Altcoin
Security Breach Triggers Network Shutdown, TAO Token In Freefall
The Bittensor team detected suspicious activity on Wednesday morning, prompting an immediate suspension of all network operations. Blockchain explorers confirm that no new blocks have been generated for over six hours, effectively putting the network in “safe mode” and blocking all transactions.
This swift action was taken as a precautionary measure to prevent potential further damage. The market responded quickly to the news, with the Bittensor (TAO) price experiencing a significant 12% drop, reflecting investor concerns about the network’s security.
Network Security Breach, Investigation and Community Response
While official details remain limited, early reports suggest the attack may have involved unauthorized access to user wallets. Security researcher ZachXBT has proposed that a leak of private keys, which function as passwords to crypto wallets, might be the root cause. Bittensor co-founder Ala Shaabana confirmed the network halt and assured users that the situation is under control, stating that the attack has been contained.
The Bittensor community on Discord is actively discussing the situation, with a moderator named “Watchmaker” confirming that the network will remain in “safe mode” for at least 24 hours while the investigation continues. As an additional precaution, regular software updates have been temporarily suspended until the network is fully restored and secured.
Also Read: Mantra Chain Announces $500M Real Estate Tokenization Deal With Dubai’s MAG Group
Market Impact and Token Performance
The security breach has had a significant impact on the Bittensor ecosystem, particularly its native token, TAO. In the 24 hours following the incident, TAO’s price fell sharply by more than 12%, dropping from $281.67 to $237.32. This however has continued the 16.50% price decline over the past week. Amidst the chaos the open interest of TAO has surged by 16.38% and a current valuation of $36.4 million.
At the time of reporting, TAO’s price stands at $237.45, with a 24-hour trading volume of $84.8 Million. The circulating supply of TAO is currently 7 Million tokens. These market movements reflect the uncertainty surrounding the network’s security and the potential long-term implications of the breach. As the investigation progresses and more information becomes available, it’s likely that the market will continue to react to developments in this ongoing situation.
Also Read: $TEA Memecoin Shows Record Presale, Generating $3.4M in Just 10 Minutes
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.
Tron Network’s active user base has continued to grow, demonstrating resilience amidst market uncertainties.
Tron Network Less Perplexed by Broad Market Uncertainties
According to Ben Sizelove, an analyst at CryptoQuant, the Tron Network user base has increased since the beginning of this year.
It has also reportedly maintained near all-time high (ATH) levels even in the presence of market uncertainty and the selling pressure that is currently hitting the broader crypto market. He linked the continuous growth of the Tron Network and its user base to the unique applications across the TRON ecosystem such as payments, stablecoins, and real-world assets.
$TRON Network Maintains Resilient User Base Amid Market Uncertainty
“@trondao has exhibited a resilient user base as active users have grown since the start of the year and maintained near all-time high levels despite market uncertainty and sell pressure across the broader… pic.twitter.com/LJBfdXixvU
— CryptoQuant.com (@cryptoquant_com) July 5, 2024
Sizelove stated that these allowed the network to retain and grow its user base as the other networks struggle to find their footing. In terms of price, TRX is also on the resilient side. The coin has seen some value plunge but not to the level of Bitcoin (BTC), Ethereum (ETH) and other digital assets.
At the time of this writing, TRX was trading at $0.1272 with only a 0.45% decrease within the last 24 hours. This is unlike the other digital currencies that have registered between 10-12% drop in their value amidst intense market volatility.
The expectation of crypto enthusiasts is that TRX find support at $0.14 very soon. The resilience of active users may serve as the catalyst that the ecosystem requires to reach unprecedented levels.
Other Crypto Records Huge Losses
Noteworthy, most crypto networks are currently faced with negative sentiment, triggered by BTC selling pressure. Investors are suddenly more interested in liquidating their positions in the market; both long and short. The selling pressure is contributed by several factors including the frequency sales of Bitcoin by the German government and the United States government.
Additionally, defunct cryptocurrency exchange Mt.Gox finally decided to start paying off customers who were affected in its 2014 crash. To this end, the firm is releasing $9 billion in Bitcoin and Bitcoin Cash to the broader crypto market. This huge dump which has commenced already, is fueling selling pressure and ultimately, a gradual drop in BTC price.
Other digital currencies have been affected by the market performance of Bitcoin as is expected. However, Tron TRX and a few others are keeping the market alive with their remaining good metrics.
Read More: Will Terra Classic Price Lose $0.00006 Support Amid Market Sell-off?
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.
