🐕‍ The story of a doggo stuck on a bridge

Hi, сrypto homies! Hope you're all riding those crypto-coasters with style and stacking sats like there's no tomorrow. 🌙🚀 It's a crypto world out there, and we're just hodling in. So whether you're a whale or just a minnow, let's keep those wallets frosty and those memes spicy. 🔥🌶 And we will help you with that. So, here is some useful stuff the buidlbee team has prepared for you today:

• Why did BTC drop?

• About the activity around Shiba Inu;

• Four solid reasons to bypass the MX token (technical analysis*);

• NFT by ZkSync (could be useful).

Here are the major news for today:

• Arkham Intelligence reported that they have found a wallet that Donald Trump may own. There is $2.79M in ETH, $28K in WETH, $2K in MATIC, and a little bit in USDC.

• Sei has opened up the option of receiving the drop.

• Shiba Inu's Shibarium L2 network ran into problems almost immediately after the launch of the core network, with over 1K ETH stuck in the contract of the bridge.

• Ledger users in the U.S. will be able to purchase cryptocurrency through PayPal.

• South Korean cellular operator SK Telecom has announced a strategic partnership (MOU) with Polygon Labs.

• The hacker liquidated the victim's deposit on futures after unsuccessful attempts to withdraw funds.

• Crypto options exchange BIT has announced the launch of options trading on XRP.

🐻 US macroeconomics trigger bearish sentiment

Yesterday's Federal Reserve (FOMC) meeting unpleasantly surprised the markets. Apparently, we are in for further interest rate hikes and monetary tightening. Despite the improvement, the Fed believes that inflation risks are still very high.

• Although the rate is likely to be raised again (and maybe more than once), each such hike will lead to more and more tension in the market.

• Concerns are also heightened by the economic problems in China.

In this situation, $$$ is leaving risky markets and moving to safer and calmer ones. As an indicator of this process, yields on long-term US Treasury bonds have peaked.

Amidst this bearish sentiment, the BTC quote fell below $29k. Because of this sharp drop after the Fed meeting, $122,600,000 worth of long positions have been liquidated in the last 24 hours.

💰 The state of staking

The full analog of US Treasuries in the crypto world is staking. Looking at the rise in Treasury yields, it's interesting to compare the state of staking to its counterpart. This chart shows the current state of affairs in the industry:

💲 Ideas

[1] 🔔 Dog coins on fire

Two very similar meme projects have experienced a fiasco; let's try to do some work on the mistakes:

• Yesterday, developers Shiba Inu (SHIB) launched Shibarium, a layer 2 network on the Ethereum (ETH) blockchain that runs on a new consensus algorithm, Proof-of-Participation, or PoP. This was a crucial project for the network that has been two years in the making. With this new layer, Shibarium should theoretically increase scalability and reduce the cost of performing translations.

The bad news is that this new network immediately crashed and stopped working, and $2.6 million of user funds are now temporarily blocked. You can read more about the technical aspects of the problem here, but the price of SHIB has already dropped 9%.

• As it became known yesterday, the fight between Elon Musk and Mark Zuckerberg will not take place. This caused the DOGE exchange rate to collapse; it fell 6% in 24 hours.

What did we learn from these two similar examples?

In both cases, the pattern "buy on rumors, sell on news" worked perfectly. Unfortunately, meme projects are often unable to release any real product or event, so it is safer to trade on expectations than on the actual release.

In yesterday's post, we wrote in great detail about the logic behind the development of shitcoins projects; both of these cases are a perfect illustration of this theory. Shitcoin projects too often generate fiascos in an attempt to create something real, but in terms of crowd intrigue. they are definitely the best.

[2] 🔔 MX token alert

MX is the native cryptocurrency token released by the centralized exchange (CEX) MEXC. Many manipulations of cryptocurrencies are known, but few stories are as compelling as that of MX, a digital asset that has experienced astonishing swings in a relatively short period of time.

It all started with the incredible rise in MX's value by x16. But the subsequent 85% plunge begs the question. Such dramatic fluctuations over a short period of time suggest that forces beyond the natural market dynamics may be at work here, says FX_Professor analyst. Then there was the token's 7x rise, followed by a 79% drop.

Possible dangers:

1. Liquidity concerns: Manipulators often use illiquid markets to orchestrate sharp swings.

2. Wash trading: This deceptive practice involves creating fake trades to create the illusion of activity and volume.

3. Pump and dump schemes: These schemes involve inflating the value of an asset (pumping) through misleading information or organized demand and then selling off large quantities of the commodity at an inflated price (dumping).

4. Insider trading: If exchange operators have advanced knowledge of market events, they can use this information to manipulate the market to their advantage. This is hinted at by the unnatural predictability of MX movements.

*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] 🔔 NFT by ZkSync

The mint of the experimental LIBERTAS OMNIBUS NFT by ZkSync has opened. 179,365 wallets that qualify as "early members of the zkSync NFT community" can receive it. For now, this NFT is useless, but who knows what holders will get in the future?

Eligible addresses are those that interacted with at least one of zkSync's top 100+ NFT zkSync collections between the main network launch (Era) and July 12.

How to pick up NFT LIBERTAS OMNIBUS:

• Go here and connect your wallet;

• If your wallet fits the criteria, the Mint button will be active. Click it;

• Wait for the queue and mint the NFT;

• Once you mint an NFT, you can create your own NFT.

Remember, when the market dips, just think of it as a discounted shopping spree at Crypto-Mart! 💲👛🥳 Stay bullish, stay meme-worthy, and keep on rocking that blockchain bling. Catch you tomorrow! 👋