Altcoin
Bybit Overhauls Leadership After Troubled Notcoin Launch
Following a problematic launch of Notcoin (NOT), Bybit, a major cryptocurrency exchange, has announced significant changes in its leadership team. Several executives have resigned, and the company is now actively seeking new technical and spot managers to stabilize operations.
Bybit Seeks New Leaders After Token Mishap
The internal reshuffling comes after a controversial listing of NOT led to an uneven distribution of airdropped tokens among users. This incident created a trading disadvantage for those who received their tokens late, as they entered the market with lower buying power than others who had received tokens earlier. Bybit’s CEO, Ben Zhou, admitted the oversight in a public post. He stated,
“Bybit team is working very hard to solve the Notcoin airdrop balance reflection issue,” acknowledging the excessive transaction volume that overwhelmed Bybit’s wallet systems.
In the aftermath, several senior executives resigned, taking responsibility for the missteps during the NOT listing. Zhou emphasized the need for leadership to prevent such issues and ensure a more robust mechanism for handling new token listings. The exchange seeks to fill these critical roles to reinforce its market position and user trust.
Compensation Plan Eases Token Launch Discrepancies
In response to the backlash from the community, Bybit unveiled a compensation plan aimed at users affected by the trading discrepancies during the NOT debut. The plan included a 30 MNT airdrop, a $50 trading bonus, and a three-month upgrade to VIP +1 status. Additionally, existing VIP users were eligible for a bonus of up to $500 based on their membership level. This comprehensive compensation package, totaling about $26 million, was designed to rectify the financial impact on approximately 320,000 users. The funds were processed promptly within three working days, with confirmation emails dispatched to all affected parties.
Bybit’s proactive steps reflect its commitment to maintaining user trust and regulatory compliance. The firm’s quick financial response and transparent communication aimed to mitigate the negative fallout and stabilize the token’s market performance post-launch.
Compared to other exchanges, the initial pricing disparity of NOT on Bybit raised questions about market stability and exchange reliability. While Bybit is listed NOT at $0.0007, competitors like Binance and Bitget have higher opening prices at $0.01 and $0.035, respectively. This discrepancy highlighted the challenges faced by Bybit in the wake of the airdrop issue.
Since then, the Notcoin price has significantly recovered, with current trading figures stabilizing above $0.01176 and gradually returning to normalcy. Analysts have identified support at $0.01138 and resistance at $0.01319, indicating a consolidation phase for NOT as it gains traction among investors.
Also Read: Coinbase Files Closing Brief In Lawsuit Over SEC Rulemaking Denial
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.
The recent buzz of the P2E (play to earn) crypto sector, Hamster Kombat, a Telegram-based game, has continued amassing investor attention. Notably, as the token’s airdrop looms to take place this month, the Hamster Kombat community has recently posted on X, sparking discussions across the global crypto community.
In its post dated July 4, the community raised questions about when the launch, airdrop, and token generation will take place. The post has promptly attracted the attention of noteworthy prominencies.
Hamster Kombat Airdrop
With its post on X, the Hamster Kombat community sparked discussions around “wen launching?; wen airdrop?; wen TGE?.” Moreover, discussions also involved what the community was cooking for future developments.
Intriguingly, Azara.ton, a Co-builder at Ton France, also posted showcasing a sense of trust in the P2E project. These chronicles, collectively, have added an optimistic tint to the upcoming crypto on the TON blockchain.
CoinGape Media previously reported that the Telegram project plans its TGE and rolling out in-game token utility this month. However, the global community has yet to witness an official announcement from the project.
Also Read: Crypto Crackdown By South Korea To Delay Global Crypto Market Recovery, Here’s Why
Hamster Kombat P2E
Meanwhile, the Telegram game continues to garner attention among market participants across the globe. The gameplay mandates a user to complete 10 levels with their hamsters, reaching from bronze to the “Lord” level.
Completing this promises rewards with the upcoming airdrop, which the project says is underway.
In-game features include buying cards for passive income opportunities. These cards, varying from Markets, PR & Team, and many others, ‘mine’ the coins earned in-game for reward facilitation. Moreover, the game also offers attractive features like daily rewards, further magnetizing users globally.
Meanwhile, the community’s Telegram page spotlighted that Pavel Durov, founder and CEO of Telegram, also started playing the game. These developments, collectively, have echoed optimism for the P2E project across the crypto sector.
Also Read: Dogecoin Whale Bags 90M Tokens Amid Market Crash, What’s Next For DOGE?
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.
In an unprecedented development witnessed amid the broader crypto market’s phenomenal crash today, a Dogecoin whale turned heads with its massive accumulation. Recent on-chain insights reveal that a whale bagged a whopping 90 million DOGE from the Binance crypto exchange.
This accumulation has glimmered hope for Dogecoin’s future price endeavors despite its recent dip to the $0.11 price level. So, let’s delve deeper into the accumulation and DOGE’s current market dynamics.
Whale Bags 90M Coins Igniting Optimism
According to the insights provided by the blockchain tracker Whale Alert, 90 million DOGE tokens, worth $10 million, was accumulated by the whale address DGmzv39riE. This accumulation underscored the whale’s undeterred sense of confidence in the asset.
Crypto market whales are large-scale investors who market participants closely monitor to judge market mood, risks, and sentiment. Notably, massive accumulations usually add a bullish tint to a coin’s future prospects.
Further, as per data by Blockchair, the abovementioned address held a whopping 1.42 billion DOGE, worth $157.30 million. This data weighs the balance towards the bullish side for Dogecoin, as, despite the recent crash, the whale has refrained from selling. This could also mean that further price pumps may be imminent, as the correction is a short-term part of the ongoing bull run.
