. Ray III, has defended the firm’s appointment, calling it a leading law firm in relevant areas.
Sullivan & Cromwell law firm set to reap millions
The filing covers fees and expenses from November 12th to November 30th and reports that over 6,500 hours were worked by 32 partners, 85 associates, and 34 non-legal staff. The hourly rates range as high as $2,165 and the company said it is seeking only 80% of the total $9.5 million. This drain on the estate of the corporate group as it seeks to reorganize and restore funds to creditors will be significant.
Bankruptcy judge John Dorsey will make a crucial decision today regarding the appointment of an independent examiner for the case, which FTX has warned could cost up to $100 million and duplicate Sullivan & Cromwell’s work. However, a spokesperson for Sullivan & Cromwell was not available for comment.
A Bankruptcy Filing Could Be Resource-Exhaustive Too!
The FTX bankruptcy case has attracted widespread attention due to the high costs associated with the case, which are expected to climb more with over 150 people working on it. Big bankruptcy cases like this can generate a lot of work and help pad profits for law firms.
This case serves as a reminder of the high costs associated with bankruptcy proceedings, particularly for large corporations. While the legal fees can be a significant burden for the corporate group, it is important for the court to appoint a reputable and reliable law firm to ensure a fair outcome for all parties involved.
FTX Bankruptcy: Crypto Exchange Demands Millions In Political Donations Be Returned
FTX, the bankrupt crypto exchange, has asked for its money back from political figures and committees that received donations from its founder, Sam Bankman-Fried, and others in his regime. The company’s new CEO, John John Jay Ray III, who was installed after the exchange’s collapse in November, has previously asked for the return of donations linked to FTX. The company has taken a tougher approach, asking for “contributions or other payments” by the end of February and warning that it will legally pursue funds not repaid.
FTX filed for bankruptcy last year after a steep drop in the price of its exchange token FTT. This resulted in a run on the exchange, revealing that it did not have sufficient reserves of customer assets. Bankman-Fried, who was later arrested and charged with several financial crimes, has been accused of misappropriating billions of dollars worth of customer funds for his trading firm Alameda Research, private real estate purchases, and political campaign donations.
In the 2020 election cycle, Bankman-Fried was one of the largest donors to the Democratic party. However, in an interview with influencer Tiffany Fong, he revealed that he also donated to Republican candidates, although he kept these donations discreet as he believed that journalists would “freak the fuck out” if he contributed to Republicans.
According to a public spreadsheet maintained by OpenSecrets.org, Bankman-Fried, former FTX co-CEO Ryan Salame, and former FTX head of engineering, Nishad Singh has donated over $84 million to political candidates and organizations.
Some politicians, such as former Representative Beto O’Rourke, have returned funds they received from Bankman-Fried, while others, including Senators Dick Durbin and Kirsten Gillibrand, have pledged to donate to charities in amounts that match the funds they received from FTX.
The extent of the benefits received by political candidates and groups from FTX and its affiliates may not become clear until after the newly established deadline, depending on the actions taken by the bankrupt exchange. Bankman-Fried has pleaded not guilty to the charges and his trial is set for October.
Whales Move Millions of Cryptos- Is Crypto Market In Danger?
The 2022 bear market does not appear to have waned as the sentiments do not appear to be in the favour of bulls. Despite a bullish start for the year 2023, the tokens are still expected to drop significantly to reach the lowest point that may mark the bottom of the current bear market. Until then, the markets are feared to intensify the euphoric sentiments where-in the FOMO (Fear of Missing out) could reach highs.
A popular analytical firm Santiment has signaled the possibility of a bearish trend referring to the intensifying euphoric & FOMO market sentiments.
As per the platform, the social mentions for the altcoins in terms of buy, buying bottom & bullish have intensified. Historically, these are the signs of the market advancing towards euphoric sentiments and FOMO is likely to haunt the investors. This may further lead to a dramatic pullback where-in the prices may meet their bottoms very soon!
