Altcoin
Andrew Tate Burns $38M Solana Meme Coin Tokens, Vows To Crash Network
![](https://coin2049.io/wp-content/uploads/2024/06/Andrew-Tate.jpg)
In a series of provocative tweets, former kickboxer and internet celebrity Andrew Tate has ignited yet another crypto controversy via a massive burn in the Solana ecosystem. Tate revealed that he had burned $11 million worth of a new Solana meme coin, TOP G, sending the tokens to the SOL Incinerator. This dramatic move caused the price of the TOPG coin to skyrocket by over 130%, pushing its market cap to over $65 million.
The Top G meme coin’s official Twitter account praised Tate for burning 58% of the coin’s supply, leaving only 37% in circulation. Moreover, the account suggested that this drastic reduction in supply was a strategic move by Tate, aimed at boosting the coin’s value. They celebrated the decision with the declaration, “Now we cook.”
Andrew Tate’s Solana Meme Coin Burn Saga
Tate’s bold actions didn’t stop there. In subsequent tweets, he vowed to “crash Solana.” He boasted about his ability to disrupt the network, confidently asserting that his Top G coin would be the catalyst for “burning it all.” Furthermore, Tate’s language was deliberately provocative, aimed at garnering maximum attention and stoking controversy.
In one tweet, Tate proclaimed, “I WILL CRASH THE SOLANA NETWORK.” He further stirred the pot by stating, “LOOK WHAT I CAN DO. TOP G IS GOING TO BURN IT ALL.” Tate’s tweets quickly went viral, adding fuel to the already intense debate within the crypto space.
Tate’s tweets didn’t just stop at his intentions to crash Solana. He also encouraged his followers to send him coins, leading to an influx of tokens. After burning the tokens, Tate boasted, “GUESS HOW MUCH MONEY I’VE MADE TODAY? ZERO.” Moreover, he claimed that he had made over $100 million in trades through Solana, turning people into millionaires.
However, he noted that he personally profited nothing from the recent Solana meme coin burn. Despite the significant loss from burning the tokens, Tate remained defiant. He corrected himself in a follow-up tweet, saying, “Correction. I lost $11 million by setting it on fire ;)” The burn, he noted, was intended to show his power and influence within the crypto world.
In another tweet, Tate wrote, “Feeling rich and reckless. 2000 RTs and I will diamond hands over 1M USD today into random shit that I NEVER EVER SELL.” This tweet garnered over 5700 retweets, prompting Tate to purchase $100,000 worth of GameStop (GME) shares at $46.55 per share. On a similar note, he wrote, “2000 RETWEETS AND I BUY MORE JUNK DIAMOND HANDS NEVER SELLING IN IT FOR THE LULZ WE MUST CRASH SOLANA.”
Also Read: Could Solana Price Reach $1,000 If Crypto Market Cap Rockets To $5 Trillion?
Impact On TOP G Price
Tate’s actions have drawn a mixed response from the crypto community. Some view him as a reckless influencer, while others see him as a strategic player leveraging his influence to impact the market. Regardless of the opinions, Tate’s ability to create waves in the crypto world is undeniable.
The impact of Tate’s actions was immediate. The price of the Top G coin surged by over 135%, pushing the value of burned tokens to a massive $38.77 million. This remarkable price rally was attributed to the massive token burn, which effectively removed a substantial portion of the tokens from the market.
The controversy surrounding Andrew Tate and the Top G coin is far from over. The internet celebrity has expressed his desire to perform similar burns on the Solana network. Moreover, he asked his fans to send him coins so he could execute his next move. Earlier, the TOP G tokens he burned were reportedly sent by his fans.
Also Read: Where’s The Popular Solana Meme Coins Standing Today? Hike Or Drop
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
Spot Ethereum ETFs to Go Live on July 15, ETH Bull Run Ahead?
![](https://coin2049.io/wp-content/uploads/2024/05/spot_ethereum_etf_2.jpg)
As we proceed into July, the biggest question for the crypto community is when will the spot Ethereum ETF go live for trading. Nate Geraci, president of The ETF Store, predicts the Ethereum ETFs to go live by the 15th of July.
Geraci stated that with the revised S-1 submission for Ethereum ETFs to happen in July, the final S-1 approval from the SEC could arrive around July 12. Thus, July 15, Monday, would be the most probable day to begin trading Ether ETFs.
Wen spot eth ETF?
BBG sticking w/ mid-July.
Amended S-1s due July 8th.
Potential final S-1s by July 12th.
Would theoretically mean launch week of July 15th.
via @emily_graffeo @olgakharif pic.twitter.com/NG8xhtCP21
— Nate Geraci (@NateGeraci) July 3, 2024
Issuers to Address SEC Query On Spot Ethereum ETF
Last Friday, the US SEC returned the S-1 filings to issuers to address some minor questions. Sources familiar with the matter stated that the issuers have been already working on it. As we know, in May, the SEC approved the 19b-4 filings to list the Ether ETFs on exchanges. However, they can only go live for trading after the SEC approves the S-1 submissions.
Steve Kurz, head of asset management at Galaxy Digital, expected the Ether ETF approval in the next couple of weeks. Speaking to Bloomberg TV on Tuesday, July 2, Kurtz said:
“This is window-dressing, the SEC is engaged. We’ve been doing this for months now. We did it for the Bitcoin ETF, the products are substantially similar — we know the plumbing, we know the process.”
