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Vitalik Buterin Donates 100 ETH to Support Tornado Cash Developer Roman Storm’s Legal Battle

Hana Rios
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Vitalik Buterin Donates 100 ETH to Support Tornado Cash Developer Roman Storm’s Legal Battle

Vitalik Buterin Contributes 100 ETH to Roman Storm Defense Fund Amid Legal Battle

Ethereum co-founder Vitalik Buterin has once again shown his support for Roman Storm, the Tornado Cash developer facing significant legal challenges in the U.S. Buterin donated 100 ETH (around $240,000) to Storm’s legal defense fund, marking his third contribution to the cause. This brings the total amount raised for Storm’s defense to over 327 ETH, valued at approximately $785,000, according to the crowdsourcing page set up for his legal defense.

Storm has expressed his deep gratitude for the crypto community’s ongoing support, especially as he battles accusations related to his role in developing Tornado Cash, an open-source cryptocurrency mixer.

The Charges Against Roman Storm

Roman Storm’s legal troubles began when the U.S. Office of Foreign Assets Control (OFAC) sanctioned Tornado Cash in 2022, accusing it of facilitating large-scale money laundering operations. Tornado Cash, a decentralized tool designed to enhance privacy in Ethereum transactions, has been scrutinized for its role in masking illicit activities.

Despite pleading not guilty to all charges, Storm now faces the possibility of a 45-year prison sentence if convicted. U.S. Judge Katherine Failla recently denied Storm’s motion for dismissal, ruling that the charges against him were not baseless and the case should proceed. According to the judge, the notion that Storm is being prosecuted solely for writing code doesn’t fully capture the scope of the allegations.

Crypto Community Rallies Behind Roman Storm

Since Tornado Cash’s sanctioning, the crypto community has stepped up to support the developers behind it. Vitalik Buterin’s ongoing financial contributions to Roman Storm’s defense have been particularly significant, reflecting the high-profile support for open-source developers in the crypto space.

In addition to individual donations, JusticeDAO, a decentralized organization, was formed earlier this year to raise funds for Tornado Cash developers’ legal defenses. The group has already raised over 654 ETH, valued at over $1.5 million, demonstrating the community’s collective commitment to defending crypto builders facing legal challenges.

Tornado Cash’s Resilience Despite Sanctions

Despite the legal and regulatory pressure, Tornado Cash continues to see significant activity. In the first half of 2024, deposits into the platform surged to approximately $1.9 billion, marking a 50% increase compared to the entire previous year. The sanctions imposed by OFAC have been only partially effective, as users can still create pseudonymous wallets and bypass compliance measures like know-your-customer (KYC) controls.

As Roman Storm’s legal battle unfolds, the outcome could have major implications for the future of privacy-focused crypto technologies and the developers who build them. But for now, support from Buterin and the wider crypto community remains steadfast, as the fight for open-source innovation and developer rights continues.

HBO Documentary Claims to Unmask Bitcoin Creator Satoshi Nakamoto as Market Braces for Impact

Hana Rios
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HBO Documentary Claims to Unmask Bitcoin Creator Satoshi Nakamoto as Market Braces for Impact

New HBO Documentary Claims to Unveil Bitcoin Creator, Satoshi Nakamoto

A groundbreaking HBO documentary is set to make waves in the cryptocurrency world as it claims to have finally identified the mysterious creator of Bitcoin, Satoshi Nakamoto. Directed by Emmy-nominated Cullen Hoback, the documentary will air on Wednesday, October 9, 2024, at 2 a.m. CET. If the claim is validated, it could lead to seismic shifts in global financial markets and potentially impact the upcoming U.S. presidential election, where Republican candidate Donald Trump has garnered significant support from Bitcoin enthusiasts.

A Game-Changing Revelation?

Since Bitcoin’s inception in 2009, Satoshi Nakamoto’s identity has remained one of the greatest mysteries in the digital age. The pseudonymous figure introduced the decentralized cryptocurrency via a white paper and has been the subject of widespread speculation and conspiracy theories. Satoshi is believed to control around 1.1 million Bitcoin—currently valued at approximately $66 billion—which would make him one of the richest individuals in the world if he still possesses the cryptographic keys.

