Once again, celebrity-backed meme coins are causing a stir in the crypto world, as stars like Iggy Azalea and Hulk Hogan jump on the bandwagon, promising sky-high returns. Unsurprisingly however, the latest craze is not all glitz and glam, as the Hulk Hogan Solana-based coin, aptly named HULK, recently took a $17 million tumble, leaving investors scratching their heads.

Reasons Behind The Crash

WWE icon Hulk Hogan had launched a meme coin on Solana in order to capitalize on the current craze surrounding celebrity-endorsed meme coins. Nevertheless, HULK experienced a staggering $17 million decline on June 6th when its entire market cap suddenly plummeted to $11,000.

Ironically, the crash was triggered by Hulk Hogan himself, who unexpectedly deleted his social media posts related to the Solana meme coin, causing significant losses for HULK holders. Some of these deleted posts even referenced Iggy Azalea and her promotion for her meme coin, MOTHER.

In any case, suspicion quickly arose regarding Hulk Hogan and his involvement in the rug pull. Observant crypto users noted discrepancies in what Hogan was posting on social media, including recycled video content promoting the meme coin. However, the former WWE world champion and his team denied authorizing the deleted posts, leaving investors uncertain about the situation.

Caution Against Celebrity Meme Coins

Ethereum (ETH) founder Vitalik Buterin criticized celebrity-backed meme coins, stating that they offer little value beyond quick financial gain. He emphasized the importance of projects contributing to the public good and dismissed celebrity-endorsed projects lacking substance.

Moreover, regulatory authorities have penalized several influencers, including Kim Kardashian and Floyd Mayweather, for fraudulent crypto promotions. Sahil Arora, associated with many of these fraudulent tokens, has been linked to previous projects like the now-defunct SOULJA BOY token. On the other hand, Solana founder Raj Gokal expressed a laissez-faire attitude towards the proliferation of meme coins, suggesting that people should enjoy themselves.

At any rate, the influx of celebrities into the crypto space, driven by self-serving financial motives and lacking genuine understanding of the technology, poses several risks which could invite increased regulatory scrutiny going forward.

Last year, Binance faced significant regulatory pressure, resulting in notable departures within certain markets and the temporary suspension of specific services. Nonetheless, as the cryptocurrency exchange stabilizes, it is gradually reintroducing its offerings, including the restoration of its Mastercard service.

The Road To Recovery

Recently, Binance announced the relaunch of its card payment option in collaboration with Mastercard. This move comes after Mastercard ended its partnership with the exchange in September 2023, coinciding with Visa also deciding to withdraw due to regulatory issues.

Following this update, Binance users now have the option to utilize Mastercard, Visa, or SEPA for asset purchases and transfers. It is worth mentioning that the reintroduction of Mastercard as a payment option does not encompass the proprietary card option. However, the exchange has assured users that any updates regarding this will be communicated in due course.

Slow And Steady

In a separate development earlier this year, Alchemy Pay introduced its Crypto Card Mini app on the Binance marketplace in partnership with Binance Pay. This integration, designed to enhance payment experiences, allows Binance users to access fiat-crypto payment solutions in over 173 countries.

Despite these advancements, it is important to note that certain regions, including the United States, Canada, Singapore, Japan, the United Kingdom, the United Arab Emirates, and Australia, may not have access to these services due to regulatory constraints affecting Binance in those specific jurisdictions.

Coinbase has declared the introduction of its latest smart wallet platform. The biggest cryptocurrency exchange in the United States announced that the debut will mark a new phase in the development of its Coinbase Wallet product by revolutionizing the on-chain experience through the elimination of network fees and recovery phrases.

Going Truly Digital

Smart wallets provide a streamlined, gas-free on-chain experience. This straightforwardness, along with support for multiple chains and integration with prominent applications, will facilitate transitioning to blockchain as effortlessly as logging into a preferred website.

Historically, engaging with on-chain transactions has been sluggish, costly, and intricate, involving separate wallet app installations and earlier-generation blockchains. Smart wallets, with their user-friendliness, coupled with advanced Layer 2 networks like Base, finally set the stage for drawing in many more individuals on-chain. Now, engaging on-chain is simple, rapid, and economical.