This may be the reason the market participants, specifically the whales have been transferring millions of funds in form of cryptos. These whales have moved more than $670 million in Bitcoin, Ethereum, XRP, Polygon, and Curve, among which BTC alone accounts for $315 million.
The whale moved nearly 25,000 BTC in 2 separate transactions of 9,251 & 15,477 BTC from one unknown wallet to another. Further, nearly 32,236 ETH were relocated from an unknown wallet to Coinbase while XRP Polygon(MATIC) and Curve (CRV) also witnessed a transfer of 38.89 million XRP, 90.56 million MATIC, and 17 million CRV.
While these indicators do flash for a bearish reversal approaching very fast, many other signals do flash bullish signals in the longer time frame. As many analysts have predicted that the 2022 bear market could reach its end by the end of Q1 2023, Q2 may be consolidated while H2 2023 may witness a decent recovery phase.
Anonymous Bitcoin Whale Who Suffered losses Worth Millions, Transfers 15k BTC
With Bitcoin fluctuating between $16k and $18k, the cryptocurrency market has recently stayed quite stable despite uncertain macroeconomic conditions and the risk of FTX contagion. While the market is consolidating, whales are hoarding several currencies in anticipation of a positive surge as 2023 approaches.
However, an anonymous whale has transferred about 15,480 Bitcoin. According to a crypto analyst and Maartunn, over a period of three to four years, Bitcoins were dormant and the analyst also noted the movement of 4000 BTC, which had been dormant for about two or three years.
The ancient whale’s wallet was worth more than $1 billion when Bitcoin reached its all-time high. The whale’s investment portfolio lost a significant portion of its value as market conditions worsened. From a wallet that once had $1 billion, there was just $250 million left at the time of the transaction.
The whale initially acquired 15,000 BTC in 2019, but it wasn’t until recently that he moved them back to another wallet. The wallet’s activity, however, suggests that either a blockchain-based company that required urgent liquidity or a large retail investor who has been holding and accumulating Bitcoin on numerous wallets is the owner.
Furthermore, once altcoin dominance crossed 50%, the BTC movements coincided with Maartunn’s prediction of a new market meltdown. The conclusion of the 2021 bull run, the Ethereum Merge, and the 2018 ICO bubble all followed the same trajectory.
Maartunn also expressed concern about the potential for more capitulation as a result of the increase in costs for Bitcoin. He admits that the rising interest rates are not a bad omen. However, he points out that if the price moves in the opposite direction, these traders would have to close down their holdings.
Whales Move Millions of DOGE Triggering a 10% Jump
-
Dogecoin price witnessed a massive surge since the early trading hours as the market sentiments turned slightly bullish
-
Besides, massive whale movements were registered, raising speculations of a pre-determined rally
After undergoing acute stress, the crypto space has been witnessing a minor upswing in the past couple of days. Meanwhile, the rounds of BlockFi filling for bankruptcy were believed to ignite fresh bearish movements, but the markets rebounded finely following a slight pullback. Meanwhile, Dogecoin again gained the spotlight with a remarkable upswing that assisted the price to reclaim back $0.1 levels.
Massive Whale Movement Captured
No sooner had the DOGE price ignited a significant upswing, than millions of tokens were moved. A popular on-chain data provider revealed the movement of nearly 300 million DOGE from the wallet of the largest Dogecoin whale.
As per bitinfocharts.com, the whale address is said to be that of Robinhood Exchange. The transfer of 300M DOGE was recorded as the price experienced a significant upswing. Therefore, it points out the rising demand for the asset. In other words, the DOGE price is expected to maintain a significant upswing as the bullish momentum has coiled up.