The new documentary promises to reveal Satoshi’s true identity, a move that could have far-reaching consequences. Critics warn that the exposure could raise serious legal questions about Nakamoto’s potential involvement in Bitcoin-facilitated illegal activities, such as narcotics trade, cyber-fraud, and money laundering. Moreover, some Bitcoin proponents believe that unmasking Nakamoto could destabilize the entire cryptocurrency ecosystem.

Satoshi-Era Wallets Spring to Life

Adding fuel to the intrigue, several dormant Bitcoin wallets—potentially linked to Satoshi—have shown signs of activity in recent weeks. Around 250 Bitcoin, worth roughly $15 million, were transferred from these wallets, which had remained untouched since Bitcoin’s early days when its value was negligible. While these wallets aren’t directly tied to Satoshi, their sudden movement has sparked renewed interest in the identity of Bitcoin’s founder.

A History of Speculation and Controversy

Efforts to uncover Nakamoto’s identity date back years, with a mix of credible suspects and outlandish claims. Australian cryptographer Craig Steven Wright notoriously claimed to be Satoshi in 2016, but failed to provide definitive proof, leading to widespread skepticism. He even pursued legal action against those who questioned his claim, but a British court ruled in 2024 that Wright is not Nakamoto. Other suspected figures include the late software engineer Hal Finney, Hashcash inventor Adam Back, and systems engineer Dorian Nakamoto—though all have denied or dismissed the claims.

The Bitcoin Community’s View

Despite the ongoing speculation, many in the Bitcoin community argue that Satoshi Nakamoto’s right to privacy should be respected. Bitcoin podcaster Peter McCormack, who was once sued by Craig Wright for disputing his claims, cautioned against attempts to reveal Satoshi’s identity without hard evidence, such as moving Bitcoin from a verified Nakamoto wallet.

Satoshi gave the world a profound gift in Bitcoin, but deliberately chose to remain anonymous — a decision that must be respected. Efforts to unmask them are not just irresponsible but potentially dangerous.

Peter McCormack stated

As the world waits for HBO’s documentary to air, the question remains: Will this be the moment that changes the face of Bitcoin forever or just another chapter in the long-running mystery surrounding its elusive creator?

Taiwan Tightens Crypto Regulations with New AML Rules as Industry Prepares for Major Shift

Hana Rios
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Taiwan Tightens Crypto Regulations with New AML Rules as Industry Prepares for Major Shift

Taiwan Strengthens Crypto Regulations as New AML Rules Set for 2025

Taiwan is making bold moves to tighten its grip on the cryptocurrency sector by introducing stricter Anti-Money Laundering (AML) regulations. The country’s Financial Supervisory Commission (FSC) announced on October 2, 2024, that the new rules, aimed at combating illicit activities within the crypto space, will be fully enforced by 2025.

New Crypto Rules in Taiwan

As part of the new regulations, all Virtual Asset Service Providers (VASPs) must register with the government by September 2025 to avoid hefty penalties. Non-compliance will result in fines of up to 5 million New Taiwan dollars (approximately $155,900) or a potential two-year prison sentence. This represents a significant tightening of the current system, which will be replaced starting January 1, 2025.

Companies already adhering to previous AML standards will need to adjust to the new framework. The government encourages crypto firms to submit the necessary compliance documents once the new system becomes operational to prevent confusion caused by overlapping regulatory requirements.

The updated regulations also mandate that VASPs file annual risk assessment reports with the relevant government agency. A draft proposal for additional crypto-related laws is expected to be submitted by the FSC by June 2025.

A Push for Financial Competitiveness

Taiwan’s move towards stricter crypto oversight is not just about regulation—it’s part of a broader effort to remain competitive in the rapidly evolving financial landscape. By stepping up its involvement in the crypto market, Taiwan aims to position itself alongside other major financial hubs in Asia, such as Hong Kong and Singapore.

