Crypto Crafters

Post-Christmas, the cryptocurrency market turned red, with most assets suffering heavy losses. Tron (TRX) is not immune to the downturn. Earlier this month, the asset reached a new peak and reclaimed the 10th spot by market cap, which sparked a renewed sense of hope in the community.

But the latest pullback extended its losses. As a result, TRX is down by over 43% from its recently established all-time high of $0.43 to the current price level of $0.25. However, data points to the formation of a local bottom soon.

TRX Nearing a Turning Point?

CryptoQuant’s analysis of TRX’s price heatmap revealed that the green trend, represented by the one-year moving average plus two sigma, could serve as a crucial support level during the current market correction.

Historically, this green trend has acted as a strong foundation during bull rallies, and it is anticipated to provide similar support, potentially marking a local bottom for TRX’s price.

The current levels for the green, purple, and blue trends are $0.23, $0.40, and $0.49, respectively. These levels are dynamic and will likely adjust upward with increased interest and demand. As the market heats up, attention should be given to the purple and blue trends, which may act as resistance zones. If TRX price stays above the green trend, it could signal the start of a new upward trend.

On the other hand, CryptoQuant warned that a drop below the green trend might indicate a weakening bull cycle. As demand strengthens, Tron’s price could target the purple and blue trend levels, with a breakthrough above the 0.40 level offering strong market confidence.

What’s Next For Tron?

Earlier this month, TRX’s rally was driven by speculations about Grayscale listing and Tron founder Justin Sun’s initiatives, including a $30 million purchase of WLFI tokens tied to Trum’s project and his advisory role. Sun’s involvement with the artwork “Comedian” has also engaged the community, igniting ripple effects for tokens like BAN and related projects.

Despite the latest setback to the rally, experts point to a moderately favorable year ahead for the asset. CoinCodex, for one, predicted that TRX could see a modest 2.93% price increase to $0.264 by January 24, 2025. The sentiment remains neutral, while the Fear & Greed Index reflects high optimism at 73 (Greed).

TRX has demonstrated 50% green days and 17.17% volatility over the past month, thereby indicating active market participation. Analysts view this as a good buying opportunity, with expectations of a short-term peak of $0.268 on December 30, 2024.

The newly launched Pudgy Penguins cryptocurrency Pengu (PENGU) has flipped Bonk (BONK) to claim the crown as the largest meme coin in the Solana ecosystem, with a market cap of $2.65 billion.

The shift is the culmination of a rally that kicked off on Christmas Eve when the token gained over 30% in 24 hours.

PENGU Rises

Data from the crypto price tracking website CoinGecko shows that the broader Solana meme coin market has experienced explosive growth, with its total valuation rising to $18.2 billion, a 10.3% increase over the last day.

Anchoring this performance was PENGU, which posted an 11.2% jump in the past 24 hours and a remarkable 22.3% rise in the last seven days.

The meme coin, airdropped to members of the globally successful Pudgy Penguins NFT community on December 17, has not been without controversy. Soon after the token’s launch, the floor prices of the NFT collection plunged by more than 50%, wiping out any gains made since early November.

According to analysts, this was largely because the value of the collection was partly pegged on exclusive access to the brand, with the introduction of PENGU making investment in the NFTs more accessible, therefore diluting their worth.

On its rollout, the coin shot to a record high of $0.0684 before dropping to a record low of $0.0114. It then see-sawed for the next few days, moving between $0.038 on December 18 to $0.0231 on December 20. However, since December 23, it has been making steady gains, going as high as $0.0417 on Boxing Day, a price that pushed its market cap to $2.62 billion.

BONK Falls

Conversely, the previous king of the Solana meme coins, BONK, showed more modest improvements in its price over the last seven days, going up 6.9% in that period. Further, across two weeks, it lost 17% of its value, with CoinGecko data showing another 23% plunge over 30 days, putting its market cap at just over $2.5 billion and allowing PENGU to surpass it.

The competition doesn’t end there. Other meme tokens like dogwifhat (WIF) and Fartcoin (FARTCOIN) are vying for investor attention. On Christmas Eve, the former reached an all-time high of $1.02, pushing its overall worth beyond the $1 billion mark.

However, despite Fartcoin being among the top gainers across seven days with a price increase of 13.1%, it has plummeted 15% since December 25. With a unit currently changing hands at about $$0.986, its $1.072 billion market cap is still some ways behind WIF’s $1.9 billion.

The cryptocurrency market has been on a rollercoaster, especially in the last couple of months, with Bitcoin rallying 128% year-on-year as of Christmas Day.

