Tag Archives: Solana memecoin

Bitcoin

Solana-Based Memecoin Rug Pulled By McDonald’s Hacker, Market Cap Plummets 98%

Ronaldo is an skilled crypto fanatic devoted to the nascent and ever-evolving business. With over 5 years of intensive analysis and unwavering dedication, he has cultivated a profound curiosity on the planet of cryptocurrencies.

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Bitcoin

WIF Sees 60% Weekly Surge But An analyst Sends A Warning

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This week, the dog-themed sensation Dogwifhat (WIF) has recovered from its drop under the $2 help zone. The Solana-based memecoin flipped Ethereum’s Layer-2 (L2) Arbitrum (ARB) and is at the moment testing the $2.5 resistance stage. Nevertheless, a crypto analyst has warned buyers of a doable retrace for WIF.

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WIF Places Its Hat Again On

Dogwifhat turned the memecoin sensation of 2024’s first quarter (Q1), giving returns of over 2,000% earlier this yr. The Solana token reached an all-time excessive (ATH) of $4.8 in March however has declined 45% since then.

Regardless of this, buyers stay bullish on the memecoin, some stating it has proven power via its sharpest correction. Asad Saddique, Cryptonary’s CTO, highlighted that the token “withstood like 5 or 6 corrections of >70%.” To Saddique, Dogwifhat solidified throughout the retraces and “challenges” for the dog-themed memecoin throne.

Notably, WIF flipped Arbitrum because the thirty eighth largest cryptocurrency by market capitalization at this time with a $2.5 billion market cap. This feat was first achieved on March 31, when WIF reached its ATH and a market cap of $4.57 billion.

Dogwifhat flips Arbitrum by market capitalization. Supply: Degen Information on X

A month in the past, crypto dealer Bluntz, who made a number of bullish forecasts for WIF throughout Q1, shared a bearish prediction for the memecoin. Per the dealer, the Solana token was set to an “inevitable” fall to the $1 vary.

Nevertheless, this prediction was primarily based on a earlier bullish evaluation. Bluntz acknowledged that WIF was headed for a big retrace earlier than the subsequent parabolic run, which may result in a brand new ATH.

Following the market downturn, the dog-themed memecoin noticed a worth discount of over 43%. Earlier this month, WIF dropped from the $2.6 worth vary to as little as $1.51 on July 11.

Nonetheless, it had a outstanding efficiency this week. The token reclaimed the $2 help zone and reveals inexperienced numbers in a number of timeframes.

Will It Shred One other 40% Quickly?

WIF surged 8% within the final 24 hours and trades at $2.54, on the time of this writing. This efficiency represents a 60% and 25% worth enhance within the weekly and month-to-month timeframes.

The latest worth motion has seemingly revitalized the bullish sentiment in direction of the token. Crypto analyst Hornhairs claimed that the memecoin “appears to be like stable.” To the analyst, WIF may retest the $3 resistance stage if it holds above the $2.2 worth vary.

Nevertheless, one other market watcher has warned buyers a few potential draw back for Dogwifhat. CrediBull acknowledged that individuals are taking most altcoins’ bounces as “an indication of power, however the actuality is, alts and particularly memes are simply greater beta variations of BTC.”

To the analyst, the present bounce is “good,” however, if Bitcoin (BTC) bounces or falls, Dogwifhat will comply with the flagship cryptocurrency’s motion “tougher/stronger.

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The memecoin “left a triple backside proper under us” after making a decrease excessive on greater timeframes. This implies to the dealer that the token “is prone to comply with with a 40% transfer again down of its personal to take these triple lows.”

WIF
WIF’s efficiency within the weekly chart. Supply: WIFUSDT on TradingView

Featured Picture from Unsplash.com, Chart from TradingView.com

Bitcoin

Solana Trader Makes 307x Profit But Investors Raise The Alarm

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Over the weekend, a crypto dealer turned 70 SOL into $3 million with a Solana-based token. Nevertheless, the investor’s success story was overshadowed by the controversial launch of the memecoin that made it attainable.

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Dealer Makes $3 Million In Minutes

A crypto dealer made hundreds of thousands in half-hour after investing $9,923 in Solana-based memecoin BAKED. Lookonchain reported {that a} sniper spent 70 SOL to purchase 81.78 million BAKED. half-hour later, the dealer bought his holdings for 21,581 SOL, value round $3.06 million, in 76 transactions.