On September 30, the FSC made another significant move by entering the digital asset ETF market. This allowed investment opportunities for local professional investors and showcased Taiwan’s intent to attract more serious players in the crypto space.

Chainalysis Report Says Illicit Crypto Activity Remains a Concern

As Taiwan tightens its regulations, a report from Chainalysis sheds light on the movement of illicit crypto funds globally. The annual Crypto Crime Report reveals that since 2019, nearly $100 billion has been funneled through conversion services such as centralized exchanges, DeFi platforms, and crypto mixers. These platforms often serve as gateways for money laundering, making them a target for tighter regulations.

In 2022 alone, $30 billion was transferred, much of it involving entities linked to Russia-based exchange Garantex, which has been sanctioned for its involvement in illegal activities. Blockchain technology, however, offers transparency, making it easier to track and analyze these on-chain transactions compared to traditional financial systems.

Taiwan’s decision to tighten crypto regulations is a clear sign that the country is taking a proactive stance in maintaining financial integrity. As 2025 approaches, crypto firms operating in Taiwan will need to adapt quickly or face severe consequences. The global crypto industry, especially those with ties to Taiwan, will be watching closely as the country works to balance innovation with stringent regulatory measures.

Charles Hoskinson Defends Cardano’s Top Spot Amid ADA’s Price Struggles

Hana Rios
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Charles Hoskinson Defends Cardano’s Top Spot Amid ADA’s Price Struggles

Charles Hoskinson Defends Cardano’s Position as the Leading Blockchain

Cardano’s founder, Charles Hoskinson, remains confident in his blockchain project’s long-term success, despite ADA’s recent price struggles and loss of position in the top 10 cryptocurrencies. In a recent post on X (formerly Twitter), Hoskinson firmly declared that Cardano remains the “number one” blockchain, touting its decentralized governance and upcoming innovations as key differentiators in an increasingly competitive market.

Cardano’s Edge: Decentralized Governance and Innovation

Hoskinson emphasized that Cardano’s decentralized governance system gives it a significant edge over other blockchain projects. According to the founder, this structure allows Cardano to evolve with community input, making it more sustainable and adaptable in the long term. He teased that several “amazing” developments on the Cardano roadmap would further solidify the blockchain’s dominance, but stopped short of revealing too many details.

The recent success of Cardano’s Chang hard fork further bolstered Hoskinson’s claims. This hard fork initiated the implementation of a decentralized governance framework, a critical step in Cardano’s vision for a fully community-driven ecosystem.

Key Developments: Ouroboros, Hydra, and Mithril

Earlier this week, Hoskinson highlighted several key innovations powering Cardano’s infrastructure. These include the Ouroboros consensus mechanism, which is praised for its energy efficiency and security, and a self-healing network stack designed to enhance network resilience. He also mentioned Hydra, Cardano’s Layer 2 scalability solution, and Mithril, a protocol aimed at optimizing the speed and efficiency of decentralized operations.

These technological advancements are part of Cardano’s broader mission to build a secure and scalable blockchain that can handle complex decentralized applications (dApps) while maintaining decentralization.

ADA’s Price Struggles

Despite these technical milestones, Cardano’s native token, ADA, has been struggling. The cryptocurrency recently slipped out of the top 10 on CoinGecko, currently sitting at 12th place with a market capitalization of around $12.5 billion. This decline has frustrated some members of the Cardano community, many of whom have voiced concerns about their losses in response to Hoskinson’s recent comments.

However, the Cardano founder has been unfazed by the short-term price action, repeatedly dismissing it as less important compared to the blockchain’s long-term potential. He has urged the community to focus on the bigger picture, pointing to Cardano’s technological progress and decentralized vision as the key to its future success.

Hoskinson’s Critique of Bitcoin

In addition to defending Cardano, Hoskinson has not shied away from critiquing other major blockchain projects. Earlier this year, he stirred controversy by predicting that Bitcoin might not survive in the long run, largely due to its lack of adaptability and inefficiencies in its consensus mechanism.

