Cryptocurrency
Solana Price Rebounds 9% After Network Outage, While Meme Kombat Presale Nears Conclusion
Solana’s (SOL) price has rebounded over 9% in the past day, recovering from the network outage earlier this week.
The outage, which lasted almost five hours, highlighted concerns about the network’s stability and centralization.
In other news, the Meme Kombat (MK) presale is nearing its conclusion, with early investors having one final chance to acquire tokens before their Uniswap listing.
Solana Outage Causes Brief Turbulence, But SOL Quickly Recovers
Despite the outage on February 6, Solana has shown remarkable resilience in the days after.
Within hours of the network returning online, the SOL token erased all the losses that had been sustained.
This quick recovery highlights the crypto community’s faith in Solana’s long-term viability as a leading layer-1 blockchain.
The outage was linked to complications with the “Berkeley Packet Filter,” a vital component for smooth upgrades and program execution.
This marked Solana’s first major incident of 2024, but it’s the 11th outage overall since the network first launched – with one occurring every two months on average.
While frustrating for developers and network users, the Solana Foundation is conducting a complete post-mortem analysis to uncover the root technical issues and enhance error handling.
However, SOL traders seem undeterred, with spot trading volumes remaining relatively stable in the past 48 hours.
Massive SOL Transfers Suggest Growing Whale Bullishness
In other news, two mammoth SOL token transfers occurred last week that may signal growing institutional interest.
The first, a transfer of 659,283 SOL, worth over $67 million at the time, went from one unknown wallet to another.
However, the second batch has sparked more intrigue, with 150,000 SOL being moved from the cryptocurrency exchange Bybit to an unidentified wallet.
This transfer was valued at around $15.2 million when it was made.
While the recipient’s identity remains unknown, the fact that such a vast amount was transferred off of the exchange has been viewed as a bullish signal.
This is because crypto whales often move their assets off exchanges when they plan to hold them for an extended period rather than engage in short-term trading.
As a result, investor confidence is often buoyed by this type of behavior since it reduces the likelihood of a large SOL sale.
Overall, if these transfers are any indication, high-net-worth players are betting on Solana to be a dominant blockchain for years to come – which could be playing into SOL’s recent price action.
Meme Kombat Enters Final Presale Round Before Much-Anticipated Uniswap Debut
While the spotlight is on Solana once again, some crypto traders are opting to focus on tokens that are outside the blue-chip projects.
Meme Kombat is one of these tokens and has been attracting massive attention during its presale phase.
Capitalizing on the exploding popularity of GameFi, Meme Kombat allows users to bet MK tokens on fights between some of the most iconic meme coin mascots.
Featuring hilarious animated battles, Meme Kombat offers a fun and community-driven experience for new and seasoned investors.
With the presale now in its final stage before MK lists on Uniswap, the token has already amassed a vast online community.
More than $8.3 million in funding has also been raised, which will be used to develop the battle arena and launch viral marketing campaigns for MK.
Several YouTube influencers have also hopped on the bandwagon, touting MK for exponential growth once publicly listed.
For example, analyst Michael Wrubel, who has over 310,000 subscribers on YouTube, stated that it could be the “next 100x gaming meme crypto.”
Whether Wrubel’s bullish forecast proves accurate remains to be seen, but Meme Kombat is undoubtedly ticking all the boxes as a potential hidden gem in the altcoin market.
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Cryptocurrency
bitFlyer Acquires FTX Japan to Expand Crypto Custody Services
Japanese crypto exchange bitFlyer announced that it has completed its acquisition of FTX Japan, making it a fully owned subsidiary.
The deal, finalized on July 26, will have bitFlyer taking 100% ownership of FTX Japan’s outstanding shares.
Crypto Custody Services
In a Friday press release, bitFlyer detailed its plans to rebrand the newly acquired entity as “Custody New Company” by August 26, 2024. This new entity will focus on expanding bitFlyer’s crypto custody business, leveraging the company’s existing operational resources and advanced wallet technology.
“By acquiring all shares and management rights of FTX Japan, we aim to achieve sustainable growth,” bitFlyer stated. “We will leverage synergies within the bitFlyer Group to develop new services, benefiting not only FTX Japan and its customers but all stakeholders of the bitFlyer Group.”
According to bitFlyer, the Custody New Company will focus on meeting the growing demand for secure crypto asset management among institutional investors.
“The increasing need for institutional investors to enter the crypto asset market and the need for professional security measures drive our strategy,” bitFlyer explained. “We believe that providing advanced crypto custody services and crypto asset ETF-related services will add significant value to the bitFlyer Group.”
bitFlyer also said that it is prepared to address this demand with advanced security measures, using its expertise in blockchain technology and security. The company has developed a highly secure wallet, which will be integral to its new crypto custody offerings.
The financial terms of the acquisition have not been disclosed. However, they stated that it is exploring the provision of services related to cryptocurrency derivatives ETFs while awaiting further legislative developments in Japan, including tax regulations. These offerings are aimed at meeting the needs of financial institutions and trust banks.
FTX Japan’s History
The acquisition follows a sale order issued by the U.S. Court of Insolvency on July 16, 2024. FTX Japan has been under Chapter 11 bankruptcy protection since November 2022, following the collapse of its parent company, FTX. The Japanese arm had stopped exchange operations after the bankruptcy filing but continued managing customer assets.
