Crypto Crafters

The stablecoin market is growing, increasing liquidity and stabilizing the crypto space. This growth can be seen in the two largest stablecoins, Tether USD (USDT) and USD Coin (USDC), which are now responsible for a large portion of the crypto market’s transaction volume.

A tweet by the decentralized finance analysis platform IntoTheBlock revealed that USDT and USDC now represent roughly 50% of the total transaction volume among major cryptocurrencies. IntoTheBlock’s analysts said this growth highlights the crucial role of stablecoins in the crypto ecosystem.

Stablecoins Are Growing

Since the beginning of the year, stablecoins have achieved several milestones. In August, their total market capitalization hit a new all-time high of nearly $170 billion, reflecting the growing adoption of these cryptocurrencies and the recognition of their advantages. According to data from CoinMarketCap, the market cap had exceeded $172 billion at the time of writing.

Crypto developers are increasingly integrating stablecoins into existing payment systems and facilitating more use cases for digital assets in traditional finance.

Stablecoins are now used for remittance payments and streamlining cross-border transactions. This growth has attracted more users to the ecosystem, increasing the supply of stablecoins and leading to the emergence of new players like Ripple. Also, this growth signals rising institutional interest and the channeling of more funds into crypto.

USDT and USDC Continue to Dominate

Amid the uninterrupted stablecoin development, assets like USDT and USDC have remained dominant. USDT currently accounts for nearly 70% of the stablecoin market cap, growing from $92 billion at the beginning of the year to $119 billion at the time of writing.

USDC, on the other hand, has also grown significantly from the start of the year, recording an over 41% increase from $24 billion in early January to $34.75 billion as of October 18.

Jeremy Allaire, the CEO of Circle, the issuer of USDC, stated four months ago that stablecoins could account for at least 10% of global economic money within the next decade or so because the assets have the potential to revolutionize finance, commerce, and governance. According to Allaire, the crypto industry is still in its early stages, and stablecoins could become the wheels that drive significant development and rapid adoption.

Radiant Capital has released a detailed analysis of the October 16 exploit that led to the loss of more than $50 million in user funds.

According to the post-mortem, the attacker used highly advanced malware to poison transactions, enabling them to steal funds during a routine multi-signature process.

Attack Methodology Exploited Common Errors

It all started with the hacker compromising hard wallets belonging to three of the protocol’s core developers and injecting them with malware that mimicked legitimate transactions. As the developers signed what they believed were routine emissions adjustments, the malware executed unauthorized transactions in the background.

Radiant Capital reiterated that its contributors followed standard operating procedures to the letter in the fateful process. They simulated each transaction for accuracy on the full-stack Web3 infrastructure platform, Tenderly, while also putting them through individual review at every signature stage.

Despite these multiple layers of verification, front-end checks showed no visible signs of anomalies even as the malware wormed its way into the protocol’s systems.

What also stood out in the company’s assessment was how the attacker took advantage of common transaction failures to execute the hack. They used wallet resubmissions, often caused by gas price fluctuations or network congestion, as cover to collect the private keys, all while maintaining the appearance of normalcy.

The perpetrator then gained control of some smart contracts and eventually siphoned millions of dollars worth of cryptocurrencies, including USDC, wrapped BNB (wBNB), and Ethereum (ETH).

The actual amount stolen varies between $50 million and $58 million, depending on the source reporting it. However, the decentralized finance (DeFi) platform has stated the lower figure in its accounting of the incident.

FBI Tapped to Help Recover Stolen Funds

In the report, the cross-chain lender said it is working closely with U.S. law enforcement, including the FBI, as well as cybersecurity firms SEAL911 and ZeroShadow to track the stolen crypto.

Further, as a precaution, it advised users to revoke approvals across all chains, including Arbitrum, BSC, and Base. This step is in response to the exploiter capitalizing on open approvals to drain funds from accounts.

Radiant Capital has also created new cold wallets and adjusted signing thresholds to improve the platform’s security. Likewise, it has introduced a mandatory 72-hour delay for all contract upgrades and ownership transfers. It is meant to give the community enough time to check transactions before final execution.

However, given the level of sophistication in the breach, the firm has conceded that even these measures may not have prevented the attack.

