Tron Meme Coins, Hamster Combat and more.

This week, the crypto sector has been bombarded with surprising developments, from infighting to rumors of regulatory changes in China affecting airdrops. However, Tron meme coins were the talk of the town, dominating the headlines.

That being said, the broader crypto market is trying to recover. Bitcoin (BTC) is trading around $61,000, up nearly 5% over the past seven days. Cardano (ADA) and BNB were the top performers among the top 10 largest crypto assets based on market capitalization.

As of writing, ADA is trading at $0.38, up 11% over the past seven days. Meanwhile, BNB is trading at $576, up 10.5% over the same period.

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Hamster Kombat internal conflict

The much-anticipated airdrop of Hamster Kombat was almost certainly shrouded in controversy. The tension between the game's developers and investor AD.RU has escalated, putting the future of the HMSTR token in jeopardy.

A lawsuit against AD.RU, the game's creators, who claim to have a role in the game's development and funding, has raised legal concerns. The ongoing conflict is feared to cause an indefinite delay in the airdrop, which was originally planned for July.

However, representatives of Hamster Kombat say that there were some disagreements, which have now been resolved.

The project's response is to deny AD.RU's participation in critical decision-making processes and confirm that Hamster Kombat was created by a diverse international group without direct investor influence. Despite these assurances, the market perception and future viability of the project is jeopardized and the community remains on the sidelines.

“We had to get involved in a situation involving a number of entities and an investment fund believed to have a stake in Hamster Combat. Now we can confirm that the conflict is resolved. Hamster Kombat was developed and developed by a decentralized international team with no investors. Our primary focus is building our ecosystem and managing the airdrop,” Hamster Kombat representatives told BeinCrypto.

Read more: Top 8 Hamster Combat Options in 2024

Tron has embraced the meme coin trend with SunPump.

Tron's blockchain has been in the spotlight this week due to its meme coin sector led by the SunPump platform. SunPump has facilitated the launch of approximately 32,000 meme coins, earning over 12.8 million (~$2 million) TRX.

Tron founder Justin Sun is bullish on the platform's potential, saying Tron's deep liquidity pools—backed by TRON's $60 billion USDT—make it an ideal environment for meme coins. Sun predicts that the platform will soon support a meme coin with a market capitalization of more than $1 billion.

On Wednesday, Tron saw its highest single-day revenue from meme coin activities, spending more than 3.6 million TRX for creation and trading. SunPump's growing traction shows its desire to outdo rival platforms like Solana's Pump.fun.

Read more: 7 Hot Meme Coins and Altcoins Trending in 2024

Focus on emerging DP projects from IoTeX

IoTeX's recent announcement of the Surf Accelerator Collection introduced several promising DePin (decentralized physical infrastructure network) projects. These projects are:

Nubila Network: Creating a blockchain focused on environmental, social and governance (ESG) issues. Qualoo Network: Showing internet quality in real time via DPin. SWEATEMPLE: An AI-Driven Fitness Platform. Scanit: The project aims to use the DePin model to promote financial digital identity ownership. Magma Protocol: A stablecoin project to support DeFi and DePin development on IoTX. Bedrock: Building a multi-asset recovery protocol. Quenta: Decentralized Exchange Derivatives Focusing on Becoming a Liquidity Hub for Depin Derivatives. Loxodrome: Another Depin project that aims to be the next-generation DEX liquidity hub. PinSwap: Uses AI to improve trading and remittance on the IOTX blockchain.

These projects, although still in their early stages, represent a diverse range of DePin technology. However, there are some risks, and therefore, market participants should be cautious.

Read more: What is DePIN (Decentralized Physical Infrastructure)?

Is China Reconsidering Crypto Ban?

Speculation that China may reconsider its ban on cryptocurrencies has drawn attention over the past weekend. Rumors began to swirl following a cryptic post by Justin Sun that hinted at crypto being banned in China. This post sparked discussions and excitement in the crypto community, as China represents the largest market for digital assets.

Further exacerbating these speculations, Chase, founder of Solana virtual machine blockchain Molecule, commented that China had “shadow unblocked” cryptocurrencies years ago, noting that top crypto exchanges such as Binance and Bybit are accessible to Chinese users. Such comments suggest that while official policies may not change, the practical enforcement approach may be more relaxed, allowing for substantive, unofficial, crypto activities within the country.

“Users can sign up for a free account today on top exchanges like Binance and Bybit. So, whales have always been there, but retail users will come who don't want to enter the gray area. Regulation tailwind,” Chase commented.

The easing of regulations could open up vast opportunities for local and international crypto businesses, possibly leading to a resurgence of mining activities and an increase in crypto trading in the region. If these changes are implemented, they can stimulate innovation and attract investments, which will strengthen the global crypto market.

Since last month, PayPal's PYUSD stablecoin has experienced unprecedented growth, emerging as a central topic in the stablecoin sector. Since its launch on the Ethereum blockchain in August 2023, PYUSD has had steady growth. However, its expansion on the Solana blockchain in May 2024 pushed its adoption and usage to new heights.

PYUSD's integration with Solana has revolutionized Solana's high-speed and low-cost transactions to attract a wider user base. Within a month of Solana's debut, PUSD's supply grew by more than 45 percent, bringing its total turnover to $1 billion.

This rapid increase is partly due to attractive products on Solana-based DeFi platforms such as Kamino and Drift, which offer annual returns of around 20% for PYUSD deposits.

The success of the stable coin, aimed at bridging traditional finance with decentralized finance (DeFi), sheds light on PayPal's strategic foresight in expanding to blockchain technology. PYUSD stands out due to its PayPal support, assuring users of the security and stability of their digital assets.