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Hamster Kombat TGE & Airdrop, and More

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The crypto market was abuzz this week with a series of big events. Among them were Telegram’s CEO facing legal challenges in France, the TON blockchain experiencing technical disruptions, and the scheduling of the long-awaited Hamster Kombat Token Generation Event (TGE) taking place.

These developments have drawn the attention of crypto investors and traders.

Concerns Over Bitcoin’s Centralization Amid Mining Power Consolidation

The crypto community is increasingly worried about Bitcoin’s centralization, fearing it might undermine the principles that made it revolutionary. Data from BTC.com reveals that two mining pools, Foundry USA and AntPool, now control approximately 57% of Bitcoin’s total network hashrate. This concentration of power is alarming, as it could lead to potential censorship and a shift away from Bitcoin’s decentralized ethos.

Foundry USA, owned by Digital Currency Group, aligns with US interests, while AntPool, operated by China’s Bitmain Technologies, represents Chinese influence. This geopolitical divide has sparked debates on the future of Bitcoin, especially as the rivalry between these mining giants intensifies.

Read more: Liquid Bitcoin Hashrate Protocol: A Guide to Mining Bitcoin With NFTs

Bitcoin mining pools allow individual miners to combine their computational power, increasing their chances of successfully mining a block. However, the growing dominance of a few large pools raises concerns about the centralization of mining power and its implications for Bitcoin’s decentralization.

Tokenized Real-World Assets Market Surpasses $10 Billion

The tokenized real-world assets (RWAs) market has reached a significant milestone, surpassing $10.9 billion. This growth, driven by strong demand for private loans and US Treasury debt, represents a $2 billion increase since the beginning of the year.

The tokenized US Treasury market has experienced substantial growth. Its total value expanded from $726.23 million to $2.07 billion in 2024.

Tokenized Treasury Total Market Capitalization.
Tokenized Treasury Total Market Capitalization. Source: rwa.xyz

Tokenized RWAs offer advantages such as greater liquidity, easier asset transfers, and enhanced regulatory compliance through smart contracts. However, the sector faces challenges that include establishing the legitimacy of tokens, ensuring their legal acceptance in courts, and securing smart contracts. Addressing these challenges is essential for tokenized RWAs to achieve widespread adoption.

Viral Telegram Game Hamster Kombat’s TGE Set for September 26

Hamster Kombat, a tap-to-earn game on Telegram, has announced that its Token Generation Event (TGE) and airdrop will occur on September 26. Touted as one of the largest in crypto history, this airdrop will allocate 60% of its volume to players, with the remainder used to enhance market liquidity and develop the game’s ecosystem.

The airdrop was initially scheduled for July but was postponed due to operational challenges. The Hamster Kombat team has since worked closely with the TON ecosystem to ensure a smooth event.

Major exchanges such as Bitget, Bybit, Gate.io, and KuCoin have already listed the HMSTR token for pre-market trading, sparking significant interest before the TGE. 

Furthermore, the development team plans to launch Season 2 of Hamster Kombat. In this phase, they aim to introduce new features to keep players engaged and attract new users.

“This begins the transformation of Hamster Kombat from a game into a gaming platform, similar to how Valve moved on from launching cult-status games to Steam, the largest game marketplace for PCs,” the team shared with BeInCrypto in an email.

Toncoin Experienced Slight Surge Post-Pavel Durov’s Release 

Telegram CEO Pavel Durov was released from custody on August 28 following a four-day detention in France. Durov is under judicial supervision, required to post a €5 million (approximately $5.50 million) bond, and barred from leaving the country.

BeInCrypto reported that French authorities arrested Durov on August 24 at Le Bourget airport near Paris on multiple charges. These charges included facilitating drug trafficking, organized fraud, and distributing pornographic content involving minors. They also cited his refusal to cooperate with law enforcement, withholding critical information necessary for legal investigations.

Following his release, Toncoin, the native token of The Open Network (TON) blockchain, which is closely associated with Telegram, saw a significant price surge. The token’s value jumped 8.3% within just 20 minutes.

TON Blockchain Faces Technical Challenges Amid Network Outages

TON blockchain faced significant technical challenges this week, leading to multiple outages. On August 27, the network stopped producing blocks for approximately seven hours, resuming normal operations the next day. However, another disruption occurred, causing further delays.

These outages were attributed to an overwhelming influx of transactions related to the newly launched DOGS meme coin. The TON Blockchain team has assured users that their assets are not at risk and is working on solutions to prevent future disruptions.

According to Tonscan data, TON blockchain has resumed normal operations at the time of writing. Despite the resolution, the outages have raised concerns about the network’s ability to handle surges in activity.

DOGS Meme Coin Faces Market Volatility Post-TGE

The DOGS meme coin debuted on Telegram and experienced a dramatic 25% drop shortly after listing on major exchanges. This sharp decline has sparked mixed reactions among airdrop recipients, with some celebrating their free tokens while others express disappointment over the listing price.

