Weekly Crypto Recap (Oct 7 - Oct 14)

Here’s your weekly update from Metaverse.SG, spotlighting the hottest crypto happenings of the week:

• Details on Scroll Upcoming Airdrop
• FBI launched a memecoin to catch Gotbit leaders.
• Uniswap launches Unichain, a new L2.
• $283B injected into China's markets
• Top 10 AltCoins
• How to find early Memecoins?

Jump into the latest crypto buzz!

Market Overview

BTC-ETF: 

• Monday +$235M 
• Tuesday: -$18M
• Wednesday: -$40M 
• Thursday: -$120M
• Friday: +$253M

ETH-ETF: 

• Monday: $0M
• Tuesday: -$8M
• Wednesday: $0M 
• Thursday: +$3M
• Friday: -$97k

Details on Scroll's Upcoming Airdrop

Scroll's much-anticipated airdrop of their native token, $SCR, is set to be a significant event in the crypto space. The project has revealed key details, with the snapshot scheduled for October 19 and the Token Generation Event (TGE) slated for October 22. A total of 7% of the tokens will be distributed during the TGE, with an additional 8% reserved for future airdrops. Out of the total supply of 1 billion $SCR tokens, 15% is earmarked for these airdrops, equating to a $112 million allocation at the pre-market price of $1.6 per token. However, given the large number of potential participants, this distribution may feel relatively limited, leading to questions about its impact on the token's future price. Additionally, Binance Launchpool will offer users the opportunity to farm $SCR tokens through $BNB and $FDUSD, contributing to the project's growing ecosystem.

The Scroll Tokenomics reveal a strong focus on ecosystem growth, with 35% allocated to this area, followed by 23% for contributors and 17% for investors. This balanced distribution indicates a clear intention to foster long-term growth while rewarding early supporters. The airdrop is expected to generate significant buzz and further establish Scroll as a major player in the crypto space, but the limited token supply for the airdrop might create heightened competition among participants.

The FBI’s Surprising Tactic in Catching Gotbit’s Leader

In a dramatic turn of events, the FBI has launched a memecoin called NextFundAI as part of a sting operation aimed at apprehending Alexey Andryunin, the leader of Gotbit, a crypto market-making firm accused of fraudulent activities. The FBI even registered a company to sign contracts and gather evidence related to wash trading and market manipulation. This unconventional tactic has shocked the crypto community, particularly as the agency has set up a refund claims form for buyers of these fraudulent tokens, indicating the seriousness of the investigation. With $25 million in crypto assets seized and the bots behind fake trading volumes disabled across over 60 cryptocurrencies, the operation has already led to multiple arrests in the U.S., U.K., and Portugal.

This case serves as a wake-up call for market makers and other actors operating in gray areas of crypto. The successful dismantling of Gotbit's operations demonstrates that regulatory agencies are becoming increasingly sophisticated in tackling crypto-related fraud. For market makers, this could mean heightened scrutiny and potential legal challenges, especially for those involved in market manipulation practices. As the crypto industry continues to grow, so does the enforcement of regulations, marking a potential shift in how authorities handle fraudulent activities in the space.

Uniswap’s New Airdrop & the Launch of Unichain

Uniswap, the leading decentralized exchange (DEX), is once again grabbing headlines with the launch of Unichain, a new Layer 2 (L2) solution built on the Optimism Superchain. Backed by a massive $188 million from prominent investors like a16z, Polychain Capital, and Paradigm, Uniswap is positioning itself for even greater dominance in the decentralized finance (DeFi) space. Known as the "retro-drop father," Uniswap pioneered the concept of airdrops, and the launch of Unichain’s testnet continues this legacy, offering new opportunities for participants to engage with the platform. Users can even mint a free NFT on Zora to commemorate the launch, adding an additional layer of excitement to the event.

For those eager to participate, the process involves getting test ETH on Sepolia and bridging it to Unichain before minting the free NFT on Zora. With Uniswap's history of generous airdrops, this could be an exciting chance to benefit from a new testnet opportunity that might evolve into something substantial once the mainnet goes live. Given the high-profile backing and Uniswap’s strong reputation, this launch is expected to bring significant attention and liquidity to the project.

China’s $283 Billion Liquidity Injection: A Boon for Crypto?

China's decision to inject a staggering $283 billion into its financial markets is set to ripple across global financial systems, with potential implications for the cryptocurrency market. By boosting liquidity to stimulate the economy, this move is expected to create more capital flow into various asset classes, including cryptocurrencies. Investors, both within China and globally, might turn to digital assets as a way to diversify their portfolios and hedge against inflationary risks that often accompany liquidity surges. For the crypto market, this could mean increased demand for high-yield investments, particularly as global financial markets become more liquid.

While China has traditionally taken a strict stance on cryptocurrencies, this liquidity injection could signal a shift in market sentiment, encouraging Chinese investors to explore new opportunities in the decentralized finance space. Increased capital inflow from a global superpower like China could lead to significant price movements in the crypto market, potentially boosting major cryptocurrencies and spurring the growth of emerging projects. The global crypto community will be watching closely to see how this unprecedented economic stimulus impacts digital asset markets in the coming months.

Top 10 Altcoins 

How to find Early Gems? 

Conclusion:

• Stay tuned

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