🏂Digital currency digest

Your essential update on the latest trends and market movements

Hello, crypto community! I hope you're having a fantastic week. Welcome to this edition of the buidlbee newsletter, where we bring you the most significant updates and trends shaping the cryptocurrency landscape. Whether you're a seasoned trader or just getting started, we've got something for everyone. Let’s dive into the top stories of the week:

  • 😲 Justin Sun Boosts SUNWUKONG Meme-Coin by 9900% with a Simple Avatar Change

  • 🌠 Cardano Falls Out of Top 10 Cryptocurrencies by Market Cap

  • 🧑‍💻 Solana Users Lose Funds Due to Malicious Chrome Extension

  • ⤵️ Ethereum Price Drops 26% Since Asset-Based ETF Launch

  • 🦹 4064 BTC Stolen from a Wallet in a Major Hack

  • 🔑 Key Crypto Market Highlights (August 21-28)

  • 💵 Exciting Opportunities You Shouldn’t Miss

😲Justin Sun pampers the SUNWUKONG meme-coin by +9900% by changing just his avatar to X

Justin Sun, founder of TRON (TRX), changed his profile picture to X, which features the action RPG video game Black Myth: Wukong. After that, the market value of the SUNWUKONG meme coin increased eightfold.

🌠 Cardano token left the ranking of the top 10 cryptocurrencies by capitalization

The native token of the Cardano ADA project has dropped out from the ranking of the top 10 cryptocurrencies by market capitalization. According to CoinMarketCap, the asset now occupies the 11th position, giving way to the 10th place token Tron (TRX). At the time of writing, the capitalization of ADA is $12.4B.

🧑‍💻 Solana users lost crypto due to an extension in Google Chrome

A malicious Chrome extension called “Bull Checker”. Remove it if you have it. The extension during a transaction spoofs the address you make a transfer to without any warning to you.

⤵️ Ethereum price has fallen by about 26% since the launch of the asset-based ETF

Ethereum's price has fallen by about 26% since the launch of the asset-based ETF in July 2024. Trading volume topped $1B on the first day. According to UltrasoundMoney, the asset's supply has increased by more than 60,500 ETH over the past 30 days and stands at nearly 120,300 ETH as of August 19, 2024. In addition, $420M worth of Ethereum has been withdrawn from exchange-traded funds since the Ethereum-ETF began trading.

🦹 A wallet with 4064 BTC has been hacked

Analyst Zachxbt reported that a Bitcoin wallet was hacked “as a result of an unknown attack vector” - the attackers stole 4,064 BTC ($238,000,000). The coins were immediately laundered through ThorChain, Kucoin, Railgun, Avalanche Bridge, and other services.

🔑 Key crypto market highlights (August 21-28)

💵 Ideas

[1] 🔔 New activities in the Berachain ecosystem

The Berachain ecosystem is expanding and there are chances for users to interact with new projects, increasing the chance for potential drops from the blockchain. 

What to do:

  • Go to the website and connect a wallet using the Berachain network.

  • Open the Faucet tab and click Claim All.

  • Follow the link and make a deposit in WBTC tokens.

  • On the same page, click Borrow and borrow USDC tokens.

  • Click Repay and return part of the tokens.

  • Select the Lend tab and borrow USDC tokens.

  • Go to the link and put CVE tokens into staking by clicking Lock token.

  • Scroll down, click Manage, and then Unlock to unlock the tokens.

  • Open the page, click Withdraw, and withdraw funds.

[2] 🔔 Bitcoin's correction could spark a massive altcoin rally

According to Alan Santana’s analysis, as we navigate the ever-evolving crypto landscape, it's crucial to keep a close eye on Bitcoin’s current corrective phase. Many are wondering if $40,000 is the bottom, but the truth is, the correction may not be over just yet. This might surprise many, but it's important to remember that market cycles are natural.

Markets tend to seek balance, and after a prolonged bullish wave lasting 16 months, a strong correction is inevitable. This is normal and should not discourage anyone—2025 still looks very promising, with a forecasted new All-Time High of around $190,000. However, between now and October 2024, Bitcoin might face some turbulence.

So, where should your focus be? The answer lies in altcoins. As Bitcoin moves sideways, many altcoins—especially mid-size to small-cap ones—are bottoming out and showing signs of growth. This could be the perfect opportunity to buy low and sell high, a basic trading principle.

In the coming months, while Bitcoin consolidates, altcoins are expected to grow significantly.  By 2025, we’ll likely see a major rally in Bitcoin, but for now, the altcoins are where the action is.

*Any technical analysis, in the long run, cannot accurately predict the movement because now is a very tough market and the news can swing currencies in all directions.

[3] 🔔 Participate in the drawing of 35k ZK tokens from ZyFi

The team launched a campaign on Galxe where users will interact with 4 partner protocols. While getting free transactions from each of them and participating in the ZK token raffle. The campaign ends on 02.09.2024.

🫂 Thank you for staying informed with us! We’ll be back next week with more insights to keep you ahead in the ever-evolving world of cryptocurrency. Until then, happy trading and stay safe!

Reply

or to participate.