Various Features

Coinbase will introduce a complementary web application for the new smart wallet, featuring functionalities such as asset and identity management, purchasing, sending, swapping, NFTs, and transaction records. The web application will serve as the primary platform for users of smart wallets to oversee their wallets.

Upon its release, Coinbase notes that smart wallets will initially support eight networks, including Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB, and Zora, with the incorporation of other chains planned for the future.

The company is also encouraging developers to integrate smart wallets into their applications by enabling them to earn up to $15,000 in gas credits through the Base Gasless Campaign, essentially sponsoring transactions at zero expense.

Jake, a prominent figure in the VeChain community, has unveiled the VeBetterDAO app in collaboration with Tesla. Although VeChain (VET) experienced a 0.21% price uptick in the last 24 hours, it experienced a decline of 5.52% over the preceding week. Despite these market shifts, VeChain has announced several significant developments.

Utilizing Blockchain Technology

The aforementioned application, designed to enhance efficiency and transparency, integrates blockchain technology into the various operations of Tesla, marking a substantial stride for VeChain when it comes to its partnerships with numerous industry leaders to implement cutting-edge blockchain solutions.

Additionally, VeChain has entered phase 3 of its partnership with Boston Consulting Group (BCG), aimed at further refining and implementing strategic blockchain solutions across various sectors. This ongoing collaboration underscores the increasing recognition of blockchain and its potential to transform traditional business models.

Implementing NFC Technology

Elsewhere, VeChain revealed that a luxury client has adopted its NFC (Near Field Communication) technology, enabling the tracking and authentication of high-end products to ensure their genuineness. NFC technology enables short-range wireless communication between devices, typically within a few centimeters.

In the realm of crypto, NFC is utilized for secure and convenient transactions. It allows users to transfer cryptocurrency or access digital wallets by simply tapping their NFC-enabled devices together, providing a seamless and secure way to make payments or authenticate transactions.

Crypto Yapper, a crypto analyst, predicts that VET is on the verge of a breakout, with the price currently consolidating towards a pivotal point that could result in significant movement. This forecast, alongside the abovementioned developments, has sparked substantial interest and anticipation among the VeChain community and investors.

The United States Securities and Exchange Commission (SEC) announced on Tuesday its intention to close the Salt Lake Regional Office (SLRO) later this year, reducing the total number of SEC regional offices to 10.

Enhancing Efficiency

The SEC is a regulatory agency responsible for overseeing and enforcing federal securities laws. They aim to protect investors, maintain fair and efficient markets, and facilitate capital formation by regulating securities markets and securities professionals.

The SEC noted that the SLRO, historically its smallest regional office, is closing due to significant attrition. This closure is partly meant to help enhance the overall budget and organizational efficiency of the regulatory agency. In the transition, the Denver office of the SEC will assume jurisdiction over enforcement matters previously managed by the Salt Lake City office.

The DEBT Box Fiasco

Regarding recent events, a dismissed lawsuit against DEBT Box resulted in criticism of the SEC for what was described as bad faith conduct, leading to a court order for the SEC to pay $1.8 million in legal fees. Last July, the SEC accused DEBT Box of operating an unlawful $50 million crypto scheme, alleging investor fraud through misrepresented investment details.

In April, SEC attorneys Michael Welsh and Joseph Watkins faced criticism by a federal judge for their actions in attempting to seize assets belonging to DEBT Box under false pretenses, prompting their resignations.

Coinbase Chief Legal Officer Paul Grewal commented that describing the situation as attrition might be an understatement. In any event, the recent legal defeat experienced by the SEC and subsequent office closure represent a significant setback for the regulator, despite its aggressive stance in crypto enforcement, which has included actions against several prominent firms in the past.

Ripple CEO Brad Garlinghouse, speaking in a live broadcast, recently expressed confidence that XRP ETFs will become a reality. He anticipates the emergence of spot XRP ETFs by 2025. Still, not everyone is convinced and some claim that Brad is only announcing this to garner sympathy for the project after its recent shortcomings.