Impact on the Dogecoin (DOGE) Price
- Dogecoin price is trading within an ascending trend for the past couple of days as the buying pressure mounted significantly
- Despite a rejection from 0.38 FIB levels, the price rebounded finely and is again testing the same levels at $0.1053
- The price is expected to slice through these levels after a brief consolidation and an attempt to reach $0.11 initially and later rise high to reach $0.12
- Meanwhile, if the DOGE price faces rejection at these levels, then a drop back to 0.23 FIB levels may accomplish the double-top pattern which may further decline the prices notably
Overall, the Dogecoin price appears to have risen above the bearish pressure and hence may set up a decent upswing hereafter. Besides, the demand for the asset also has surged notably which may elevate the prices ahead.
Millions of SOL May Flood Into the Market Soon, Solana Likely to Remain Within the Bearish Captivity for Long
Solana‘s price was badly impacted by the recent FTX meltdown and dropped heavily from levels close to $40 to as low as $12. While many were perplexed because no direct link was visible to the naked eye, the details that emerged later astounded the entire crypto space. Solana in a blog post explained the link between the collapse of both FTT & SOL.
The main highlight of the blog was Solana being the most exposed platform post the FTX collapse. Moreover, the network is also feared to carry the same fate as it has sold millions of SOL tokens to FTX & Alameda Research which are locked right now.
FTX and Alameda Research own nearly 50 million SOL, out of which they received 4 million in August 2020, 34.52 million in September 2020, and 34.52 million in January 2021. The tokens are sold but will be released using the linear monthly unlock mechanism.
Considering the above table. It can be interpreted that Solana has promised the firms to sell, but they may not have custody of the tokens. These tokens will be released for FTX on the basis of linear monthly unlock, of which the last 3 unlocks may occur by January 2028. With the new findings, the SOL price, which was already under extreme pressure, is now in extreme danger.
The SOL price is now testing the lower trend line, which is very crucial at the moment and is believed to drop below the danger zone very soon. Moreover, if FTX & Alameda continue to liquidate their holdings as they receive them, the SOL price may never recover from its bearish captivity.
Presently, the SOL price is trading near crucial levels after dropping by more than 60% in the recent past. If the asset finds more capital, a push may probably rise back above $40–$50, which carries fewer chances of occurring. Meanwhile, if the SOL price fails to sustain at the current levels and slides down hard below $13, a steep drop to $2 to $4 is pretty much possible due to a lack of liquidity at these levels.
The Solana price prediction appears to be pretty pessimistic, but the current realities may be quite likely.
FTX & FTX-US Hacked! A Pre-Planned Insider’s Move? Millions of Users’ Funds Flow Out
The FTX-drama is getting bitter and bitter every new day, impacting the crypto markets adversely. After the firm filed for bankruptcy, a price movement of nearly $400 million was witnessed late Friday night. As per the reports, various Ethereum, Solana, and Binance SmartChain-based tokens were stolen and moved to a decentralized exchange.
The FTX-US General counsel Ryne Miller addressed the current situation tweeted but the crypto verse awaits the official FTX statement on the hack.
Meanwhile, many FTX holders reported their balance in their wallets to turn into ‘0’. Many speculate the involvement of an insider where-in the drained funds are being swapped into Tether & DAI. Moreover, a swap of stETH worth nearly $44 million to ETH was also carried out eating a huge slippage and an on-chain message ‘Rug Pull All’ was also sent to the recipient account with a 4byte selector.
Additionally, nearly $90 million flew to a Solana-based wallet and thousands of Wormhole ETH are getting bridged from Solana into the Ethereum wallet at the moment. The hackers appear to have used a second address for the other altcoins which are smaller in number.
In such a scenario, if Ryne Miller says “he doesn’t know why the funds are moving”, it sounds fishier as if the current move is a part of a liquidation order, he would have definitely been informed.
The FTX & FTX-US apps on mobile are prompting an “App Update Confirmation” message, which is likely to seek root access to further private keys. Therefore, it is advisable to delete the app or carry out any activities on the website till the issue gets settled.
Was this writing helpful?