DeFi exploits have grown at an alarming pace, and a couple of recent surveys paint a drab picture. According to PeckShield, there were more than 20 hacks in September, leading to more than $120 million in losses.

In addition, another on-chain security firm, Hacken, announced that more than $440 million stolen from crypto platforms in the third quarter of 2024 had been lost forever.

Bitcoin’s price is located in a key area at the moment and is one bullish breakout away from rallying toward a new all-time high.

Bitcoin Price Analysis

By Edris Derakhshi (TradingRage)

The Daily Chart

On the daily chart, the price has been rallying consistently over the past few days, following its rebound from $60K. With BTC also being above the 200-day moving average, which is located around the $64K level, the market can be considered bullish once again.

Therefore, it might only be a matter of time before BTC breaks above the $69K resistance level and climbs its way toward a new record high.

The 4-Hour Chart

The 4-hour chart also demonstrates clear bullish price action, with the market consistently making higher highs and lows. However, a worrying signal is emerging, as the RSI shows a clear bearish divergence between the two recent price highs.

If the market fails to break above the $69K resistance zone soon, a correction toward the $64K level would be probable.

On-Chain Analysis

By Edris Derakhshi (TradingRage)

Bitcoin Open Interest

Bitcoin’s price seems determined to create a new all-time high in the coming weeks, as it’s approaching the $70K level with momentum. Meanwhile, optimism is also going through the roof as investors expect a new long-term rally to begin.

This chart demonstrates the Bitcoin open interest metric, which measures the number of open perpetual futures contracts. It’s a proxy for futures market sentiment, showing aggregate participation and optimism.

As seen, the open interest even leads the price, as it has already shown higher values over the past couple of years. While participation is necessary for a bull market, too much optimism might lead to an overheated futures market and, consequently, a long liquidation cascade, which would ultimately result in a crash.

[PRESS RELEASE – Dubai, United Arab Emirates, October 17th, 2024]

Voce Sabia, the fourth-largest content creator in Brazil with over 45 million subscribers on YouTube and a combined social media following of 86 million, is set to launch its own meme-inspired cryptocurrency token, the $VS token. With this launch, Voce Sabia joins a growing list of celebrities leveraging their platforms to introduce digital tokens, including rapper Iggy Azalea, whose token, $MOTHER, reached a peak market capitalization of $136 million.

Since the May release of Iggy Azalea’s $MOTHER token, which provided early adopters with substantial returns, celebrity-driven tokens have gained traction within the Web3 space. The success of these tokens can be attributed to the large and highly engaged communities that creators bring to the table. Capitalizing on the trend, Voce Sabia aims to use its substantial fanbase to drive the $VS token, leveraging a community that is nearly double in size compared to Azalea’s combined following.

The $VS token will launch through a fair release on the Solana blockchain. It boasts an initial market cap of just $25,510, setting the stage for accessible entry points for fans and potential investors. This launch will be powered by the XCAD Network, a platform dedicated to helping content creators issue tokens while building ecosystems around their unique brands. The XCAD Network has successfully supported various creator token launches, enabling the $VS token to offer unique fan engagement opportunities.

Comparison Graphic released by Voce Sabia’s Social Media Team.

The $VS token will give Voce Sabia’s community access to exclusive content, including merchandise, one-on-one calls, and other interactive opportunities, fostering deeper connections between the creator and their followers. Moreover, $VS holders will have governance rights, enabling them to participate in selected decisions regarding the channel’s future direction.

The entry of Voce Sabia into the meme token arena is emblematic of a larger movement among public figures integrating Web3 technologies to engage their fans on new levels. The trend highlights the appeal of combining meme culture with strong social media followings, driving user engagement and fostering active communities.

For more information and to stay updated on the $VS token launch, Voce Sabia has provided links to its official communication channels:

Twitter:

Telegram:

WhatsApp:

[PRESS RELEASE – Sinagpore, Singapore, October 16th, 2024]

Unite, the pioneering Layer 3 blockchain solution built on Base, is excited to announce a strategic partnership with Eigen Labs to incorporate EigenDA, a leading data availability solution provider, into the infrastructure that powers the next generation of mobile games.

