King Doge (KINGDOGE) is a new memecoin that was launched on the Solana blockchain earlier this week, and it has huge potential.
New Solana memecoin King Doge is poised to skyrocket over 16,000% in the coming days, before it begins trading on centralized exchanges.
The memecoin currently has a market cap of around $20,000, and it can only be purchased via decentralized exchanges, such as Raydium and Jup.ag.
However, once it gets listed on centralized exchanges later this month, its market cap and price will skyrocket, because millions of new crypto traders will be able to easily buy it.
This means that smart crypto investors who purchase King Doge before its first CEX listing will make huge returns.
All of King Doge’s liquidity is burned, meaning the developers cannot take out the liquidity that they have allocated (unlike 99% of new Solana memecoins.) This a major advantage for early investors and it significantly increases its potential of generating huge gains in the coming days and weeks.
To buy KINGDOGE on Raydium or Jup.ag, users need to connect their Solflare, MetaMask or Phantom wallet, and then exchange Solana for King Doge by entering the token’s contract address – 8wcpzdFBrHHkzfZXDV73DnuizCpQUd7WWMyu3nwQWTSy – in the receiving field.
If you don’t have a wallet already, you can easily create a new one and transfer some Solana to it from any centralized exchange of your choice, before swapping the Solana for KINGDOGE tokens.
The German government’s Bitcoin wallet has decreased to 9,094 Bitcoin, only 18% of its original amount, following a series of transfers to crypto exchanges on July 11.
The wallet, holding Bitcoin seized from a film pirating website crackdown in January, has been actively transferring out billions in Bitcoin since June 19, with increased activity starting in July.
On July 11, the wallet’s balance dipped below 5,000 BTC after sending 10,620 BTC, valued at approximately $615 million, to cryptocurrency trading platforms such as Coinbase, Bitstamp, Kraken, Flow Traders, and two anonymous addresses, according to blockchain intelligence firm Arkham.
However, some of these funds were soon transferred back to the German government wallet, bringing its Bitcoin holdings back above 9,000 BTC.
Currently, the German government holds just 18% of the 49,857 Bitcoin it seized from the film piracy website Movie2k in January.
READ MORE: Binance Nears Deal to Sell Majority Stake in South Korean Exchange Gopax to Megazone
Arkham suspects that the two anonymous addresses ending in “139Po” and “bc1qu” are likely owned by institutional deposit or over-the-counter trading service providers, although this has not been confirmed.
This extensive sell-off has not been well-received by German lawmaker and Bitcoin activist Joana Cotar, who argued earlier in July that Bitcoin could have been adopted as a “strategic reserve currency” to protect against risks in the traditional financial system.
An Ordinals user expressed their frustration through an inscription, translating to “Taxes are robbery.”
The sell-off, coupled with concerns that Mt. Gox has begun distributing over $8 billion of Bitcoin to its creditors, has significantly contributed to a BTC price slump in recent weeks.
These bearish events have pushed the Crypto Fear & Greed Index, which tracks market sentiment, into the “Extreme Fear” zone for the first time since January 2023.
At the time of writing, Bitcoin is trading at $56,870, down 1.8% over the last 24 hours and 15.1% over the last month.
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Spot Ether exchange-traded funds (ETFs) are poised for imminent regulatory approval, with industry insiders suggesting listings could commence as early as next week.
According to a knowledgeable source, who preferred anonymity due to the confidentiality of discussions, issuers anticipate receiving final feedback from the United States Securities and Exchange Commission (SEC) by early next week, possibly as soon as July 12.
Among the entities awaiting SEC approval are prominent names such as VanEck and 21Shares, which recently amended their registrations in anticipation of regulatory green lights.
In total, eight issuers are awaiting clearance to launch spot Ether ETFs.
Analysts foresee substantial market interest once these ETFs hit the exchanges, predicting potential inflows totaling billions of dollars in the months following their debut.
