Senin, 02 Desember 2024

SOL trader turns $160 into $5.6M, Dogecoin flips Porsche, & more


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Your weekly roundup of the 🔥hottest news in crypto:

Nov. 24 - 30

Solana memecoin trader turns $160 into $5.6M with viral token

A Solana-based memecoin trader turned a $160 investment into millions after buying tokens tied to a viral internet meme.

Data from Solana's blockchain explorer Solscan shows that on Nov. 15, a wallet made two purchases of the Just a chill guy (CHILLGUY) memecoin.

The trader exchanged 0.50 Solana, worth around $107 at the time, for 9.6 million CHILLGUY tokens on the Solana memecoin generator platform Pump.fun. Hours later, the trader added another 0.246 SOL (about $51) for 2.8 million tokens.

The CHILLGUY token launched on Nov. 15 on the Solana blockchain, riding the wave of the viral "Just a chill guy" meme that gained popularity on social media. The token's value surged, reaching a peak market capitalization of $643 million by Nov. 27. At the time of writing, the memecoin trades at $0.58.

Blockchain data suggests the trader sold 2.8 million tokens early for 149 SOL (about $35,000) — missing out on a potential $1.6 million profit. However, the trader still holds 9.62 million tokens, now valued at about $5.6 million.

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#2

Dogecoin flips Porsche market cap as DOGE ETP, Musk drive rally

Dogecoin has surpassed the market capitalization of luxury automaker Porsche, driven by endorsements from Elon Musk and the potential launch of an exchange-traded product for the memecoin.

Dogecoin has risen 175% during the past month to a $57.8 billion market capitalization, surpassing Porsche's $56.1 billion market cap, as of 8:34 am UTC on Nov. 27, Cointelegraph data showed.

Dogecoin has had significant momentum in 2024, partly driven by continued social media endorsements from billionaire Elon Musk. Musk's recent involvement in creating the nascent Department of Government Efficiency (DOGE), an agency aimed at cutting government spending and streamlining regulations, has further stoked interest.

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#3

Bitcoin CME futures hit $100K for the second time in a week: Will BTC spot price follow?

On Nov. 29, Bitcoin futures on the Chicago Mercantile Exchange (CME) rose to $100,200 for the second time in seven days after initially hitting the milestone on Nov. 22. Bitcoin's spot price has yet to reach $100,000, but the cryptocurrency shows promise as it briefly hit an intraday high at $98,600 before selling off.

According to The Kobeissi Letter, Bitcoin futures open interest on CME surpassed 40,000 contracts, and prior to the Nov. 28 Thanksgiving holiday in the US, CME Bitcoin futures volumes were at $12.3 billion.

Trading volumes surged in the European and New York sessions after United States stock markets were closed on Nov. 28 in observance of the Thanksgiving holiday. A strong spot bid can be observed on Coinbase, where the spread, or "Coinbase premium," between the BTC/USD price and Bitcoin spot price on Binance has exceeded $200.

#4 Prediction of the week

Cardano founder predicts Bitcoin DeFi will dominate crypto within 3 years

Cardano founder Charles Hoskinson said decentralized finance in the Bitcoin ecosystem will eclipse all other crypto DeFi within two to three years.

He touted the potential for Bitcoin DeFi while making a bold price prediction and highlighting a new model for bridging Bitcoin without using centralized exchanges.

"I started in the Bitcoin space and I loved Bitcoin. Bitcoin has been a big part of my life and the only reason I'm here today is because Bitcoin exists," he said in a YouTube video posted on Nov. 27.

He voiced frustrations with using Bitcoin in the early days, saying: "Bitcoin went from a sleeping giant never to awaken in an innovation coma, to an awakened giant that is four times the size of Solana and Ethereum combined." He added:

"DeFi in the Bitcoin ecosystem will eclipse DeFi in all ecosystems in the cryptocurrency industry within 24 months to 36 months, and that's just because of scale and liquidity."

#5

Over 8.6K Solana wallets linked to $21M DEXX hacker

Crypto security firm SlowMist released a document identifying more than 8,620 Solana addresses suspected of being linked to the DEXX hacker.

On Nov. 16, memecoin trading terminal DEXX fell victim to a security exploit, resulting in losses impacting at least 900 unique users.

According to MistTrack, most victims lost less than $10,000 amid a private key leak, though one individual lost more than $1 million.

The total loss from the incident was initially reported at $21 million, the second-largest hack in November behind the $25.5 million Thala hack, though Thala recovered all lost assets.

As of Nov. 29, DEXX's total loss has risen, SlowMist founder Cos told Cointelegraph: "The total loss is estimated to be within $30 million. The price fluctuation of meme tokens has a significant impact on the overall loss."

#6 FUD of the week

North Korean hackers expand social engineering operation to IT firms: Report

Hackers with ties to the North Korean government have reportedly expanded social engineering scams designed to steal cryptocurrencies by infiltrating "hundreds" of large, multinational information technology firms.

According to an article from TechCrunch, researchers at the Cyberwarcon cybersecurity conference identified two North Korean hacker groups called "Sapphire Sleet" and "Ruby Sleet."

Sapphire Sleet targeted individuals through fraudulent employment schemes by posing as legitimate recruiters and luring unsuspecting victims into interviews or other offers of employment. The hackers would then infect the users' computers with malware disguised as PDFs or malicious links at some point during the interview process.