Meme Coins on a Tear, Wif Leads the Pack

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Meme Coins on a Tear, Wif Leads the Pack

Bucking the overall flat market, meme coins, led by the Solana-based dogwifhat (WIF), have been on a two-day surge. This comes ahead of a long weekend in the US, Europe, and parts of Asia.

Bitcoin (BTC) is hovering around $70,000 with minimal movement in the last 24 hours. Major altcoins like Ethereum (ETH), Solana (SOL), and Cardano (ADA) all saw slight dips of 1%, while Bitcoin Cash (BCH) continued its rally from Thursday, rising 4%.

The catalyst for the meme coin surge seems to be speculation. Rumors of social media platform X integrating Dogecoin (DOGE) into its upcoming payment service sparked buying early Thursday, despite a lack of official confirmation.

Analysts are cautious, however. Singapore-based QCP Capital, in a Telegram message on Friday, warned that the “exponential price rally” in meme coins during Q1 might be showing signs of fatigue. They point to skewed risk reversals in ETH (indicating fear) and high funding rates (suggesting leveraged longs might be unsustainable).

Fake ENA Token Exploited on Binance Launchpool

Investors beware! A fake token designed to mimic Ethena Labs's real ENA token was exploited on Binance Launchpool on March 29th, just hours after the legitimate ENA token launched for yield farming. This resulted in a loss of around $290,000 worth of cryptocurrency (480 BNB tokens).

The incident caused confusion as even on-chain security firm PeckShield initially mistook the fake token for the real one. Ethena Labs, the company behind the popular USDe "synthetic dollar," had just announced the launch of their ENA token on Binance Launchpool that day.

The vulnerability that allowed the exploit remains under investigation. This incident highlights the importance of doing your own research (DYOR) before investing in any new DeFi project, especially during launch periods when there may be increased confusion. Be sure you are interacting with the legitimate token address and not a copycat.

Fallen Crypto Mogul SBF Sentenced to 25 Years, Appeals Expected

Sam Bankman-Fried (SBF), the founder of the infamous FTX exchange, was sentenced to 25 years in prison on Thursday by a Manhattan federal court. This sentence marks a significant development in the saga of FTX's collapse, which sent shockwaves through the crypto industry.

While the sentence is substantial, it falls short of both the 40-year minimum prosecutors requested and the 110-year maximum suggested by sentencing guidelines. Legal experts believe good behavior could further reduce SBF's actual prison time.

The saga isn't over yet. James Murphy, a prominent crypto lawyer, expects SBF's team to appeal the conviction and sentence as part of their legal strategy. The success of this appeal, any potential lobbying efforts, and the final length of SBF's prison term remain uncertain.

Beyond the sentence, Judge Lewis Kaplan also ordered a hefty forfeiture of $11.02 billion, aiming to recoup some of the lost funds. Additionally, the judge recommended SBF serve his time in a medium-security federal prison.

This landmark case sends a strong message of deterrence to bad actors in the crypto space. It also highlights the potential consequences for those who engage in fraudulent activity within the industry.

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