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For the first time since November 2021, Solana’s cryptocurrency (COIN:SOLUSD) surpassed the $200 mark, driven by growing activity on the network and interest in meme coins. Although still 22% below its all-time high of $260, SOL exceeded its previous market capitalization of $75 billion due to the issuance of new tokens. The weekend saw records in various Solana metrics, such as transaction volume, number of active wallets, total value locked, and market capitalization, mainly due to increased activities like pre-sales. The network also set new records for fees collected and on-chain transaction volumes, despite a negative net flow to the blockchain, indicating a predominant participation of retail investors attracted by new offerings and meme coins.
Following the Dencun upgrade, Base, an Ethereum Layer 2 network developed by Coinbase (NASDAQ:COIN), saw a notable surge in its daily transaction volume, leading among Layer 2 platforms in terms of user activity. With drastically reduced transaction fees, the number of transactions skyrocketed, surpassing 1 million daily, outpacing rivals like Arbitrum and Optimism. This increase also attracted a record influx of new users, highlighting the significant impact of the upgrade in reducing transaction costs and popularizing the network.
Standard Chartered (LSE:STAN) has revised its projection for bitcoin by the end of 2024, raising it to $150,000, influenced by the positive reception of bitcoin ETFs in the US and the increase in institutional investments. This optimism reflects a significant jump from its previous estimate of $100,000, suggesting even greater growth potential for the cryptocurrency. Richard Teng, the new leader of Binance, predicts that bitcoin could break the $80,000 barrier later this year, driven by a combination of supply scarcity and increased demand. This expectation surpasses his previous projection, especially in a year marked by historical records for the cryptocurrency, recently surpassing $73,000.
In the past week, bitcoin spot exchange-traded funds (ETFs) in the United States experienced a record influx of investments and unprecedented trading volume, driven by a spike in bitcoin’s value before a significant correction. Net inflows into the top ten bitcoin spot ETFs reached $2.57 billion, a 15% increase compared to the previous week. The BlackRock ETF (NASDAQ:IBIT) led the inflows, followed by Fidelity (AMEX:FBTC) and VanEck (AMEX:HODL), while the Grayscale ETF (AMEX:GBTC) saw significant outflows. Total weekly trading volume also reached a new record of $35.1 billion, with bitcoin reaching historic highs before pulling back.
The launch of the Slerf memecoin on Solana’s blockchain suffered a drastic setback when the creator accidentally destroyed a large portion of the tokens, wiping out the $10 million raised in the pre-sale. “I messed up big time,” admitted the developer, revealing that liquidity and airdropped tokens were eliminated with no possibility of recovery. The team expressed their despair in a live event, with one member confessing to being physically shaken by the situation. Nonetheless, SLERF’s value rose 242% after the incident, with one trader profiting over $3 million in a matter of minutes.
The native token of EthernityChain (COIN:ERNUSD) records substantial gains in the last 24 hours. Ethernity is an innovative platform that combines the world of non-fungible tokens (NFTs) with decentralized finance (DeFi), allowing users not only to collect unique digital art but also to participate in various financial activities. ERN’s prominence comes not only from its function within the Ethernity ecosystem but also from the growing interest in authenticated NFTs, which the platform facilitates. This price increase can be attributed to several factors, including the perceived potential of the Ethernity platform to uniquely unite DeFi and NFTs, as well as the successful fundraising round during a bearish market, where Ethernity managed to raise over $20 million.
Binance clarified on Monday that a suspicious transaction involving Book of Meme, a new memecoin, was not connected to its team. The exchange initiated an investigation following rumors of insider trading and confirmed that the involved user is not part of its team. Additionally, Binance is encouraging fraud reporting, offering rewards of up to $5 million. This comes after speculations about a user making a significant purchase of the memecoin before its substantial appreciation on the platform.
Figure Technologies, a US fintech, revealed the launch of Figure Markets, its new subsidiary focused on creating a unified trading environment for a wide range of digital assets, including cryptocurrencies, stocks, and alternative investment options. The company raised over $60 million in its Series A, with support from major names like Jump Crypto and Pantera Capital. The platform will build upon the Provenance blockchain, known for its $13 billion in locked assets, and promises a revolutionary approach by fully integrating crypto exchange operations with the blockchain, according to CEO Mike Cagney.
The Nigerian Securities and Exchange Commission plans to significantly raise registration fees for the cryptocurrency sector, increasing them by 400% as part of efforts to regulate the industry. The proposed new fees will include an application fee of 300,000 naira and a registration fee of 150 million naira for cryptocurrency companies. This move comes amid a context of local currency devaluation and government concerns about the impact of cryptocurrencies on national finances. Recently, Binance was specifically targeted by Nigerian authorities, accusing it of influencing the naira exchange rate.
Federal prosecutors suggested that Sam Bankman-Fried, founder of FTX, serve 40 to 50 years in prison due to his role in the collapse of the exchange, categorizing the case as one of the biggest frauds of the decade. The proposed sentence, though below the 100 years suggested by US sentencing guidelines, reflects the severity of a scheme that affected over a million victims and resulted in losses exceeding $10 billion. The trial highlighted the improper transfer of client funds to risky investments and personal luxuries, with several former colleagues testifying against Bankman-Fried.
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