Ripple has also faced several legal challenges so far, with the United States Securities and Exchange Commission (SEC) previously claiming that the sale of XRP constitutes an unregistered securities offering.

A Need For Modernization

Ripple (XRP), in collaboration with prominent entities like Coinbase and Grayscale, has spearheaded efforts within the crypto industry to urge the SEC to modernize its regulatory framework for cryptocurrencies.

Despite these efforts, Ripple faces potential repercussions, including a hefty $2 billion fine by the SEC, stemming via a legal dispute where a judge concluded that the company unlawfully distributed XRP to institutional investors.

Crypto ETFs offer investors a convenient and regulated way to gain exposure to the cryptocurrency market without directly owning digital assets. They can enhance market liquidity, attract institutional investors, and potentially reduce volatility by diversifying risk across multiple cryptocurrencies. Additionally, these ETFs can pave the way for broader adoption of cryptocurrencies by traditional investors and institutions.

Ripple And Its Competitors

Ripple is a digital currency and blockchain platform that aims to facilitate fast and cost-effective cross-border transactions. Unlike many other cryptocurrencies, Ripple is not based on traditional blockchain technology but rather on a consensus ledger, called the XRP Ledger, which uses a network of validating servers to confirm transactions. This design allows for extremely fast transaction speeds, with settlements occurring in seconds, and minimal transaction fees, making it an attractive option for international money transfers and payments.

One of the major advantages of Ripple is its partnerships with numerous financial institutions and banks worldwide. However, its centralized nature has been a point of contention within the cryptocurrency community. Unlike decentralized cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), where transactions are validated by a network of independent nodes, the XRP Ledger relies on a select group of trusted validators, which has raised concerns about centralization and control.

Charles Hoskinson, the creator of Cardano (ADA), recently discussed various concerns regarding the scalability of the blockchain. He pointed out the availability of adequate funds in the treasury to support an ambitious Leios, Hydra, and ZK program if the community opts for it. 

A Parallel Strategy

Hoskinson noted the potential for a parallel strategy, citing the existing infrastructure and talent within the Cardano ecosystem. He expressed hope about the potential for swift progress, referencing the significant advancements seen over the past couple of years.

The Cardano community has been actively discussing scalability, particularly considering the growing competition faced by the blockchain by platforms like Solana (SOL) and Ethereum (ETH). The CTO of Sundae Labs, a notable ADA enthusiast, contributed to the debate by advocating for Leios, a fresh design for the data computation algorithm. Another notable innovation is Hydra, a layer-2 scaling solution aimed at enhancing transaction throughput and minimizing latency on the blockchain by establishing a network of parallel processing nodes.

Looking Ahead

The aforementioned initiatives aim to increase the overall capability of Cardano to handle a significantly greater volume of transactions while simultaneously upholding security and decentralization. 

Many contributors and developers within the Cardano ecosystem shared their views and while some expressed excitement for scalability, others were against depleting the treasury too quickly, as it could impact the price of ADA. Overall, the sentiment among many community members echoed a desire for scalable solutions to enable optimal application performance. Importantly, while acknowledging current challenges, there was collective optimism regarding ongoing improvements within the ecosystem.

JPMorgan Chase is gearing up to introduce a biometric payment system accessible to the masses. The move comes as banking institutions around the world look to keep up with the ever-changing technological landscape which often includes new payment practices and facial-identification systems.

Coming Soon

The banking behemoth is set for a widespread launch of an authentication mechanism enabling retail customers to make payments using either facial recognition or palm scanning in the coming year, according to American Banker. This system stems via two trial initiatives conducted with PopID, a biometrics company based in California. JPMorgan, already furnishing point-of-sale solutions to merchants, tested the system in physical stores across the United States and internally at an office cafeteria.

When it comes to crypto, JPMorgan has exhibited a varied stance, with CEO Jamie Dimon previously expressing skepticism but later acknowledging potential benefits. The bank has explored blockchain technology and developed its digital currency, JPM Coin, for internal transactions, while also offering some clients access to crypto-related funds. However, JPMorgan has cautioned investors about the risks associated with cryptocurrencies and remains cautious about their widespread adoption.

