Bitcoin dips to $60k as Solciety’s presale rakes in $400k in a week

Key takeaways

  • Bitcoin briefly dropped below $59k on Monday as Mt. Gox plans to repay some of its clients.
  • Solciety has raised $400k in a week as its 30-day presale begins excellently.

BTC slips below $59k as buyers suffer losses

The cryptocurrency market is having a poor start to the week, with Bitcoin and other major cryptocurrencies currently in the red. Bitcoin, the leading cryptocurrency by market cap, lost more than 4% of its value on Monday and briefly dropped below $59k per coin.

The poor performance comes as Mt. Gox announced repayment plans starting in July that could see more than 140,000 bitcoins dumped into the market. Some investors anticipate that the Mt. Gox bitcoins could lead to a decline in Bitcoin’s price. At press time, the price of Bitcoin stands at $60,520.

What is Solciety?

While the general trend of the market has been bearish so far this week, the market is still in a bullish cycle and interesting projects continue to emerge. One project that investors could keep an eye on is Solciety

Solciety is a meme coin that seeks to become a leader in the PolitiFi meme ecosystem. According to the development team, Solciety wants to become the very first political party of degens. This meme coin is pegged to the only real-world currency: attention. The project wants to become a platform to spread the degen gospel across the Twitterverse. 

Solciety’s development plans

Although Solciety will launch as a meme coin, it will provide value to investors and users. Solciety will offer the Meme Campaigner, a tool that allows users to create their own meme coins. The tool will also offer users over 200 traits, backgrounds, and fonts.

The development team revealed that the tool can allow users to create and share memes on Twitter to earn points. Users will earn one point for every meme shared, the points will be collected and the top ten users will earn presale tokens.

The Solciety presale has begun and will last for only 30 days. The funds raised from the presale round will be channelled towards developing new tools such as Solciety’s AR. The Augmented Reality tool will allow users to view their weird and wonderful meme creations layered over the real world.

Furthermore, some of the funds will go towards developing Solciety’s AI, which will be launched in the first quarter of 2025. The AI will facilitate natural language programming to autogenerate captions and translate memes into other languages.

Solciety raises $400k in a week

The Solciety presale began a week ago and has already reached an important milestone. So far, the presale has raised $399,588.

The presale would run for 30 days and have ten stages. Early investors enjoyed a heavily discounted price of $0.000963 in the first stage. 

The presale is currently in its third stage, with the SCLTY token going for $0.002222. The SLCTY token’s price will increase every 72 hours, with early investors enjoying an astonishing 125% surge in price before the presale ends. 

According to the project’s tokenomics, the presale offers 30% of the supply with 3 billion tokens available to early investors. Meanwhile, 20% of the tokens have been allocated to marketing and 10% to community rewards and incentive programs. Finally, liquidity will account for 17%.

Should you buy the SLCTY token?

Meme coins have become an important part of the crypto ecosystem thanks to massive adoption by degens. Solana has become home to some of the crypto ecosystem’s leading meme coins and DeFi protocols thanks to its transaction speed, security, and transparency,

By launching on the Solana blockchain, Solciety is leveraging the network’s features to provide unique utilities to its users. SLCTY is launching in a booming PolitiFi ecosystem and could record massive growth as the elections in the United States and some parts of Europe draw closer. 

By allowing users to create their meme tokens and share them on social media platforms, Solciety is promoting quality content creation and encouraging the Degen movement. Its native SCLTY token could become a leading meme coin with the right level of adoption.

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Bitcoin drops below $60k amid fresh sell-off pressure

  • Bitcoin (BTC) price fell more than 5% to drop below the $60,000 threshold.
  • The declines came after news that Mt.Gox will start repaying its creditors in July, with potential $9 billion sell-off pressure incoming.

Bitcoin price has dropped below the $60,000 threshold after a day of massive sell-off pressure.

BTC reached highs of $71,974 on June 7, but has been in downtrend since. Today’s declines have seen the cryptocurrency break below $60k for the first time since rebounding above this level in early May.

Bitcoin price drops below $60k

On Monday, news that Mt. Gox, a bankrupt crypto exchange that suffered a major hack in 2014, was on the verge of distributing nearly $9 billion in BTC to creditors sparked new selling pressure for Bitcoin.

When hackers stole thousands of Bitcoin from Mt.Gox ten years ago, the price of Bitcoin was around $40. That puts today’s price at an astronomical level since, a factor that could see some recipients of the 141,000 BTC to be repaid elect to sell for profit.

BTC holders worried about the potential bearish flip, have joined the selling spree. BTC’s value plummeted below the $60,000 mark amid these news.

Commenting on BTC price before the dip to under $60k, CryptoQuant’s head of research Julio Moreno observed:

“What’s happening right now with Bitcoin prices is mostly related to a lack of demand growth or momentum from traders, whales, ETFs, etc.”

The last time Bitcoin dropped below $60k, it traded to lows of $56,500 and Moreno believes this could offer the ultimate support level again.

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ZKsync opens second round of ZK token airdrop claims

  • ZKsync’s second wave of ZK token claims is now live
  • ZK Nation announced participants can check eligibility if they are Protocol Guild members, project contributors (external) or if nominated by a native ZKsync project.
  • The ZK token trades around $0.16, down 7% in the past 24 hours and 50% since its recent all-time high

ZK Nation has announced the project’s airdrop claims for its ZK token is now live for the second wave of distribution.

According to a post on the official ZK Nation X account, this second round of the native token’s airdrop claims targets members of the Protocol Guild, contributors to external projects, or individuals nominated by given ZKsync ecosystem projects.

This group of airdrop beneficiaries can now check their eligibility and those eligible will have until January 3, 2025 to claim their ZK tokens.

Last week, ZKsync rolled out the first wave of its airdrop, with total tokens set to be airdropped to the community at 17.5% of the total supply of 21 billion ZK. That meant 3,675,000,000 tokens will be up for grabs – with 89% meant for ZKsync users, 5.8% for ZKsync native projects, 2.8% for on-chain communities and 2.4% for builders.

In the June 24 announcement, ZK Nation said the new round of airdrop for ZK accounts for 1.91% of the total 3.67 billion airdrop supply is up for grabs.

What is ZKsync?

ZKsync is a Layer-2 protocol and scaling solution for Ethereum. The project’s ZK chains offers high performance, modular rollups and validiums,with ZKsync’s zero-knowledge (ZK) technology powering the ecosystem.

As can seen above, the ZK token trades around $0.16 at the time of writing. That’s about 7% down in the past 24 hours as the altcoin mirrors the weakness seen across the crypto market.

ZKsync token ZK price chart. Source: CoinMarketCap

ZK price is thus 50% off its highest level, having reached an all-time high of $0.321.  The cryptocurrency token currently trades on Binance, OKX, Gate.io and Bybit.

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