Author: Yeek.io

Ethereum has been trading sideways over the past week, struggling to break out of the negative trend that cut its weeks-long rally short. Summary Ethereum is struggling to climb above $3,600 amid mounting sell pressure. Polymarket traders see a 54% chance of a new ETH all-time high in 2024 Growing institutional interest in Ethereum is fueling bullish sentiment. Trading slightly over $3,617 at the time of writing, Ethereum (ETH) is down roughly 1.4% in the past 24 hours and 4.4% on the week. The decline marks a U-turn from its recent 50% climb, which stalled just before the $4,000 mark…

Pump.fun has reclaimed its position as the leading Solana memecoin launchpad, launching 13,690 new tokens in a single day compared to rival LetsBonk.fun’s 13,392 tokens, as reported by Dune Analytics user “Adam_Tehc.”Despite launching fewer tokens, LetsBonk.fun generated higher trading volume at $87.7 million compared to Pump.fun’s $82.4 million, according to the analytics data. Platform Recovery Drives Competitive ShiftVincent Liu from Kronos Research said Pump.fun’s strong platform and its PUMP token’s recent recovery helped the memecoin launchpad pull ahead. Pump.fun launched its native token as a part of its initial coin offering last month, which raised $600 million in just 12 minutes,…

SYRUP price shows signs of a bullish reversal after defending a key support zone and forming a potential triple bottom pattern, targeting $1.00 as the next major resistance. Summary SYRUP price bounced off $0.38–$0.40 support for the third time, hinting at a triple bottom formation. A break above EMA20 could lead to a retest of the $0.68 resistance, confirming the pattern and targeting $1. Momentum indicators support a potential momentum shift as bearish pressure fades. Recent gains fueled by exchange listings and strong fundamentals, most notably the growth in TVL of syrupUSD. Maple Finance (SYRUP) price has recently rebounded from…

Nasdaq-listed BIT Mining has taken its first real step into the Solana ecosystem, buying millions worth of SOL and launching its first validator node. Summary BIT Mining has acquired 27,191 SOL, worth $4.89 million. The company launched an in-house Solana validator as part of its long-term strategy. Public companies now hold an estimated 3.4 million SOL, signaling growing institutional interest. On August 5, the company announced that it acquired 27,191 Solana (SOL), valued at approximately $4.89 million. The purchase comes less than a month after BIT Mining revealed plans to fully transition into a Solana-focused treasury and raise $300 million…

Pump.fun’s native token, PUMP, jumped 10% over the past 24 hours to trade at $0.00338 as the platform sees a sharp resurgence in activity. Summary PUMP is up 9%, trading at $0.00338 with a $1.19B market cap. Pump.fun led in 24h token launches and volume, per Dune data. Technicals show bullish momentum, but resistance looms. Pump.fun (PUMP) is now up 23% in the past week, with a 7-day range between $0.00246 and $0.00339. Its market cap currently stands at $1.19 billion, with a fully diluted valuation of $3.36 billion. Spot trading volume for PUMP hit $508 million over the past…

Known for its strong smart contracts and decentralized apps (dApps), Ethereum is the second-largest blockchain by market capitalization. However, if you have ever transacted on Ethereum (ETH), you have likely encountered gas costs, which can be perplexing, annoying, and even costly at times. Summary Transaction charges paid in gwei to validators for handling transactions such as ETH transfers and smart contract interactions are known as Ethereum gas fees. Three elements determine the overall fee: the base fee (minimum network cost, burned), the gas limit (amount of labor), and a priority tip to expedite processing. During periods of strong demand, such…

China’s national security agency is calling out the growing trend of projects collecting sensitive biometric data like iris scans in exchange for digital assets. Summary China’s national security agency has raised alarm over biometric data collection by Worldcoin-like projects. Worldcoin, co-founded by OpenAI CEO Sam Altman, has often faced scrutiny over the nature of its operations. The WLD token is down significantly in the past year and roughly 90% from its all-time high. In a public advisory issued through its official WeChat account on August 6, China’s Ministry of State Security (MSS) warned that facial, fingerprint, and iris data are…

Pendle Finance, a decentralized finance (DeFi) protocol known for creating fixed-yield markets, has launched a new product called Boros that lets users trade crypto funding rates on-chain. The platform, now live on Arbitrum, is beginning with BTC/USDT and ETH/USDT funding rates from Binance, with plans to add more pairs and exchanges soon. As per Pendle, Boros can speculate on or hedge funding rates, which are the fees traders pay or receive when holding perpetual futures. Instead of just paying these fees, users can now trade on whether they believe rates will rise or fall.A New DeFi Instrument According to the official announcement,…

Key Takeaways PENGU whale holdings hit a 3-month high. Still, it was second among the top 16 whale inflows across Solana over the past 7 days but its price was struggling. Pudgy Penguins [PENGU] memecoin rose just 1% on the 5th of August. Still, it clocked high trading volume and maintained a monthly gain of over 112%. The memecoin appears to be riding the tailwinds of Phantom’s acquisition of Solsniper, which boosted visibility for Solana-based memecoins. But among all traders, it’s the whales who are stepping in aggressively. Can they rescue PENGU’s valuation as the broader crypto market faced $10 billion…

The United States Securities and Exchange Commission has finalized a settlement with the founder of MyConstant, ordering him to pay over $10 million in penalties and restitution for misusing investor funds and making false claims about his platform’s crypto lending services. Summary MyConstant founder Huynh Tran Quang Duy will pay over $10 million for misusing investor funds. Huynh used $11.9 million in investor funds to buy TerraUSD, losing nearly $8 million when the stablecoin collapsed. MyConstant ceased operations in 2022; the SEC settlement includes disgorgement and other restrictions. What is MyConstant? MyConstant was a peer-to-peer lending platform that operated under…