It is a known fact that the price of Bitcoin doesn’t only affect Altcoins, but it also has a significant impact on happenings generally in the crypto space. Beyond speculations, observations, and commentaries of those who adopt cryptocurrency, here are some of the top stories in the crypto-verse from last week.
TL;DR
- Sonik Coin Surges Beyond $750,000 in Pre-sale, Anticipating 10x Returns
- Casio Ventures Into The Metaverse With NFT Trademark Filing
- Legal Expert Explores Ripple-SEC Settlement Prospects Amid Coinbase Lawsuit Impact
- Ethereum Co-Founder Sells MakerDAO Tokens Amid Solana Blockchain Buzz
- 66-Year-Old Thai Man Loses $568,000 In Tricky Crypto Scam
Sonik Coin Surges Beyond $750,000 in Pre-sale, Anticipating 10x Returns
Sonik Coin‘s pre-sale catapulted past the $750,000 threshold, enticing investors with its meme coin allure and promising APR rewards. Marketed as the next meme sensation, Sonik Coin boasts a unique Stake-2-Speed feature poised to deliver substantial early adoption returns.
Experts forecast that a significant chunk of the $SONIK supply will remain locked in staking contracts, potentially driving up post-launch prices. This staking mechanism allows investors to purchase and stake $SONIK tokens concurrently, even before the pre-sale concludes. Already, 26 billion $SONIK tokens have been staked, offering a remarkable 92% APY for those who commit for at least seven days.
Sonik Coin’s tokenomics are engineered for sustainable growth, with half the supply locked away and the rest offered at a modest price, leaving room for expansion. With just six days left in the pre-sale, interested buyers should act swiftly to secure their share of $SONIK.
Casio Ventures Into The Metaverse With NFT Trademark Filing
Casio, an electronic manufacturing firm, (NASDAQ: CSIOY) is making a bold move oto the metaverse by filing a trademark application with the US Patent and Trademark Office (USPTO).
According to a tweet by The Japanese company is setting its sights on the world of Non-fungible Tokens (NFTs) and is gearing up to introduce a diverse range of digital products within the metaverse, including NFT watches, AI-driven robots, virtual clothing, and more.
Casio’s strategic move reflects its commitment to embracing digital innovation and offering users engaging experiences within the realm of Web3 technologies. Though the exact launch date is yet to be disclosed, industry insiders anticipate Casio’s metaverse debut in 2024, adding to the growing list of brands venturing into this digital frontier.
Legal Expert Explores Ripple-SEC Settlement Prospects Amid Coinbase Lawsuit Impact
John Deaton, a leading proponent of XRP, has outlined potential paths toward resolution if Ripple and the U.S. Securities and Exchange Commission (SEC) choose to settle. He emphasized the key role of the ongoing Coinbase vs. SEC lawsuit.
Deaton explained that if the judge in the Coinbase case grants the exchange’s motion to dismiss, it would signal that crypto sales on the platform are exempt from U.S. securities laws, with staking being the exception. If the dismissal motion succeeds, the SEC’s ability to appeal would be limited, making settlement a viable option.
Ripple recently challenged the legal basis for an interlocutory appeal, adding complexity to the SEC’s case initiated in December 2020.
Ethereum Co-Founder Sells MakerDAO Tokens Amid Solana Blockchain Buzz
Vitalik Buterin, Co-Founder of Ethereum (ETH), has liquidated his remaining MakerDAO holdings following MakerDAO’s CEO Rune Christensen’s enthusiastic endorsement of the Solana blockchain.
The sale comprised 500 MKR tokens on CoW Protocol, resulting in Buterin receiving 353 ETH (approximately $580,000). Christensen’s blog post detailed MakerDAO’s intention to reposition itself on a new blockchain called NewChain, possibly via a fork from Solana. He highlighted Solana’s code quality, resilience, and adaptability, all of which align with MakerDAO’s goals.
While Ethereum’s Virtual Machine (EVM) remains vital for user-centric applications, Christensen argued it doesn’t suit MakerDAO’s backend requirements, reserved for NewChain. This development occurs as MakerDAO’s Dai stablecoin holds the position of the third-largest USD-pegged stablecoin, with a $3.9 billion supply.
66-Year-Old Thai Man Loses $568,000 In Tricky Crypto Scam
In a troubling turn of events, a 66-year-old retired individual residing in Thailand has fallen prey to a highly intricate online scam, resulting in a staggering loss of more than $568,000.
This fraudulent scheme, commonly referred to as the “pig butchering scam,” involves fake actors adopting false personas on the internet, including masquerading as credible news reporters on Facebook, all designed to gain the victim’s trust.
The “pig butchering scam” ingeniously blends elements of concocted romantic connections, investment proposals, and the cryptocurrency realm. Victims are enticed with exciting promises of huge financial gains, presented with dubious evidence of successful trading, and skillfully coerced into investing their funds into the scheme. Yet, when victims attempt to reclaim their invested capital, the scammers employ a set of excuses and vanish from sight.
Alarming concerns arose when the retiree was unable to retrieve $284 of his invested funds, prompting him to report the incident to the authorities. An ongoing investigation is underway to apprehend the perpetrators.
Final Thoughts
It is very important to learn and understand how to strike a balance between vigilance and caution. Despite the excitement that the crypto market comes with, it is very important to try as much as possible to be cautious about your investments and avoid losses or scams that may lead to loss of funds. As an investor, you must learn to protect your investments at all costs.
