BONK goes haywire
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 15th December 2023.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.
What’s up
Solana-Based Memecoin Doubles Overnight
Okay, so Bonk has a market cap approaching $1.9 billion after doubling in the past 24 hours. This follows a month-long rocket ride during which time the Solana-based memecoin has gained nearly 1,000%. A brand new ATH of $0.00003416 was notched in the wee hours of Friday morning.
Crypto at large rallied Wednesday and part of Thursday after the Fed signaled rate cuts coming next year, but the total market has since pulled back slightly. Not BONK.
Lately, the dog-themed asset to rival DOGE has been "pretty much up only," as Decrypt said. "Anyone who was airdropped a stack of free BONK last year might be sitting pretty right about now."
Right after BONK launched last Christmas, Solana developers in the LamportDAO community received a holiday gift: 25 billion BONK tokens. In line with memecoins like SHIB, BONK has a mind-bogglingly massive circulation such that 25 billion BONK amounted to about $300 at the time of the drop. That stash quickly doubled to $600 and the token's trajectory would eventually go haywire.
BONK is said to have helped bring good vibes back to the Solana community in the harrowing aftermath of the FTX collapse. Coinbase recently listing BONK helped bring the token's market cap up toward a level to where now BONK is now part of CoinGecko's Top 50 largest digital assets.
What's down
Ledger Library Exploited; SafeMoon Craters
Yesterday afternoon came word that hackers stole $484,000 by attacking Connect Kit, a popular form of blockchain software used by Ledger, a crypto wallet maker. Several DeFi protocols that use Connect Kit's Github library have been impacted.
Ledger has confirmed that a former employee fell prey to a phishing scam, resulting in an exploit.
Users have been warned to avoid using decentralized apps altogether until these malicious-code-infused protocols are updated (CoinDesk).
Meanwhile, SafeMoon's SFM token has crashed after SafeMoon US, LLC, the company behind the DeFi/meme project, filed for bankruptcy in the wake of federal criminal charges filed against a trio of founders accused of fraud in an indictment unsealed by the Department of Justice early last month.
Roughly two years ago, SFM hit a record high of $0.00338272. As of about three hours ago, the token hit a record low of $0.00002875 after plunging 50% in 24 hours, per CoinGecko.
What's next
BTC Poised To Benefit From Weakening Greenback
This week's extraordinary Fed policy pivot has sent the dollar falling, and traders are betting on further weakness.
If Bitcoin's historic correlation with the greenback holds up, and the U.S. Dollar Index (DXY) continues to go down, then the largest crypto could be lifted by a new form of macro tailwind, Cointelegraph said.
As of 8 a.m. (EST), BTC was about $42,600 after a decline of 1.1% in the past 24 hours.
The DXY is down more than 2% since the start of the week. It's now sitting below $102. That's the DXY's lowest level since August.
One popular commentator, Crypto Ed, predicts further downside pressure on the dollar. "DXY to $92," he said.
