Crypto Roundup: BONK’s Surge, SafeMoon’s Fall, and More!


Crypto Roundup: BONK’s Surge, SafeMoon’s Fall, and More!

This week in the crypto world seemed initially as uneventful as watching paint dry. Price movements were lackluster, and excitement was in short supply. However, a few key events stirred the waters, making headlines and injecting some much-needed drama into the scene.

1. BONK Rescues Solana’s Saga Phone with Airdrop Amidst the monotony, BONK made significant moves by announcing its listing on Coinbase. This unexpected development sent the memecoin soaring, prompting a frenzy among investors. The Solana phone, Saga, witnessed a surge in sales as enthusiasts sought to capitalize on a 30 million token BONK airdrop. This strategic move not only boosted BONK’s position but also revived interest in the struggling Saga phone.

2. BONK Sees Parabolic Surge after Coinbase Listing Confirmed Following Coinbase’s official confirmation of BONK’s listing, the memecoin experienced a parabolic surge, reaching new record highs. The experimental listing allowed users to trade BONK on Coinbase, marking a significant milestone for the memecoin. With gains of 613% over the past month, BONK is making waves in the crypto space.

3. SafeMoon’s Bankruptcy and Plunge In a surprising turn of events, SafeMoon, once a high-flying token, officially filed for bankruptcy. The token’s value plummeted by over 50% within hours. This unfortunate development followed securities fraud charges against SafeMoon’s top executive, exposing the project to legal scrutiny. Former supporters expressed disappointment and frustration online, revealing the fallout from the token’s rapid decline.

4. KuCoin’s $22 Million Settlement and Exit from NY Major cryptocurrency exchange KuCoin agreed to a $22 million settlement with the New York Attorney General’s office. The settlement includes terminating services for users in New York. The charges related to alleged securities law violations and the sale of unregistered tokens. The decision to comply with regulators, even at the cost of losing access to a significant market, underscores the challenges faced by crypto exchanges in navigating regulatory landscapes.

5. Bitcoin’s Inscriptive Vulnerability Bitcoin faced scrutiny as the US National Vulnerability Database labeled its inscriptions a cybersecurity vulnerability. The inscriptions exploit a bug to insert non-transaction data into Bitcoin’s blockchain. Bitcoin Core developer Luke Dashjr is working to address the issue, but the potential impact on inscription-based protocols and projects raises questions about striking a balance between security and creativity.

These developments, ranging from memecoin surges to legal challenges and regulatory settlements, have added twists and turns to an otherwise unremarkable week in crypto. As the market continues to evolve, staying informed about these dynamic events is crucial for crypto enthusiasts and investors.

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