FTX Japan was launched in June 2022, facilitated by the acquisition of fintech company Liquid Group and its subsidiaries, including Quoine Corporation, one of Japan’s first crypto exchanges.
Despite its promising start, FTX Japan faced issues just five months later when its parent company collapsed amid allegations of embezzlement and misappropriation of billions of dollars in customer funds. FTX’s founder, Sam Bankman-Fried, was subsequently sentenced to 25 years in prison and ordered to reimburse $11 billion.
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Cryptocurrency
BTCC Exchange Introduces Up to 50x Leverage on Over 300 USDT-Margined Trading Pairs
[PRESS RELEASE – VILNIUS, Lithuania, July 26th, 2024]
In a significant move this July 2024, BTCC has launched up to 50x leverage on over 300 USDT-margined trading pairs. This development follows the successful introduction of 500x leverage on major trading pairs, including BTC, ETH, XRP, SOL, and DOGE. BTCC has now decided to elevate the futures trading experience by increasing the available leverage from 20x to 50x, setting a new standard in the crypto trading world where most exchanges only provide up to 20x leverage for their traders.
Since this launch, nearly 25% of orders have been placed with 50x leverage, showcasing the strong demand among traders. The 300+ cryptocurrencies feature many of the coins in the market right now, such as PEPE, SATS, WIF, SHIB, ZK, WLD, AVAX, and TON.
Alex, Head of Operations at BTCC, commented on the launch, “In June, we introduced 500x leverage on major pairs, and the response was overwhelmingly positive. Our users have since been asking for higher leverage on other altcoins, especially memecoins. This feedback drove our decision to increase the leverage to 50x on over 300 trading pairs.”
The primary advantage of higher leverage can be the ability to open large market positions with a relatively small amount of capital, allowing traders to significantly amplify their potential profits. This feature can be attractive for experienced traders who can predict market movements. However, traders must be aware of the risks involved, and the stop-loss feature is an essential tool to help manage these risks effectively.
About BTCC Exchange
BTCC, established in 2011, is one of the world’s longest-serving and most reputable cryptocurrency exchanges. Known for its robust security measures and user-friendly platform, BTCC offers a wide range of features, including spot trading, futures trading, and copy trading, catering to both novice and experienced traders.
Website: https://www.btcc.com
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Cryptocurrency
Ethereum Foundation Wallet Transfers Over $290 Million in ETH After 7 Years
A wallet associated with the Ethereum Foundation has transferred 92,500 ETH, worth $294.9 million, after being inactive for nearly 6.6 years.
According to Lookonchain, these tokens have been held at the same address since 2017.
The Transfer Details
On-chain data indicates that the ETH was originally received from the Ethereum Foundation on September 1, 2015. The transfer, recorded on July 25, occurred just minutes after a smaller transaction of 1 ETH from the same wallet.
Before the transaction, the only other one from this address in the past seven years was a negligible movement of 0.000513 ETH 30 days ago.
An #EthereumFoundation-related wallet transferred 92,500 $ETH($294.9M) to a new wallet 9 hours ago after being dormant for 6.6 years.
Through on-chain tracking, it was found that these $ETH were received from the #EthereumFoundation on Sept 1, 2015.https://t.co/FKGsNCrBAT pic.twitter.com/vPOAMq4ccK
— Lookonchain (@lookonchain) July 26, 2024
At writing time, Etherscan shows that the funds remain in the new wallet. The reasons behind this transfer are still unknown, and the Ethereum Foundation has not commented on the situation.
Before this, the organization had not engaged in any major selling activity in the current market cycle, causing speculation about a potential change in strategy.
Analysts noted that, historically, the Foundation had strategically sold large amounts of ETH during each bull market, often timing these sales with market peaks. The absence of significant sales in the current cycle had raised questions about whether the market peak was still ahead or if the Foundation had altered its approach.
On July 25, the price of ETH dropped by 10% as spot Ethereum ETFs experienced $133 million in outflows on their second day. The asset fell from nearly $3,500 to a multi-day low of $3,130. At the time of writing, the token is trading at $3,266, having increased by 3% in the last 24 hours.
Previous Ethereum Foundation Transfers
Earlier in July, other wallets linked to the Ethereum Foundation made some transfers. On July 17, according to on-chain analytics firm SpotOnChain, an Ethereum Foundation wallet and another connected to an Ethereum initial coin offering (ICO) participant transferred $12.5 million and $9 million worth of ETH, respectively, to Kraken.
Two #Ethereum Foundation/ICO-related wallets deposited 3,631 $ETH ($12.5M) to #Kraken in the past 2 days as the market rebounded:
1️⃣ Wallet 0xdb3 unloaded 2,631 $ETH ($9.01M).
• It received $ETH from the Ethereum Foundation and Ethereum ICO participant 0xAb0.
• Since June 8,… pic.twitter.com/rpEC1Fe4jj
— Spot On Chain (@spotonchain) July 17, 2024
Since early June, these two wallets have deposited a total of 17,886 ETH, valued at around $65 million, to the centralized cryptocurrency trading platform, suggesting a possible sell-off.
In January, Arkham Intelligence identified a blockchain address associated with the Ethereum Foundation that sold $1.6 million worth of ETH.
Then, in April, Peckshield Alert reported that the Foundation had converted part of its ETH holdings into stablecoins, exchanging 100 ETH for 354,000 DAI during a time when ETH was trading above $3,600.
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