However, despite the bullish trends, the impressive performance hasn’t translated into gains for publicly listed Bitcoin mining companies, with many of their stocks showing significant declines.

Mining Stocks Falter Despite Market Gains

Data from the Hashrate Index shows that several major players in the sector are experiencing downturns. The biggest losses were recorded by Argo Blockchain. The stock of the UK-based BTC miner with a 1,500 PH/s hashrate has plunged 84.31% year-to-date (YTD), accompanied by a 5% dip over 24 hours.

Greenidge, which operates two main data centers in Dresden, New York, and Spartanburg, South Carolina, also suffered major losses, going down nearly 9% in the last day and more than 74% YTD.

Other poorly performing stocks included Sphere 3D, whose market cap fell to $23 million after share prices dipped by 4.22% overnight and 71.32% since the year began.

Mawson Infrastructure Group and Ebang International also registered 70% and 53% drops in their YTD values, respectively, with the same scenario replicated in their 24-hour performances, where both fell more than 4%.

Bigger capped firms such as Riot Platforms, with a recorded hashrate of 29,400 PH/s, also posted notable losses, sliding almost 8% in the last day and 29.92% YTD. On its part, Marathon Digital reported a 3.56% reduction over 24 hours and a more significant 16.05% from the year’s start.

Outliers Reaping From Bitcoin’s Surge

On the brighter side, companies like TeraWulf bucked the trend, posting a YTD surge of 152.61%, pushing its stock price to $5.81. Interestingly, it suffered the worst one-day dip of all BTC-miner stocks, shedding more than 12% from its price in that period.

Similarly, Bitdeer gained 131% across 12 months, boosted by a slight 0.15% increase in the last 24 hours to breach the $20 mark. Other stocks that showcased resilience included Hut 8 Mining and Northern Data, with a combined hashrate of 8,400 PH/s, whose prices have jumped 71.83% and 65.73% in that order.

This divergence between BTC’s bullish run and the mining sector’s struggles highlights the complexity of virtual asset investment. It continues to dominate the crypto market, with a 5% increase since December 24, to push its price to just below $99,000. However, the world’s largest virtual asset by market cap is down 5.6% across seven days, balanced by the 128% it has gained since January.

Elsewhere, statistics recently shared by CryptoQuant CEO Ki Young Ju revealed that institutional holders of the OG crypto have spiked to 31% from only 14% in 2023. The uptick has been driven by the growing popularity of spot Bitcoin exchange-traded funds (ETFs), government acquisitions, and the effect of MicroStrategy’s BTC-buying spree.

Blockchain investigator ZachXBT has exposed a sophisticated phishing operation that has managed to compromise over 15 X accounts.

The scheme targeted investors in Solana-based meme coins and has resulted in an estimated loss of $500,000.

Solana Meme Coin Fraud

The Blockchain detective revealed in a December 24 social media post that the operation involved impersonating the X team and leveraging phishing websites to gain unauthorized access to high-profile accounts.

The attackers used fake copyright infringement notices to create a sense of urgency, tricking account holders into visiting phishing websites. These sites prompted users to reset their two-factor authentication (2FA) or passwords.

Once credentials were obtained, the hackers used the compromised accounts to push scams targeting meme coin enthusiasts.

Each compromised account shared a specific contract address tied to fraudulent Solana tokens, urging followers to invest using SOL. Posts often featured the caption “Incoming Transmission,” followed by a token announcement and contract details.

The cybercriminals also attempted to obscure their operations by bridging stolen funds between the Solana and Ethereum networks. However, ZachXBT’s investigation uncovered that all the hacked accounts were linked through six deployer addresses used for the scams.

The scheme exploited the trust and large audiences of crypto-focused accounts, many of which had over 200,000 followers. Prominent ones affected included Kick, Cursor, The Arena, Brett, and Alex Blania, with the first reported incident occurring on November 26 involving RuneMine, while the most recent was Kick on December 24.

Growing Threats to Social Media Platforms

This attack is not an isolated incident but part of a broader social media platform exploitation trend by threat actors. X, a hub for crypto projects and creators, has increasingly been targeted for its prominence within the community.

In a similar investigation in November, ZachXBT exposed several account takeovers on X and Instagram, which fueled pump-and-dump schemes tied to meme coins. Victims reportedly lost over $3.5 million during this spree, which began in August 2024.

The pattern of these attacks remains consistent: accounts are breached, fraudulent tokens are promoted, and the proceeds are funneled into anonymous wallets.

