Hodler’s Digest, Nov. 24 – 30 – Cointelegraph Magazine

High Tales of The Week

Dogecoin flips Porsche market cap as DOGE ETP, Musk drive rally

Dogecoin has surpassed the market capitalization of luxurious automaker Porsche, pushed by endorsements from Elon Musk and the potential launch of an exchange-traded product for the memecoin.

Dogecoin has risen 175% through the previous month to a $57.8 billion market capitalization, surpassing Porsche’s $56.1 billion market cap, as of 8:34 am UTC on Nov. 27, Cointelegraph knowledge confirmed.

Dogecoin has had important momentum in 2024, partly pushed by continued social media endorsements from billionaire Elon Musk. Musk’s latest involvement in creating the nascent Division of Authorities Effectivity (DOGE), an company geared toward slicing authorities spending and streamlining rules, has additional stoked curiosity.

ZachXBT alleges former pro-Fortnite participant helped steal $3.5M by way of memecoin scams

Pseudonymous blockchain sleuth ZachXBT alleged a former skilled Fortnite participant and blockchain safety analyst from Australia was concerned in memecoin scams that resulted in about $3.5 million being stolen. 

In a Nov. 27 thread revealed on X, ZachXBT mentioned pockets addresses tied to former pro-Fortnite participant Serpent had “excessive publicity” to a number of Pump.enjoyable memecoin scams involving hacked social media accounts.

Serpent, who was expelled from the esports group “Extra time” in June 2020 for alleged dishonest, in line with gaming TV community Ginx TV, was additionally identified on X as a safety analyst and a founding father of a menace mitigation system known as Sentinel.

Bitcoin CME futures hit $100K for the second time in every week: Will BTC spot value comply with?

On Nov. 29, Bitcoin futures on the Chicago Mercantile Trade (CME) rose to $100,200 for the second time in seven days after initially hitting the milestone on Nov. 22. Bitcoin’s spot value has but to succeed in $100,000, however the cryptocurrency reveals promise because it briefly hit an intraday excessive at $98,600 earlier than promoting off.

In accordance with The Kobeissi Letter, Bitcoin futures open curiosity on CME surpassed 40,000 contracts, and previous to the Nov. 28 Thanksgiving vacation within the US, CME Bitcoin futures volumes had been at $12.3 billion. 

Buying and selling volumes surged within the European and New York classes after United States inventory markets had been closed on Nov. 28 in observance of the Thanksgiving vacation. A robust spot bid may be noticed on Coinbase, the place the unfold, or “Coinbase premium,” between the BTC/USD value and Bitcoin spot value on Binance has exceeded $200. 

Solana memecoin dealer turns $160 into $5.6M with viral token

A Solana-based memecoin dealer turned a $160 funding into tens of millions after shopping for tokens tied to a viral web meme.

Knowledge from Solana’s blockchain explorer Solscan reveals that on Nov. 15, a pockets made two purchases of the Only a chill man (CHILLGUY) memecoin. 

The dealer exchanged 0.50 Solana, price round $107 on the time, for 9.6 million CHILLGUY tokens on the Solana memecoin generator platform Pump.enjoyable. Hours later, the dealer added one other 0.246 SOL (about $51) for two.8 million tokens.

The CHILLGUY token launched on Nov. 15 on the Solana blockchain, using the wave of the viral “Only a chill man” meme that gained recognition on social media. The token’s worth surged, reaching a peak market capitalization of $643 million by Nov. 27. On the time of writing, the memecoin trades at $0.58. 

Blockchain knowledge suggests the dealer offered 2.8 million tokens early for 149 SOL (about $35,000) — lacking out on a possible $1.6 million revenue. Nonetheless, the dealer nonetheless holds 9.62 million tokens, now valued at about $5.6 million.

Crypto hackers steal $71M in November, bringing yearly complete to $1.48B

Cryptocurrency hackers proceed damaging the trade’s repute because the yearly worth stolen by way of cyberattacks nears $1.5 billion.

Crypto hackers stole over $71 million price of digital property throughout November, in line with an Immunefi report shared with Cointelegraph.

This brings the entire crypto worth stolen to over $1.48 billion year-to-date (YTD) in 2024, in line with the report, which said:

“In complete, now we have seen a lack of $1,489,921,677 to hacks and rug pulls in 2024 YTD throughout 209 particular incidents. This represents a 15% lower in comparison with the identical interval in 2023, when losses totaled $1,757,680,745.”

Winners and Losers

On the finish of the week, Bitcoin (BTC) is at $97,414, Ether (ETH) at $3,591 and XRP at $1.76. The overall market cap is at $3.39 trillion, in line with CoinMarketCap.

Among the many largest 100 cryptocurrencies, the highest three altcoin gainers of the week are The Sandbox (SAND) at 80.20%, Algorand (ALGO) at 76.80% and Ethereum Identify Service (ENS) at 72.86%.

The highest three altcoin losers of the week are Mantra (OM) at 9.55%, POPCAT (SOL) (POPCAT) at 8.38% and FLOKI (FLOKI) at 6.20%. For more information on crypto costs, be certain that to learn Cointelegraph’s market evaluation.

Most Memorable Quotations

“I’m not in opposition to memes, however meme cash are getting ‘a bit’ bizarre now. Let’s construct actual purposes utilizing blockchain.”

