TL;DR

• Solana (SOL) has demonstrated strong recent performance, with analysts like CryptoJack predicting new peaks before the end of 2024.
• The growth of Solana has been accompanied by the success of various meme coins on its network, such as WIF, whose market cap briefly surged to nearly $5 billion.

SOL Bulls Predict Fresh Peaks

Despite being in the red today (May 8), Solana (SOL) has been among the best-performing cryptocurrencies lately, registering a 20% increase on a weekly scale. One analyst who noted its positive trend is the X user with hundreds of thousands of followers – CryptoJack.

He believes the token has formed “a rounding bottom pattern over many weeks” and is poised for a price explosion in the short term. Crypto Jack went on to admit he has entered a long position on SOL, expecting it to pump to an all-time high before the end of 2024.

The analyst using the X handle Inmortal outlined a bullish prediction, too, describing Solana’s cryptocurrency as “the fastest horse of the cycle.” The trader envisioned a new peak as early as this summer.

Crypto Tony was slightly less optimistic, forecasting a consolidation at around $137, followed by a resurgence above the $170 mark. 

Those willing to explore additional Solana price predictions, feel free to check our dedicated video below:

Solana Meme Coins Have Turned Into Sensations

The success of Solana in the past year has coincided with the launch and subsequent price explosion of numerous meme coins built on its network. Some examples include dogwifhat (WIF), Bonk Inu (BONK), Book of Meme (BOME), Popcat (POPCAT), and many others that now stand among the top 10 assets in their realm. 

WIF’s progress is undoubtedly most impressive. Its market capitalization exploded to almost $5 billion at the end of March before retracing to its current level of approximately $2.9 billion. The price is up the staggering 5,600% since December last year, bolstered by support from leading crypto exchanges, increased investor interest, backing from prominent figures, and other elements.

WIF has also built a solid community. Earlier this year, fans of the token raised $650,000 to put its logo on the Sphere – a famous entertainment arena in Las Vegas, Nevada. 

[PRESS RELEASE – London, UK, May 8th, 2024]

In a world where decentralized finance (DeFi) operates with unprecedented speed, transactions are completed in nearly real-time, and transaction fees are significantly reduced from current rates. This vision is not merely aspirational; it is the future being constructed by SolanaVM.

SolanaVM focuses specifically on bridging the gap between Ethereum, the current leader in DeFi, and Solana, a high-speed blockchain network. The total Value Locked on EVM is currently over 68,000,000,000, now imagine them being available on Solana.

Ethereum has been the go-to platform for building DeFi applications. However, its popularity has created a bottleneck. The network struggles to keep up with demand, leading to slow transaction speed and gas fees that hit user wallets, which makes DeFi less accessible to everyday users – here where it comes the SolanaVM.

SolanaVM acts as a bridge, allowing developers to seamlessly move their existing Ethereum applications to Solana. This unlocks the immense potential of Solana’s architecture, which boasts:

• Speed: Solana can handle thousands of transactions per second, compared to Ethereum’s current limit, which allows instant transactions for DeFi users.
• Significantly Lower Fees: Solana’s efficient design keeps transaction fees to a minimum, making DeFi applications more affordable for everyone.

SolanaVM isn’t just about speed and cost savings. It’s a win-win situation for both developers and users:

• Effortless Migration: Developers can migrate their Ethereum applications to Solana with minimal code changes, thanks to SolanaVM’s compatibility features.
• Familiar interface: Users can continue using the tools and interfaces they’re already comfortable with while enjoying the benefits of Solana’s high-speed network.
• A More Inclusive DeFi Ecosystem: By removing the barriers of slow speeds and high fees, SolanaVM opens the door for wider adoption and innovation within DeFi.

Users can visit SolanaVM’s website and join their Telegram Community to learn more and become part of this revolutionary movement.

SolanaVM is more than just a bridge – it’s a leap forward in DeFi technology. By leveraging the power of Solana, it holds the potential to transform interactions with applications in a decentralized environment. Updates on its progress are available on the official Twitter page.

Those interested in joining the DeFi revolution can visit SolanaVM’s website at solanavm.xyz and be part of the future

About SolanaVM

SolanaVM is a groundbreaking project founded by a team of dedicated developers passionate about the future of DeFi. Their vision is to bridge the gap between the established ecosystem of Ethereum and the power of Solana. By achieving this, SolanaVM aims to create a more efficient, accessible, and innovative landscape for DeFi.

The individual associated with a recent $71 million wallet phishing attack has finally begun transferring the funds to new addresses.

The scammer’s wallet remained inactive for the last six days after converting the stolen 1,155 WBTC into around 23,000 ETH.

Scammer Transfers Stolen Crypto

The bad actor stole Wrapped Bitcoin (WBTC) on May 3 after creating a wallet address closely resembling the victim’s in an “address poisoning” scam. The address featured similar alphanumeric characters and executed a small transaction to the victim’s account.

Typically, like many investors, the victim validated the authenticity of the wallet address by confirming the matching first and last few characters, a common practice. However, the discrepancy in the middle characters, often obscured on platforms to enhance visual aesthetics, went unnoticed.

On May 8, blockchain investigation firm PeckShield observed suspicious activity involving the stolen funds. The scammer initiated a process of breaking down the looted assets into smaller portions and dispersing them across numerous crypto wallets. This tactic was directed towards diluting the stolen funds and obscuring their traceability.

#PeckShieldAlert #Layering The scammer who grabbed ~$71 million worth of $WBTC via a poisoning #scam has laundered the stolen funds (~23K $ETH) by sending and spreading them across a large number of wallets. https://t.co/Blnw5TMT99 pic.twitter.com/CATCb6t1LL

— PeckShieldAlert (@PeckShieldAlert) May 8, 2024

Approximately 400 crypto wallets were utilized by the scammer to distribute the funds across over 150 wallets. Despite the extensive effort to obfuscate the origin of the stolen funds, PeckShield’s investigation revealed that all the diverted assets can still be traced back to the unidentified scammer as of the current moment.

Crypto Scams Declined in April

The FBI’s 2023 Internet crime report highlighted a concerning rise in cryptocurrency-related scams, resulting in investors losing $3.94 billion last year. This represents over three-quarters of total losses from investment scams during the period.

Meanwhile, April saw a major decrease in crypto losses from hacks and scams. Crypto losses from hacks and scams hit a record low for the month, with only $25.7 million lost, marking the lowest figure since 2021.

The report attributes the 141% decline in losses primarily due to the absence of private key compromises. There were 11 attacks targeting protocols via private key compromises in March, whereas April witnessed only three such incidents.

Of the $25.7 million total losses reported for April, $21 million was due to exploits, with only three breaches surpassing $1 million in damages each. Flash loan attacks accounted for $129,000 in losses, with the largest incident causing $55,000 in damages, the lowest incidence of flash loan attacks since February 2022.