Simultaneously, at press time, DOGE remained in the negative territory despite the buying pressure brought upon the whale.
Also Read: Crypto Crackdown By South Korea To Delay Global Crypto Market Recovery, Here’s Why
DOGE Price Pullback, What’s Next
As of writing, the DOGE price chart showed signs of a pullback, tanking 7.08% to $0.1101. Its 24-hour lows and peaks were recorded as $0.1103 and $0.1196, respectively.
It is worth noting that Dogecoin corrected 10.46% over the past week, whereas the monthly chart showed a 30% crash. This slumping action comes in line with the broader market volatility.
Besides, a recent analysis by CoinGape Media spotlighted that an extended bearish movement could pave the road for DOGE to hit the $0.1 support level. Nonetheless, the whale accumulation has sparked riveting market sentiments, pushing Dogecoin market participants onto a hot seat.
Coinglass data added on to this uncertainty as DOGE’s Futures OI dipped 3.42% to $578.21 million, whereas derivatives volume upsurged 64.80% to $1.64 billion. This data hinted at uncertain investor sentiments prevailing in the market.
Also Read: Ripple Vs SEC Update — Lawyers Reveal How SEC’s Reply Impact Final Decision
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.
Against the backdrop of the crypto market’s remarkable bearish movement today, an XRP whale has continued to dump significant amounts of coins to exchanges. Over the past day, nearly 65 million XRP was recorded to have been offloaded, raising severe concerns among crypto market participants.
XRP is currently feeling the heat of the broader market’s downtrend, as also seen by Bitcoin (BTC) slipping as low as the $57K mark. Further, the whale’s dump, despite the recent advancements in the XRP lawsuit, has curated a storm of speculations on future price movements.
Whale Dumps 65M Coins
In a couple of posts shared by the on-chain transaction tracker Whale Alert, it was pointed out that 64.70 million coins were shifted to CEXs via the same whale address. As per the data, the address …Rzn was registered to have been making the massive dump.
Intriguingly, the whale shifted 32.69 million XRP, worth $15.12 million, to the Bitso crypto exchange. Meanwhile, in another transaction, the whale shifted 32.01 million XRP, worth $14.82 million, to the Bitstamp crypto exchange.
The emergence of these transactions amid XRP showing signs of a pullback has raised bearish market sentiments. Also, it’s worth noting that speculations of this whale being linked to Ripple persist. For context, these transactions became a recurring phenomenon soon after Ripple strategically acquired a stake in Bitstamp.
In the interim, XRP price continued to dip, aligning with the whale’s massive dump and the broader market trend. Despite positive developments in the Ripple vs the U.S. SEC lawsuit, as Ripple filed a notice of supplemental authority, the XRP community is yet to witness a significant shift in market sentiment.
Also Read: German Govt Dumps Another 1300 Bitcoin To Coinbase, Kraken & Bitstamp
XRP Price Tanks
At press time, XRP price showed signs of a pullback, falling 6.84% to $0.4502. The Ripple-backed asset’s 24-hour lows and highs are $0.4486 and $0.4833, respectively.
XRP’s Futures OI dipped 10.08% to $547.41 million, coinciding with the price fall. However, the derivatives volume rocketed 86.88% to $1.58 billion. This hinted at an uncertain market sentiment for XRP.
Meanwhile, crypto analyst Dark Defender took to X, spotlighting the cryptocurrency’s turbulency below $0.4623. The analyst states that the volume is currently at a shallow level, indicating a lack of market activity with no selling or buying. This could potentially pave the way for a dip to $0.3917 should XRP close below $0.4623.
Crypto market enthusiasts continue to eye the token for vital shifts ahead.
Also Read: Ethereum Roll-Out EIP-7732 Proposing Major Shift In Block Validation Process, Here’s All
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.
Solana ETF Predictions High, Yet SOL Price Sees Downturn
Telegram CEO’s Post Sparks Hamster Kombat Speculation
Hamster Kombat Sparks Speculations On Airdrop
Arbitrum (ARB) Price Falls to New All-Time Low, What’s Next?
Here’s Why The Bitcoin Price Crashed Below $58,000
Dogecoin Whale Bags 90M Tokens Amid Market Crash, What’s Next For DOGE?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
Terraform Labs Refuses to Pay $5.3 Billion Fine, Says SEC Has No Evidence
CFTC Appoints Dr. Ted Kaouk as First Chief AI Officer
Avalanche (AVAX) Under Pressure: Prolonged Downtrend Next?
TON Foundation’s Plan to Onboard 500 Million Users
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
Terraform Labs Refuses to Pay $5.3 Billion Fine, Says SEC Has No Evidence
CFTC Appoints Dr. Ted Kaouk as First Chief AI Officer
Avalanche (AVAX) Under Pressure: Prolonged Downtrend Next?
TON Foundation’s Plan to Onboard 500 Million Users
-
Blockchain2 months agoHong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
-
Altcoin2 weeks ago
Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
-
Regulation2 months agoTerraform Labs Refuses to Pay $5.3 Billion Fine, Says SEC Has No Evidence
-
Regulation2 months agoCFTC Appoints Dr. Ted Kaouk as First Chief AI Officer
-
Market3 weeks agoAvalanche (AVAX) Under Pressure: Prolonged Downtrend Next?
-
Market2 weeks ago
TON Foundation’s Plan to Onboard 500 Million Users
-
Altcoin2 months ago10 Years Old Dogecoin Stash Sale Leaves DOGE Owner With Million-Dollar Loss
-
NFT3 weeks agoNew And Upcoming NFT Projects
✓ Share: