Kategorie: Crypto Markets

• Smidge (SMIDGE) plunges 71% in 24 hours, reflecting volatile meme token risks.
• Solciety (SLCTY) presale nears $500K, attracting crypto influencers with its staged pricing presale.
• Solciety merges politics with memes on Solana, fostering community and creativity.

Smidge (SMIDGE) meme coin price has seen a massive plunge sending investors into panic mode looking for alternative options.

Amid the SMIDGE decline, the new Solana-based meme coin Solciety (SLCTY) is making waves after launching its presale on June18.

Smidge (SMIDGE) price plunges by over 71%

Smidge (SMIDGE), a token associated with the 5th generation of the frog kingdom and known for its popularity on platforms like 4chan and Reddit, has seen a drastic decline in its market value.

From an all-time high of $0.0008874 just a day ago, Smidge has plummeted to $0.0001732, marking a staggering decrease of 71.25% in a single day.

Despite its initial popularity and viral status, Smidge’s recent performance highlights the unpredictable nature of the cryptocurrency market, leaving investors wary and seeking more stable alternatives.

This volatility underscores the risks inherent in investing in meme-inspired tokens, where sentiment and market dynamics can lead to rapid price swings.

Solciety (SLCTY) presale gains momentum as it approaches $500K

In stark contrast to Smidge’s downturn, Solciety (SLCTY) has been making waves with its presale, successfully raising over $300,000 within the first 48 hours and approaching the half-million-dollar mark within a week of its launch.

Positioned as a pioneering project within the PolitiFi meme coin industry, Solciety aims to blend political engagement with meme culture, catering to a diverse audience of crypto enthusiasts and meme creators alike.

The Solciety presale offers early adopters the opportunity to purchase SLCTY tokens at progressively increasing prices, incentivizing early participation while rewarding supporters.

With a total supply of 3 billion SLCTY tokens available for distribution this month, the presale employs a smart contract mechanism to adjust token prices every 72 hours.

Starting at $0.000963 per token and currently priced at $0.001967 in Stage 3 of 10 planned stages, Solciety’s strategic pricing strategy aims to balance accessibility for investors with sustainability for the project’s long-term growth.

Solciety’s appeal lies not only in its innovative approach to combining politics and meme creation but also in its utilization of the Solana blockchain.

Leveraging Solana’s high-speed transactions and low fees compared to Ethereum, Solciety provides a robust platform for decentralized governance and creative expression through its Meme Campaigner tool. This platform empowers users to generate and customize memes, fostering community engagement and content creation.

Moreover, Solciety has garnered attention from prominent figures within the crypto community, including influencers like Solciety, ALTCOIN-BEAR, The PEPE ARMY, ShibArmy1000x, and BscGems1000x.

These endorsement underscores the project’s potential to resonate with a wide audience interested in both cryptocurrency investments and meme culture.

Conclusion

As the cryptocurrency market continues to evolve and adapt, projects like Solciety exemplify the intersection of technology, creativity, and community engagement. With its presale gaining momentum and demonstrating substantial fundraising success, Solciety positions itself as a promising contender in the competitive landscape of meme-inspired tokens.

Investors, drawn by the potential for both financial gains and active participation in a novel ecosystem, are increasingly turning to Solciety as a beacon of innovation and opportunity amidst market uncertainties.

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• US Congressman Matt Gaetz has introduced legislation that would require the IRS to accept tax paid with Bitcoin.
• If enacted into law, American taxpayers will have the option to pay taxes in BTC.

US Representative Matt Gaetz (R-FL),has introduced a new bill that could see Americans pay their income tax with Bitcoin.

On Tuesday, a news release from the legislator confirmed the new bill, which will mandate the federal government to accept payments of taxes via the cryptocurrency.

Bill would require IRS to accept Bitcoin for tax

Gaetz’ bill proposes an amendment to the US’ Internal Revenue Code of 1986, with the Treasury secretary required to put into place the necessary infrastructure for the IRS to accept BTC.

Notably, US tax regulations mandate individuals to report crypto transactions, with both income and capital gains taxes applicable. But while a few states have looked at use of BTC for tax payments, the federal government does not have such a provision.

“My groundbreaking legislation will modernize our tax system by allowing federal income tax to be paid with Bitcoin,” Congressman Gaetz said in a press release.

The bill requires that among other provisions, the new tax regime that follows ensures “the immediate conversion of any Bitcoin amount received to its dollar equivalent.” This should happen at the end of any such transaction.

 “By enabling taxpayers to use Bitcoin for federal tax payments, we can promote innovation, increase efficiency, and offer more flexibility to American citizens. This is a bold step toward a future where digital currencies play a vital role in our financial system, ensuring that the U.S. remains at the forefront of technological advancement,” Gaetz added.

Crypto ahead of US elections

Gaetz, an ally of former US President Donald Trump, brings the new legislative amendments at a time Bitcoin and crypto are increasingly a top issue for both Trump and President Joe Biden. In his case, the Congressman’s target could help spark further traction for the former president.

Already, Trump’s crypto-friendly stance has endeared him to Bitcoin and crypto holders – a group the Republican candidate hopes to bring to his corner come November 2024.

In recent weeks, Trump has met US Bitcoin miners, pledged to end Biden’s “war on crypto” and become the first US president to accept Bitcoin Lightning donations.

On Monday, it was reported that Trump was in talks to attend and speak at the Bitcoin 2024 Convention set for the end of July in Nashville, Tennessee.

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• 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’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.

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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• Tether ceases USDT minting on EOS and Algorand starting June 24, 2024.
• Tether will redeem USDT on EOS and Algorand for the next 12 months.
• Tether’s shift focuses on security, efficiency, and community-driven blockchain support.

Effective June 24, 2024, Tether, a leading player in the stablecoin market, will cease minting its USDT tokens on the EOS and Algorand blockchains.

This decision is part of Tether’s ongoing commitment to maintain a robust and innovative blockchain ecosystem. The transition aims to prioritize community-driven interests while ensuring the security and efficiency of its operations.

Tether’s integration in blockchains

Tether has always placed a high value on the community’s needs and interests when deciding which blockchains to support.

The evaluation process includes a thorough assessment of each network’s security architecture, usability, and sustainability.

By discontinuing support for EOS and Algorand, Tether is reallocating resources to blockchains that align more closely with their strategic goals. This decision reflects the company’s dedication to enhancing the security and efficiency of the USDT token across the crypto landscape.

The focus on community-driven support means Tether constantly reassesses its transport layers to ensure they meet the highest standards of maintainability and usage. This strategic pivot aims to strike a balance between supporting existing ecosystems and fostering innovation.

Tether’s decision to discontinue minting on EOS and Algorand is a result of this comprehensive evaluation process, ensuring resources are deployed where they can have the most significant impact.

Tether (USDT) redemption on EOS and Algorand for the next 12 months

The transition plan Tether has laid out is designed to minimize disruption to users.

While minting of USDT on EOS and Algorand has ceased, the redeemption of USDT tokens on both blockchains will continue for the next 12 months.

This extended redemption period ensures that users have ample time to adjust to the changes.

Tether has committed to executing this transition meticulously, prioritizing a seamless user experience.

According to an official announcement, further evaluations and potential announcements will be made around the end of the 12-month period, allowing Tether to adapt its strategy based on the evolving needs and interests of its community.

This approach underscores Tether’s commitment to a hassle-free transition and its focus on maintaining user trust and confidence throughout the process.

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