Notable examples include the hacking of Symbiotic’s X account in October, where phishing links disguised as airdrop checklists led to tokens being stolen. EigenLayer’s account was hijacked that month to promote a fake airdrop campaign. Truth Terminal AI founder Andy Ayrey’s account was also used to promote fraudulent meme coins, netting the hacker $1.5 million.

Following the latest incident, the on-chain sleuth has advised users to increase their account security by limiting the reuse of email addresses across services and using security keys for 2FA whenever possible.

Corporate Bitcoin investor MicroStrategy has announced a Special Meeting of Shareholders to address proposals that aim to advance its Bitcoin-focused 21/21 Plan while simultaneously streamlining capital-raising efforts.

In a letter from the Executive Chairman, the company outlined three major agenda items to be decided during the meeting, which will be conducted virtually.

MicroStrategy’s New Proposals

The first proposal seeks to amend the company’s Second Restated Certificate of Incorporation to increase the number of authorized Class A shares from 330 million to 10.33 billion. This would facilitate potential future capital-raising activities.

The second involves increasing authorized preferred shares from 5 million to 1.005 billion and offering expanded financing options for strategic initiatives.

Lastly, the company aims to amend its 2023 Equity Incentive Plan to grant automatic equity awards to new directors joining the Board, aligning their compensation with MicroStrategy’s long-term Bitcoin strategy.

Since October 2024, the firm has raised over $2 billion through equity and debt instruments to expand its Bitcoin holdings, ramping up its position as a corporate leader in digital asset investment. According to the letter, the proposed amendments would provide the flexibility needed to adapt the company’s financial strategy to evolving market conditions while ensuring sustained alignment with its long-term goals.

While the company highlighted the potential for enhanced shareholder value through these measures, it went on to add that the increased share authorizations would not result in immediate dilution but instead offer a framework for gradual implementation.

Aggressive Bitcoin Pile-Up

The latest development comes just a day after MicroStrategy founder Michael Saylor announced acquiring 5,262 BTC between December 16 and 22. This stash is worth approximately $561 million and brings its total Bitcoin holdings to 444,262 BTC, acquired at an aggregate price of $27.7 billion, with an average cost of $62,257 per BTC.

Interestingly, the purchase was made at an average price of $106,662 per Bitcoin, which marks the highest price the firm has ever paid per coin.

TL;DR

• Pi Network extended its migration deadline to January 31, 2025, sparking frustration over repeated delays.
• Despite promises of a December roadmap update on the open mainnet, Pi Network developers remain silent, leaving the community skeptical about further progress.

Another Delay Instead of More Clarity

Pi Network – the controversial cryptocurrency project that claims to enable people to mine digital assets directly from their smartphones – saw the light of day more than five years ago. Since then, it has undergone numerous developments, but its mainnet and native token have yet to go live.

This has caused frustration across the multi-million Pi Network community, with many members insisting on information regarding those milestones. Earlier this year, the project’s team said the first big target is the launch of the Open Network, which should be introduced once users pass necessary Know-Your-Customer (KYC) verifications and migrate to the mainnet (known as the Grace Period).

Initially, people had until late September to do so, but later, the period was extended to November 30. It was then moved to New Year’s Eve, with the team claiming this will provide users with “the ample opportunity to secure their Pi.”

Most recently, the developers behind the project announced another extension. “We’re extending both KYC and Mainnet Migration Grace Period deadlines to January 31, 2025, to help include more Pioneers and their Pi as we prepare for Open Network in Q1 2025,” the post on X reads. 

Somewhat expectedly, many community members were rather annoyed by the latest delay. Some noted that the project has been extending the deadline almost every month, jokingly advising the team to run the Grace Period for a few more years. 

“Extend it until 2028 instead of month by month. Nobody believes this will actually launch anytime soon. Maybe when the bull run is over,” one X user stated.

Earlier in December, Pi Network maintained that 18 million people have completed Know-Your-Customer (KYC) verifications, while 8 million have already migrated to the mainnet. The developers also said they could launch the Open Network as early as Q1 2025.

[PRESS RELEASE – Paris, France, December 23rd, 2024]

Usual, the decentralized stablecoin protocol, announces a $10M Series A funding round led by Binance Labs and Kraken Ventures, with participation from Galaxy Ventures, Guy from Ethena, Ondo, Coinbase Ventures, IOSG Ventures, OKX Ventures, Wintermute, Echo, Fasanara Digital, Symbolic Capital, Amber, GSR, Psalion, Hypersphere Ventures, Avid3, FunFair Ventures, Leadblock Partners, Phaedrus, JPEG Trading, White Loop Capital, and Krypital.