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.
In an unprecedented turn of events, Pepe coin has raised severe investor concerns by showing signs of a price correction today, July 5. Recent on-chain data indicated that over 1 trillion PEPE was dumped to exchanges amid a nearly 12% dip in the value of the frog-themed meme coin.
The emergence of these massive dumps amid a bearish crypto market has made market sentiments take a paradigm shift. Notably, speculations that Pepe coin has potentially topped have pushed traders and investors onto a hot seat, further aligning with the massive exchange dump.
So, let’s dive deeper into the current market stats of the third-largest meme coin by market and what it indicates for future price movements.
Colossal Exchange Dumps Ignite Bearish Sentiments
According to the on-chain data offered by ‘The Data Nerd,’ a transaction tracker, $1.02 trillion PEPE was collectively dumped to a crypto exchange by two whales today.
The whale address 0xf22 deposited 435 billion PEPE, worth $3.86 million, to Binance, one of the leading CEXs. If sold at the current price, the whale will suffer a loss of $1.21 million.
Simultaneously, the market maker Wintermute deposited and sold a whopping 593.6 billion PEPE for $4.61 million. This massive selloff has presented Pepe coin with increased selling pressure.
Collectively, these massive transfers to exchanges have stirred a whirlpool of bearish market sentiments, underscoring loss in the market’s confidence surrounding the asset’s future potential.
Meanwhile, Pepe coin continued to trade dominantly in the red territory.
Also Read: Justin Sun Faces $66M Loss As Ethereum Records 10% Fall, Here’s Why
PEPE Price Plummets
At press time, PEPE’s price saw a 12.03% dip in value to $0.000008304. It’s 24-hour bottoms and tops are $0.000007724 and $0.00000963, respectively. The weekly crash, a fall of nearly 33%, saw PEPE regaining a zero in its value after shedding it amid this year’s bull cycle. This momentum has pushed the token to take a bearish stage.
It’s worth mentioning that while this price drop aligns with the broader market trend, Pepe coin has surged unprecedently amid this year’s bull cycle, defying broader market trends and sentiments. This could mean that Pepe coin’s long-due correction has finally taken place.
However, CoinGape Media spotlighted PEPE’s nearest resistance point at $0.000009, hinting that a potential market recovery could witness PEPE scaling this level, paving the road for further gains.
Collectively, the abovementioned data hints at uncertain market sentiments over the future price action of the frog-themed meme coin.
Also, the RSI rested around 31, hinting that further downside pressure might propel an entry into the oversold territory. Should this happen, chances are Pepe coin could witness a potential price rebound.
Nonetheless, crypto market participants extensively eye the token for further price shifts, given the volatility of the crypto realm.
Also Read: Coinbase, MicroStrategy & Bitcoin Miners Stocks Extend Losses Ahead US Job Data
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.
Will Fetch.Ai’s (FET) Price Rise Ahead of Transitioning Into ASI?
Nigerian Kucoin users to pay 7.5% VAT on all transactions
Tron Network Display Active User Resilience Amid Price Onslaught
UFC Star Khamzat Chimaev Accused of Crypto Insider Trading
Will LayerZero (ZRO) Price Concede to Rising Selling Pressure?
Celsius, KeyFi Reach Agreement in Fraud Case
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
CFTC Appoints Dr. Ted Kaouk as First Chief AI Officer
TON Foundation’s Plan to Onboard 500 Million Users
Terraform Labs Refuses to Pay $5.3 Billion Fine, Says SEC Has No Evidence
Avalanche (AVAX) Under Pressure: Prolonged Downtrend Next?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
CFTC Appoints Dr. Ted Kaouk as First Chief AI Officer
TON Foundation’s Plan to Onboard 500 Million Users
Terraform Labs Refuses to Pay $5.3 Billion Fine, Says SEC Has No Evidence
Avalanche (AVAX) Under Pressure: Prolonged Downtrend Next?
-
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 agoCFTC Appoints Dr. Ted Kaouk as First Chief AI Officer
-
Market2 weeks ago
TON Foundation’s Plan to Onboard 500 Million Users
-
Regulation2 months agoTerraform Labs Refuses to Pay $5.3 Billion Fine, Says SEC Has No Evidence
-
Market3 weeks agoAvalanche (AVAX) Under Pressure: Prolonged Downtrend Next?
-
Altcoin2 weeks ago2.52 Million Altcoins Are Ruining Crypto’s Future
-
NFT3 weeks agoNew And Upcoming NFT Projects
✓ Share: