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Top Crypto News This Week: Blast Airdrop, Trump-Biden Debate

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This week, some major news has captured the attention of crypto investors and enthusiasts alike.

Market watchers expect these developments to substantially impact the decentralized finance (DeFi) sector and the broader crypto industry.

Blast Airdrop Launches

Blast, an Ethereum Layer 2 (L2) network, will launch its long-awaited airdrop next week on June 26. On June 19, the project announced that Blast-based decentralized applications (dApps) must distribute all Blast Gold and Blast Points to users by June 25 to be eligible for the airdrop.

The airdrop will equally divide tokens between users and developers on the network. Fifty percent of the tokens will be allocated to developers through Blast Gold and 50% to users via Blast Points. Users’ allocations will be determined by their wallet balances and activity on dApps.

Users must also sign into the Blast dashboard from an eligible Externally Owned Account (EOA) wallet to qualify for the airdrop. EOAs are non-custodial wallets controlled by a user via a private key.

Users with Points or Gold in their EOAs must sign into the Blast dashboard with that EOA at least once, either by receiving an invite or linking it to an existing account. Users are also reminded to link embedded wallets.

Initially, the airdrop was scheduled for May, but the project delayed its token generation event (TGE) last month. Consequently, it increased users’ airdrop allocations.

Ethena’s ENA Restaking Pools to Launch

Ethena, a synthetic currency protocol based on the Ethereum network, will release its first ENA restaking pools on Symbiotic on June 26. Symbiotic is a newly-launched protocol that enables permissionless restaking.

In its announcement last week, Ethena stated that staked ENA and sUSDE will be the only newly available assets to deposit in Symbiotic in the upcoming epoch. Ethena also detailed rewards for staked ENA in Symbiotic.

“Staked ENA in Symbiotic will receive the following rewards: Ethena 30x per ENA per day, Symbiotic points, Mellow points, and future potential LayerZero RFP allocations (if allocated to Ethena),” the team said.

Read more: What Is Ethena Protocol and its USDe Synthetic Dollar?

GMX Will Start Distributing 5.4 Million Arbitrum (ARB) Tokens as Ecosystem Incentives

The Arbitrum DAO has approved a proposal from GMX, a decentralized exchange (DEX) in the Arbitrum ecosystem, to launch the STIP-Bridge Incentives Program with a 5.4 million ARB grant. These tokens will support the growth of GMX V2 and the Arbitrum DeFi ecosystem. The incentive campaign begins on June 26.

GMX’s STIP-Bridge program includes three incentive categories: Liquidity Incentives for LPs in GM Pools, Trading Incentives offering a 75% fee rebate on GMX V2 markets, and Grants Incentives for developers integrating projects with GMX V2. The campaign runs from June 26 to September 16, 2024.

GMX will distribute the incentives weekly, starting every Wednesday at 00:00 UTC. This initiative aims to enhance liquidity and trading activity on the GMX platform.

Biden vs. Trump Debate and Its Impact on Meme Coins

President Joe Biden and former President Donald Trump are set for a CNN presidential debate on June 27. This event marks the first face-off between a sitting president and a former president since 2020, as Trump skipped the Republican primary debates.

The debate could be a defining moment in the presidential race, featuring two universally known candidates. Unlike previous Biden-Trump debates, this one will have no studio audience.

The results could also impact the price of meme coins related to the two candidates, including TRUMP, MAGA, and BODEN. Historically, statements or campaign moves from these candidates have influenced the price movements of these meme coins.

Optimism and Other Major Token Unlocks

On June 30, Ethereum’s layer 2 Optimism will increase the circulating supply of its native token by releasing 31.34 million OP tokens. These upcoming unlocked tokens are worth approximately $56.73 million. According to TokenUnlocks data, the project will distribute these tokens to investors and core contributors.

Read more: What Is Optimism?

OP Token Unlocks.
OP Token Unlocks. Source: TokenUnlocks

Some members of the crypto community are aware of the potential outcomes of this token unlock. One member cautioned that selling just 5% of the tokens released each month could lead to a substantial decrease of 30-70% in the value of certain assets like OP on major exchanges, as it may cause liquidity issues.

Additionally, some projects will have major token unlocks this week. One notable unlock is AltLayer, which will release 105.21 million ALT tokens. At the current market price, those tokens are worth roughly $20.32 million.

Read this article for further detailed information on major crypto token unlocks this week.

Anticipation Builds for Ethereum ETFs Approval

In addition to these key events, crypto investors and traders are keenly awaiting the approval of spot Ethereum exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC). ETF analysts, including James Seyffart and Eric Balchunas from Bloomberg Intelligence, have affirmed their predictions of July 2 as the “over/under for Ethereum ETFs launch date.”