As the first Layer 3 blockchain tailored specifically for mass-market mobile games, Unite is focused on delivering seamless, high-performance experiences to the nearly 3 billion active mobile players. To achieve this mass-market scale, the partnership with EigenDA will integrate their cutting-edge data availability solutions into Unite’s Layer 3 chain, making launching and operating a web3 mobile game dramatically more efficient at scale.

“Modern web3 infrastructure is critical to the evolution of the mobile gaming industry,“ said Weiwei Geng, CEO of Unite. “Our collaboration with EigenDA will let us help the next generation of developers achieve global scale by making blockchain an enabler – not an obstacle – to building web3 mobile games. This partnership is a significant step forward in our mission to bring the mass market of mobile gamers to web3.”

EigenDA’s data availability solution delivers hyper scalability, ensuring high throughput and seamless scaling as demand increases. It’s extremely efficient, and continues to drive gas fees closer to zero. The solution leverages Ethereum’s Layer 1 security via EigenLayer, making it robust and reliable. By aligning with Ethereum’s ecosystem, EigenDA enhances rollup scalability without data availability constraints. These features make EigenDA the ideal partner for Unite, enabling the handling of large transaction volumes and in-game interactions, allowing game developers to focus on innovation and growth.

Sreeram Kannan, CEO of Eigen Labs, added, “We are really excited about Unite’s vision of developing a crypto ecosystem dedicated to achieving mass-market adoption of web3 with mobile games. EigenDA and the Eigen stack ensures Unite developers can scale effectively while delivering seamless, high-quality experiences for gamers globally.”

The partnership between Unite and Eigen Labs marks a significant milestone in building the future of blockchain-powered mobile games with the potential to compete with leading web2 mobile games, which serve billions of users, and drive nearly $100B in annual revenue. Bringing together two industry leaders committed to driving innovation and mass adoption of web3. For more information, users can visit Unite.io and Eigenda.xyz.

About Unite

Unite is on a mission to build the first Layer 3 blockchain solution for mass-market mobile games, targeting the 2.8 billion players and the $90 billion revenue generated from the mobile game market. Focused on enhancing player experience with in-game earning capabilities, Unite offers a comprehensive L3 solution encompassing chain, client, ecosystem and establishing a decentralized physical infrastructure (DePin) built on billions of daily active mobile devices worldwide.

Founded by veterans in mobile, gaming and web3 infrastructure who served as founders and executives of some of the biggest names, Unite is leading the innovation to the mobile games.

For more information, users can visit Unite’s official website, or follow Unite on X, and join Discord community.

About EigenLayer

EigenLayer provides developers access to the Ethereum restaked capital base and decentralized validator set. Access to this trust network makes previously impossible mechanism designs possible in the form of Actively Validated Services (AVSs). EigenDA is the first AVS, building the most scalable, secure, and price-performant data availability layer. EigenLayer is backed by top investors including Polychain Capital, Blockchain Capital, Ethereal Ventures, Electrical Capital, and a16z crypto.

Book of Meme (BOME) has jumped to its highest price since July after a 16% rally.

However, investors are wondering if this surge has real staying power or if it’s just another temporary spike.

Meanwhile, Pepe Unchained (PEPU) continues to smash presale milestones – fueling speculation about whether it could pump even higher than BOME.

Book of Meme Surges & Becomes Trending Meme Coin on CoinMarketCap

Book of Meme is different from the dog and cat-themed coins out there.

It aims to be a digital playground for internet culture, preserving all those memes that make retail investors laugh hysterically.

Built on Solana, BOME mixes Web3 tech with investors’ love for viral content – turning it into a sort of “time capsule” for meme history.

Right now, BOME is on fire.

The token’s price has rocketed to $0.0104, a 73% rise since Thursday.

It’s been green candles for five days straight, outpacing most of its meme coin competition in that timeframe.

With a market cap of over $700 million, BOME is now in the top five on CoinMarketCap’s trending list.

So, the big question is: Can BOME keep this rally going, or is it about to fizzle out?

Can BOME Break Key Resistance & Soar to New Heights?

Determining whether BOME is a buy or not is a challenging task.

The token has just tapped a key resistance level at $0.0113 – which hasn’t been touched since June 7th.

