Hodler’s Digest, November 24 – 30 – Cointelegraph Magazine

The main news of the week

Dogecoin replaces the market value of Porsche as DOGE ETP, Musk Drive Rally

Dogecoin has surpassed the market capitalization of luxury car maker Porsche, boosted by support from Elon Musk and the potential launch of a product to be sold on the memecoin exchange.

Dogecoin has increased 175% in the past month to a market capitalization of $57.8 billion, surpassing Porsche's $56.1 billion market cap, as of 8:34 am UTC on November 27, Cointelegraph data shows.

Dogecoin In 2024, it had a significant boost, thanks in part to social media support from billionaire Elon Musk. Musk's recent involvement in creating the fledgling Office of Government Efficiency (DOGE), an agency aimed at reducing government spending and streamlining regulations, has drawn even more interest.

ZachXBT Claims Former Fortnite Pro Gamer Helped Steal $3.5M In Memecoin Scams

Anonymous blockchain sleuth ZachXBT, a former professional Fortnite player and blockchain security analyst from Australia, was allegedly robbed of nearly $3.5 million in memecoin scams.

In a thread published on X on November 27, ZachXBT said wallet addresses linked to former Fortnite player Snake had “high exposure” to several Pump.fun memecoin scams along with hacked social media accounts.

According to gaming television network Ginx TV, Snake, who was fired from esports organization Overtime in June 2020 for fraud, is known as a security analyst on X and the founder of a threat mitigation system called Sentinel.

Bitcoin CME futures hit $100k for second time in a week Does the BTC spot price follow?

In the year On November 29, Bitcoin futures on the Chicago Mercantile Exchange (CME) rose to $100,200 for the second time in seven days after first hitting a high on November 22. Bitcoin's spot price hasn't reached $100,000 yet, but the cryptocurrency promises to do so. Before selling, he made a whopping $98,600 in a short period of time.

According to Kobeissi's letter, the open interest of Bitcoin futures on CME has exceeded 40,000 contracts, and on November 28, before the Thanksgiving holiday in the United States, the CME Bitcoin futures amount was 12.3 billion dollars.

US stock markets Trading in the European and New York sessions rose after they were closed in observance of the Thanksgiving holiday on November 28. The spread or “Coinbase premium” between the BTC/USD price and the Bitcoin spot price on Binance can be seen as a strong spot bid on Coinbase.

Solana's memecoin trader turns $160 into $5.6M in viral tokens

A Solana-based memecoin trader has turned a $160 investment into millions after buying tokens tied to a viral internet meme.

According to data from Solana's blockchain explorer Solscan, in 2016 On November 15, a wallet made two purchases of Just a chill guy (CHILLGUY) memecoin.

The trader exchanged 0.50 Solana worth around $107 at the time for 9.6 million CHILLGUY tokens on Solana memecoin generator platform Pump.fun. Hours later, the trader added another 0.246 SOL (about $51) for 2.8 million tokens.

The CHILLGUY token launched on the Solana blockchain on November 15, riding the wave of the viral “Just a chill guy” meme that gained popularity on social media. The value of the token increased, reaching a peak market capitalization of $643 million on November 27.

According to blockchain data, the trader sold 2.8 million tokens for 149 SOL (about $35,000) earlier – a loss of $1.6 million in profit. However, the trader still holds 9.62 million tokens, now worth about 5.6 million dollars.

Crypto hackers steal $71 million in November, bringing annual total to $1.48 billion

With the annual value stolen in cyberattacks approaching $1.5 billion, cryptocurrency hackers continue to tarnish the industry's reputation.

According to an Immunefi report shared with Cointelegraph, crypto hackers stole more than $71 million worth of digital assets in November.

This will bring the total value of stolen crypto to over $1.48 billion by 2024, according to the report.

“Overall, we saw a loss of 1,489,921,677 to hacking and carpet dragging in 209 unique cases in 2024 YTD. This is the year It shows a 15 percent decrease compared to the same period in 2023, with losses totaling $1,757,680,745.

Winners and losers

At the end of the week, Bitcoin (BTC) at $97,414, Ether (ETH) at $3,591 and XRP at $1.76. According to CoinMarketCap, the total market cap is $3.39 trillion.

Among the largest 100 cryptocurrencies, the top three altcoin gainers for the week were The Sandbox (SAND) at 80.20%, Algorand (ALGO) at 76.80% and Ethereum Name Service (ENS) at 72.86%.

The top three altcoin losers of the week were Mantra (OM) at 9.55%, POPCAT (SOL) (POPCAT) at 8.38% and FLOKI (FLOKI) at 6.20%. Be sure to read Cointelegraph's market analysis for more information on crypto prices.

