Farewell to Kabosu: The Doge Meme Icon Bows Out

Large investors in the Bitcoin network have been buying while the market panics about the latest crash. On-chain data reveals this trend. The "Large Holders Netflow" indicator has been positive recently. It tracks the net amount of cryptocurrency entering or exiting wallets of "Large Holders". IntoTheBlock defines Large Holders as investors owning at least 0.1% of the circulating supply. Now imagine this, their holdings equal about 19,700 BTC. As of now, it's worth over $1.2 billion. These Large Holders could influence the market and their behavior may provide insight into sentiment among major players. Like, in last weeks the whales has been mostly positive. We can tell that by net deposits to their wallets. Whales have been accumulating during Bitcoin's bearish momentum. The trend culminated in a crash yesterday, with prices dropping below $60,000. Whales seized this opportunity and displayed their strongest net inflows since late May. In fact, large investors bought 7,130 BTC during the dip. That's a whopping $439 million. As you can see, whales see recent lows as a profitable accumulation opportunity. They are definitely expecting the price to surge, which will allow them to profit. Another potentially bullish development has occurred. IntoTheBlock Head of Research Lucas noted large USD Coin (USDC) inflows to exchanges yesterday. Investors typically transfer coins to exchanges for trading. These USDC inflows could indicate intention to swap for other cryptocurrencies, possibly Bitcoin.

Metallica's official X account was compromised on June 26. Hackers used it to promote a Solana-based token called METAL. The legendary band's team has since regained control of their account. All posts about the token have been deleted. Nothing reminds of what happened now. The initial post claimed a partnership with Ticketmaster. This was false. The token was actually launched on pump.fun, a Solana-based platform. Ticketmaster made no announcement. They did not respond to requests for comment. The hackers also falsely claimed MoonPay's involvement. MoonPay president Keith Grossman denied this. "MoonPay does NOT support METAL," he stated on X. MoonPay later posted: "If someone is offering you a METAL token, they are not the master of puppets — they're the master of scams!" This referenced Metallica's 1986 album and single. The hackers made several claims to attract buyers. For example, they promised exclusive items for token holders, like concert tickets, gaming consoles, and merchandise. One post even mentioned staking rewards for an unknown token. The METAL token's value peaked at $3.37 million. This occurred 20 minutes after its launch, according to Dexscreener data. The token's value has since crashed, showing phenomenal volatility. Its market cap fell to $90,000 within three hours of its peak. The method of the account breach remains unknown. Metallica and their management could not be reached for comment.

Telegram, the popular messaging app, is grappling with a significant increase in Toncoin (TON) ecosystem-related scams, according to a report by blockchain reporter Colin Wu. The layer-1 blockchain, which is closely associated with Telegram, has become a breeding ground for phishing attacks and pyramid schemes. Blockchain security firm SlowMist has identified numerous phishing links and bots spreading through Telegram groups. These scams often employ fake airdrops and other deceptive methods to compromise users' TON wallets. "Many phishing links (or bots) are spread through groups, using fake airdrops and other methods to hack assets in users' TON wallets, especially Anonymous Telegram Numbers," Wu quoted SlowMist's findings. Anonymous Telegram Numbers, which allow users to create accounts without revealing their identity, are particularly vulnerable to theft. In addition to phishing scams, cybersecurity firm Kaspersky reported a Toncoin-focused pyramid scheme operating on Telegram in April. Scammers promote a "super-secret awesome bot" and referral links as a way to earn Toncoin. "Scammers promote a 'super-secret awesome bot' and referral links as the key to earning Toncoin. In short: you invest your money, buy 'booster' tariffs, invite friends, and earn commission from every coin invested," Kaspersky explained. The pyramid scheme incentivizes larger investments with the promise of higher returns. Kaspersky's data suggests that this scam has been active since at least November 2023, targeting both Russian and international users. "The scammers promise earnings from two sources: a fixed payment of 25 TON for each invited friend and commission based on the booster tariff purchased by your referrals," Kaspersky detailed. The scheme ultimately proves to be a classic pyramid structure, where only the scammers profit while all other participants lose their investments. Kaspersky concluded, "It turns out to be a classic pyramid scheme, where each participant is 'a partner rather than a freeloader'. Sadly, nobody profits except the scammers, and all 'partners' lose their investments." As Telegram continues to face these challenges, the need for enhanced security measures and user awareness has become increasingly apparent. The platform's close association with the Toncoin ecosystem has made it a prime target for malicious actors seeking to exploit unsuspecting users. Telegram is an instant messaging and voice-over-IP service developed by Telegram FZ LLC, a privately held company registered in Dubai.Telegram is run by Pavel Durov, the many behind VKontakte, Russian social network overtaken by Putin's regime. Durov had to flee from Russia. Durov claims that Telegram is extremely secure, offering end-to-end encrypted video calling, VoIP, file sharing, and several other features. TON, or The Open Network, is a decentralized layer-1 blockchain platform originally developed by the Durov and his team. After facing regulatory challenges, Telegram officially withdrew from the project, and it is now maintained and developed by the open-source community.

