🦎🚀 The cats are all over Solana! 🐈

Tuesday, January 30, 2024

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Have a wonderful weekend, Geckos!

In today's news:

Wen dump? 🐱
The $115M tweet 📜

Read on!

24h Hot Searches Worldwide 🔥

Wen (-20.3%)
Biconomy (+2.0%)
Bittensor (+19.6%)
Manta Network (-3.5%)
AltLayer (+1.3%)
Sui (+12.0%)
Tenset (-1.5%)

BTC Price Predictions

With the Bitcoin Halving fast approaching in April 2024, price predictions are rife. In this article, we take a look at some of the predictions by industry experts and pundits, going into the Halving and beyond!

Check it out here.

Wen dump? 🐱

Aren't token burns supposed to be bullish?

Yesterday, the team behind the Wen meme coin officially burnt over 270 billion tokens after the end of the token's three-day claiming period.

While such news tends to be a bullish catalyst as there are now fewer tokens in circulation, the announcement quickly became a sell-the-news event as several large traders promptly exited their positions soon after.

Reaching an all-time high of $0.00018 just before the end of 29th January, the price of WEN has since fallen by 27.8% to $0.00013.

While WEN is a meme coin that was officially launched by the Jupiter team, it merely served as a testing ground for their new token launchpad, which will also be used to launch the exchange's native token, JUP.

However, Jupiter's founder, pseudonymously known as Meow, has stated that even though Jupiter has completed their involvement with WEN, he will continue to be involved in the project for the long term.

Competing against the likes of existing dog-based meme tokens with strong communities on Solana, such as Bonk and dogwifhat, WEN definitely has a long way to go on the road to achieving cult status.

But as they say, cats have 9 lives, and WEN is barely close to fully living out its first life.

Editor's Take:
With JUP set to be released tomorrow to much fanfare, attention around WEN may drop off even more as users rotate out of WEN and into JUP. But should JUP perform well over the coming days, we might see some of that capital flowing back into WEN as some form of Beta play. In any case, market attention should be on the Solana ecosystem tomorrow.

2024 may be shaping up to be a notable year for crypto - here's why you should stay tuned.

Watch now!

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The $115M tweet 📜

Oops, that's quite the mistake!

SkyArk Chronicles, an upcoming fantasy game featuring anime-styled elements, recently managed to attract over 50K ETH, or approximately $115M, through their public NFT sale on Floorswap.

Although a large part of the hype behind the sale may have come from Binance Lab's supposed involvement with the project's latest $15 million funding round, the parties involved have clarified that this is not the case.

Earlier in January, SkyArk Studios announced that Binance Labs had led their recent fundraise, whereas, in reality, they had only invested in the studio as part of its incubation program earlier in 2021.

In their recent tweet, the firm claimed that SkyArk had used company branding from Binance Labs without proper authorization and once again reiterated that they were not involved in the $15M raise.

SkyArk has since deleted the relevant announcement tweet and apologised for the miscommunication.

The studio has also clarified that they had only conducted a single round of fundraising, which started in Q3 2021 and amassed $15M, while 'Binance remains the largest investor'.

Learn about Jupiter, a DEX aggregator on Solana that's dedicated to making the decentralized experience better with advanced features such as limit orders and dollar-cost averaging.

Learn more

In Other News...

Immutable zkEVM early access now live. This means that approved developers can start building on the network, with select games set to launch in the coming months on the Ethereum scaler.
Going multi–chain. Magic Eden launches multi-chain wallet for Solana, Bitcoin, Polygon, and Ethereum.
Gambling on Trump's Presidency? Polymarket traders see a 55% chance of a second Trump Presidency.
dYdX Foundation requests $30M for an 18 months runway. The request garnered widespread approval from dYdX stakeholders, and the request will now go to a vote running through February 2.
Taproots Roadblock. The much-anticipated sale of a debut collection of "Quantum Cats" Bitcoin inscriptions by the Ordinals project Taproot Wizards was marred by technical issues on Monday, leaving users frustrated and forcing an embarrassing delay.
Layer 1 + Zero Knowledge. Gevulot completed a $6M seed funding round led by Variant.

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