weekly crypto summary

Solana ETF in the US and Canada. The narrative for positive market sentiment?

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We have brought together the past week’s most exciting events in this Good Crypto digest. If you want these updates as soon as we post them, follow us on Twitter.

quick weekly news

secrets of the Hamster Kombat virality

Hamster Kombat is a viral Tap-2-Earn management simulation game. It single-handedly holds the №1 spot at the top of Telegram-based crypto games with a total of 60М+ active users according to KuCoin. In addition to that the Hamster Kombat team recently announced on X (formerly Twitter) that they have successfully acquired 200M users for their app! Considering such results were achieved in just 3 months, it’s not steady growth, it’s an explosion!

Hamster Kombat’s presence on social media platforms was a key factor in their virality phenomenon. Let’s wrap up what they’ve managed to achieve in such a short period:

  • third-fastest app in history to onboard and surpass 150 million users!
  • close to 50 million subscribers in the Announcement channel on Telegram!
  • over 10 million subscribers joined Hamster Kombat’s YouTube channel in just six days!
  • over 22 million YouTube subscribers three weeks after its launch. The announcement of outpacing MrBeast’s subscription metrics, the world’s biggest YouTube channel, gives Hamster Kombat a strong chance of securing a Guinness World Record!

In the game, players start as bald hamsters who have just signed a contract as the CEO of a cryptocurrency exchange. A combination of the easy and engaging process of earning rewards and a genius marketing approach led to super-fast user base growth.

Hamster Kombat is planning to launch its ecosystem, including onchain assets, on a TON blockchain. Seamless Telegram integration allowed users to effortlessly join the game via a Telegram bot with no need for extra downloads or complicated setups. It’s never been easier for newbies to start their journey in the crypto world. Players continue to put their time and effort into earning in-game currency with anticipation of a $HMSTR (Hamster Kombat token) potential airdrop. Performance-based token distribution motivates users to spend more time in the app completing tasks to earn more coins. TGE is expected to take place in July 2024.

Solana ETF in the US and Canada. The narrative for positive market sentiment?

Asset management firm VanEck has submitted an S-1 registration form to the SEC for a Solana (SOL) exchange-traded fund (ETF). As a result, at the time SOL’s trading value had increased by 7,5%. However, due to a short-term lack of narrative and liquidity in the market, often related to seasonality, Solana lost momentum.

Matthew Sigel, VanEck’s Head of Digital Assets Research, stated: “We think this combination of high throughput, low fees, robust security, and a strong community vibe makes Solana an attractive option for an exchange-traded fund, offering investors exposure to a versatile and innovative open-source ecosystem.”

Can Solana be considered a commodity like Bitcoin?

Only time will reveal whether Solana can be considered a commodity like Bitcoin. However, the approval of a spot Ethereum ETF in the U.S. will be viewed as a significant regulatory relief for the crypto sector and raise expectations for SOL.

The SEC had previously approved the first BTC ETF in February. It seems that an ETH ETF may soon follow.

Similar to 3iQ and VanEck, which were the first to register Solana ETF in Canada and the US respectively, 21Shares files for SOL ETF in the US just a day after VanEck.This marks the second registration of a Solana ETF in the United States, coming just a week after a similar product was launched in Canada.

Ethereum Foundation email hack. Phishing scam emails were sent to nearly 36К addresses

The Ethereum Foundation’s official ‘update’ email account was compromised and used to send out a phishing scam on June 23, the foundation member Tim Beiko revealed on X the same day. 

Since then, the foundation has regained control of the account and stopped the spread of malicious emails. Ethereum Foundation has already addressed the situation on July 2, on their blog.

Ethereum Foundation email phishing attack details:

  • A hacker gained unauthorized access to the Ethereum Foundation’s email server and sent scam emails to 35,794 email addresses. 
  • Individuals received phishing emails from the compromised official foundation’s email address (updates@blog.ethereum.org). 
  • Recipients of the scam emails were offered a scam LidoDAO staking, with a 6.8% APY on staking Ethereum. A hacker used a fake partnership announcement to bait users into clicking a malicious link and approving a fraudulent transaction.
  • The Foundation quickly reacted to the situation and prevented any further phishing scam attempts. As a result, no funds were lost.

SEC vs. Binance: cryptocurrency not securities – court

In a significant victory for the cryptocurrency industry, a federal court has ruled that crypto tokens are not securities. The U.S. federal court rejects several of the SEC’s claims against the world’s largest cryptocurrency exchange by volume, according to a July 2 announcement by Binance. 

The court has ruled that cryptocurrencies, including Binance’s BNB token, are not securities. This decision may be a turning point in the ongoing conflict between regulatory bodies and the ever-changing crypto market. This monumental victory for Binance also impacts the entire crypto community, potentially influencing other ongoing legal battles in the sector.

Cryptocurrencies and secondary sales of BNB do not constitute securities offerings, according to Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia. The court also dismissed the SEC’s argument that Binance’s fiat-backed stablecoin, BUSD, classifies as an investment contract. 

Furthermore, the ruling criticized the SEC’s approach, stating that it complicated the issues and ignored Supreme Court precedent: “The court found that the SEC’s approach muddied the issues and ignored controlling United States Supreme Court precedent. The court also emphasized that the focus should be on whether the circumstances surrounding each transaction render it a securities transaction.”

unveiling the power of Volume Profile indicator

volume profile digest

The Volume Profile indicator in crypto trading is your radar for where the action is happening! It goes beyond mere price fluctuations by revealing where traders are most active at specific price levels over any chosen timeframe. Picture it as a dynamic heatmap that highlights the intensity of trading volumes, showing you where the market is buzzing with action and where it’s cooling off.

By studying these volume profiles, you gain crucial insights into market liquidity and investor sentiment. You can identify strong support and resistance zones based on where significant trading volumes cluster, helping you anticipate potential price reversals or breakout opportunities. Whether you’re fine-tuning your trading strategy or exploring new trends, mastering the Volume Profile empowers you to navigate crypto markets with confidence and precision.

Dive deeper into this indicator with our comprehensive guide.

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top crypto meme of the week

crypto meme

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July 4, 2024

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