This week, the crypto sector has been brimming with intriguing developments, from internal conflicts impacting airdrops to rumors of regulatory changes in China. However, Tron meme coins were the talk of the town, dominating the headlines.
That being said, the broader crypto market is attempting a recovery. Bitcoin (BTC) is trading at around $61,000, up by nearly 5% in the past seven days. Cardano (ADA) and BNB remained the top performer amongst the top 10 largest crypto assets based on market capitalization.
As of writing, ADA is trading at $0.38, up by 11% in the past seven days. Meanwhile, BNB is trading at $576, up by 10.5% in the same time frame.
Hamster Kombat Internal Conflict
The highly anticipated Hamster Kombat airdrop was shrouded in uncertainty amid internal disputes. Tensions between the game’s developers and investor AD.RU had escalated, jeopardizing the HMSTR token’s future.
Allegations of profit withholding by the game’s creators against AD.RU, who claim a role in the game’s development and funding, have led to legal threats. There were fears that the ongoing conflict may cause an indefinite delay in the airdrop, which was initially scheduled for July.
However, the Hamster Kombat representatives claim that there were some misunderstandings, which are now resolved.
The project’s response has been to deny AD.RU’s involvement in critical decision-making processes and to assert that Hamster Kombat was developed by a diverse, international team without direct investor influence. Despite these assurances, the community remains on edge, with the project’s market perception and future viability at risk.
“We’ve had to get involved in dealing with a situation involving several entities and an investment fund that was led to believe they had a stake in Hamster Kombat. We can now confirm that the misunderstanding has been resolved. Hamster Kombat was built and developed by a distributed international team with no investors. Our primary focus is building our ecosystem and conducting the airdrop,” Hamster Kombat representatives told BeInCrypto.
Read more: Top 8 Hamster Kombat Alternatives in 2024
Tron Embraces Meme Coin Trend with SunPump
Tron’s blockchain has catapulted into the spotlight this week due to its meme coin sector, driven by the SunPump platform. SunPump has facilitated the launch of nearly 32,000 meme coins, generating over 12.8 million (~$2 million) TRX in revenue.
Justin Sun, the founder of Tron, is bullish on the platform’s potential, noting that Tron’s deep liquidity pools—bolstered by $60 billion in TRON USDT—make it an ideal ecosystem for meme coins. Sun predicts that the platform will soon support a meme coin with a market capitalization exceeding $1 billion.
On Wednesday, Tron saw its highest single-day revenue from meme coin activities, with over 3.6 million TRX spent on creation and trading. SunPump’s growing traction showcases its ambition to outpace rival platforms like Solana’s Pump.fun.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Spotlight on Emerging DePin Projects from IoTeX
IoTeX’s recent announcement of its Surf Accelerator Cohort has introduced several promising DePin (Decentralized Physical Infrastructure Network) projects. These projects are:
- Nubila Network: It is creating a blockchain focused on environmental, social, and governace (ESG) issues.
- Qualoo Network: It is mapping internet qualtiy in real-time through DePin.
- SWEATEMPLE : An AI-driven fitness platform.
- SCANNIT: The project aims to leverage DePin model to promote financial digital identity ownership.
- Magma Protocol: A stablecoin project to support DeFi and DePin growth on IoTeX.
- Bedrock: It is building multi-asset restaking protocol.
- Quenta: A derivatives decentralized exchange, focusing to become a liquidity hub for DePin derivatives.
- Loxodrome: Another DePin project, aiming to become next-generation DEX liquidity hub.
- PinSwap: It utilizes AI to optimize trading and liquidity on the IoTeX blockchain.
These projects, though still in their early stages, represent the diverse applications of DePin technology. However, there are certain risks involved, and hence, market participants should practice caution.
Read more: What Is DePIN (Decentralized Physical Infrastructure Networks)?
Is China Reconsidering Its Crypto Ban?
Over the last weekend, speculation about China potentially reconsidering its ban on cryptocurrencies has captured attention. Rumors started swirling following a cryptic post by Justin Sun, who hinted at an unbanning of crypto in China. This post ignited discussions and excitement within the crypto community, as China represents one of the largest markets for digital assets.
Further fueling these speculations, Chase, co-founder of the Solana Virtual Machine blockchain Molecule, commented that China had “shadow-unbanned” cryptocurrencies years ago, noting that top crypto exchanges like Binance and Bybit are accessible to Chinese users. Such comments suggest that while official policies may not have changed, the practical approach to enforcement might be more lenient, allowing for substantial, albeit unofficial, crypto activities within the country.
“Users can freely register an account today on top exchanges like Binance and Bybit. So, the whales have always been around, but retail users who do not want to step into the grey area will come in. The question is the scale of user influx, and more importantly, the innovation that a move like this can drive given the regulation tailwind,” Chase commented.
The potential easing of regulations could open up vast opportunities for both local and international crypto businesses, possibly leading to a resurgence of mining activities and increased crypto trading within the region. If these changes are implemented, they could stimulate innovation and attract investments, bolstering the global crypto market.
PayPal’s PYUSD Stablecoin Sees Remarkable Growth
Since last month, PayPal’s PYUSD stablecoin has seen unprecedented growth, emerging as a central topic in the stablecoin sector. After its launch on the Ethereum blockchain in August 2023, PYUSD had steady growth. However, its expansion onto the Solana blockchain in May 2024 has catapulted its adoption and utility to new heights.
PYUSD’s integration with Solana has been particularly transformative, leveraging Solana’s high-speed and low-cost transactions to attract a broad user base. Within just a month of its Solana debut, PYUSD’s supply surged by over 45%, bringing its total circulation close to $1 billion.
This rapid increase is partly attributed to the attractive yields offered on Solana-based DeFi platforms like Kamino and Drift, which provide nearly 20% annual returns for deposits of PYUSD.
The stablecoin’s success sheds light on the PayPal’s strategic foresight in expanding into blockchain technology, aiming to bridge traditional finance with decentralized finance (DeFi). PYUSD stands out due to its backing by PayPal, assuring users of the security and stability of their digital assets.
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