This week, Hoskinson took another jab at Bitcoin enthusiasts, accusing them of “worshiping” figures like MicroStrategy CEO Michael Saylor for borrowing money to buy Bitcoin. He implied that such practices were unsustainable in the long term and that Cardano’s more robust and decentralized approach would ultimately prevail.

The Road Ahead for Cardano

While ADA’s price struggles have led to some discontent, Hoskinson remains laser-focused on the future. Cardano’s commitment to decentralized governance, combined with its technological innovations, positions it uniquely in the blockchain space. With key developments like Ouroboros, Hydra, and Mithril, and a strong emphasis on community-driven evolution, Hoskinson believes Cardano has the foundation to not only weather the current challenges but also emerge as a leading player in the blockchain industry.

The upcoming updates and roadmap advancements promise to deliver significant improvements, reinforcing Hoskinson’s vision that Cardano will continue to be a major contender in the crypto world. For Hoskinson and his supporters, it’s not just about short-term gains—it’s about creating a blockchain that will stand the test of time.

FBI Issues Urgent Warning on $30M Ichcoin Crypto Scam Targeting U.S. Investors

Hana Rios
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FBI Issues Urgent Warning on $30M Ichcoin Crypto Scam Targeting U.S. Investors

The FBI has issued an urgent warning regarding Ichcoin, a fraudulent cryptocurrency platform that has swindled $30 million from investors across the U.S., according to a report from ABC13. The platform, operational since December 2023, has targeted victims through fake social media profiles on platforms like Instagram and Facebook.

How the Scam Works

Scammers behind Ichcoin lure victims into conversations about cryptocurrency investments, eventually shifting communication to WhatsApp. Once trust is established, victims are persuaded to make large wire transfers to Ichcoin, often being told to lie to their banks about the nature of the transaction. The fraudsters allow victims to track fake returns through an Ichcoin app, but when they attempt to withdraw their funds, they are ghosted—losing access to their money entirely.

The Broader Impact of Crypto Heists

Crypto crimes have surged in 2024. According to a Chainalysis report, stolen crypto funds nearly doubled in 2024, rising from $857 million in 2023 to $1.58 billion by the end of July 2024. Ransomware-related cryptocurrency inflows also grew significantly, with $459.8 million laundered in the first half of 2024 alone.

Emotional Manipulation in Crypto Scams

One prevalent method, known as pig butchering or romance scams, has gained notoriety. Scammers emotionally manipulate victims on social media or dating platforms before introducing investment opportunities. Many victims, ashamed or unaware of the scam, hesitate to report the crimes, contributing to underreporting.

The FBI urges anyone affected by Ichcoin or similar scams to come forward as they continue to investigate and identify more victims of this crypto fraud.

Franklin Templeton Proposes Groundbreaking Bitcoin and Ethereum ETF Merger

Hana Rios
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Franklin Templeton Proposes Groundbreaking Bitcoin and Ethereum ETF Merger

Franklin Templeton Proposes Bitcoin and Ethereum ETF Merger: What It Entails

Franklin Templeton, a trillion-dollar asset manager, has made headlines by proposing an innovative Bitcoin [BTC] and Ethereum [ETH] index exchange-traded fund (ETF). This merger would be the first of its kind, combining BTC and ETH into a single investment fund, providing a simpler, more streamlined way for investors to gain exposure to the two largest cryptocurrencies by market capitalization.

If approved by the U.S. Securities and Exchange Commission (SEC), this ETF would allow investors to hold Bitcoin, Ethereum, and cash equivalents without directly owning the digital assets. This move is seen as an effort to simplify cryptocurrency investments, which can be complex and volatile when traded on traditional crypto exchanges.

What the ETF Includes

The proposed ETF will feature:

  • Bitcoin
  • Ethereum
  • Cash equivalents (short-term securities maturing in less than three months)

This approach will provide an easier and potentially safer way for both institutional and retail investors to participate in the crypto market, offering a more accessible path to these digital assets.