Attention Traders! Solana Price in Deep Trouble, Millions of SOL May Flood into the Market Very Soon
Solana‘s price has plunged remarkably by more than 55% in the past couple of days, dragging the value below $20 at the moment. The platform registered a huge selling volume since the last trading day, which has raised from $2 billion to more than $6 billion at the moment.
The SOL price plunge intensified as the FTX token price dropped amid the tussle with Binance CEO, CZ. The bearish clouds are expected to intensify as more than 18 million SOL may hit the markets in the next 24 hours.
As per Lookonchain, an analytical platform, 18,775,348 SOL tokens may be liquidated as they have been unstaked in epoch 370. When this epoch is over, these tokens will be sold in the market creating huge selling pressure on the asset. According to the platform, whales have stopped staking Solana and may soon withdraw & transfer them out.
Why SOL Price Dropped as the FTT Price Tanked Down?
Solana price is the second largest loser after FTT with a drop of more than 30% in the top 100. According to the Internet Protocol (ICP) founder, Dominic Williams, SBF (Sam Bankman-Fried) FTX CEO, FTX Exchange and Alameda-FTX’s sister trading platform hold billions in SOL.
Moreover, the founder claims FTX representative bought their own tokens heavily to inflate the prices and fake their net worth.
Collectively, the SOL price, which has traded within a deep bearish trend since the time it marked highs above $250, may find new lows, possibly a single-digit figure too. Therefore, until the bears hold a tight grip over the market, the bulls and whales may continue to refrain.
Was this writing helpful?
Whales Transfer Millions of DOGE to Exchanges, Is a Major Price Action Underway?
Dogecoin price had received immense attention in recent times as Elon Musk acquired Twitter and completed the $44 billion deal. While many speculated that the asset may also be included as one of the payment options along with other cryptos, the DOGE price gained huge bullish momentum.
Woefully, the price at the moment appears to have stuck up under a bearish influence and hence is believed to drop notably in the coming days.
Meanwhile, the Dogecoin whales have become extremely active of-let as a large amount of DOGE has been transferred onto the exchanges. They have moved nearly 256 million DOGE to Binance & Coinbase despite Elon Musk’s Twitter takeover.
As per the data shared by Whale Alert which records large & interesting transfers, these tokens were moved in 2 different transactions. Initially, 212.3 million DOGE was moved to Coinbase worth $26.67 million.
Further, another transaction of transferring 43.67 million DOGE to a Binance address was recorded worth $5 million at the press time.
Despite the fact that Elon Musk hinted at the probable Twitter acceptance of Dogecoin, the DOGE price continues to slash hard. The popular token is valued at $0.1169 at the moment, with a drop of 5.06% in the past 24 hours. Meanwhile, the market cap also suffered a plunge of over 5%, but the trading volume increased by more than 27% to reach $1.4 billion, indicating the revival of bearish influence over the asset.
Was this writing helpful?
Whales Move Millions of DOGE after Elon Musk’s Appearance in Twitter Headquarters
Following a green candle the day before, the price of Dogecoin unexpectedly increased on Wednesday. Elon Musk might be the major factor in driving this surge. Although the post about the billionaire’s appearance at the Twitter headquarters has no relevance to Dogecoin, his historical influence on the asset’s price warrants this increase. According to reports, the agreement could be reached as soon as Friday, October 28, ending the six-month-long process.
Prior to the court-ordered deadline to complete the $44 billion acquisition, Musk tweeted a video of himself yesterday entering the Twitter offices in San Francisco. In the video, Musk could be seen entering the Twitter building while holding a sink.
Whales jump on the bandwagon
Whales, or high-volume investors, are paying attention to the Dogecoin price consolidation in the cryptocurrency market. According to Santiment’s on-chain data, starting late August, addresses with between 10,000 and 100,000 tokens have continued to purchase DOGE.