Solana (SOL) has rebounded from recent losses. Whale investors maintain their positions, hinting at potential future gains. Now we are looking for a broader market upturn. SOL has risen 8.41% in 24 hours to $137.93. It posted a 0.51% weekly gain. This contrasts with losses from Bitcoin (BTC) and Ethereum (ETH) - the leading cryptocurrencies, taking everyone's attention. At the moment, Solana boasts a 667.92% annual return. This year's return stands at an impressive 747.74%, outpacing other leading cryptocurrencies. A little too early to bury our favorite altcoin, right? Solana's price has broken a key resistance level at $136.78. This suggests strengthened buying pressure, which is a clear sign of further upward movement. At least, we are used to think so. The Relative Strength Index (RSI) has surged from 5 to 65 in 36 hours. This dramatic rise underscores significant buying pressure. It indicates a possible shift towards positive short-term momentum. The 30-day moving average is trending upwards. It approaches convergence with the 200-day moving average. A decisive crossover above the 200-day would validate this resurgence. So, technical indicators suggest positive short-term price movements. But what about long-term growth? Analysts agree it will likely depend on fundamental factors, you know, the ones we like to discuss so much. Let's take a look. Solana's current market cap is $63.76 billion. It it possible to reach $1000 per token? Probably so, but it would require a market cap of $460 billion. Which is a miracle, because this is comparable to Ethereum's current valuation. While ambitious, such growth isn't impossible. It would likely require a significant catalyst. Experts speculate that recent Ethereum ETF approval may pave the way for other crypto ETFs. This could include Solana. Such a development could boost Solana's adoption and investor confidence. The famous altcoin could finally get on its long-term growth trajectory.

Bernstein predicts lower demand for Ether spot exchange-traded funds (ETFs) compared to Bitcoin ETFs. Basically, same people and institutions are going to invest, yet Ethereum attracts less money from investors. Yes, the broker's analysis suggests similar demand sources but on a reduced scale. Gautam Chhugani and Mahika Sapra, analysts at Bernstein, highlight a key factor. "ETH should not see as much spot ETH conversion due to the lack of an ETH staking feature in the ETF," they state. The basis trade is expected to attract interest over time. This should contribute to healthy ETF market liquidity. The trade involves simultaneous spot ETF purchase and futures contract sale. U.S. spot ether ETFs are nearing availability. The Securities and Exchange Commission (SEC) recently approved key regulatory filings from issuers. Bernstein's report emphasizes ether's growing use-case. "ETH as a primary tokenization platform is building up a strong use-case, both for stablecoin payments, as well as tokenization of traditional assets and funds," the authors note. Regulatory improvements are needed for Ether and other digital assets. Bernstein anticipates a favorable narrative shift around the U.S. elections later this year. Probably because Trump has already changed his rhetorics about crypto, and Biden is about to follow. The report cites improving odds of a Republican victory. It also notes Trump's pro-crypto stance as contributing factors. Despite recent market pullbacks, Bernstein maintains that the "structural adoption cycle remains intact." Simply put, nothing can stop us from going to mass crypto adoption, in case you still had any doubt. JPMorgan, a Wall Street giant, shares a similar view. Their recent report suggests spot ether ETFs will likely see much lower demand than bitcoin ETFs. JPMorgan attributes this to bitcoin's first-mover advantage. They believe it could potentially saturate overall demand for crypto exchange-traded funds.