Crypto analyst Tom Dunleavy highlighted the unique dynamics of Ether’s market, noting that its spot price could see significant appreciation due to reduced availability on exchanges, leading to thinner order books and heightened responsiveness to ETF-driven buying pressures compared to Bitcoin.
A key driver of demand for these ETFs is expected to come from crypto-native hedge funds, which have held substantial amounts of spot ETH in self-custody for years.
READ MORE: German Government Resumes Bitcoin Sales, Sparking Market Volatility Concerns
Reports indicate these funds are now engaging with institutional market makers, such as Virtu Financial, to exchange their ETH holdings for shares in the upcoming ETFs.
According to the source, over a dozen crypto-native funds with assets under management exceeding $1 billion each have expressed interest in participating in these exchanges.
The launch of spot Ether ETFs would complement the existing array of publicly traded crypto funds, which include approximately a dozen spot Bitcoin ETFs that received regulatory clearance earlier this year, collectively holding more than $50 billion worth of BTC.
Dunleavy suggested that Ether ETFs could attract as much as $10 billion in inflows once launched, underscoring the potential market impact.
Looking ahead, similar ETFs for other cryptocurrencies like Solana may soon follow suit, with at least two expected to begin trading in the early part of next year.
This evolving landscape reflects growing investor appetite for regulated exposure to cryptocurrencies through accessible and familiar investment vehicles like ETFs.
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The United States Securities and Exchange Commission (SEC) has concluded a three-year investigation into Hiro Systems, the entity behind Bitcoin’s Stacks layer-2 blockchain, which raised $70 million through token sales between 2017 and 2019.
According to a regulatory filing on July 12, the SEC has decided not to pursue enforcement action against Hiro Systems PBC, formerly known as Blockstack PBC.
In a letter included in the filing, the SEC stated, “Based on the information we have as of this date, we do not intend to recommend an enforcement action by the Commission against Hiro Systems PBC.”
This decision marks a pivotal moment for Hiro, which has treated its native token, STX, as a security under US law since its inception in 2018.
Since 2019, Hiro has consistently filed with the SEC under Regulation A+, a registration exemption for smaller securities issuances.
Additionally, it utilized exemptions under Regulations D and S for private and international offerings respectively.
In 2021, Hiro argued that the Stacks blockchain had achieved sufficient decentralization, asserting that it no longer qualified as a securities issuer.
In a filing, the company stated, “Management concluded further that if Hiro is no longer in the position of providing, and will no longer be able to provide, essential managerial services to the Stacks Blockchain, then it is no longer necessary for Hiro to treat the Stacks Tokens as investment contracts that are securities under the federal securities laws.”
READ MORE: Bitcoin Nears $58K as Markets React to Higher-Than-Expected U.S. Producer Price Index
This decision by the SEC comes shortly after another crypto-related investigation was dropped earlier in the week.
On July 11, Paxos announced that the SEC had opted against enforcement action related to its investigation of the Binance USD stablecoin.
Despite these decisions, the SEC continues to pursue enforcement actions against other firms in the crypto space, such as Ripple, Binance, Kraken, and Coinbase.
Recent legal developments, including a significant Supreme Court ruling in June, have constrained the SEC’s regulatory approach.
The Supreme Court’s decision in Loper Bright v. Raimondo overturned the Chevron Doctrine, limiting the SEC’s flexibility in enforcing existing laws.
Moreover, recent court rulings against Ripple and Binance have further shaped the regulatory landscape for crypto issuers, challenging the SEC’s interpretations of securities laws.
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The European Union (EU) has confirmed it will continue collaborating with ChromaWay to develop blockchain-based sustainability solutions.
This announcement came on July 12, following ChromaWay’s presentation at the EU Pre-Commercial Procurement (PCP) final review meeting.
The presentation highlighted advancements in decentralized applications for Digital Product Passports (DPP) and intellectual property (IP) rights.
During the review meeting in Brussels, ChromaWay showcased its relational blockchain technology.
This technology enhances efficiency by improving the organization and complexity of on-chain data, combining the flexibility of relational databases with the decentralized security of blockchain.