Changpeng “CZ” Zhao, founder and former CEO of Binance

“Establishments wish to cover funds, workflow, day by day work, who they pay, and when. When you have Bitcoin or Ethereum balances, these issues are very related to different individuals.”

Avidan Abitbol, mission director at Knowledge Possession Protocol

“The trade is at all times one assault away from huge harm.”

Mitchell Amador, founder and CEO of Immunefi

“We’re actually ready to see that exuberant transfer, after which we’ll take a look at that rotation of capital.”

Pav Hundal, lead market analyst at Swyftx

“I used to be discussing bitcoin with an investor yesterday and he replied considerably dismissively ‘It’s similar to shopping for gold.’ No, it’s like shopping for gold in 1000 B.C.”

Dan Morehead, founding father of Pantera Capital

“Altcoins ought to give attention to growing impartial methods to draw new capital quite than counting on Bitcoin’s momentum.”

Ki Younger Ju, founder and CEO of CryptoQuant

Cardano founder predicts Bitcoin DeFi will dominate crypto inside 3 years

Cardano founder Charles Hoskinson mentioned decentralized finance within the Bitcoin ecosystem will eclipse all different crypto DeFi inside two to 3 years. 

He touted the potential for Bitcoin DeFi whereas making a daring value prediction and highlighting a brand new mannequin for bridging Bitcoin with out utilizing centralized exchanges. 

“I began within the Bitcoin area and I liked Bitcoin. Bitcoin has been an enormous a part of my life and the one motive I’m right here in the present day is as a result of Bitcoin exists,” he mentioned in a YouTube video posted on Nov. 27. 

He voiced frustrations with utilizing Bitcoin within the early days, saying: “Bitcoin went from a sleeping large by no means to awaken in an innovation coma, to an woke up large that’s 4 occasions the scale of Solana and Ethereum mixed.” He added:

“DeFi within the Bitcoin ecosystem will eclipse DeFi in all ecosystems within the cryptocurrency trade inside 24 months to 36 months, and that’s simply due to scale and liquidity.”

FUD of The Week

Over 8.6K Solana wallets linked to $21M DEXX hacker

Crypto safety agency SlowMist launched a doc figuring out greater than 8,620 Solana addresses suspected of being linked to the DEXX hacker.

On Nov. 16, memecoin buying and selling terminal DEXX fell sufferer to a safety exploit, leading to losses impacting a minimum of 900 distinctive customers. 

In accordance with MistTrack, most victims misplaced lower than $10,000 amid a non-public key leak, although one particular person misplaced greater than $1 million. 

The overall loss from the incident was initially reported at $21 million, the second-largest hack in November behind the $25.5 million Thala hack, although Thala recovered all misplaced property.

As of Nov. 29, DEXX’s complete loss has risen, SlowMist founder Cos informed Cointelegraph: “The overall loss is estimated to be inside $30 million. The worth fluctuation of meme tokens has a big affect on the general loss.”

North Korean hackers broaden social engineering operation to IT companies: Report

Hackers with ties to the North Korean authorities have reportedly expanded social engineering scams designed to steal cryptocurrencies by infiltrating “lots of” of huge, multinational info know-how companies.

In accordance with an article from TechCrunch, researchers on the Cyberwarcon cybersecurity convention recognized two North Korean hacker teams known as “Sapphire Sleet” and “Ruby Sleet.”

Sapphire Sleet focused people by way of fraudulent employment schemes by posing as reliable recruiters and luring unsuspecting victims into interviews or different provides of employment. The hackers would then infect the customers’ computer systems with malware disguised as PDFs or malicious hyperlinks in some unspecified time in the future through the interview course of.

Ex-Binance worker sues UK alternate, alleging bribery: Report

A former senior worker at Binance has reportedly filed a lawsuit in opposition to the cryptocurrency alternate’s United Kingdom arm, making allegations together with bribery and unfair dismissal.

In accordance with a Nov. 28 Bloomberg report, former Binance worker Amrita Srivastava sued the crypto alternate within the UK, claiming that one other employee solicited bribes from a buyer. She alleged that she was unfairly dismissed from her place a month after bringing the matter to administration’s consideration in April 2023. 

Srivastava alleged that the unnamed Binance worker accepted the bribe “underneath the guise of offering consultative providers.” An alternate spokesperson reportedly mentioned the alleged bribe “was already identified,” and Srivastava’s employment was terminated for “poor efficiency” on the agency.

High Journal Tales of The Week

Charles Hoskinson, Cardano and Ethereum – for the document

Cardano founder Charles Hoskinson has an extended record of spectacular achievements however doesn’t play properly with others.

Dragon Ball, One Piece studio’s Web3 recreation, Solar is prime Trump crypto holder: Asia Categorical

Dragon Ball producer plans blockchain recreation, Bahrain-backed Singapore Gulf Financial institution eyes stablecoin deal, Hong Kong’s crypto tax perks for the wealthy, and extra.

5 unbelievable use circumstances for Based mostly Brokers and Close to’s AI Assistant

Coinbase’s Nemil Dalal says that coding will change extra within the subsequent yr than the final 30 because of AI.

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Cointelegraph Journal writers and reporters contributed to this text.