Timing and Market Impact

Interestingly, this proposal comes at a time when BTC ETFs have experienced outflows of $52.9 million, while ETH ETFs have seen inflows of $19.8 million, as reported by Farside Investors. If Franklin Templeton’s ETF is approved, it would mark a significant milestone by merging both assets into a single fund, reducing the need for investors to manage individual positions in Bitcoin and Ethereum.

Market analysts suggest that the ETF could have a positive impact by mitigating some of the volatility and complexities often associated with cryptocurrency investments. It would provide simplified access, which may lead to increased market participation and liquidity for both assets.

How the ETF Will Work

The ETF will be available in blocks of 50,000 shares, with each share priced based on the net asset value (NAV) of the underlying Bitcoin and Ethereum.

Unlike other funds, Franklin Templeton’s ETF will not engage in staking or income-generating activities with its digital assets. Instead, it will maintain a straightforward approach focused solely on price exposure to Bitcoin and Ethereum.

The custody of these digital assets will be handled by Coinbase Custody Trust Company, while the Bank of New York Mellon will serve as the custodian for the fund’s cash and cash equivalents. This structure is designed to ensure the security and smooth functioning of the ETF.

SEC Approval and Anti-Fraud Measures

As with any crypto-related fund, the ultimate approval of Franklin Templeton’s ETF will depend on the SEC’s evaluation, especially regarding anti-fraud and market manipulation safeguards. The SEC has historically been cautious with crypto ETFs, ensuring that adequate measures are in place to prevent fraud in regulated markets.

Competition from Hashdex

Franklin Templeton is not the only asset manager looking to create a groundbreaking ETF. In July 2024, Hashdex, a prominent crypto asset management firm, filed a proposal with the SEC for its own Crypto Index ETF, which would directly hold spot Bitcoin and Ethereum.

Hashdex’s submission of its S-1 registration statement to the SEC highlights the growing interest in providing institutional-grade investment products for the crypto market. If approved, Hashdex’s Nasdaq Crypto Index US ETF could become a significant player in the evolving crypto landscape.

New Survey Reveals 49% of US Voters Shocking Reaction to Crypto

Hana Rios
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New Survey Reveals 49% of US Voters Shocking Reaction to Crypto

Half of US Voters Consider Crypto an Important Election Issue: Survey Results

A recent survey has found that nearly 49% of registered US voters believe political candidates must support pro-crypto policies in the upcoming 2024 election. Conducted by HarrisX on behalf of Consensys, the research sheds light on the growing political influence of crypto supporters and the increasing significance of cryptocurrency regulation as a key issue.

Crypto’s Rising Influence on US Elections

The survey, conducted from September 4 to September 14, 2024, sampled a geographically representative group of 1,664 US voters, along with smaller samples from battleground states such as Pennsylvania, Michigan, Wisconsin, and Texas. The findings revealed that 92% of crypto owners plan to vote in the presidential election, highlighting the potential of crypto voters to shape election outcomes.

According to Dritan Nesho, CEO of HarrisX, the number of crypto-motivated voters in every state polled exceeds the margin of victory in the last presidential election. This suggests that cryptocurrency regulation could become a decisive factor in the 2024 election.

Voter Trust in Crypto Policies Split Between Parties

While 49% of respondents believe pro-crypto policies are important, the survey revealed an almost even split between political parties on trust in handling crypto. 35% of voters expressed confidence in the Republican Party’s stance on crypto, while 32% sided with the Democrats. However, a notable 26% remain undecided about which party to trust on the issue.

Despite former President Donald Trump’s strong rhetoric supporting crypto, only 56% of voters said they were excited by his pro-crypto stance. Additionally, 40% of voters indicated they would consider switching party allegiance if the opposing candidate advocated for pro-crypto policies.

Voter Sentiment on US Crypto Regulation

A significant portion of respondents voiced dissatisfaction with the state of crypto regulation in the US. 40% believe the country is lagging behind other nations in terms of regulation, while only 25% feel the US is leading in this area. This concern has become a major topic as SEC’s “regulation through enforcement” has been viewed as stifling growth in the industry.

Key Findings on Crypto Ownership

The survey also shed light on crypto ownership in the US. Currently, 19% of voters own some form of cryptocurrency, with Bitcoin being the most popular, owned by 13% of voters. Ethereum follows at 5%, and Solana at 3%. Interestingly, about one-third of respondents said they plan to purchase cryptocurrency within the next year.

Calls for Regulatory Clarity and Industry Improvements

The survey highlighted several areas where voters feel improvements are necessary to drive broader crypto adoption. These include:

  • Enhancing consumer and fraud protection measures.
  • Providing greater access to information on crypto regulations.
  • Simplifying the user experience of Web3 applications.
  • Clarifying regulatory frameworks for developers and users.
  • Promoting transparency across the industry.

Joe Lubin, CEO of Consensys, emphasized that both voters and the crypto industry are eager for regulatory clarity, stating that the US has operated under a cloud of uncertainty for too long. As crypto becomes a bipartisan issue, political candidates may increasingly focus on crypto-friendly policies to attract this growing and influential voter base.

Russian Hackers Use Fake AI Sites to Steal Crypto Wallet Details

Hana Rios
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Russian Hackers Use Fake AI Sites to Steal Crypto Wallet Details

Russian Hackers Are Using Fake AI Sites to Steal Crypto Wallets

Russian hackers from the notorious group FIN7 are deploying a new scam to steal cryptocurrency, according to a report from 404 Media. The group is using fake AI websites, designed to look like deepfake nude image generators, as traps to infect users’ devices with malware.

Malware Disguised as AI Tools

The scam involves fake AI platforms where users believe they can generate nude images or access free trials. However, instead of receiving any images, users unknowingly download malware like RedLine and Lumma Stealer. These malicious programs are designed to steal sensitive data, including login credentials and crypto wallet details.

Zach Edwards, a senior analyst at cybersecurity firm Silent Push, explained that the majority of victims are tech-savvy individuals looking for AI tools.

Deceptive SEO Tactics

The hackers cleverly employed effective search engine optimization (SEO) strategies to rank their sites highly in search results. These sites appear professional and legitimate, with working interfaces for uploading images and generating supposed deepfakes. However, users are eventually redirected to non-working Dropbox links, leaving their devices infected with malware.

Silent Push has already identified at least seven of these deceptive sites, including “aiNude.ai,” “easynude.website,” and “nude-ai.pro.” Although these sites have been taken down, experts warn that devices used to access them may already be compromised.

FIN7’s Long History of Cyber Fraud

FIN7 is well-known for its history of financial fraud and connections to several ransomware gangs, including DarkSideand BlackMatter. These groups have been responsible for major attacks, such as the $20 million ransom demanded from UnitedHealth. The hackers are notorious for using clever phishing tactics, often disguising themselves as legitimate companies to lure people into downloading malware.

Anyone who has interacted with these fake AI websites should immediately check their devices for potential malware infections and secure their crypto wallets to avoid further financial loss.

Crypto Market Downturn– Mass Liquidations Hit Over 100,000 Traders as Bitcoin Wavers Below $60K

Hana Rios
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Crypto Market Downturn– Mass Liquidations Hit Over 100,000 Traders as Bitcoin Wavers Below $60K

Mass Liquidations Impact Over 100,000 Traders Amid Crypto Market Downturn

The cryptocurrency market faced significant turmoil on October 3, 2024, as over 100,000 traders were hit by mass liquidations. Bitcoin (BTC) briefly fell below the key $60,000 mark, adding to the pressure on traders caught in the market’s downward spiral.

At 1 p.m. EDT, Bitcoin was trading slightly above $60,000, marking a 2.8% drop over the last 24 hours. However, this recovery remains fragile, as BTC dipped below $60K just minutes later. The broader crypto market has seen a 3.82% decline, with the total market value dropping to $2.09 trillion.

Over $295 Million in Positions Liquidated

The sell-off triggered significant liquidations, totaling $295.34 million in just 24 hours. Notably, $246.78 million of those were long positions, while BTC alone saw $44.92 million in long positions wiped out. According to data from Coinglass, 104,856 traders were liquidated during this period, highlighting the market’s vulnerability.