Earlier today, BOME made a run at it again but got knocked back down, showing that plenty of traders are ready to cash out at that point.

But don’t count BOME out just yet.

The rally still has serious momentum, and spot volumes are climbing daily.

Plus, open interest just hit a new all-time high of $153 million.

That’s a lot of traders betting on where BOME will go next.

If BOME can break through the $0.0113 ceiling, we could see a jump to $0.016 – matching May’s high.

It would also represent another 54% rise.

Of course, that’s a tall order, especially for a meme coin like BOME, which has repeatedly suffered dramatic selloffs.

However, looking at the bigger picture, Book of Meme might still have some bullishness left.

Could Pepe Unchained Rally Higher Than BOME? Trending Layer-2 Coin Raises Millions in Presale

Book of Meme isn’t the only coin that’s rallying.

Pepe Unchained, the latest meme coin sensation, continues to impress investors in its presale.

While Book of Meme focuses on internet culture, Pepe Unchained is taking things further with real utility.

The team is building a new Layer-2 blockchain called the “Pepe Chain.”

This will give traders a big advantage in terms of speed and transaction costs relative to other Layer-1 chains like Ethereum.

Add in staking rewards of 112% per year, and it’s clear Pepe Unchained is aiming for more than just the meme coin crowd.

It’s targeting serious crypto investors, too.

What also sets Pepe Unchained apart is its broader ecosystem.

While Book of Meme focuses just on memes, Pepe Unchained’s team has plans for a DEX, a block explorer, instant bridging, and more.

They’ve even launched developer grants to encourage building on the Pepe Chain.

And YouTuber Crypto Zeus, who has over 78,000 subscribers, even described Pepe Unchained as the “next PEPE” in a video released yesterday.

With all this hype, it’s no surprise Pepe Unchained’s presale has been an enormous success.

It has raised over $19.6 million in early funding already.

Interested investors can get PEPU, the native token, for just $0.00999 right now.

So, could PEPU pump harder than Book of Meme?

It’s difficult to say since the former hasn’t yet debuted on the open market.

But with its focus on utility and Layer-2 tech, there’s a chance Pepe Unchained could have the edge in this battle.

Visit Pepe Unchained Presale

Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.

Readers are also advised to read CryptoPotato’s full disclaimer.

TL;DR

• Shiba Inu (SHIB) increased by 5% over the past week and 30% monthly, possibly driven by the overall market revival and a sharp rise in its token burn rate.
• On the other hand, negative sentiment on Telegram and stalled Shibarium activity suggest a potential correction ahead.

SHIB Heads North Again

The second-largest meme coin in terms of market capitalization witnessed a substantial resurgence in the past week. Its price increased by 5% during that period, currently standing at around $0.0000183 (per CoinGecko’s data).

The latest rally could be attributed to several factors, with the overall market revival being one example. As CryptoPotato reported earlier today (October 15), Bitcoin (BTC) soared to a three-week high of approximately $66,500. In the following hours, it slightly retraced to the current $65,700.

Other leading cryptocurrencies recording significant increases include Ethereum (ETH), Solana (SOL), Avalanche (AVAX), and more. The meme coin sector, for its part, has performed even better, with TURBO, NEIRO, and MEW spiking by double digits on a 24-hour scale. 

The second element possibly driving SHIB’s value up is the progress of the burning program. Data shows that the burn rate exploded by 1,700% in the past seven days and almost 8,000% in the last 24 hours alone, resulting in hundreds of millions of tokens sent to a null address. 

The mechanism’s ultimate goal is to reduce the circulating supply of the meme coin, making it scarcer and potentially more valuable in time (should demand head north or remain constant).

Last but not least, we will focus on SHIB’s exchange netflows, which have been on a massive downfall in the last week (outflows surpassing inflows). This signals a shift from centralized platforms toward self-custody methods and could be interpreted as a bullish sign since it lowers the immediate selling pressure.

Bears, Take a Look at This

Despite the aforementioned elements suggesting a further rally for SHIB, some hint that a correction could be just around the corner. 