The Future Is Now

Jean-Marc Thienpont, the Head of Omnichannel and Biometric Solutions at the bank, asserts that JPMorgan anticipates a reduction in checkout time and an enhancement in security with the aforementioned new system. He emphasizes that biometrics-based payments empower merchant clients to furnish a superior payment experience for customers.

Citing a 2023 survey by PYMNTS, it was found that 28% of consumers utilized facial recognition for an online purchase within the past month. Additionally, Goode Intelligence, a business research firm, forecasts that by 2026, 3 billion individuals globally will use biometrics for payments, with transactions amounting to $5.765 trillion annually.

Over the last 24 hours, there has been significant activity surrounding XRP, grabbing the attention of the entire cryptocurrency community. According to Whale Alert, a blockchain tracker, there have been multiple transactions involving 3 billion XRP tokens, valued at around $1.5 billion. This notable movement has raised concerns about its potential impact on prices.

Market Concerns

It is customary for Ripple to release about 1 billion XRP tokens through its escrow wallet at the start of each month. However, the recent unusual movement of assets has surprised observers, leading to speculation about the nature of these transactions.

Marty Party, a crypto commentator, pointed out that the transfer of 3 billion tokens accounts for 5.45% of the total circulating supply and occurred between Ripple-affiliated wallets within half an hour. Some members of the community clarified that these transfers were part of routine fund consolidations related to escrow operations. They noted that out of the 3 billion tokens, 1 billion worth $520 million were released via an escrow address.

Michael Nardolillo, a crypto analyst, explained that the majority of these movements involve internal transfers and relocking of escrow. Whenever it indicates an unknown account, he added, it usually means the bot made an error, and it was still a Ripple account.

Room For Improvement

Historically, the price of XRP has tended to fluctuate in response to the escrow releases, often influenced by market sentiment. Despite experiencing a 1% decline in the past 24 hours, XRP has remained steady around $0.5, indicating that the recent release via escrow has not significantly affected its performance.

Nevertheless, some market experts believe that the release of tokens could introduce additional selling pressure. Reports suggest that Ripple may be gearing up for its most substantial monthly XRP sell-off since 2017, with plans to unload 400 million XRP tokens, valued at $208 million, in June. While XRP continues to rank among the top ten cryptocurrencies by market capitalization, it has been one of the poorest performers among major tokens this year.

El Salvador President Nayib Bukele was inaugurated for a second term over the weekend, pledging to tackle various domestic economic challenges with the same vigor he showed in combating gang violence during his initial tenure. The nation currently holds 5,769 BTC valued at approximately $389 million in its reserves, with Bukele revealing a daily purchase of 1 Bitcoin for the country.

Safety Is Priority

El Salvador has faced significant issues with gang violence in the past, making it one of the most dangerous countries in the world. Gangs like MS-13 and Barrio 18 have been major players there, contributing to high homicide rates and widespread insecurity. However, recent efforts by the government, including those led by President Nayib Bukele, have resulted in some improvements in controlling gang-related violence.

Addressing the public via the National Palace in San Salvador, the 42-year-old leader assured that the once pervasive gang violence has significantly subsided, likening it to a curable illness rather than a terminal cancer.

Fixing The Economy

Now that security concerns have been largely mitigated, Bukele shifts his focus to the formidable task of rejuvenating the sluggish economy. Following his controversial re-election in February, where he secured over 80% of the vote amidst legal disputes, Bukele has expressed his determination to remedy the aforementioned economic issues while also ensuring that El Salvador remains at the forefront of digital innovation and true financial independence.

Despite his popularity for enhancing security in the nation of 6.3 million, his economic initiatives encounter hurdles. Notably, the ambitious Bitcoin City project, envisioned as a cryptocurrency-supported hub with tax incentives, struggles to attract investments. Furthermore, El Salvador grapples with a public debt exceeding $30 billion, equivalent to nearly 84% of its gross domestic product.

