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Weekly ideas, insights, and trends

Tanja Nechet

News editor

Feb 7, 2024 at 05:22

Ahoy, crypto navigators! Dive into the depths of the digital ocean with us.

Here’s what awaits you below:

  • A new level of deepfakes;
  • Polish city launches its stablecoin;
  • There was an outage on Solana’s network;
  • OKX faces potential inspection in South Korea;
  • Whales are stuffing their wallets with LINK;
  • Upcoming important crypto market events for February 7-14;
  • Interesting ideas, worth of attention.

🎭 Journalists bypassed KYC on crypto exchanges via AI document generator

A 404media journalist successfully passed KYC on the OKX exchange through the OnlyFake service, which generates fake documents images using AI. On social media, users also assure that they have managed to defraud KYC on Kraken, Bybit, Bitget, Huobi, and PayPal.

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👛 City stablecoin is launched

According to Blockworks, the Polish city of Mińsk Mazowiecki launched the MinsCoin stablecoin for local businesses. Around 10 companies will accept payment with the new token. The MinsCoin project will provide city residents with a new way to engage in the local market and community. MinsCoin made its first appearance with UrbanChange, a platform that launches USDC-backed stablecoins for local use in cities.

😴 Solana CEO slept through the glitch

Solana experienced a glitch the other day. Blocks were not mined for 5 hours. According to Solana CEO Anatoly Yakovenko, he slept through a blockchain outage while listening to a podcast about existential risk.

® OKX was accused of promoting the Jumpstart program to South Korean investors without proper registration

While OKX did not offer services to South Korean investors, DAXA reported the exchange to local authorities for allegedly promoting its Jumpstart program to local cryptocurrency users through influencers on Telegram, News1 reported.

🐳 Whales or institutions continue to accumulate Chainlink (LINK)

The topic of tokenization of real assets has caused Chainlink (LINK) tokens to jump nearly 40 percent upward over the past 30 days, with some portfolios accumulating more than $50M worth of coins.

Chain analysis tool Lookonchain reported that a large whale withdrew 2.7M LINK tokens from Binance crypto exchange worth about $49.9M using 49 new wallets.

Another of the whales transferred more than $9M in LINK tokens from the exchange in the past 10 days. 

🔑 Key crypto market highlights (February 7-14)

  • Frankfurt Digital Finance Conference (07-08.02).
  • dForce Token is launching a campaign to incentivize USX mining using USDT, USDC, and DAI using the Liquidity Stability Reserve (LSR) protocol (08.02). 
  • Dogelon Mars is moving forward with the third phase of the Solana airdrop. The event will distribute 500B ELON tokens to wallets that meet specific criteria. In particular, participants must bid 500 PYTH and have 700M ELON tokens in their wallets (snapshot on 08.02). 
  • Katana Inu will be releasing game updates (08.02).
  • World Mobile Token will host the next snapshot (09.02).
  • Shrapnel will hold its first STX event under the Radon Network. It is a competition with a prize pool of $100K in SHRAP tokens. Participants will be tasked with extracting Sigma to climb the leaderboard (08-10.02).
  • KRYZA Exchange will release KRYZASCAN – block explorer (10.02).
  • Victoria VR will launch a new game that will allow players to explore the Wood region (10.02).
  • UniLend Finance launches the first UniLend v.2.0 lending and borrowing protocol on Ethereum Mainnet (12.02).
  • Aptos (APT) tokens unlock – 24.84M coins, or 7.33% of the circulating supply (11.02).
  • CyberConnect (CYBER) – 2.36M coins or 15.93% of the circulating supply to be unlocked (14.02).
  • The Sandbox (SAND) – 205.59M of tokens, or 9.19% of the circulating supply (14.02).

💲 Ideas

[1] 🔔 Merlin Chain launch on Particle Network’s Launchpad

The Particle Network team announced the launch of its launchpad named People’s Launchpad. The first sale on the platform will be the Merlin Chain project, a Layer 2 Bitcoin solution. Merlin combines ZK-rollups, oracle network, and security modules. To participate, registration is needed.

Launchpad details:

  • Token ticker: MERL;
  • Prize pool: $1000 or 21M MERL tokens (1% of the total);
  • Estimated FDV: $100,000.

Accumulation details:

  • per invited user: 200 Power;
  • per steaking 2,000,000 ALLY: 80,000 Power; 
  • for holding 0.00025 BTC in the Merlin network: 1000 Power;
  • by performing various social tasks;
  • accumulation period: until February 10.

[2] 🔔What’s next for Jupiter(JUP)

According to pejman_zwin analysis, Jupiter (JUP) is approaching a Potential Reversal Zone (PRZ), and showing signs of Regular Divergence (RD+) between two Consecutive Valleys. Additionally, it appears to have formed a corrective Leading Diagonal, as per Elliott Wave Theory. 

Upon breaking the upper line of the Leading Diagonal, Jupiter (JUP) is poised to ascend towards the Resistance Zone ($0.57-$0.55). 

It’s advisable to implement Stop Loss orders for each position you open.

*Any technical analysis in the long run cannot accurately predict the movement because now is a very tough market and the news can swing currencies in all directions

[3] 🔔 Airdrop from Futureverse

Futureverse ecosystem includes dozens of companies that are developing AI and metaverse technologies, as well as open, scalable, and interoperable apps, games, etc. The team has raised $54M from Ripple and 10T Holdings, and has partnerships with NVIDIA, Warner Music, Animoca Brands, Alibaba, etc. Several DeFi apps, games, and its own blockchain and token have already been launched.

There is an airdrop campaign going on right now:

  • $5,000 standard drop for those who sign up;
  • 5000$ only for those who bought the token and hold $50 or more for at least 7 days;
  • verification will be done at the time the prize is credited, so the token must be in the wallet.

To participate in the airdrop:

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