The feat was achieved by a seemingly “fortunate” dealer who beforehand invested and misplaced cash in different Solana memecoins. The on-chain evaluation platform concluded that the investor was possible not an insider because it had purchased the tokens from Raydium’s pool as an alternative of the Degen Fund.

Nevertheless, Lookonchain revealed that BAKED’s crew and insiders maintain over 70% of the provision. Per the report, the dev pockets spent 11.82 SOL to purchase 300.72 million BAKED from the Degen Fund, the place the token was launched.

The pockets purchased the Solana memecoin “whereas minting tokens and 206.9M $BAKED was added to liquidity.” 19 wallets snatched up the remaining 492.37 million tokens in a single second.

These wallets had been created concurrently with the dev pockets and had been funded by Bitget. 15 out of 19 wallets withdrew SOL from Bitget three days in the past and are suspected to be linked to BAKED’s crew and insiders.

Because of this, 78% of the provision, value round $15.6 million, was held by insider and dev-related wallets. The wallets spent 82.4 SOL, round $11,700, to purchase 779.85 million BAKED earlier than promoting.

On the time of Lookonchain’s report, the insiders had bought a small portion of their tokens and nonetheless held 76.36% of the provision. BAKED has plummeted by 58% within the final 24 hours, at present buying and selling for $0.01260.

BAKED’s efficiency since its launch. Supply: DexScreener

Is The New Solana Token Launch Baked Or Burned?

Crypto traders refuted the claims that the “fortunate” sniper was not an insider and expressed discontent with the Solana memecoin launch. Moreover, customers have known as the BAKED token a rip-off on account of an alleged lack of transparency.

GUMMY traders had been presupposed to earn a 15% reward on BAKED tokens for staking their tokens on July 1. Nevertheless, customers reported they didn’t obtain any reward after unstaking their holdings.

Based on Web3 Forensics, customers efficiently unstaked their GUMMY tokens however no investor had been in a position to get BAKED rewards by Monday morning. One investor considers the venture’s crew “held our $GUMMY hostage so we couldn’t revenue off of the $BAKED launch.”

Furthermore, many customers highlighted that GUMMY’s worth has considerably decreased since they staked their holdings. Per the experiences, each $1,000 staked within the token is now value round $140.

Many imagine that the crew behind the Solana-based tokens, together with Crypto Banter’s founder Ran Neuner, used “each single investor or Neighborhood Member who trusted you.”

On the official telegram group chat for the token, the crew requested traders to “settle down” and “loosen up.” The crew assured the venture was not a rip-off and defined that none of them “bought an early entry.”

Furthermore, the message said {that a} increased worth for the token meant a “higher valuation in your gummy airdrop” and that the airdrop particulars can be introduced quickly.

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In the end, the launch didn’t obtain a optimistic response. A number of customers said they might “get away” from the GUMMY, BAKED, and Crypto Banter neighborhood as shortly as attainable.

Solana, SOL, SOLUSDT
Solana (SOL) is buying and selling at $146.63 within the five-day chart. Supply: SOLUSDT on TradingView

Featured Picture from Unsplash.com, Chart from TradingView.com

Bitcoin

Master Of Scams: Metallica’s Hacked X Account Promotes Solana Token

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Almost a month after Caitlyn Jenner launched her JENNER token, the movie star memecoin frenzy continues. This time, iconic heavy steel band Metallica joined the record of public figures concerned with Solana tokens. Nonetheless, the band’s participation within the crypto business was one more X account hack concentrating on traders.

Solana-Primarily based METAL Takes Over Crypto

The long-lasting heavy steel band Metallica not too long ago introduced a collaboration with the favored videogame Fortnite. The collaboration seemingly goals to convey the band’s music to a brand new demographic of music enjoyers.

Nonetheless, the announcement was eclipsed by the Metallica X account’s failed “try” to “be part of” a unique group. On Tuesday night time, the account shared a publish providing a Solana-based token to their followers.

The publish introduced the launch of METAL, an alleged collaboration between the band and Ticketmaster. The token was described as a “dynamic new token on the Solana blockchain poised to revolutionize the way you expertise occasions and on-line buying.”