It supports enterprise solutions and underpins Chromia, a public layer-1 platform for decentralized applications, which is set to launch its mainnet on July 16.
Or Perelman, co-founder of Chromia, told Cointelegraph, “By fostering collaboration among governments, regulators, institutions, and blockchain innovators, we can unlock the full potential of Web3 technology and drive widespread adoption.”
This statement reflects the platform’s eagerness to develop innovative solutions for institutional applications alongside the EU.
READ MORE: Binance Nears Deal to Sell Majority Stake in South Korean Exchange Gopax to Megazone
The EU’s positive assessment of ChromaWay’s contributions highlights the significant potential of relational blockchain technology in both public and private sectors.
This aligns with the EU’s broader strategy to integrate innovative blockchain solutions, promoting sustainability and efficiency.
The EU has consistently emphasized its commitment to fostering technological advancements for economic and environmental benefits across Europe.
In July 2024, representatives from RBN Eco and ChromaWay will be interviewed by the European Blockchain Association to assess their compatibility with upcoming EU initiatives.
Additionally, the team will participate in a follow-up workshop in Brussels this September to outline the next steps for Q4 2024 and into 2025.
The EU has also partnered with other blockchain solutions, such as Iota. In June 2024, the European Commission selected Iota for its Web3 ID in the blockchain sandbox, further demonstrating the EU’s dedication to leveraging blockchain technology for various applications.
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A cryptocurrency wallet linked to Genesis Trading has transferred nearly $720 million worth of Bitcoin to Coinbase over the past month, indicating possible asset liquidations.
The wallet, associated with Genesis Trading, moved over 12,600 Bitcoin, valued at around $719.9 million, in the last 30 days.
These transfers mostly ranged from 500 to 700 BTC each.
According to Arkham Intelligence, the wallet’s Bitcoin balance has decreased from over 46,000 BTC a month ago to 33,356 BTC as of now.
These significant transfers occurred two months after Letitia James, the attorney general of New York, announced a settlement with Genesis.
The agreement requires Genesis to pay $2 billion to defrauded investors involved in its Earn program. The settlement also prohibits Genesis from operating in New York.
The recent transfers suggest that the Genesis Trading-labeled wallet might be preparing to repay users, given the amount of assets and the moves to Coinbase.
The wallet currently holds $2.28 billion in cryptocurrency, with Bitcoin making up $1.91 billion, followed by $364 million in Ether.
This amount exceeds the $2 billion that Genesis was ordered to pay to defrauded investors in its Earn program.
On June 14, the New York Attorney General’s office announced the recovery of over $50 million from Gemini, which will be returned to investors in its Earn program.
READ MORE: Bitcoin Long-Term Holders Remain Resilient Amid Deepest Correction of Current Price Cycle
The settlement also banned Gemini from operating any cryptocurrency lending program in New York.
James stated on X that “everyone that Gemini deceived will get their money back.” Gemini Trust assured that affected Earn users would receive “100% of the assets owed to them” within seven days.
The New York Attorney General’s office filed its lawsuit against Genesis in October 2023, later including the Digital Currency Group, its CEO Barry Silbert, and former Genesis CEO Soichiro Moro.
The lawsuit claimed Gemini defrauded 230,000 investors, including New Yorkers, through its Earn program with Genesis Global Capital and failed to disclose the associated risks.
Additionally, the NYAG filed a lawsuit against former Celsius CEO Alex Mashinsky for allegedly concealing the platform’s financial troubles.
Mashinsky faces criminal charges related to securities fraud, wire fraud, and conspiracy to commit fraud and is set to go to trial in January 2025.
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Cryptocurrency adoption is poised to surpass the significant milestone of one billion users, potentially as early as 2026.
Pavlo Denysiuk, CEO of crypto payments firm Lunu, predicts that the number of cryptocurrency holders could triple in the next two years if current growth trends continue.
Speaking at NFT Fest 2024, Denysiuk stated:
“Within two years there will be at least two times or three times more crypto holders worldwide.
