Altcoin
PancakeSwap Opens Claim For 2.4M ZK Tokens As zkSync Denies Insider Minting
PancakeSwap, a major decentralized exchange, has unveiled plans to distribute over 2.4 million zkSync (ZK) tokens to its community. This significant airdrop comes at a sensitive time for the zkSync ecosystem, coinciding with recent allegations against Matter Labs, zkSync’s developer. The airdrop aims to reward PancakeSwap’s users and increase platform engagement, but its timing has drawn attention due to the ongoing controversy surrounding zkSync.
PancakeSwap’s ZK Token Airdrop Amid zkSync Controversy
PancakeSwap, a leading multichain decentralized exchange, has announced a major community reward program set to begin on July 5 at 10:30 am UTC. The initiative will distribute 2,452,128 zkSync (ZK) tokens to its community members over a one-month period, ending on August 5. This airdrop comes as a gesture of appreciation for the community’s support of PancakeSwap’s zkSync deployment since July 2023. The timing is notable, as it coincides with recent controversy surrounding zkSync’s developer, Matter Labs.
Matter Labs recently faced accusations of “insider minting” related to its Libertas Omnibus NFTs. These claims, initially raised by blockchain research firm SoEasy on June 17, suggested improper distribution of NFTs to ineligible insiders. However, Matter Labs has strongly denied these allegations.
PancakeSwap’s airdrop follows significant milestones for the platform, including surpassing $3 billion in trading volume, $5 million in total value locked (TVL), and attracting over 1.9 million traders. The distribution is designed to reward both past and future contributors, as well as vote-escrowed Cake (veCAKE) holders.
Eligibility for the airdrop extends to active users who have contributed through trading, liquidity provision, and participation in previous zkSync initiatives. Future contributors who provide liquidity and trade on zkSync PancakeSwap will also be included, aiming to stimulate further platform growth.
At the time of publication, the airdrop is available to veCAKE holders and past contributors. Eligible users can claim their ZK tokens by connecting their wallet to the PancakeSwap platform homepage and following the provided instructions. Any unclaimed tokens will be redirected to support future PancakeSwap ecosystem development and community initiatives.
This airdrop represents a significant move by PancakeSwap to reward its community and potentially boost engagement, particularly in light of the recent controversies surrounding zkSync. It also highlights the ongoing competition and innovation in the decentralized finance space.
Also Read: Whale Continues XRP Selling Streak, $0.42 Becomes Major Resistance Level
Market Impact and ZK Token Performance
The ZK token has faced significant price pressure in recent weeks. Last month, it experienced a 5% drop following a $113 million token airdrop. Since its listing on major exchanges, numerous sell-offs have occurred, negatively impacting the token’s value.
As of the latest report, ZK is trading at $0.1495, with a 24-hour trading volume of $346,751,351. This represents a 7.43% price decline in the last 24 hours and a 7.55% decline over the past week. With a circulating supply of 3.7 billion ZK, the token’s market capitalization stands at $546.9 million.
The crypto community is now speculating on how PancakeSwap’s recent airdrop might affect ZK’s price, given its recent volatile performance and the ongoing controversy surrounding zkSync.
Also Read: Leading Telecom Company Taiwan Mobile Gets Crypto Exchange License
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.
Burger King is joining ranks with other leading brands to dabble in digital assets, hinting at a coin launch. According to a post on micro-blogging platform X, the fast-food chain may be inching toward the launch of Burger Coin.
Burger King Hints At Burger Koin Launch
Global fast-food chain Burger King has hinted at the potential launch of a cryptocurrency, joining the league of brands with native digital assets. The UK arm of the fast-food chain teased Burger Koin in an X post, seeking community opinion for the coin.
“Shall we make a crypto burger coin called Burger Koin?” wrote Burger King on X.
The tweet has triggered widespread reaction across the cryptoverse, fuelling speculation for an imminent launch. Burger King’s tweet comes in the middle of a jarring market correction, with assets shedding their values.
While the tweet did not share further details, pundits are speculating over the direction of Burger Koin. A majority of analysts say Burger King’s crypto will come retrofitted with utility for holders. Burger Koin may be used for governance use cases, allowing holders to vote on new recipes while offering discounts and staking functionalities.
Since the tweet went live, several copycat tokens have garnered steam in the absence of further statements by the fast-food chain
Burger Koin May Operate As A Memecoin
Chances are that Burger King’s Burger Koin may take the form of a memecoin if the fast-food chain proceeds to launch. Pundits say that a memecoin with a streak of utility will be the best option for Burger Coin, given its vibrant community.
The recent declaration by the US SEC that memecoins are not securities may play a role in Burger King’s choice. Back in 2017, the Russian arm of the fast-food chain launched WhooperCoin as a part of a loyalty program for customers.
Burger King is no stranger to digital assets as it partnered with Robinhood to give out Dogecoin (DOGE) via sweepstakes. The fast-food chain has dabbled with NFTs after its brush with memecoins. Despite their soaring popularity Cathie Woods says memecoins will be worthless in the future since they have no intrinsic value.
