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This week has brought numerous events and news shaping the blockchain industry. Let’s review the most important and noteworthy ones in this weekly digest. If you’d like to stay updated on the crypto market, follow us on Twitter.
quick weekly news
Trader turns $1K into $750K trading Tron memecoin SunWukong
An anonymous trader made an unbelievable 750x return on a trade involving the Tron-based memecoin, SunWukong. Initially, they invested around $1,000, growing their holdings to over $750K at the peak in less than 12 hours. This was confirmed by the blockchain analytics platform, Arkham Intelligence, which reported that the trader purchased over 43.8M $SUNWUKONG for $997. These extraordinary returns were largely driven by Justin Sun himself, who on August 21, 2024, changed his profile photo to Sun Wukong, a character from the newly released Chinese game Black Myth: Wukong.
Source: Tronscan
As of August 22, 2024, the trader’s holdings are valued at approximately $487K, down 35% from the peak, but they haven’t sold any $SUNWUKONG yet. Meanwhile, their other holding, Buffett’s Dinner DAO (BDD) token, is valued at around $1.3K and is currently trading at -19.21%, according to DEX Screener data.
Crypto firms contributed 48% of all corporate political donations in 2024
Public Citizen, a consumer advocacy organization, recently released a report detailing how donations from Web3 firms could influence the 2024 U.S. elections. The report highlights that crypto companies have contributed over $119 million, primarily to non-partisan super PACs like Fairshake, which support pro-crypto candidates and oppose anti-crypto ones.
Souce: Public Citizen
According to Public Citizen’s infographic, these contributions account for approximately 48% of all donations from U.S. corporations in 2024. Notably, $108 million of the total came from major players like Coinbase, Ripple, Gemini’s Cameron and Tyler Winklevoss, and Coinbase CEO Brian Armstrong.
The report suggests that these contributions have already had a significant impact, as candidates supported by crypto super PACs won 36 out of 42 races. The money was mainly used for ads targeting anti-crypto candidates and promoting pro-crypto ones.
“No industry has ever before has so wholeheartedly embraced raising as much directly from corporations and openly using that political war chest as a looming threat (or reward) to discipline lawmakers toward adopting an industry’s preferred policies.”
BlackRock’s iShares Ethereum Trust approaches $1B in net inflows
On August 21, a Morningstar Ventures researcher reported that BlackRock’s Ethereum ETF has already attracted over $992 million in net inflows and is nearing the $1 billion mark. Currently, the ETF’s net assets stand at $837.8 million, as Ethereum has underperformed since the ETF began trading in July 2024.
Source: “Growth of Hypothetical $10,000“
According to the “Growth of Hypothetical $10,000” on BlackRock’s website, the ETH ETF is currently down around $2,000 since its launch, meaning if Ethereum returns to its pre-ETF level, BlackRock’s holdings would be worth over $1.049 trillion.
Fund issuers note that Ethereum ETFs are receiving significantly more interest than Bitcoin ETFs from registered investment advisors, who contribute to nearly half of the $9 trillion ETF market. Kyle DaCruz, VanEck’s director of digital asset products, mentioned that advisors find it easier to explain Ethereum’s value to clients compared to Bitcoin, as it produces cash flow and resembles a technology stock.
Ryan Salame seeks to void guilty plea, says fed didn’t keep promise
On August 21, former FTX executive Ryan Salame filed a petition seeking post-conviction relief, claiming his plea deal was compromised. He stated that during negotiations, he was assured the investigation into his partner, Michelle Bond, would end if he pleaded guilty. However, the government continued its investigation, which he argues invalidates his plea. Salame criticized the prosecutors for leveraging a third party to secure his plea and is requesting that charges against Bond be dropped or that a hearing be held.
On X, he tweeted: “It’s all true but I just made a court filing I’m pretty nervous about because I know it means the most powerful body in the world is going to come at me and my loved ones again… I hope it helps at least one person in the future; the justice system is fragile but so important.”
Later, Ryan added: “Government replied – my submission is SELF-SERVING?? Literally, the opposite, lock me up, just abide by the promise you know you made if I agreed.”
Moving Averages Trading Strategies
A Moving Average (MA) is one of the most popular trading indicators, displaying a line derived from the average closing prices of a specific asset over a set time period. MAs simplify and smooth out price fluctuations, offering a clearer understanding of the market’s direction.
Moving Averages Trading Strategies:
🔸 Crossovers: This strategy requires at least two MAs with different periods. The MA crossover strategy helps identify potential trend reversals. A bullish signal occurs when a shorter-period MA crosses above a longer-period MA, while a bearish signal is indicated when the opposite occurs.
🔸 Support and Resistance: MAs can indicate potential support and resistance levels. For instance, when the MA is below the price, it acts as support until it breaks out, at which point it may become a resistance level, and vice versa.
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top crypto meme of the week
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