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Solana’s Wallet Surge Surpass Ethereum & Beyond

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Solana’s wallet address is experiencing an unprecedented surge to an all-time high, according to data from The Block’s data dashboard. Notably, the blockchain has recorded more usage, specifically non-voting user transactions, than several major competitors combined. Solana’s activity surpasses that of Ethereum, Arbitrum, Optimism, BNB Chain, Tron, and Avalanche collectively. This remarkable milestone highlights Solana’s growing prominence and widespread adoption in the blockchain space.

Despite SOL still being 70% away from its previous ATH, the blockchain is attracting massive institutional interest. For instance, Pantera Capital, a major player in the crypto space, is reportedly considering a substantial investment of $250 million in SOL from FTX. This move is seen as a strong bullish signal for the blockchain.

Solana
Solana's Wallet Surge Surpass Ethereum & Beyond 2

Even with FTX holding 10% of the circulating supply, equivalent to $8 billion, industry insiders suggest that this might be the beginning of potential growth. With influential companies like Pantera expressing confidence in higher SOL prices, investors are paying attention, and following their lead could potentially lead to substantial gains.

Keeping up the momentum, the Solana meme coin market is booming with a nearly $7 billion valuation, representing around 10% of the total market. Ryan Selkis of Messari highlighted Solana’s standout features, such as a seamless trading experience highlighted by tools like Phantom and Backpack, DEXscreener trading integration, minimal fees, and rapid transaction processing. In a market cluttered with speculative tokens, these elements collectively distinguish the blockchain, setting it apart from the rest.

Solana: Blockchain Powerhouse

The platform’s appeal is not limited to its advanced functionalities but also to its cost-effectiveness. Solana’s “dirt-cheap” gas fees attract a significant influx of retail money, making it an attractive choice for those seeking efficient transactions without breaking the bank. Despite experiencing occasional outages, the network is thriving and expanding, further solidifying its position in the crypto space.

Additionally, the platform has surpassed the combined daily transactions of several other major chains. As of the latest available data from Solana Floor on March 7, 2024, the network continues to assert its dominance in transaction volume, further solidifying its reputation as a blockchain powerhouse.

HTX Exchange Hit By Cryptocurrency Heist, Suffers $250 Million Loss

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HTX, along with Poloniex, Heco Bridge, KyberSwap, and Kronos Research, bore the brunt of a tumultuous November in the cryptocurrency market. Hackers targeted these five major exchanges, resulting in a staggering $290 million being swiped. These incidents underscore the urgent necessity for bolstered cybersecurity measures.

Amidst the chaos, questions arise about potential nefarious activities behind the scenes or the possibility of yet another scam in progress. With HTX holding the majority of Bitcoin, the pivotal question emerges — will this upheaval impact the market and trigger a surge in Bitcoin prices? 

With Bitcoin recently reaching $45,000, a stable trajectory could pave the way for a promising 2024.However, before speculating further, let’s delve into the details surrounding these recent hacks.

HTX Exchange: Bloomberg Report Reveals A Staggering $258 Million Loss Post-Hack

According to a recent Bloomberg report, the HTX exchange, associated with industry heavyweight Justin Sun, suffered a staggering $258 million loss upon reopening after the hack. Two other platforms linked to Sun also fell victim to hacks, exceeding $100 million in losses, prompting concerns of a potential exit scam.

Insights gleaned from DefiLlama data reveal a substantial outflow of funds from HTX between November 25 and December 10, suggesting the aftermath of the security incident. Despite the $30 million loss in the breach, HTX pledges to conduct a thorough investigation and fully compensate affected users.

The plot thickens as we explore Justin Sun’s connections to Poloniex and HECO Bridge, both targeted in the November hacks. Sun’s Tron blockchain token TRX, a significant asset at HTX, faced US fraud allegations earlier this year, amplifying concerns about the hacks and Tron’s potential involvement in dubious dealings.

Despite the hack and substantial losses, HTX, formerly known as Huobi, maintains its position as a top 20 exchange by trading volume, surpassing $1.6 billion in the past 24 hours, according to CoinMarketCap. Nevertheless, the breach has unsettled digital asset investors, reminiscent of FTX’s collapse the previous year.

In response to the breach, Justin Sun assures full compensation and additional rewards for affected users, aiming to rebuild trust and encourage greater participation in Tron’s network. Notably, the majority of HTX’s reserves are in Bitcoin and TRX tokens, aligning with Sun’s Tron blockchain projects. Lingering concerns about the exchange’s security persist as the security firm BlockSec grapples with resolving the November breach and recovering the stolen assets.

Shiba Inu Heist: $4.74M Stolen From Poloniex Exchange in 577B SHIB Attack

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In a startling turn of events, Shiba Inu (SHIB) has found itself at the epicenter of a major crypto heist, as hackers brazenly seized billions of SHIB tokens from the well-known cryptocurrency exchange, Poloniex. The incident witnessed the malefactors making off with a colossal 577 billion SHIB, valued at $4.74 million at the time of the breach.