This funding milestone follows Usual’s achievements:

• Surpassing $1.4B in Total Value Locked.
• Ranking among the Top 5 stablecoins.
• Usual is the first fiat-backed stablecoin to demonstrate sustained hypergrowth since Circle.

Pioneering a New Era for Stablecoins and leading DeFi

Usual aiming to stand out with a DeFi-first spirit and an innovative model of redistributing ownership to its users. It represents a turning point for fiat-backed stablecoins, blending the security of real-world assets (RWAs) with DeFi’s composability and liquidity.

This summer, Usual became the fastest-growing stablecoin on Ethereum, achieving the first-ever hypergrowth for a fiat-backed stablecoin. By embracing synergies with projects like Ethena and Securitize (BlackRock BUIDL tokenizer), Usual is driving a new era of mature stablecoins that create meaningful opportunities for users beyond simple yield.

Notably, Usual has unlocked new avenues for collaboration with RWA tokenization platforms, as demonstrated by USYC’s growth via Usual’s ecosystem, showcasing the potential for creating real-world financial bridges in DeFi. More recently, Usual also adopted M^0 as an alternative collateral structure for its stablecoin, USD0.

Community-First Token Launch

Usual continues to push boundaries by committing 90% of its token allocation to the community. Already live on Binance’s spot market and following a successful community airdrop, Usual is now setting its sights on becoming one of the top 5 stablecoin projects.

Leadership Statements

Pierre Person, CEO and Co-Founder of Usual Labs commented on the news; “We are proud to announce this funding round, which cements Usual as one of the most promising projects of 2024 in both the stablecoin and DeFi ecosystems. This milestone will propel Usual’s expansion from DeFi into CeFi, with the support of backers who are committed to reshaping the stablecoin landscape.”

Adli Takkal Bataille, DEO and Co-Founder of Usual Lab commented on the news; “Over the past five months, Usual has demonstrated its robustness through an innovative model of value redistribution. We are bringing fiat-backed stablecoins into the DeFi era, and the next phase of our journey will accelerate this transformation, creating unprecedented opportunities for users.”

About Usual

Usual is a secure and decentralized fiat-backed stablecoin issuer that redistributes value and ownership through the $USUAL token

For more information, users can visit their website and X.

[PRESS RELEASE – London, United Kingdom, December 23rd, 2024]

Dawgz AI, a blockchain-based project offering a unique AI-powered meme coin, has raised over $500 thousand of its initial $960 thousand presale goal. This milestone demonstrates investors’ confidence and Dawgz AI’s growing presence and influence in the meme coin industry. Built on the Ethereum blockchain, Dawgz AI combines innovative technology with an engaged community, positioning it as a unique entrant in the meme coin market.

Dawgz AI and Its AI-Powered Approach

Dawgz AI aims to be more than just a meme coin. It represents the combination of blockchain technology and AI-powered trading algorithms. Dawgz AI’s primary goal is to offer opportunities for users to gain rewards for investors through its Blackbox AI technology. This technology allows its participants to benefit from AI-driven returns without the need for active or even passive trading. Moreover, the Dawgz AI team aims to reduce risk and enhance profit potential, making it a compelling option for crypto enthusiasts and investors.

Tokenomics and Key Fundraising Milestones

Dawgz AI’s tokenomics reflects a strategy focused on both growth and community engagement. The current token price is $0.00211, a scheduled increase to $0.00231 is coming in a few days. Early investors have already contributed over $500 thousand toward the project’s presale goal. With a total token supply of 8,888,888,888 $DAGZ, Dawgz AI demonstrates growth potential. The presale allocation of 30% and staking rewards of up to 1700% may appeal to those looking to invest at the early stage.

Dawgz AI Gains Visibility

Dawgz AI has received attention in the crypto community. Discussions on platforms like Reddit, social media, and crypto forums have increased the Dawgz AI’s visibility, while mentions in Google News and coverage by major crypto media outlets reflect growing market interest. The project has raised $500,000 to date, with continued interest as it highlights its unique value proposition.

Audit and Security Measures for Investor Confidence

Security and transparency are essential factors in today’s crypto landscape. Dawgz AI has taken proactive steps to ensure both. The project’s smart contracts have been audited by SolidProof, a reputable blockchain auditing firm, providing investors with confidence in the integrity and security of the platform.

Opportunities for Early Investors

With the presale price set to increase in the coming days, early adopters stand to benefit from future growth. The combination of a unique value proposition, a strong AI-driven foundation, and a growing community makes Dawgz AI a noteworthy entrant in the meme coin space.