“This is where we get more adoption everywhere and in terms of payments as well.”
The 2024 Cryptocurrency Ownership report by Triple-A estimates there are around 560 million crypto holders globally, which equates to approximately 6.8% of the world’s population.
Crypto adoption is expected to accelerate once the necessary infrastructure is established.
With nearly 7% of the global population holding cryptocurrency, broader acceptance of crypto payments is imminent.
Denysiuk asserts that mainstream companies like Starbucks adopting crypto payment infrastructure will drive this change:
“[Crypto payment adoption] is not something that you need to convince someone of.
“Whenever the infrastructure is there, whenever you come to your Starbucks shop or somewhere else and there is a sticker saying ‘we accept crypto.’”
He further explained that crypto payments are comparable to current digital payment methods such as credit cards and neobank-enabled payments, which are already widely used.
READ MORE: BitMEX Downplays 2020 BSA Violation as Founders Settle Charges and Avoid Further Penalties
Denysiuk leads Berlin-based Lunu, a company focused on creating a stablecoin-powered payments ecosystem to facilitate economic integrations.
Stablecoins play a crucial role in mass adoption, but improving user experience remains the biggest challenge. According to Denysiuk:
“Stablecoins are very important for adoption.
“In our case, we almost never see people paying in Bitcoin, even though Bitcoin was invented as a digital currency.”
The stablecoin market is valued at over $163 billion, representing 7.7% of the entire crypto market’s $2.11 trillion market capitalization, as reported by CoinMarketCap.
However, achieving the first billion crypto users will require more beginner-friendly applications. Chintan Turakhia, senior director of engineering at Coinbase, emphasized the need for streamlined user experiences:
“If our goal is to bring in the next billion users — and let’s start with just 100 million — we have to take all those friction points out.”
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Decentralized finance (DeFi) protocol Dough Finance lost $1.8 million in digital assets following a flash loan attack.
On July 12, Web3 security firm Cyvers flagged multiple suspicious transactions, collaborating with lending protocol Aave to check for potential impacts on its pools. Cyvers confirmed that Aave’s pools were not affected.
However, Dough Finance bore the brunt of the attack. Cyvers reported that the attacker used the zero-knowledge (ZK) protocol Railgun to fund their operation, swapping the stolen USD Coin for Ether.
The total amount stolen was 608 ETH, equivalent to approximately $1.8 million.
Olympix, another Web3 security provider, explained that the exploit resulted from unvalidated calldata within the “ConnectorDeleverageParaswap” contract.
The firm elaborated:
“The contract didn’t properly check the data it received during flash loan calls, allowing the attacker to manipulate it for their benefit.”
This vulnerability allowed the attacker to manipulate data and steal the funds.
Olympix warned that depositors in the exploited contract could be affected but reassured that Aave pools remained secure.
READ MORE: Bitcoin Long-Term Holders Remain Resilient Amid Deepest Correction of Current Price Cycle
They advised Dough Finance users to withdraw their funds to secure wallets and to stay alert for updates from the Dough Finance team, avoiding interaction with the protocol until the issue is resolved.
Although Dough Finance’s losses were close to $2 million, the broader crypto space has faced over $1 billion in digital asset losses from various incidents.
On July 3, blockchain security firm CertiK published a report revealing that onchain incidents had already caused $1.19 billion in losses in the first half of 2024.
Phishing attacks and private key compromises were the primary culprits, with phishing attacks alone accounting for nearly $500 million and private key compromises for almost $409 million.
CertiK co-founder Ronghui Gu emphasized the need for enhanced security measures, including multifactor authentication methods such as two-factor authentication (2FA) and security keys, to protect against such substantial losses.
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Bitcoin approached $58,000 around the Wall Street open on July 12 as markets reacted to the latest U.S. inflation data.
Cointelegraph Markets Pro and TradingView data indicated that Bitcoin’s price improved as the Producer Price Index (PPI) for June exceeded expectations.