According to IntoTheBlock, the Telegram sentiment is predominantly negative. Specifically, 35% of the SHIB-related messages on the platform are pessimistic, while less than 10% are on the opposite corner. Shiba Inu has one of the largest and most dedicated communities in the crypto space. As a result, the mood within messaging platforms can influence trading behavior, swaying decisions to buy or sell based on the prevailing sentiment.

Another factor worth mentioning is Shibarium’s stalled progress. Daily transactions on the layer-2 scaling solution have hovered below 10,000 for the past few weeks, pointing at a potential decline in user interest and activity. For more updates on the ecosystem, make sure to check out our Shibarium news page.

[PRESS RELEASE – Berlin, Germany, October 14th, 2024]

FILLiquid, an emerging Filecoin-based platform for leasing and borrowing, has launched FIG Staking, a new product that allows users the chance to earn yield by staking the platform’s governance token, FIG. This initiative leverages a revenue-sharing model, enhancing the utility of FIG and enabling token holders to claim a share of the platform’s transaction fees.

Since FILLiquid’s FIL liquidity protocol debuted in late August 2024, it has swiftly attracted over $2.5 million in Total Value Locked (TVL), underscoring its growing influence in Filecoin-based borrowing. The recent launch of FIG Staking saw nearly 1 million $FIG staked within just two hours, which the team sees as a reflection of token holders’ interest in deeper protocol participation.

FIG Staking extends the utility of the FIG token beyond governance by offering stakers access to a share of transaction-based revenue. With this product, FILLiquid aims to provide token holders the option to participate more actively in the protocol’s growth, aligning rewards with platform usage.

“The FILLiquid community has eagerly awaited the FIG Staking launch, which opens up additional yield-generating opportunities,” said Arthur Tan, CEO of FILLiquid. “This innovation allows our community to become more integrated with the protocol, providing them with a unique ownership opportunity for the platform.”

To participate in FIG Staking, users need to deposit FIG into the staking product and allow rewards to accumulate as more transactions and loans are processed on the platform. Users are required to select a deposit period when staking, with longer periods providing higher rewards.

Dividends are allocated based on the user’s staking period and the amount staked based on a weighted formula. Rewards are triggered when the number of FIL in the reward pool reaches the threshold. However, the first three dividends will be triggered manually over the following three dates: October 17th, October 24th, and October 31st, providing ample opportunity for FIG holders to start staking.

After attracting over $2.5 million TVL, FILLiquid has quickly become a key player within the Filecoin ecosystem. The liquidity pool is designed to deepen FIL liquidity for storage providers, helping them achieve sustainable storage power growth and capital efficiency by utilizing locked liquidity to secure loans.

FIG Staking extends the utility of the FIG token beyond governance by offering stakers access to a share of transaction-based revenue. With this product, FILLiquid aims to provide token holders the option to participate more actively in the protocol’s growth, aligning rewards with platform usage.

About FILLiquid

FILLiquid is a $FIL lending protocol that aims to deepen liquidity to Storage Providers (SPS), helping them achieve consistent storage power growth while allowing token holders to lease their assets. The protocol intends to solve the SP dilemma, which requires SPs to make consistent $FIL pledges to add more storage capacity to the Filecoin network by unlocking liquidity in the SPs node. FILLiquid employs an algorithmic interest rate model dictated by the utilization rate in the liquidity pool.

$FIG, FILLiquid’s native token, provides governance voting rights and allows holders to participate in revenue-sharing when staked. It also features deflationary properties through burning.

The team members behind FILLiquid are very well-versed in the crypto field, with more than seven years of experience. The product designer is a CFA-certified economist who previously worked as a researcher at the IMF and World Bank Group, providing credibility for the project. In terms of achievements, FILLiquid has already won the Ethereum and Filecoin DeFi Hackathon in 2023, an event showcasing their innovation in DeFi solutions.

For more information and regular updates, users can visit FILLiquid’s official website and whitepaper, as well as the Telegram, X, Medium, and Discord channels.

The cryptocurrency market’s total capitalization increased by over $50 billion in the past 24 hours and is currently at around $2.35 trillion.

This comes on the back of increases in the price of Bitcoin and most altcoins. Some popular meme coins are also exploding, so let’s take a quick look.

Bitcoin Tests $64,000, How High Can it Go?