A cryptocurrency whale tracking account called Whale Alert has been keeping track of whale investors’ significant movements of millions of Dogecoin. Whales exchanged a total of 407,755,487 DOGE ($32.21 million) in two different transactions over the past 24 hours.
A lump sum transfer of 107,755,489 DOGE was made from an unidentified wallet to Binance, the biggest exchange in the world by 24-hour trading volume, 12 hours ago. The value of the fund at the time of the transaction was about $7.25 million.
Whale Alert also monitored the movement of roughly 300 million DOGE a few hours later. A total of 299,999,998 Dogecoins ($21.56 million) were transferred from one unidentified wallet to another, according to the cryptocurrency whale tracking tool.
Was this writing helpful?
Binance and Sequoia Capital Pledge Millions In Funding For Elon Musk’s Takeover Deal
Tesla and SpaceX chief executive Elon Musk had managed to raise $7.14 billion out of the $44 million bid for Twitter from investors like Sequoia Capital, crypto exchange Binance, and Andreessen Horowitz, as per the SEC filing of May 2022.
The Changpeng Zhao-led Binance had a hand in Musk’s acquisition of Twitter, as it provided $500 million in funding. The SEC filing also revealed that Sequoia put in $800 million in funding towards Musk for the bid.
Back in July, Elon Musk pulled back from his $44 billion bid to buy Twitter after a month-long saga that hurt the sentiments of investors and shook the market, kicking off a possibly long legal battle with the company. Musk was subject to facing a fine of $1 billion if he walks away.
Now, the Twitter deal seems back on this month as Binance confirms that it is still ready to support the deal as part of its push for Web3 adoption. Reportedly, even tech investor Sequoia Capital is still backing Tesla CEO Elon Musk’s $44 billion takeover bid on the social media platform, by setting aside $800 million capital allocation for it.
Binance has also hinted about carrying forward its promised value of $500 million.
A representative from Binance revealed, “we’re still committed and nothing new to share at this moment” citing Changpeng ”CZ” Zhao’s comments from May on Twitter: “We hope to be able to play a role in bringing social media and Web3 together and broadening the use and adoption of crypto and blockchain technology.”
On October 3, Musk seemed to back out abruptly after he filed a notice with the Delaware Chancery Court, which hinted that he is ready to go ahead with the “closing of the transaction contemplated by the April 25, 2022 Merger Agreement.”
Now, if the deal proceeds smoothly, the purchase will be up for the previously agreed-upon $54.20 per share for a total of $44 billion.
Sequoia Capital has been supporting Musk’s endeavors for a long time now. Back in time, Sequoia was an early-stage investor in PayPal’s initial steps. The payments platform co-founded by Musk was eventually sold for $1.5 billion in 2002. The firm also formed a part of a $675 million funding round for Musk’s Boring Company in April.
Not just the Twitter deal, Binance has eyed many mainstream deals this year. Previously, the biggest exchange placed a $200 million strategic investment into financial news outlet Forbes, with an intention to improve consumer understanding of crypto and blockchain.
Binance has already splurged $325 million on 67 projects this year, and the firm plans to probably spend more than $1 billion this year in commercial investments.
Twitter Agrees To Close The Deal With Musk At $54.20 Per Share
Twitter seems ready to move forward with Elon Musk’s deal for the Twitter buyout. On October 4, the social media platform announced that it intends to close the transaction at $54.20 per share.
As per a tweet by Twitter Investor Relations on October 4, “We received the letter from the Musk parties which they have filed with the SEC. The intention of the Company is to close the transaction at $54.20 per share.”
The speculation that Musk could be the new owner of Twitter has received a mixed response from the Twitter community.
Dogecoin creator Bill Markus told his 1.7 million followers on Twitter that “if Elon musk makes Twitter better, then Twitter will be better.” He also added, “If Elon musk ruins twitter, then we don’t have to hear all the stupid things people say on Twitter anymore. that’s a win-win.”