Aliyu Pokima
Disclaimer: 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 negative sentiment in the digital currency ecosystem is finally reflected in the Pepe Coin market. According to Lookonchain’s update, one of the memecoin’s whales has initiated a massive selloff. This selloff has further compounded the bearish outlook of the token, further dampening the outlook around the memecoin.
PEPE Whale Selloff, Key Implications
Per the Lookonchain update on X, the PEPE OG sold 150,000,000,000 tokens worth over $1.14 million in early trading. The analytics platform noted that this OG entered the PEPE market earlier. The whale reportedly spent only $2,184 to buy 1.5 trillion PEPE, valued at over $43 million at the peak.
This whale has sold off 1.02 trillion PEPE thus far for $6.66 million. Onchain records show he still has 493 billion PEPE of the original stash. This leftover is worth $3.64 million, representing a total profit of $10.3 million or 4,718x.
A $PEPE OG sold 150B $PEPE($1.14M) again 5 hours ago.
This OG spent only $2,184 to buy 1.5T $PEPE($43M at the peak) in the early stage.
He sold 1.02T $PEPE for $6.66M, leaving 493B $PEPE($3.64M), with a total profit of $10.3M(4,718x).https://t.co/tyzLr10sGj pic.twitter.com/FD6fFpyqCi
— Lookonchain (@lookonchain) March 29, 2025
Whales selling off an asset is typically not a vote of confidence for the digital currency. This selloff is not uncommon to memecoins, and for PEPE, this may further dampen the negative outlook of the token.
PEPE Coin Price Outlook
Earlier this week, CoinGape reported a 500 billion PEPE accumulation by a whale, a move that many hoped could push the price up. However, the reverse is the case as Pepe Coin price is currently trading for $0.0000073, down 5.57% in past 24 hours.
Despite the broader market downturn, PEPE has come off as one of the biggest losers overall. Per the current setup, the token moved from a 24-hour high of $0.00000787 to its current price. While the token has maintained a marginal growth of 0.54% in the past 7-days, it has registered a 62% drawdown Year-to-Date (YTD).
It remains unknown how the current PEPE Coin outlook will play out. However, a halt in whale selloffs and a shift in the broader memecoin market fundamentals might fuel its recovery.
Crypto Market and Memecoin Rebound
The broader crypto market is down today, facing negative pressures from the economic uncertainty in the broader financial market.
Bitcoin has continued to weigh the altcoins down, explaining the PEPE-correlated selloff. Assets in the memecoin market, like Dogecoin and Shiba Inu, have also been down 5.58% and 3.3% in the past 24 hours.
With the weekend volatility, top assets might see more price drawdowns overall. Analysts are optimistic about BTC’s future recovery, which can have a ripple effect on the broader market.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: 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.
Nearly a week ago, Donald Trump’s World Liberty Financial (WLFI) annnounced the launch of the USD1 stablecoin but the absence of a listing date continues to stump investors. However, an analyst says the stablecoin will make its debut on exchanges as early as April 1, baring any delays to stablecoin regulation in the US.
Expert Says USD1 Stablecoin Will List On April 1
Pseudonymous crypto analyst xHuai.eth took to X to predict a potential listing date for WLFI’s USD1 stablecoin. According to the analyst, the USD1 stablecoin may be available for trading as early as April 1 in line with industry conventions.
The analsyt disclosed that stablecoins are typically listed on exchanges within days of the annnouncement. WLFI announced the launch of the USD1 stablecoin on March 25 issued on Ethereum and Binance Smart Chain.
xHuai.eth disclosed that stablecoin listings on exchanges hinge on the completion of necessary technical steps. From the announcement, tapping Ehtereum, Binance Smart Chain, and Bitgo for custodial service indicates a completion of the technical steps.
Furthermore, xHuai.eth says that WLFI will be pressured to speed up listing processes to compete with USDT and USDC.
“With the announcement on March 25, the timeframe of March 31 to April 5 is reasonable,” said xHuai.eth. “April 1 is the most feasible date if there are no delays.”
Stablecoin Regulations May Affect The Listing Process
According to xHuai.eth’s analysis, incoming stablecoin regulation in the US will play a role in the USD1 stablecoin listing. The WLFI has previously mentioned that the launch on exchanges hinges on “regulatory approval” for stablecoins.
The US is hurtling toward stablecoin regulations with the GENIUS Act and STABLE Act piquing the interest of the White House. With authorities keen on expediting the passage of regulations, xHuai.eth argues the WLFI will move to list the USD1 stablecoin.
However, a delay in the regulatory process could lead to listing in late April, a scenario that xHuai.eth sees as unlikely. Authorities expect stablecoin regulation to go live in the US within two months driven by full support from the executive arm.
Following the release of the full draft of the STABLE Act, Sonic Labs is abandoning plans for an algorithmic stablecoin. Other issuers are positioning themselves to spearhead the government plans to maintain the dollar’s supremacy using stablecoins.
Aliyu Pokima
Disclaimer: 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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