BNB Chain traders made millions on new memecoins going parabolic, with one turning $3,500 into $7.9 million amid a surge in onchain trading activity. Cryptocurrency traders made millions of dollars on small-cap memecoins on the BNB Chain over the past week, signaling a renewed wave of speculative capital fueling the current market cycle. Among the most profitable investors is trader “0xd0a2,” who turned an initial investment of $3,500 into $7.9 million, generating a 2,260-fold return in three days, according to blockchain intelligence platform Lookonchain. Trader “hexiecs” turned a $360,000 investment into over $5.5 million by investing in the recently launched “4” memecoin, which went parabolic after an X post from Binance co-founder and former CEO, Changpeng Zhao. Read more
From TerraUSD’s crash to Yala’s YU, several stablecoins have failed to hold their peg. Here’s why depegging happens and the risks you can’t afford to ignore. Stablecoins are nearing a $300-billion market cap, but adoption remains limited due to risks around depegging, collateral and trust. The depegging of stablecoins such as NuBits (2018), TerraUSD (2022) and USDC (2023) has revealed vulnerabilities across both algorithmic and fiat-backed models. The collapse of TerraUSD wiped out roughly $50 billion in value and exposed the systemic fragility of algorithmic designs. Read more
Forward Industries staked its entire Solana treasury into a new validator, immediately joining the network’s top 10. Publicly traded Solana treasury company Forward Industries launched its first institutional-grade validator node on the Solana blockchain as part of its broader strategy to deepen its role within the Solana ecosystem. The company announced the launch on Tuesday, saying that the validator runs on DoubleZero’s fiber network, which powers the validator and uses Jump Crypto’s Firedancer, a new independent Solana validator client. Kyle Samani, chairman of the board of Forward Industries, said the move allows them to fortify Solana’s resiliency and help ensure that it remains “the standard for institutional adoption” in decentralized finance (DeFi). Read more
Strategy’s $78 billion stash of Bitcoin is close to the cash positions held by Amazon, Google and Microsoft, the last of which rejected Bitcoin as a treasury asset last year. Strategy’s near-$80 billion Bitcoin treasury is catching up to the massive cash positions of tech giants such as Microsoft, whose shareholders rejected a proposal in December to explore adding Bitcoin to its books. Strategy posted to X on Tuesday that its 640,031 Bitcoin (BTC) stash briefly topped $80 billion in value on Monday as Bitcoin hit a record high of $126,080, boosting the value of its corporate treasury close to Amazon, Google, and Microsoft, which each hold between $97 billion and $95 billion in cash or cash equivalents. Strategy’s routine Bitcoin buys, combined with Bitcoin’s rise in value, have already pushed its treasury past the value of Nvidia, Apple and Meta’s — the latter of which considered a proposal to explore making Bitcoin a treasury asset before overwhelmingly voting against it in June. Read more
Based on Bitcoin’s price at the start of October, a $140,000 price tag by the end of the month is consistent with its average gains in October over the years. Bitcoin has a 50% probability of surpassing $140,000 this month, according to simulations using data from the past decade, says economist Timothy Peterson. “There is a 50% chance Bitcoin finishes the month above $140k,” Peterson said in an X post on Wednesday. “But there is a 43% chance Bitcoin finishes below $136k,” he added. Bitcoin (BTC) would need to gain about 14.7% to reach $140,000 at its current price of $122,032, which has cooled after the original cryptocurrency set a new all-time high of $126,200 on Monday, according to CoinMarketCap. Read more