Milady Meme Coin secured $5M in a recent undisclosed stage funding led by DWF Labs. With a successful Twitter engagement, their momentum is skyrocketing.

Zizle raised $3M in Pre-Seed funding via Black Dragon Capital, setting the stage for their innovative ventures. Keep an eye on their promising developments.

Bitdeer procured a whopping $150M in strategic funding by Tether, solidifying their position in the market. Impressive metrics reflect their growing influence.

E Money Network raised $3.3M in undisclosed funding led by Animoca Brands. With notable backers and a strategic approach, their trajectory is set for success.

TRALA gained $5M in strategic funding via Animoca Brands, showcasing their commitment to disruptive solutions.

Mint Chain secured $5M in seed funding, backed by Mask Network. Their rising engagement on Twitter hints at a promising future.

Stable Jack raised $1M in angel funding, reflecting confidence in their vision. Their social media presence is also steadily gaining momentum.

Plural secured $2.3M in pre-seed funding, supported by Compound VC. With a growing community, they are poised for plenty of innovation and impact going forward.

Neynar secured $11M in Series A funding led by Haun Ventures, marking a significant milestone in their journey. Stay tuned for their groundbreaking developments.

Babylon -raised an impressive $70M in undisclosed funding by Paradigm, setting the stage for groundbreaking advancements.

NexGami gained $2.5M in seed funding by Metalpha, demonstrating investor confidence in their vision. Their Twitter following is also buzzing with excitement.

Zentry formed a strategic alliance with The Spartan Group, marking a pivotal moment in their growth trajectory. Keep an eye on their upcoming initiatives.

ARPA secured $6M in strategic funding by DeFiance Capital, signaling their commitment to innovation in the space. Their Twitter metrics indicate a strong community backing.

Smart Transactions raised $5.5M in Seed funding with support by Shima Capital. Their recent milestones are fueling anticipation for what comes next.

SCRYPT Digital teamed up with Braza Bank in a strategic move, backed by a notable $5M in funding. With growing engagement, they are poised for industry disruption.

Following a period of sideways movement, Bitcoin (BTC) witnessed its price decline on Friday, reaching a weekly low of approximately $66,600 before rebounding slightly. UNI and SHIB rank among the weakest performers within the largest cap alts, whereas LINK and PEPE stand at the opposite end of the spectrum. Other altcoins are showing sluggishness, with ETH experiencing a modest 1% increase in value and crossing the $3,800 threshold.

BTC Recovery

The beginning of the week saw bullish dominance as the primary cryptocurrency surged to a weekly high of over $70,500. However, hopes of challenging the all-time high of $73,800 were dashed as BTC plummeted by over $3,000 by Tuesday. Subsequent days saw further volatility, with BTC maintaining a range between $67,000 and $69,000, briefly attempting to surpass the latter on Thursday before being rejected, leading to a significant drop to $66,600 on Friday, its lowest price in about a week.

Bulls stepped in at this juncture, preventing further declines and causing BTC to spike by approximately $1,000, now hovering between $67,500 and $68,000. The total crypto market cap has shed about $20 billion in a day, now standing at $2.660 trillion, with BTC steadily maintaining its dominance over altcoins at 50% on CoinGecko.

Other Markets

Recent developments in the global financial landscape paint a picture of diverging interest rate trajectories. Alongside this, investors are being tempted with novel ETFs promising protection amidst market turmoil, even as the surge in loans masks various underlying risks of mounting losses due to defaults.

Meanwhile, Nvidia deciding to split its stock adds clarity to the concept of stock splits. In the midst of this, Saudi Aramco launches a bold share sale, while South Korea warns of potential capital outflows due to new taxes. Elsewhere, in South Africa, political tensions simmer as Zuma persists in his claims of voting irregularities, contrasting with the anticipated landslide victory for Narendra Modi in India.

Peru achieves its inflation target, with attention now turning to possible rate hikes. In the property market, existing home sales figures for Texas emerge amidst nationwide discontent over soaring prices. Nigeria grapples with escalating debt, prompting a pause in legislative discussions on central bank laws. In the realm of investments, concerns loom over the sustainability of the S&P 500 rally.