The year-on-year PPI was 2.6%, higher than the forecasted 2.3% and 0.1% above the previous month.
“On an unadjusted basis, the index for final demand rose 2.6 percent for the 12 months ended in June, the largest advance since moving up 2.7 percent for the 12 months ended March 2023,” the U.S. Bureau of Labor Statistics reported.
Despite contrasting with the Consumer Price Index (CPI) numbers from July 11, BTC/USD avoided a decline after the PPI release.
Instead, it saw modest gains alongside U.S. stocks, while the dollar weakened.
“So overall PPI is sticky on YoY basis if not higher due to higher prices & lack of supply,” popular trader Skew remarked on X (formerly Twitter). “Increasing energy, food and trade services prices is not a great look.”
Skew pointed out that excluding energy, food, and trade services, the index was “basically flat” and less surprising to markets.
“Initial reaction was DXY & Yields up before lower, this tells me the market is transitioning into expecting a harsh reality when demand continues to buckle,” he concluded.
READ MORE: Bitcoin Long-Term Holders Remain Resilient Amid Deepest Correction of Current Price Cycle
“NQ & ES likely recovering here with hedges coming off. End of day performance will be important.”
The U.S. Dollar Index (DXY) dropped 0.35% on July 12, nearing its lowest levels in over a month.
Skew also described Binance’s spot order book as “pretty healthy.” “Although orderbooks are skew to bid, need to see this translate into market flows being bid,” he noted alongside a liquidity chart.
Other traders called for a stronger move from BTC/USD to signal a longer-term recovery. Popular trader Rekt Capital identified $58,350 as a crucial level for the daily close.
“There’s the rebound Bitcoin needed and price is now challenging that Lower High resistance again,” he informed his X followers, highlighting the PPI reaction with a chart.
“Bitcoin needs to Daily Close above $58350 (black) to break the Lower High and more importantly – position itself for a rally to $60600 (blue).”
Rekt Capital reiterated that BTC/USD had been attempting to break through a downward trendline but faced rejection in recent days.
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The German government resumed selling its Bitcoin holdings on July 12, following the return of some previously transferred BTC to its Bitcoin wallet.
Arkham blockchain data indicates that the German government executed multiple transactions, transferring a total of 3,200 Bitcoin across various platforms. Bitstamp, Kraken, and Coinbase each received 400 BTC, while two unknown addresses received 1,000 BTC and 500 BTC respectively.
Crypto analyst Michaël van de Poppe speculated on X that the remaining Bitcoin, worth approximately $300 million, would likely be sold on July 12.
Historically, large sales by government entities can lead to increased market volatility. However, the careful distribution of Bitcoin across different platforms might help prevent sudden and extreme price swings.
The German government’s wallet, containing Bitcoin seized from a film pirating website in January, has transferred billions of dollars in Bitcoin since June 19, with a noticeable increase in activity at the start of July.
READ MORE: Bitcoin Surges to One-Week Highs Following US Inflation Data Surprise
Starting with 50,000 Bitcoin, the wallet has sold a significant portion of its holdings over the past month. With 5,800 Bitcoin remaining, the German government has sold 44,200 BTC — 88.4% of the original 50,000.
On July 11, the German government’s Bitcoin wallet temporarily fell below 5,000 BTC after transferring approximately $615 million worth of Bitcoin to various cryptocurrency exchanges, including Coinbase, Bitstamp, Kraken, Flow Traders, and two unknown addresses, according to blockchain analytics firm Arkham.
German lawmaker and Bitcoin advocate Joana Cotar criticized the large-scale sale of Bitcoin, suggesting that the cryptocurrency could have been utilized as a safeguard against traditional financial system risks by adopting it as a “strategic reserve currency” instead.
The recent decline in Bitcoin’s price can be attributed to several factors, including Germany’s significant sale of BTC and concerns that Mt. Gox is releasing a substantial amount of Bitcoin worth over $8 billion to its creditors.
This has led to market uncertainty and downward pressure on prices.
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