This week was bursting in interesting news.
Donald Trump’s token was almost a complete failure, meme coins seem to be outperforming Bitcoin, and hackers steal again and again.
These are ten most significant news items yellow.com posted this week.
Meme Coins Outperform Bitcoin as Crypto Market Heats Up
Amidst bullish Bitcoin sentiments, meme coins have taken a lead, outperforming BTC. Many meme coins like Elon Musk's Dogecoin (DOGE) have been surging ever since BTC reached $67,000, climbing up 11%.
While Base network's Brett (BRETT) has seen a 25% surge, Solana-based Bonk (BONK) and DOGE both increased by 16%. Meanwhile, Shiba Inu (SHIB) is also up by 7%. In fact, the top 15 meme coins based on market capitalisation are trading in positive territory.
Of all the meme coins, the first AI-generated token Turbo Toad (TURBO) has come out as the main winner with a 71% price increase. TURBO's origin story involves ChatGPT generating the coin's name, followed by AI-assisted creation of its imagery, tokenomics, whitepaper, and code.
Hacker Steals $51 Million in Tokens from Radiant Capital in Ethereum Layer-2 Attack
The crypto world is facing a crisis as a cyberattack happened on Omnichain money market Radiant Capital (RDNT). While the attack first started on Arbitrum, Radiant’s Ethereum Layer 2 Network, later it spread to the BNB chain.
The attacker is alleged to holding $18 million tokens on the BNB chain and over $32 million Arbitrum-based assets,
A tweet from web3 threat intelligence firm Ancilia, saying “We have noticed several transferFrom user's account through the contract 0xd50cf00b6e600dd036ba8ef475677d816d6c4281. Please revoke your approval ASAP. It seems like the new implementation had vulnerability functions” revealed the nature of the attack.
Using a transfer from exploit attackers can activate an account to send a substantial number of tokens from one account to a third-party account. Ancilia has asked all Radiant users to revoke contract addresses as this can only happen when the victim’s Radiant account approves interaction with the spoofed wallet address. This directive is to ensure account safety in the face of this attack.
NFT Activity on Telegram Surged a Staggering 400% in Q3 2024
NFT activity on Telegram has witnessed an immense surge as users continue to delve into the Web3 ecosystem.
According to Helika, a notable Web3 data provider, NFT transfers on Telegram rose sharply by 400% in the third quarter of 2024, highlighting the platform's growing significance in the realm of digital assets.
Coinbase’s Layer 2 Network Surpasses Arbitrum With $2.49 billion TVL
The Layer 2 solution of Coinbase has become the topmost Ethereum Layer 2 network based on its Total Value Locked (TVL) within 2 years of its launch. This achievement by Base shows the increasing interest in Coinbase as the Ethereum blockchain looks for scalability solutions.
With $2.49 billion TVL Base has overtaken Arbitrum which is at at $2.41 billion, making it the 5th largest chain based on TVL. This showcases how crypto users rapidly adopted the Coinbase Layer 2 solution and how much buzz it has created within the crypto community.
Ethereum To Reduce Transaction Confirmation Time To Seconds With Series of Upgrades
The Ethereum blockchain is up for major enhancements in the wake of the recent transition from proof-of-work to proof-of-stake, revealed co-founder Vitalik Buterin. The transition called “The Merge” happened in 2022.
Buterin highlighted in a recent blog post how the new upgrades will aim for better accessibility, security and speed in the Ethereum network. The proposed changes in staking accessibility, block finality and network security are likely to improve Ethereum’s performance and user base, maintaining its lead as a blockchain platform.
Analysts Pick Top Four Altcoin Tokens for Narrative-Driven Crypto Investments
As the crypto world evolves altcoins are becoming a force to reckon with. This is happening in the face of the latest bullish sentiments in Bitcoin as the digital asset demonstrates its strength. Amidst this volatility, crypto analyst Miles Deutscher has recommended four altcoin tokes which can be up for substantial gains in future.
The selected tokens include Render (RNDR), Bittensor (TAO), SuperVerse (SUPER), and Mantra (OM) which represent key crypto narratives like Real-World Assets (RWA), Decentralized Physical Infrastructure Networks (DePIN), AI and GameFi.
Donald Trump Backed WLFI Token Hit Snags On First Day, Raising Questions About Its Credibility
Crypto tokens from a new decentralized finance (DeFi) protocol World Liberty Financial (WLFI) went on sale, backed by former US President and current presidential candidate Donald Trump. However, technical faults resulted in website outages, preventing it from hitting the $5 million in sales within the first-hour mark.
The WLFI token sale was kicked off with a goal of raising $300 million but inconsistent transaction processing led to a rocky start, casting doubt on the project’s credibility. Some analysts and traders were questioning if the system was ready for mainstream adoption.
The WLFI token sale, initially restricted to whitelisted investors, commenced with an X Spaces broadcast notably lacking Trump's presence. This absence, coupled with the technical glitches, has fueled doubts within the crypto community regarding the project's legitimacy and long-term viability.
Bitcoin Market Sentiment Is Booming: Holders' Profits Hit 95%
In a recent surge of Bitcoin's price, approximately 95% of Bitcoin holders find themselves in profit, lighting up market sentiment. This bullish trend, analyzed by IntoTheBlock using on-chain data, highlights a significant portion of investors riding high on gains.
The profitability assessment involved is scrutinizing the transaction history of each network address. Wallets with an acquisition cost lower than the present value are deemed 'in the money', while those with a higher cost basis are 'out of the money'. Those breaking even are categorized as 'at the money'. Currently, 95% of Bitcoin holders enjoy profits, 3% of addresses are breaking even, and merely 2% remain underwater, marking a notable preference in favor of profit-making holders—a direct reflection of Bitcoin's recent price rally.
River Launches Proof of Reserve, Backed by $800 Million Worth of Bitcoin
River, a prominent U.S. Bitcoin exchange, has introduced a groundbreaking initiative known as River Proof of Reserves. This development aims to establish a new benchmark for transparency in the industry, particularly following the debacles of exchanges such as FTX, which severely undermined consumer trust.
River's CEO, Alex Leishman, emphasizes that this initiative is not merely about validating their balances but is a reaffirmation of River's unwavering commitment to integrity and fostering long-term trust among clients. "Our ultimate objective is to cultivate an indomitable trust with our clients," Leishman stated.
Cardano Below Key Support: Analysts Weigh Potential Recovery for ADA
Cardano's price has recently dipped under the $0.3565 mark, showing signs of a potential recovery attempt while remaining above $0.3420. However, ADA is currently consolidating as it navigates through a fragile phase in its valuation.
Following a downturn past the $0.3520 support threshold, Cardano is now trading below $0.3500 and beneath its 100-hour simple moving average. Notably, a breach has occurred above a significant bearish trend line, presenting resistance at $0.3460, as recorded on the hourly ADA/USD chart sourced from Kraken. To pivot towards a recovery wave, the digital asset must overcome the $0.3520 resistance region.