🤞Week's crypto madness and a bit of hope

Reflecting on an action-packed week filled with major crypto events, token unlocks, NFT airdrop highlights, and insights for memcoin lovers.

Author

buidlbee make it with crypto
September 06, 2023

Hello, crypto warriors. Get ready for an exhilarating adventure as the buidlbee team unveils the latest updates and news from the ever-evolving world of digital assets. We hope your weekend was the perfect blend of joy and relaxation. Now, let's dive into a sneak peek of the exciting content that awaits you:

  • How are Binance, Grayscale, PancakeSwap, FTX, and MetaMask doing? Notable moments from the past week.

  • Crucial crypto market metrics for the upcoming week;

  • Unstoppable SHIB burning;

  • Good news for SHIB holders;

  • NFT activity within Guild.

Stay up-to-date in the ever-changing world of crypto. Here are the highlights from last week that you might have missed:

Binance has announced its decision to discontinue support for the Binance USD (BUSD) stablecoin by February 2024. This move follows Paxos' decision to halt the production of new BUSD. As part of the phase-out process:

  • Cross-margin BUSD borrowings will be suspended starting September 7.

  • The acceptance of the new BUSD as collateral will cease by October 19.

  • Binance-Peg BUSD withdrawals will be halted on all networks from September 7, with the exception of BUSD (ERC-20) transactions on the Ethereum network.

Binance is urging users to transition to the First Digital USD (FDUSD) stablecoin. As an incentive, they are offering a 1:1 exchange rate for swapping BUSD to FDUSD and commission-free trading for such transactions.

Grayscale Investments has achieved a notable legal triumph against the SEC, successfully overturning the commission's refusal of its proposal to transition the Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF. The appeals court labeled the SEC's decision as “arbitrary and capricious.” Although this marks a positive turn for Grayscale, it doesn't guarantee an eventual Bitcoin ETF listing. Grayscale's CEO, Michael Sonnenshein, stated that their legal team is currently examining the court's ruling.

The Grayscale Bitcoin Trust, a prominent over-the-counter Bitcoin fund, manages significant assets. This victory underscores the intricate nature of cryptocurrency regulations. Some members of the cryptocurrency community might interpret this as a move towards more widespread acceptance, while others might opt for caution, keenly watching for additional advancements and regulatory clarity. In essence, this situation emphasizes the ongoing legal skirmishes that will define the future of the industry.

PancakeSwap, a leading decentralized exchange (DEX), is integrating with Base, an Ethereum Layer 2 (L2) scaling network co-developed by Coinbase and Optimism. This move is part of PancakeSwap's strategy to expand across multiple chains, giving users more options and reduced trading fees.

This partnership holds the promise of boosting liquidity, user activity, and overall DeFi growth. It's poised to draw more users and developers to the Layer 2 domain, further solidifying the ecosystem. With an emphasis on providing a dependable and cost-effective trading experience, PancakeSwap is capitalizing on Coinbase's renowned security and scalability features.

Here's a step-by-step guide to optimize your trading experience on Base.

However, following its launch on September 6, Base faced a technical hiccup. A network malfunction occurred, prompting the team to pause the processing of new blocks for 45 minutes.

The new leadership at bankrupt crypto exchange FTX has begun moving assets from cold wallets, transferring approximately $10.2 million in cryptocurrency via the Wormhole bridge since August 31. Some speculate that FTX may be planning to sell these assets.

The move to potentially sell FTX's assets raises questions about the fate of these digital holdings and highlights the complexities surrounding the bankruptcy proceedings of cryptocurrency exchanges. It's crucial for the crypto community to monitor such developments and consider the implications for investors and the broader ecosystem.

Solana co-founder Anatoly Yakovenko suggests returning these assets to former FTX clients, seeing it as the “best possible” solution, as it could benefit the Solana network in the long run.

On September 6, government websites in several countries, including India, Nigeria, and Brazil, were exploited to redirect users to counterfeit MetaMask websites as part of cryptocurrency scams.

These scams attempt to gain unauthorized access to MetaMask users' wallets and assets by deceiving them into connecting their wallets to these sham sites.

MetaMask has alerted its users about the issue and is enhancing its detection mechanisms to better safeguard them.

This exploitation of government websites for crypto fraud underscores the urgent need to bolster cybersecurity measures in the cryptocurrency realm. Always remain vigilant and promptly report any suspicious activities.

MetaMask representatives have reported that approximately 5,000 ETH (valued at ~$8.1M) was pilfered from 11 user addresses.


While the fraudulent site has currently been taken down, it’s essential to remain cautious, as malefactors can easily reconstruct it. To educate yourself further, refer to Metamask's guide on recognizing and avoiding scams.

🔑 Key crypto market highlights (September 6 — September 13)

Let's eagerly look ahead to the exciting events on the horizon that are poised to shape the ever-evolving crypto landscape.

💲 Ideas

[1] 🔔SHIB: Rising from the ashes

The burn rate of Shiba Inu surged by 721% over the past week, during which nearly 80M tokens were taken out of circulation. With fewer SHIBs available in the market, demand for the coin has risen, contributing to its growth. Consequently, in the last 24 hours, the token's value increased by 2,37% to $0.000007744.

Experts believe that the current demand for the ecosystem is fueled by the development of Shibarium, a Layer 2 protocol built on Ethereum. As more users engage with Shibarium, an increasing number of tokens are earmarked for burning. This cycle is expected to continually bolster the coin's growth.

[2] 🔔 Interesting times for DOGE

Based on a technical analysis by CryptoCheck, Elon Musk's favored coin may be poised for an upswing in the near future. The expert suggests that Twitter's impending introduction of a cryptocurrency payment function could influence the token's value.

However, the expert cautions that the bullish cycle might not commence right away. Instead, there could be a decline in DOGE's value for several weeks, followed by a potential rebound.

*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 from Guild

Here's an exciting activity for those farming accounts on Zora: After completing the specified tasks, participants will be awarded an NFT. This token then qualifies them for the "Zora NFT Holder" role within their Guild.

What to do:

  • Mint NFT. The commission is 0.000777 ETH.

  • Go to the Guild, pass verification, and take the role.

If you're experiencing difficulties accessing the Zora site, your region might be restricted. A comprehensive list of prohibited countries can be found here.

Thank you for your continued readership of our newsletter. Stay tuned for upcoming editions packed with more riveting updates and deep dives into the world of cryptocurrencies. Until next time, enjoy your crypto journey.

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