The most memorable quotes

“I'm not against memes, but meme coins are getting ‘a little' weird now. Let's build real applications using blockchain.

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

“Institutions want to hide payments, workflow, day-to-day operations, who they pay and when. If you have a Bitcoin or Ethereum balance, these things are very important to other people.

Avidan Abitbol, ​​Project Director at Data Ownership Protocol

“The industry is always one attack away from major damage.”

Mitchell Amador, founder and CEO of Immunefi

“We're really looking forward to seeing that exciting move, and looking at that capital rotation.”

Pav Hundal, lead market analyst at Swyftx

“Yesterday I was talking to an investor about bitcoin and he said it's somewhat like ‘buying gold'. No, it's like buying gold in 1000 BC.”

Dan Morehead, founder of Pantera Capital

“Altcoins should focus on developing independent strategies to attract new capital instead of relying on Bitcoin's momentum.”

CryptoQuant founder and CEO Ki Yang Ju

The founder of Cardano predicts that Bitcoin DeFi will dominate crypto in 3 years

According to Cardano founder Charles Hoskinson, decentralized finance will eclipse all other cryptocurrencies within the Bitcoin ecosystem within two to three years.

He highlighted the potential of Bitcoin DeFi while boldly highlighting price prediction and a new model for connecting Bitcoin without using centralized exchanges.

“I started in the bitcoin space and loved bitcoin. Bitcoin has been a big part of my life and the only reason I'm here today is because of Bitcoin,” he said in a YouTube video posted on November 27.

He expressed frustration with Bitcoin's early days: “Bitcoin has gone from being a sleeping giant in a creative coma to never waking up, with Solana and Ethereum being four times the size of an active giant.” He added:

“DeFi will eclipse DeFi in the Bitcoin ecosystem in 24 months to 36 months, and that's because of scale and liquidity.”

FUD of the week

Over 8.6K Solana Wallets Linked to $21M DEXX Hacker.

Crypto security firm SlowMist released a document listing more than 8,620 Solana addresses suspected of being linked to the DEXX hacker.

In the year On November 16, memecoin trading terminal DEXX fell victim to a security exploit, resulting in the loss of at least 900 unique users.

According to MistTrack, most victims lost less than $10,000 in private key breaches, but one individual lost more than $1 million.

Total losses from the incident were initially reported at $21 million, the second largest hack after the $25.5 million Tala hack in November, although Tala recovered the missing assets.

In the year Since November 29, DEXX's total loss has increased, SlowMist founder Kos told Cointelegraph: “The total loss is estimated to be in the $30 million range.” Fluctuations in the price of meme tokens have a significant impact on total losses.

North Korean hackers extend social engineering to IT companies: report

Hackers linked to the North Korean government have reportedly infiltrated “hundreds” of large, global information technology firms and spread social engineering scams designed to steal cryptocurrencies.

According to an article from TechCrunch, researchers at the CyberwarCon cybersecurity conference identified two North Korean hacking groups called “Sapphire Slither” and “Ruby Slither.”

Sapphire Sleet targets individuals through fraudulent employment schemes by posing as legitimate recruiters and misleading unsuspecting victims into interviews or other job offers. The hackers then infect the users' computers at some point during the interview process, posing as PDFs or malware.

Former Binance employee sues UK exchange, alleging bribery: Report

A former senior employee at Binance has filed a lawsuit against the UK arm of the cryptocurrency exchange, making allegations including bribery and unfair dismissal.

In the year According to a November 28 Bloomberg report, former Binance employee Amirita Srivastava sued the crypto exchange in the UK, alleging that another employee solicited bribes from a customer. In April 2023, she said she was unfairly dismissed from her position, a month after she raised the issue with management.

Srivastava said the unnamed Bince employee accepted the bribe “under the guise of providing consulting services”. A spokesman for the exchange reportedly said the alleged bribery was “already known” and Srivastava's employment was terminated for “poor performance” at the company.

The best magazine stories of the week

Charles Hoskinson, Cardano and Ethereum – for the record

Cardano founder Charles Hoskinson has a long and impressive track record, but he doesn't play well with others.

Dragon Ball, One Piece Studio's Web3 game, Sun is the highest Trump crypto holder: Asia Express

Dragon Ball producer plans blockchain game, Bahrain-backed Singapore Gulf Bank eyes stablecoin deal, Hong Kong crypto tax for the rich and more.

5 surprising use cases for embedded agents and an AI assistant nearby

Coinbase's Nemil Dalal says that coding will change more in the next year than in the last 30 thanks to AI.

Editorial staff

Cointelegraph magazine writers and reporters contributed to this article.