This increased confidence came after several asset managers, such as Fidelity and Bitwise, updated their S-1 forms. While the SEC has approved the 19b-4 form, issuers still need their S-1 forms approved to begin trading in the market.

This week’s news in the crypto space highlights significant milestones and potential market shifts. Investors and enthusiasts closely watch these events, anticipating their impacts on the market dynamics and broader adoption of cryptocurrencies.

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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Solana Staking Cap Surpasses Ethereum, But Is This Sustainable?

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According to data from StakingRewards, Solana (SOL) has overtaken Ethereum (ETH) in staking market capitalization, reaching $53.15 billion compared to Ethereum’s $53.72 billion. 

This milestone has sparked heated discussions across the social media platform X, raising the question: Is this a turning point for Solana, or merely a short-lived surge?

Solana Outpaces Ethereum As High Staking Yields Prove Appealing

Recent data reveals that 64.86% of Solana‘s total supply is currently staked, delivering an impressive annual percentage yield (APY) of 8.31%. In contrast, Ethereum has only 28.18% of its supply staked, with an APY of 2.98%.

Staking rewards for Solana and Ethereum
Staking rewards for Solana and Ethereum. Source: StakingRewards

This disparity highlights Solana’s growing appeal for investors seeking passive income through staking. Staking market capitalization is calculated by multiplying the total number of staked tokens by their current price. With SOL priced at $138.91 as of this writing, Solana has officially surpassed Ethereum in this metric.

However, Solana’s high staking ratio has sparked some controversy. Critics, such as Dankrad Feist on X, argue that Solana’s lack of a slashing mechanism (or penalties for validator violations) undermines the economic security of its staking model. With its slashing mechanism, Ethereum offers greater security, despite its lower staking ratio.

“It’s very ironic to call it ‘staking’ when there is no slashing. What’s at stake? Solana has close to zero economic security at the moment,” Dankrad Feist shared.

Increased Whale Activity Signals Caution

Meanwhile, recent moves by “whales” (large investors) have further fueled interest in Solana. On April 20, 2025, a whale unstaked 37,803 SOL (worth $5.26 million). Similarly, Galaxy Digital withdrew 606,000 SOL from exchanges over four days (April 15–19, 2025), concluding with 462,000 SOL.

Additionally, on April 17, 2025, a newly created wallet withdrew approximately $5.15 million worth of SOL from the Binance exchange. In the same tone, Binance whales withdrew over 370,000 SOL tokens valued at $52.78 million.

While some whales withdrew their SOL holdings, other large holders accumulated. Janover, a US-listed company, increased its Solana holdings to 163,651.7 SOL (worth $21.2 million) and partnered with Kraken exchange for staking on April 16, 2025.

These actions signal diverging plays from institutional investors and whales, as the Solana price fluctuates around key levels.

SOL Price Analysis: Opportunities and Challenges

As of this writing, SOL was trading at $140.49, up 3.53% in the past 24 hours. Analysts highlight $129 as crucial support for the Solana price, with $144 presenting the key roadblock to overcome before Solana’s upside potential can be realized. Breaking above the aforementioned roadblock could propel SOL toward new highs.

The most important support for SOL is at $129. Source: Ali/X
The most important support for SOL is at $129. Source: Ali/X

Conversely, dropping below the $129 support level could trigger increased selling pressure. Nevertheless, SOL has shown a remarkable recovery, with a 14.34% increase over the past week.

Another factor to consider is the ongoing development of the Solana ecosystem. Key innovations include the QUIC data transfer protocol, the combination of Proof-of-History (PoH) and Proof-of-Stake (PoS), and the diversification of validator clients.

With these, Solana continues to enhance its performance and decentralization. Additionally, the launch of the Solang compiler, compatible with Ethereum’s Solidity, has attracted developers from the Ethereum ecosystem.

BeInCrypto also reported on Solana’s upcoming community conference, otherwise termed Solana Breakpoint. Key announcements from this event could provide further tailwinds for the SOL price.

Nevertheless, despite surpassing Ethereum in staking market capitalization, Solana faces significant challenges. Ethereum benefits from a more mature DeFi ecosystem, greater institutional trust, and enhanced security through its slashing mechanism.

To some, Ethereum’s lower staking ratio (28%) may be a deliberate strategy to reduce network pressure and ensure liquidity for DeFi applications.

In contrast, Solana’s high staking ratio (65%) could limit liquidity within its DeFi ecosystem. This raises the question of whether Solana can strike a balance between staking and the growth of its decentralized applications.

As Solana continues challenging Ethereum’s dominance, the crypto community remains divided. Is Solana’s rise a sustainable breakthrough, or just another wave of hype?