About Dawgz AI

Dawgz AI is an innovative cryptocurrency project built on the Ethereum blockchain, leveraging AI-powered algorithms to create a unique meme coin that offers both community engagement and opportunities to get rewards. The project aims to combine the fun and culture of meme coins with the sophistication of advanced AI technologies to provide long-term value for investors and participants.

Official Website:

Social Media:

TL:DR;

• Cardano’s native cryptocurrency, alongside the rest of the market, has slumped hard on a weekly basis, dropping to well below $1.
• However, history shows that similar corrections have been followed by massive gains for the asset, with predictions of up to $6.

ADA’s recent price performance could be analyzed from two main perspectives – short-term and long-term. When looking at the past ten days or so, the landscape is quite gloomy. Within this timeframe, the asset went from $1.2 to under $0.8. Although it has recovered some ground to $0.9 now, it is still 25% down since December 12.

The broader landscape, though, shows a different picture. ADA’s price stood in a tight range between $0.3 and $0.4 for weeks ahead of the US presidential elections and the subsequent promising words by IOG’s founder, Charles Hoskinson.

It exploded to a new multi-year peak of over $1.3 later on, and even now, with its correction to $0.9, it is still 160% up in less than two months.

The first scenario is more painful for now, but when analyzing larger cycles, such as the current bull one, the second plays a more important role. Consequently, crypto analyst Ali Martinez focused on the long-term perspective to determine that ADA’s most recent correction could actually be a blessing in disguise.

He noted that the token has followed an ‘eerily similar pattern’ to the previous cycle in 2020. Back then, the asset’s first major retracement after a substantial rally “happened at the very same time as the correction we are experiencing today.”

As such, he believes ADA could shoot past its 2021 ATH of $3.09 (according to CoinGecko) and hit a new peak of $6.

#Cardano $ADA is following an eerily similar pattern to its previous cycle. Back in 2020, the first major correction after the bull rally began happened at the very same time as the correction we are experiencing today.

$6 next! pic.twitter.com/CPrYdQQqyx

— Ali (@ali_charts) December 22, 2024

It’s worth noting that such a price tag would put ADA’s market capitalization at well above $200 billion, which would make the asset the third-largest, at least according to how the market looks today.

With the crypto market halfway through this bull cycle, the amount of bitcoin readily available for sale is shrinking faster relative to demand growth. On-chain analysis by the market intelligence firm CryptoQuant revealed that the bitcoin market is currently experiencing a demand shock because demand growth is accelerating and supply is shrinking.

According to a weekly CryptoQuant report, bitcoin apparent demand has been expanding since late September at a monthly rate of 228,000 BTC, while the total amount of BTC readily available for sale across crypto exchanges, over-the-counter (OTC) desks, miners, and the Grayscale Bitcoin Trust (GBTC) has declined to levels not seen since October 2020.

BTC Demand Is Eating Supply Inventory

The balance of BTC accumulator addresses, which refer to investors who buy BTC and have never sold any, is expanding monthly at a record-high rate of 495,000 BTC.

Bitcoin demand growth has led to inventory levels at OTC desks declining by the largest monthly volume in 2024 for the first time since April 25. Bitcoin OTC desks’ monthly inventory has fallen by -26,000 BTC this year, with an additional 40,000 BTC decline in tier balance since November 20.

“OTC desks source Bitcoin mostly for institutions and large buyers. If Bitcoin demand is outpacing supply, then OTC desks’ Bitcoin balances will decline, and vice versa. Right now, their balances are declining as demand outpaces supply,” CryptoQuant stated.

Sell-side Liquidity Falls to 2020 Levels

As demand continues to rise, so does liquidity in the industry. The total market cap of USD-based stablecoins recently crossed $200 billion for the first time, representing a 20% or $35 billion increase since late October. This reflects an influx of liquidity and fresh money in the crypto market. The growth also coincided with BTC rallying above $100,000 to $108,000. The crypto asset was worth $96,700 at the time of writing, per data from CoinMarketCap.

Furthermore, bitcoin sell-side liquidity now hovers around 3.397 million BTC, the lowest level in over four years. This liquidity has shrunk even further by 678,000 BTC so far this year, greatly reducing the potential for selling pressure.

Moreover, the liquidity inventory ratio, a metric that measures how many months of demand the current sell-side inventory covers, has fallen to 6.6 months from 41 months recorded at the beginning of October. CryptoQuant explained that a declining sell-side inventory ratio coincided with the BTC rallies witnessed in the first and fourth quarters of 2024.