Despite this volatility, DOGS maintains a market capitalization of over $614 million, securing its place among the top 100 crypto assets. The meme coin currently operates on the TON blockchain. It offers utility within the Telegram ecosystem, rewarding long-standing and active users based on their account age and activity.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

Looking ahead, the DOGS team plans to introduce additional features, including mintable meme stickers and customizable content, which could help stabilize the coin’s value and expand its utility within the Telegram ecosystem.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Polymarket Faces Ban in France as US Election Betting Ends

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According to a report from The Big Whale, the National Gaming Authority (ANJ), France’s gambling regulator, is preparing to block the prediction markets platform Polymarket.

Polymarket, the decentralized platform that allows users to bet on the outcome of political events, sports, and other occurrences using cryptocurrency, has gained popularity in recent months, especially with bets surrounding the US presidential election. More than $3.2 billion was reportedly wagered on the platform during this high-stakes period, with a record-breaking $294 million in volume on November 5 alone.

France Users May No Longer Access Polymarket

According to The Big Whale, a French website that covers the crypto industry, the ANJ’s impending ban comes after a French trader placed a $30 million bet on a Trump victory, reportedly attracting the regulator’s scrutiny.

The trader’s wager positioned him to make approximately $19 million in profits, a sum that has intensified concerns over Polymarket’s compliance with French gambling laws. A source close to the ANJ stated that despite Polymarket’s use of blockchain and cryptocurrency, its activities are akin to gambling, making it subject to restrictions under French law.

“We are aware of this site and we are currently examining its operation as well as its compliance with French gambling legislation,” The Big Whale reported, citing an ANJ spokesperson.

Read more: What is Polymarket? A Guide to The Popular Prediction Market

 Legal expert William O’Rorke from ORWL Avocats explained that although Polymarket does not specifically target French users, its activities fall squarely under gambling regulations.

“Polymarket involves betting money on uncertain outcomes, which aligns with the legal definition of gambling,” O’Rorke noted.

Against this backdrop, the ANJ is well within its mandate to block the platform’s access in France. Accordingly, the French regulator may enforce the ban by blocking Polymarket’s domain name in France. It amy also pressure third-party players, like media outlets and online directories, to limit access to Polymarket links.

However, French users may still circumvent this by using virtual private networks (VPNs). This is because Polymarket’s crypto-based infrastructure allows for relatively anonymous participation.

France’s looming ban is not the first regulatory roadblock Polymarket has encountered. In 2022, the US Commodity Futures Trading Commission (CFTC) fined Polymarket $1.4 million for failing to register as a designated contract market. The CFTC also challenged Kalshi’s operations due to questions about betting on political events.

Polymarket’s Fate After US Elections

Meanwhile, the US election was a significant catalyst for Polymarket. It drove the platform to new heights in user engagement and bet volume. Polymarket’s election-related markets have been featured on major financial platforms, including Bloomberg, highlighting the platform’s appeal to mainstream finance.

As BeInCrypto reported, Polymarket’s election betting topped $3 billion, reflecting unprecedented participation. The platform, however, faces a crossroads in its path forward. Following the climax of the US election on Wednesday, data from Dune Analytics shows a steep decline in Polymarket’s activity.

Daily active addresses and transaction volumes, which soared in the election lead-up, have notably dwindled as election-related betting winds down. For instance, Polymarket’s open interest, a key indicator of active betting engagement, dropped from $350 million to $268 million after the polls closed. Similarly, monthly new accounts have also dropped by over 41% between October and November.

Polymarket Monthly New Accounts
Polymarket Monthly New Accounts. Source: Dune

Against this backdrop, Polymarket may need to diversify its market offerings or potentially embrace a new model to maintain user interest. This is considering election-related activity comprised the majority of the prediction market’s volume.

Rumors are circulating about a potential move toward a decentralized governance token, which could distribute control over Polymarket’s operations to its community. This shift would reduce the liability of the central authority by decentralizing decision-making, though it remains theoretical, with no clear timeline.

Read More: How To Use Polymarket In The United States: Step-by-Step Guide

Polymarket’s fast ascent and regulatory challenges highlight broader industry tensions between innovation and compliance. With election predictions no longer a draw and an impending ban in France, Polymarket’s future remains uncertain.

Its long-term viability may depend on how well it adapts to evolving regulatory landscapes and whether it can maintain popularity beyond election season peaks.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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XRP Price Ready to Rally? Signs Point to a Bullish Move

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Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.



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Solana (SOL) Rallies Strongly, Setting Sights on $200

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Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.

  • SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
  • The price is now trading above $172 and the 100-hourly simple moving average.
  • There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
  • The pair could continue to rise if it clears the $192 resistance zone.

Solana Price Starts Fresh Rally

Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.

There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.

Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.

Solana Price

The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.

Another Dip in SOL?

If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.

A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $188 and $185.

Major Resistance Levels – $192 and $200.



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