Not like different movie star memecoin scams, the token supplied utility from the get-go. Customers who used METAL to purchase live performance tickets would obtain unique Ticketmaster reductions of as much as 25%. METAL holders would additionally get the possibility to win free tickets via “unique airdrops.”

The X posts introduced three signed “insanely uncommon Metallic Token Xbox Sequence X consoles” for the token holders. Moreover, it promised the METAL token would “seamlessly combine into your buying expertise, powered by the reliability of Solana for easy transactions.”

sol, Solana, solusdt

Grasp Of Tokens Or Grasp Of Nothing?

Metallica followers and crypto traders shortly grew to become cautious of the posts. Customers started debating whether or not the bulletins have been pretend and if the account had been hacked. One X person advised the band wouldn’t “smash their popularity by launching a shitcoin” and rugging it.

Regardless of the person’s preliminary suspicion, a number of customers fell into the meticulously deliberate rip-off. As a group member identified, the graphics for the posts, and the posts themselves, have been “fairly effectively executed.” The attackers additionally assured customers that METAL was not a rip-off and the band was “in it for the lengthy haul.”

The hacker additionally claimed that the crypto fee firm MoonPay was collaborating with the band. Nonetheless, the corporate shortly denied their involvement, stating that the chargeable for the hack was not the grasp of puppets however the “grasp of scams.”

As an X person identified, the Solana-based token’s market capitalization surpassed $2 million. Nonetheless, it shortly plummeted after the band recovered entry to the X account and deleted the promotional posts.

Nonetheless, one investor managed to develop into a grasp of tokens. On-line reviews revealed {that a} dealer turned a $3.380 funding into $24,600. The “fortunate” investor purchased the tokens at a $50,000 market cap and bought on the excessive of the rip-off.

As of this writing, the token is buying and selling at $0.00002031, a 99.3% lower from its highest worth of $0.003353. Moreover, METAL’s market cap is $20,000, representing a 9000% drop.

Solana, METAL

Bitcoin

GameStop Stock And Wolverine Memecoins Explode As Roaring Kitty Returns To The Spotlight

GameStop, the online game retailer that took Wall Avenue by storm in 2021, has as soon as once more grow to be the speak of the city as its share value surges 100%. 

Fueling this rally is the return of the influential social media determine Keith Gill’s “Roaring Kitty.” After a protracted hiatus, Roaring Kitty’s current exercise on social platforms, together with a picture and video, has ignited pleasure amongst traders and triggered a renewed frenzy for GameStop’s meme inventory and the rising world of memecoins. 

GameStop Memestock Frenzy

The meme-stock phenomenon gained widespread consideration in 2021 when cash-rich traders pumped up the inventory market and wager in opposition to short-selling hedge funds. 

Keith Gill’s “TheRoaringKitty” account and the subreddit “WallStreetBets” performed a pivotal position within the meme inventory frenzy, driving shares like GameStop and AMC Leisure to surge over 1,000% by the top of the identical 12 months. 

Whereas some early traders reaped wealthy returns, hedge funds equivalent to Gabe Plotkin’s Melvin Capital Administration suffered vital losses, resulting in closures.

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In accordance to Bloomberg, brief sellers betting in opposition to GameStop initially loved good points within the 12 months’s first 4 months. Nonetheless, the unstable nature of meme shares rapidly erased these paper good points. Per the report, “skeptics” have been up an estimated $400 million from January to April earlier than slipping into the pink by Monday morning.

The proportion of GameStop shares bought brief relative to these accessible for buying and selling has remained at roughly 24%, a comparatively excessive stage for a typical firm however considerably decrease than the 140% ranges witnessed throughout the 2021 mania. 

As GameStop’s shares gained momentum, the associated fee to wager in opposition to the corporate elevated. Current information from S3 signifies borrowing prices exceeding a ten% annual financing charge vary.

Roaring Kitty’s Ripple Impact

Roaring Kitty’s affect prolonged past GameStop, as Wolverine-themed memecoins flooded numerous blockchains. In response to a social media put up that includes a video of Marvel superhero Wolverine, greater than 30 new tokens have been launched on platforms like Ethereum and Solana, as information by Dextools exhibits. 