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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Ethereum Price Clings to Support—Upside Break Could Trigger Rally

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Ethereum price started a increase from the $1,550 zone. ETH is now rising and might attempt to recover above the $1,650 resistance.

  • Ethereum started a fresh increase above the $1,580 and $1,600 levels.
  • The price is trading above $1,600 and the 100-hourly Simple Moving Average.
  • There was a break above a connecting bearish trend line with resistance at $1,590 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh increase if it clears the $1,650 resistance zone.

Ethereum Price Eyes Upside Break

Ethereum price remained stable above the $1,500 level and started a fresh increase, like Bitcoin. ETH traded above the $1,550 and $1,600 levels to enter a short-term positive zone.

There was a break above a connecting bearish trend line with resistance at $1,590 on the hourly chart of ETH/USD. The pair even cleared the $1,620 resistance. A high was formed at $1,644 and the price is stable above the 23.6% Fib retracement level of the upward move from the $1,566 swing low to the $1,644 high.

Ethereum price is now trading above $1,600 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $1,640 level. The next key resistance is near the $1,650 level. The first major resistance is near the $1,680 level.

Ethereum Price
Source: ETHUSD on TradingView.com

A clear move above the $1,680 resistance might send the price toward the $1,720 resistance. An upside break above the $1,720 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $1,800 resistance zone or even $1,840 in the near term.

Downside Correction In ETH?

If Ethereum fails to clear the $1,650 resistance, it could start a downside correction. Initial support on the downside is near the $1,620 level. The first major support sits near the $1,605 zone and the 50% Fib retracement level of the upward move from the $1,566 swing low to the $1,644 high.

A clear move below the $1,605 support might push the price toward the $1,580 support. Any more losses might send the price toward the $1,550 support level in the near term. The next key support sits at $1,500.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 zone.

Major Support Level – $1,600

Major Resistance Level – $1,650



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Will Bittensor Surpass Bitcoin as a Store of Value? Expert Predicts

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Barry Silbert, CEO of Digital Currency Group, has stated that Bittensor (TAO) has the potential to outperform Bitcoin (BTC) as a global store of value.

His comments come amid notable growth in the Bittensor network, with its subnet ecosystem market capitalization and the TAO token’s price on the rise.

Will Bittensor’s Decentralized AI Model Outperform Bitcoin’s Legacy? 

In a recent interview with Raoul Pal, Silbert highlighted the growing influence of artificial intelligence (AI) in the crypto sector. According to him, Bittensor is at the forefront of this revolution, representing the “next big era for crypto.”

“You had the Bitcoin and the Ethereum and the NFTs, and you had the layer 2s and DeFi. I think this is the next big investment theme for crypto,” Silbert stated.

He went on to explain that Bittensor shares the same pioneering spirit as early Bitcoin. Still, its purpose extends beyond financial sovereignty.

“The boldest prediction that I could make for Bittensor is it could be a better version of Bitcoin as a global store of value,” he claimed.

He argued that instead of the $10 to $12 billion spent annually to secure the Bitcoin network, that same amount could be redirected toward incentivizing a global network of individuals working to solve major world problems. He envisions this money fostering innovation on a massive scale, with the potential to grow into a multi-billion-dollar ecosystem. 

While acknowledging the value of securing the Bitcoin network, Silbert emphasized that Bittensor’s potential lies in its ability to harness this vast financial backing to address real-world challenges

He noted that Bittensor operates on a similar economic model to Bitcoin, with halving mechanisms and decentralization, positioning it as a powerful contender in the quest for a more impactful and value-driven global network.

Silbert also noted that while plenty of decentralized AI projects have emerged, Bittensor has set itself apart. He referred to it as having reached “escape velocity.” This term is used to convey a project’s rapid growth and increasing market influence.

“99.9% of crypto tokens that are out there have no reason to exist and are worthless,” he added.

Market data reflects the growing enthusiasm for Bittensor. Notably, amid the ongoing volatility, TAO has fared well in comparison to the broader market, rising 32.1% in the last week. At press time, the altcoin was trading at $328, up 7.2% over the past day.

TAO Price Performance
TAO Price Performance. Source: BeInCrypto

Additionally, TAO is currently the top trending cryptocurrency on CoinGecko, underlining its rising popularity among investors. Google Trends data further proves the growing interest in Bittensor. The search volume peaked at 100 at the time of writing. 

Meanwhile, the Bittensor ecosystem is also seeing notable progress. The latest data indicated that the market capitalization of Bittensor’s subnet tokens more than doubled in April 2025. 

Bittensor Subnet Market Cap
Bittensor Subnet Market Cap. Source: Backprop Finance

It increased by 166%, rising from $181 million at the beginning of April to $481 million at press time. As reported by BeInCrypto, this growth follows a tripling of active subnets over the past year. 

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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