Bitcoin’s price soared above $64,000 today, and it is currently testing its next important level, at $65K.

As you can see on the chart, the surge was sudden, taking the price from below $63,000 to above $64,000 in one hourly candle. The bears attempted to push it back down but were unable to do so, and the bulls are currently in control.

This can also be seen in the derivatives market, which marked over $180 million worth of leveraged positions in the past 24 hours. Almost $120 million of these were short traders, highlighting the strength of the buyers at the present time.

Altcoins Pop, Meme Coins Surge

As it’s evident in the heatmap below, the majority of the altcoins are charting gains as well.

Some are performing better than others, of course. For instance, from the large-cap cryptocurrencies, SOL is up by more than 4%, while ETH and XRP are struggling to increase by more than 1%.

Things are getting more interesting in the meme coins category, where trending coins such as BRETT and MOG are skyrocketing. Both are up significantly, with the former exploding by around 20% daily and the latter by about 12%.

Meme coins on the Base chain, however, are performing the best out of all categories in the crypto market. In general, they have increased by more than 12% in the past 24 hours.

The United Nations Office on Drugs and Crime (UNODC) expressed deep concern about crypto’s role in facilitating illicit activities across Southeast Asia.

It notes that the existing underground banking infrastructure, including underregulated casinos, junkets, and illegal online gambling platforms, has increasingly adopted crypto as a tool for crime.

UNODC Raises Alarm Over Crypto

In its latest report, the UN agency claimed that the rise of high-risk virtual asset service providers (VASPs) has created a new avenue for criminal enterprises to operate without accountability, further entrenching these activities.

As such, UNODC called for urgent action, recommending enhanced monitoring of organized crime within casinos, junkets, and cyber fraud operations, alongside improved training for authorities in identifying sophisticated money laundering methods enabled by crypto.

The report asserted that, while not all scams in the region involve crypto, it remains a favored payment option among scammers due to the ease of rapid cross-border transactions. This reality, compounded by misinformation and inadequate law enforcement cooperation, further highlighted the urgent need for greater regulatory oversight in the crypto space, the UNODC added.

In a statement, UNODC Regional Representative for Southeast Asia and the Pacific, Masood Karimipour, said,

“Leveraging technological advances, criminal groups are producing larger scale and harder to detect fraud, money laundering, underground banking and online scams. This has led to the creation of a criminal service economy, and the region has now emerged as a key testing ground for transnational criminal networks looking to expand their influence and diversify into new business lines.”

Tether in Spotlight, Again

The UN agency also reported that Tether (USDT), particularly on the TRON blockchain, has become the preferred stablecoin for transnational criminal networks in East and Southeast Asia. These networks, involved in cyber-enabled fraud and money laundering, favor Tether for its efficiency in moving stolen funds.

While stablecoins like Tether have gained popularity among legitimate users, UNODC said that on-chain analysis reveals that USDT has significantly higher counterparty exposure to high-risk entities, including online gambling platforms, cyber fraud schemes, and high-risk exchanges.

The report also highlights that Tether has been involved in hundreds of millions of dollars in transactions with entities linked to large-scale criminal operations such as drug and human trafficking, cybercrime, and the distribution of child sexual abuse material.

Notably, some of these transactions involve wallets associated with OFAC-sanctioned entities and North Korea’s Lazarus Group, known for hacking activities.

Crypto Criticism Misplaced: Report Shows

Despite crypto often facing criticism as a tool for illicit activities, studies indicate that cash remains the preferred method for criminals. For instance, a recent report from Homeland Security Investigations (HSI) highlighted that regulated crypto platforms provide essential support to law enforcement by leveraging blockchain technology’s transparency to fight crime and enhance national security.

This is contrary to the misconceptions about their involvement in illicit finance. In fact, data from Merkle Science reveals that only 0.61% of USDT transactions and just 0.22% of USDC transactions were flagged as potentially illicit between July 2021 and June 2024, indicating a significantly lower rate of illicit activity compared to traditional finance.

Furthermore, Chainalysis noted that illicit activities constituted only 0.34% of total on-chain transactions in 2023, indicating that concerns about crypto may be overstated when compared to traditional finance.