Now the bigger question in everyone’s mind is will the Ether ETF prove to be a strong catalyst to drive the crypto market higher?
Also Read: Why Are Ethereum Institutional Products Depleting Before ETF Launch?
Ethereum to Outperform Bitcoin
On Tuesday, K33 Research published a report stating that Ethereum would be outperforming Bitcoin post the ETF approval. As per K33, the launch of Ether ETfs would absorb nearly 0.75% to 1% of all ETH in circulation within the initial five months. This expectation is in line with that of Gemini which predicted $5 billion inflows within the first six months of launch. K33 senior analyst Vetle Lunde said:
“ETFs are a solid catalyst for relative ETH strength as the summer progresses and flows accumulate, and I firmly view current ETH/BTC prices as a bargain for the patient trader.”
The ETH/BTC ratio steadily declined from 0.056 after the Bitcoin ETFs launched, reaching 0.046 by May 24. However, unexpected news that the SEC would soon approve Ethereum ETFs boosted the ratio back up to 0.055.
Also Read: ETH/BTC Price Prediction: ETF Hype, FOMO and Ethereum Price Imminent Rally To $5,000
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
Toncoin (TON) v Cardano (ADA): On-chain Data Show Gains
![](https://coin2049.io/wp-content/uploads/2024/07/TONCOIN-1-1-1-1.jpg)
The crypto market fluctuations continue to dominate the market while assets like Toncoin and Cardano move away from bearish sentiments. In the past week, most top assets traded sideways after exits recorded by institutional investors in the market. The status quo saw Bitcoin (BTC) price hovering around $61,000 before attempts at a rebound.
Toncoin and Cardano have shown promise ahead of the market outpacing top crypto assets by market capitalization. At press time, the market cap slumped 1.42% to $2.29 trillion with Bitcoin and Ethereum posting 24-hour losses. Major drivers of TON and ADA prices are bullish on-chain factors and key industry developments.
Toncoin Leads Asset Gainers
Toncoin soared 4.5% in the last 24 hours, leaving the wider market in the dust and adding to its recovery numbers. In the last seven days, TON moved up 8% wiping out previous losses. While most monthly numbers dropped for most assets, TON continued to soar hitting 22%. The asset flipped Dogecoin to become the 8th largest crypto by market cap inching closer to a new all-time high.
TON price stands at $8.05 taking its market cap to $19.8 billion while volumes are up 57% today. Last month, Toncoin tapped a new all-time high at $8.24 and remains 2.37% behind the mark. With rising bullish interest, some users expect the asset to break that level.
Toncoin recorded traction as Kazakhstan exchanges began trading the asset following regulatory approval. Similarly, Pantera Capital also increased its investment in Toncoin.
Cardano Attracts Growth
The community dubbed ETH killer jumped 3.5% to trade at $0.418 pushing its market capitalization to $14.9 billion. Weekly numbers were up 6% while daily trading volumes saw a slight increase. Overall, ADA’s recent bullish following anticipated network upgrades and a rise in on-chain volumes. The asset is tipped by bulls to breach the current resistance level despite market fluctuations.
Also Read: Why Are Ethereum Institutional Products Depleting Before ETF Launch?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
SEC Could Approve First US Ether ETFs by Mid-July: Bloomberg
![](https://coin2049.io/wp-content/uploads/2024/06/ethereum_etf.jpg)
The U.S. Securities and Exchange Commission (SEC) may soon approve the first American Ethereum ETFs. Asset managers remain hopeful for a decision by mid-July, even as the deadline for updated submissions has been extended to July 8. This development could mark a significant milestone following the enthusiastic reception of the U.S. spot Bitcoin ETFs earlier this year.
SEC Nears Approval for First US Ethereum ETFs
The SEC’s recent interactions with Ethereum ETFs applicants suggest a constructive dialogue, with the latest round of feedback involving only minor queries. In May, the commission had already approved an exchange proposal to list these products, signaling forward momentum. However, actual trading cannot commence without a separate, subsequent approval.
Financial giants like BlackRock Inc., Fidelity Investments, 21Shares, and Invesco are among those awaiting the green light for their Ethereum ETFs. While many details, such as fund fees, remain undisclosed, the anticipation builds on whether these Ether portfolios will mirror the demand seen in January when U.S. spot Bitcoin ETFs attracted $52 billion in assets.
Also Read: Robinhood Plans to Introduce Crypto Futures In US and Europe Very Soon
YieldMax Seeks SEC Nod for Ether ETF
YieldMax has recently joined other firms seeking SEC approval for an innovative Ether-based product. Their proposed Ether Option Income Strategy ETF, intended for listing on the NYSE Arca, employs a synthetic covered call strategy designed to capitalize on the volatility of underlying Spot Ethereum ETFs. This approach aims to generate profits and provide additional income and risk management for investors through the sale of call options.
Meanwhile, firms like Franklin Templeton and VanEck have already disclosed their ETF fees, which are competitively set at 0.19% and 0.20%, respectively. This transparency could set a precedent for others in the sector, aligning with investor expectations for clear and upfront cost structures.
As the SEC review process continues, the market response has been mixed. Ethereum price has recently declined, dropping about 1.48% to $3,411.87, although it has risen by 50% this year. The cryptocurrency sector’s volatility remains critical for potential investors and regulatory bodies.
Also Read: Tether Inks MoU With BTguru to Boost Crypto Freedom in Turkey
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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