Congressman Matt Gaetz has introduced revolutionary legislation to allow federal income tax payments in Bitcoin. If that happens indeed, there's going to be another huge milestone on a path to mass Bitcoin adoption. The bill aims to amend the Internal Revenue Code of 1986. It would require the Treasury Secretary to develop a plan for accepting Bitcoin as payment. The Florida Republican's proposal seeks to modernize the tax payment process. Gaetz believes this move will promote innovation and increase efficiency. He also thinks it will offer more flexibility to American citizens. They will definitely benefit from having new options of paying taxes. "This is a bold step toward a future where digital currencies play a vital role in our financial system," Gaetz told The Daily Wire. He added that this would ensure the U.S. remains at the forefront of technological advancement. The bill outlines very specific requirements for the Treasury Secretary. These include establishing regulations for Bitcoin acceptance and determining when payments are considered received. It also mandates the immediate conversion of Bitcoin to its dollar equivalent. The legislation addresses related non-tax matters, contracts, fees, and liability. It states that the Secretary shall develop a method to allow Bitcoin payment of any tax imposed on an individual. This proposal follows a surge in Bitcoin support among US politicians. Presidential candidates Donald Trump and Robert F. Kennedy Jr. now accept Bitcoin payments. The Biden campaign is reportedly considering accepting cryptocurrency donations. What else could Biden do? He is considered to be Bitcoin public enemy number 1, as of now. Biden Administration officials are expected to attend a Bitcoin roundtable in Washington D.C. Congressman Ro Khanna will host the event. It clearly comes in response to Donald Trump's embrace of Bitcoin. Coinbase CEO Brian Armstrong recently met with senators from both parties. The discussions focused on creating clear rules for the crypto industry. U.S. Congressman Thomas Massie has also shown interest in cryptocurrency. He recently announced plans to introduce a bill to end the Federal Reserve. Massie attributed this decision to reading "The Bitcoin Standard" book.

Bybit has become the world's second-largest cryptocurrency exchange. That is official now. And this shift follows Binance's decline in market share due to regulatory challenges. A June 25 report by Kaiko revealed Bybit's impetuous ascent. "Since October, the exchange's market share has surged from 8% to 16%, surpassing Coinbase in March," the report stated. What about its competitors? Well, Coinbase's market share increased by only 1% during this period. This occurred despite improved profits and revenue. Bybit's growth may be linked to Binance's regulatory issues. These problems caused Binance start faltering and to lose some of its market dominance. Binance's market share fell from 60% to 54% since October. This 6% decrease coincided with regulatory challenges. So basically it means that the exchange benefited from Binance's regulatory troubles. On November 21, 2023, U.S. officials announced a $4.3 billion settlement with Binance. This was for Anti-Money Laundering violations. In June 2023, the SEC sued Coinbase and Binance for alleged securities violations. The SEC boldly claimed Binance and its founder misappropriated user funds. Bybit introduced zero-fee trading for USDC in February 2023. This may have contributed to increased trading volume. Bybit's average fees are competitive with Binance and OKX. These are among the lowest in the industry, according to Kaiko. According to Ben Zhou, Bybit's co-founder and CEO, the commitment to competitive fees, a secure platform, and innovative products has resonated with our users. Which reminds us of why we used to love Binance at first, right?

Billionaire Mark Cuban has sold part of his non-fungible token (NFT) collection. Cuban's wallet on OpenSea shows sales of over a dozen NFTs. That includes the famous Pudgy Penguin priced at over $30,000. The wallet, one of two controlled by the Dallas Mavericks owner, retains about 1,600 items. Cuban sold various high-value digital assets. These include unique artworks and collectibles. Billionaire became heavily involved in NFTs and blockchain in 2021. He invested in multiple NFT startups. At the moment, Cuban was a rabid advocate for their adoption. The NFT market has recently seen a decline. Global NFT sales dropped to $604 million in May 2023. This is the lowest monthly total since October 2022. It marks the first month in 2024 with sales below $1 billion. Ethereum, the leading NFT blockchain, also experienced a downturn. Its sales fell to $164 million, the lowest since September. Ethereum's unique buyers in May numbered 56,914. This is the lowest since June 2021. And by the way, the decline was not limited to Ethereum blockchain. Others followed. The decline reflects a broader market slowdown. However, some remain optimistic. Blockchain collector Pranksy commented on social media: "500 genuine replies, there is life in the old girl yet." This optimism comes despite the recent market downturn. It suggests continued interest in blockchain products. The NFT market's future remains uncertain.