Stablecoins on the Rise Amid Market Uncertainty

Despite a global trading volume of $121.25 billion, a massive $88.32 billion of that came from stablecoins, indicating a growing shift toward safer assets as traders seek stability in volatile conditions. Bitcoin remains the tenth most valuable asset globally with a market capitalization of $1.191 trillion, still surpassing Berkshire Hathaway’s $975.84 billion. However, BTC’s lead could be threatened if its market cap drops by another $215.16 billion.

Geopolitical Tensions and Market Volatility

The ongoing conflict in the Middle East is fueling uncertainty across global financial markets, including cryptocurrencies. Bitcoin, often seen as a form of “digital gold,” has experienced increased trading activity amid the heightened volatility. While some investors view it as a hedge against instability, others are exiting the market due to its speculative nature.

The crypto market continues to grapple with volatility, leaving traders uncertain about the near-term future of digital assets like Bitcoin.

Memecoin DEGEN Surges Over 125% Ahead of Coinbase Listing

Daria Lane
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Memecoin DEGEN Surges Over 125% Ahead of Coinbase Listing

The cryptocurrency market is buzzing after DEGEN, a memecoin native to Coinbase’s Layer 2 network, Base, experienced a dramatic price surge. Following its addition to Coinbase’s listing roadmap, DEGEN’s market cap skyrocketed, surpassing $160 million. This surge is part of a broader trend in which memecoins have become catalysts for increased blockchain activity.

DEGEN’s Meteoric Rise

Since Tuesday, DEGEN’s value has soared by 127%, climbing from $0.004 to $0.009 within 24 hours. Trading volumes exploded, leaping from $8.5 million to a staggering $136.8 million, according to CoinGecko data. This sharp increase followed Coinbase’s public announcement about adding DEGEN to its roadmap, sparking renewed interest in the token.

In addition, the memecoin saw increased activity after Jesse Pollak, the architect behind Base, was appointed to Coinbase’s executive team. Pollak’s leadership in developing Coinbase Wallet and now in driving Base’s growth seems to be aligning with DEGEN’s rapid rise.

Strategic Listing Boosts Coinbase’s Revenue Potential

For Coinbase, the listing of DEGEN is more than just another asset addition—it’s a calculated move. Memecoins often generate heightened blockchain activity, leading to increased transaction volumes. As Coinbase generates revenue from transaction fees, boosting on-chain activity on Base could have significant financial implications.

Julio Moreno, CryptoQuant’s head of research, commented that the current “memecoin season” has been shifting from blockchain to blockchain, with DEGEN being the latest to ride this wave. Base’s growing on-chain activity is crucial for Coinbase, making DEGEN’s inclusion on its platform a strategic win.

Community Enthusiasm and Rewards

DEGEN isn’t just gaining popularity among traders—it has also energized the community on decentralized social network Farcaster. Users on the platform can receive DEGEN through airdrops and tip content creators for high-quality posts, fostering deeper engagement. Despite recent price fluctuations, those loyal to the memecoin mechanism are now reaping the rewards.

The memecoin’s community on Farcaster has been particularly active, with users celebrating DEGEN’s upward trend. Luciano DeAngelo, an active user, noted that consistent participation in the DEGEN airdrop rounds has proven fruitful, especially with the 8th airdrop taking place just days ago.

Future Prospects for DEGEN, a memecoin on Coinbase-incubated Base, soared by 125% following its upcoming listing announcement, driving market cap to $160 million. Learn about the latest trends.r DEGEN

DEGEN’s listing on Coinbase will make it the fourth token native to Base to be supported for spot trading, joining WELL, AERO, and SEAM. The token is also used as a gas payment method for Degen Chain, a Layer 3 blockchain built on top of Base. With its recent resurgence, DEGEN could play a key role in bolstering the Base ecosystem, especially as Coinbase looks to expand its on-chain operations.

As DEGEN prepares for its Coinbase debut, the memecoin’s future looks bright, with strong community support and a strategic position within the Coinbase ecosystem driving its recent success.

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