Notably, the newly minted “Roaring Wolverine” token on the Ethereum blockchain skilled an astonishing 80% surge inside hours of its launch.

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Moreover, the memecoin market has witnessed a notable resurgence, with tokens equivalent to Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), Floki Inu (FLOKI), and Bonk Inu (BONK) recording vital good points, in accordance with CoinGecko information. 

For example, PEPE, the market chief, surged by 15% up to now 24 hours, complementing its 20% uptrend over the earlier week. It reached a brand new excessive of $0.00001077 throughout early Monday buying and selling.

GameStop
The 1-D chart exhibits PEPE’s value surge. Supply: PEPEUSD on TradingView.com

Finally, GameStop’s meme inventory resurgence, fueled by the return of Roaring Kitty, inflicted substantial losses on brief sellers of the meme inventory on Monday. 

The impression of Roaring Kitty’s social media presence has prolonged to the memecoin market, with a number of Wolverine-themed tokens experiencing vital surges. 

Featured picture from Shutterstock, chart from TradingView.com

Bitcoin

Solana Memecoin Hits $320T Market Cap, But There’s A Catch

The Solana memecoin frenzy has made many buyers rating a house run or be out of the sport this cycle. Merchants are searching for new tasks that may very well be the following hit whereas the market enters a brand new re-accumulation part.

Solana Memecoins’ New Strike

Memecoins have been the narrative of this bull cycle. Consequently, those that wished to make huge income primarily invested in newly launched tasks. Whereas some have made tens of millions by buying and selling the week’s high gainers, others have misplaced important quantities attempting to climb the ladder.

Solana-based memecoins have been the preferred, with some, like dogwifhat (WIF) and cat in a canine’s world (MEW), main the way in which. Nonetheless, not all tasks have achieved recognition and assist for these tokens.

A substantial variety of the Solana memecoins launched within the final two months have left buyers empty-handed. The most recent wrongdoer is the just lately launched Bonk Killer (BONKKILLER), which turned the most well liked matter on Monday for the flawed causes.

The token surpassed the $100 trillion market capitalization just a few hours after launching. Nonetheless, the explanation behind what might have been probably the most spectacular feat in crypto historical past is not any apart from a honeypot rip-off.

Bonk Killer's worth and market capitalization. Supply: Birdeye

As reported by SolanaFloor, the memecoin is a rip-off token that pulls buyers with high-profit potential however prevents them from promoting their holdings. Many realized they couldn’t transfer their tokens solely after the undertaking’s creator activated the “freeze authority.”

This motion allowed the creator to keep away from promoting the token, which skyrocketed the market capitalization metric to $328 trillion. In response to analytics platform Birdeye, the Solana-based memecoin registers a $318 trillion market cap on the time of writing.

It’s price noting that the token isn’t backed by the quantity mirrored within the metric. As one X consumer pointed out, the token is nugatory if you happen to can’t promote it.

Half A Million Stolen By Memecoin Scammer

Sadly for buyers, the creator didn’t use the freezing authority to spice up the token’s market cap. The scammer took benefit of the perform and stole practically half 1,000,000 {dollars} in BONKKILLER and SOL tokens.

The creator, who holds round 90.8% of the whole provide, eliminated 30,500 BONKILLER and 1,561 SOL, price round $420,000. In response to Birdeye information, the token is valued at $32.81 as of This writing.

Even after the neighborhood’s warning, some buyers continued to purchase the undertaking. Within the final 12 hours, buyers have spent practically $40,000 on the token. As some X customers identified, the false market cap may be deceptive inexperienced buyers into shopping for the memecoin.

Though it’s not the primary rip-off of this sort, the growing price of latest launches turning fraudulent appears alarming. As reported by NewsBTC, $27 million vanished during the last month after 12 tasks have been deserted by their creators.

In the end, this incident highlights the significance of thoughtfully researching a undertaking’s background and thoroughly deciding whether or not the potential of huge good points outweighs the dangers.

Crypto market cap

Complete crypto market cap is at $2.18 trillion within the three-day chart. Supply: TOTAL on TradingView

Featured Picture from Unsplash.com, Chart from TradingView.com

Disclaimer: The article is offered for academic functions solely. It doesn’t characterize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your personal analysis earlier than making any funding selections. Use data offered on this web site totally at your personal threat.