🦎🚀 The calm before the storm! 🌩️

Wednesday, April 3, 2024

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It's Wormhole Wednesday, Geckos!

Airdrop April is in full swing. Prepare to earn your W's with the Wormhole airdrop later today!

In today's news:

Are you scared yet? 😱
Locked but not forgotten 💧

Read on!

24h Hot Searches Worldwide 🔥

GALA (+1.9%)
Catcoin (-11.3%)
Ethena (+54.3%)
Artrade (+32.3%)
Brickken (+2.9%)
Degen (+13.6%)
MEW (+46.8%)

Most Profitable Crypto Narratives

The memecoin narrative recorded the highest gains by far in Q1 at 1313%, followed by RWA (+286%) and AI (+222%).

In contrast, Layer 2 was the least profitable major narrative, with just a 40% return in Q1.

Are you scared yet? 😱

Is the DOJ finally ready to sell their seized Bitcoin?

Yesterday, a wallet that apparently belongs to the US Department of Justice sent a transaction of 0.001 BTC to an address labeled as being owned by Coinbase Prime.

The wallet that initiated the transaction holds over 30,174 BTC, worth approximately $2B.

Although the remaining bulk of the funds were sent to a change address, which effectively meant that they were not transferred, the crypto community was quick to speculate that this was just a test transaction and that further movements may be underway.

As news began to spread regarding the possibility of the DOJ dumping their BTC, the price of Bitcoin temporarily dropped by 1.3% from $65,580 to a daily low of $64,740.

However, cooler heads prevailed, and traders simply bought up the dip, allowing the price of Bitcoin to recover and climb higher to $66,554 as of the time of writing.

As Adam Cochran eloquently explained on X, if the government is moving that much money without an auction, then the BTC has likely been sold through an OTC deal or going into custody.

He also added that "the DOJ isn't going to yeet the entire stack in one single candle,"

Editor's Take:

People tend to get scared easily, especially when there's a large amount of assets ready to be let loose into the open market. However, it would also be a good opportunity for anyone trying to enter. Besides, the DOJ isn't exactly the biggest in the room, especially when you compare the amount of Bitcoins held by Microstrategy and the spot Bitcoin ETFs.

DePIN has been making the rounds lately within the cryptoverse. Learn about what decentralized physical infrastructure networks are and why they're important in this video!

Watch now!

Locked but not forgotten 💧

Over $24M in staked SOL (stSOL) have been unintentionally locked on Lido's deprecated staking platform on Solana.

Previously, the Solana-based version of Lido allowed users to earn a 5% yield on their SOL, but the product was sunset in October last year due to a lack of earnings.

Until 4 February 2024, Lido users had the option to retrieve their SOL deposits through a front-end interface.

Now that the interface has been removed, users are left with no choice but to interact with Solana's command line interface (CLI) to manually withdraw their SOL, which has proven to be tricky for most users.

However, users might not be the ones to blame here after it was revealed that there was actually an error with the smart contract associated with the withdrawal function.

Pavel Pavlov, a former member of the Solana-based Lido team who discovered the issue, has since reached out to the Lido DAO in an attempt to remedy the situation by changing the smart contract.

Hashlock, an industry-leading smart contract auditing and blockchain cybersecurity firm, is giving away 3 complimentary smart contract audits to support great projects in the industry. Read on to find out how to enter!

Learn more

In Other News...

'Crypto: The Game' goes bigger for season 2. After captivating the industry, the Survivor-inspired Crypto: The Game is back with on-chain mechanics, sponsors, and more upgrades.
'You Can't Buy Culture. BNB Chain entices developers to create memecoins on its blockchain with $1M rewards up for grabs.
Wormhole Wednesday. Wormhole airdrop is set to launch today, with several cryptocurrency exchanges announcing plans to list the token shortly after the airdrop claim opens up to eligible users.
Token of the day. Ethena's token hit a $1.2B market cap shortly after launch, despite controversy on Twitter.
OpenSea's move to capture market share. OpenSea announced support for the ERC721-C NFT token standard, enabling project creators to enforce royalty fee payments on secondary market trades.
More capital injection incoming. Crypto venture capital firm Paradigm is looking to raise up to $850M for a new fund, the largest since the crypto market crash of May 2022.

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