The world of crypto is never short on excitement, and the latest craze revolves around Telegram-based tapping games and meme coin controversies. Let’s dive into the booming Telegram crypto sector, the intriguing meme coin wars, much-anticipated airdrops and regulatory updates on Ethereum.
Meme Mania Continues
Telegram Tapping Games Boom
Following Notcoin’s massive success, Hamster Kombat has surged to over 150 million pre-token players on The Open Network (TON). Games like PixelTap and Yescoin are also gaining popularity by enhancing the basic screen-tapping gameplay and promising future token rewards for dedicated players. This growing trend in Telegram play-to-earn games shows no signs of slowing down, with each new release attracting more users eager to tap their way to potential crypto rewards. However, it’s yet to be seen what these games will come up with once their airdrops are done. Notcoin’s NOT token, for example, dropped 11% after its airdrop claim ended.
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Base Chain Memecoins on the Rise
Base chain, an Ethereum layer 2 blockchain, is catching up to Solana amidst the memecoin frenzy. Base memecoins like Brett (BRETT) are gaining traction, with Base’s meme coin market cap rising 14.3% in the last 24 hours to $2.1 billion. Despite Solana’s current dominance with a $6.4 billion meme coin market cap, Base’s growth signals a potential market shift in the memecoin ecosystem.
The DJT Token Drama Unfolds
The DJT token, initially rumored to be linked to Donald Trump, created a buzz in the crypto community. It caused speculation after going viral for its supposed links to Trump and his son Barron. Blockchain sleuths ZachXBT and crypto trader GCR found that DJT’s Telegram channel shared the same admins as a token supported by Martin “Pharma Bro” Shkreli, who initially denied involvement.
However, on Tuesday, Shkreli admitted in an X space broadcast that he and Barron Trump created the token. Shkreli made a $100 million bet with GCR regarding the token’s authenticity, which has yet to be confirmed by the Trump campaign. Given the controversy, the DJT token’s price has dropped 58% in the past 24 hours.
More Questionable Meme Coins
End of last week, there was a big hype around Andrew Tate’s DADDY and Iggy Azalea’s MOTHER Solana based tokens. DADDY initially surged but has since plummeted nearly 60% from its peak on June 12, despite ambitious plans for utility enhancements. Tate, currently awaiting trial for alleged human trafficking and rape charges, promoted DADDY aggressively. Allegations of insider trading have emerged for both tokens, adding to the controversy surrounding their meteoric rise.
LayerZero Airdrop Eligibility Announced
LayerZero Foundation has introduced an eligibility checker for its highly anticipated airdrop, starting on June 20, 2024. A total of 1.28 million wallets are eligible, with 8.5% of tokens distributed initially.
LayerZero, a foundational technology for communication between blockchains, shared that they are implementing robust anti-Sybil measures to ensure fairness in airdrops. This initiative addresses issues faced by other projects like ZKSync, which has been criticized for lacking effective anti-Sybil measures. A Sybil attack involves users creating multiple wallets to unfairly claim multiple rewards, inflating the number of participants and reducing the average reward for legitimate users.
Curve Finance Founder Liquidated for $140M
Michael Egorov, the founder of Curve Finance, faced liquidations last week on his on-chain loan positions due to a sharp 25% drop in the CRV token price. Using CRV as collateral, Egorov’s positions across various DeFi platforms were liquidated for $140 million in CRV, with additional liquidations of over $5 million in stablecoins. Despite attempts to mitigate further risks, the situation highlights the volatility and risks inherent in using crypto assets as collateral.
SEC Closes Investigation into Ethereum as a Security
The SEC has ended its investigation into whether Ethereum is a security, according to Consensys. This decision follows Consensys’ letter asking the SEC to confirm that the approval of Ethereum spot ETFs implied ETH is considered a commodity. The resolution comes as a relief to blockchain companies, reducing the regulatory uncertainty surrounding Ethereum. Despite this, Consensys will continue its lawsuit against the SEC, seeking clarity on the legality of its MetaMask services.