Remarkably, the value of the purloined Shiba Inu tokens has seen an unexpected surge in the hours following the attack. With Shiba Inu recording an impressive gain of 6.2%, the 577 billion SHIB is now commanding a market value of around $5.15 million.

Shiba Inu Dominates Top Five With 64% Share in $114M Heist

Spot On Chain, a prominent cryptocurrency analytics firm, revealed that Shiba Inu ranked among the top five crypto assets, accounting for a staggering 64% of the total $114 million loot. The remaining top four assets on the list include 32.7 million USDT ($32.7 million), 443 Bitcoin ($16.5 million), and 6,103 ETH ($12.7 million).

The audacious hackers didn’t limit their heist to SHIB alone. Other cryptocurrencies, including XRP, TRX, OX, TUSD, ELON, USDD, FLOKI, LINK, GLM, PEPE, and MATIC, fell victim to the cyber onslaught.

Since the breach unfolded, the cybercriminals swiftly executed trades, converting a significant portion of the stolen tokens, including SHIB and stablecoins, into a whopping 14,825 ETH. This crypto maneuver is estimated to be worth approximately $30.34 million at the time of this report.

Poloniex, established in 2014 and later acquired by entrepreneur Justin Sun in 2019, has been a leading exchange allowing users to trade various crypto assets, from the ubiquitous Bitcoin to the recently popular Shiba Inu. Despite suffering a colossal $114 million heist, Poloniex users have demonstrated unwavering loyalty, maintaining a 24-hour trading volume of $409.44 million, though it marks a 36.52% decrease over the past day.

Taking a proactive stance, the Poloniex team, led by Justin Sun, is actively pursuing avenues for recovering the stolen funds. In a bold move, Sun offered a 5% bounty to the attackers on the X platform, provided they agreed to return the funds within seven days. He specified TRX, ETH, and BTC addresses for fund restitution, accompanying the offer with a stern warning to involve law enforcement agencies if the terms are unmet.

In the ongoing aftermath, Poloniex is collaborating with fellow exchanges in a unified effort to trace and reclaim the stolen funds, showcasing resilience against cyber threats in the volatile cryptocurrency landscape.

Tron (TRX) Price Analysis: Bulls And Bears In A Battle For $0.10

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Tron (TRX) has witnessed notable price fluctuations. The weekly chart shows a substantial 7% increase, while the daily chart indicates a nearly 2% rise. The coin’s price chart reflects a tug-of-war between buyers and sellers, resulting in TRX’s value oscillating between $0.07 and $0.09, with its current trading price at $0.08405.

TRX 1D graph coinmarketcap
Source: CoinMarketcap

Crypto experts are optimistic about TRX potentially surpassing the $0.09 mark, aiming for a target of $0.10. However, they also issue a word of caution, warning that if TRX’s price falls to the $0.07 level, it could lead to further declines, potentially down to $0.06.

One key factor to watch is the behavior of Bitcoin, as its performance often has a significant impact on the broader cryptocurrency market. If Bitcoin enters a bullish phase in 2023, it could serve as a catalyst to propel TRX’s price toward its $0.10 target. 

Technical indicators suggest a bullish sentiment, but the Fear & Greed Index signals extreme fear at 12.20. Our TRON forecast recommends buying TRON now due to a recent 10.88% increase over the last 30 days. Expect a slight recovery in the coming month.

TRON is currently trading below the 200-day simple moving average (SMA), which has shown a buying signal for the past 326 days. The price is also below the 50-day SMA, indicating another buying signal.

Based on technical indicators, the 200-day SMA is expected to drop, potentially leading to a price of $0.0726 by the end of December, according to DigitalCoinPrice. The Relative Strength Index (RSI) is currently at RSIValue, indicating a selling position in the TRX market.

Tron’s Remarkable Transaction Growth Over Six Years

In the span of six years since its inception, Tron has achieved remarkable growth in transaction count, as reported by Nansen. The network now consistently handles over 4.8 million transactions daily, even during a relatively slow phase in the market.

This robust performance hints at the potential for significantly higher transaction counts when the market turns bullish, reflecting Tron’s impressive adoption.

Tron’s success can be attributed to its focus on utility and the increasing demand for affordable, reliable stablecoin transactions. The stablecoin marketcap surged to over $45 billion in 2023, with daily transactions peaking at 13 million TRXs. Although there has been a slight decline since June due to market conditions, Tron remains committed to growth through initiatives like TronGrid.

This growth underscores organic demand for TRX, which has maintained an overall uptrend since November. On-chain data reveals the second-highest volume spike in four weeks and increased development activity, potentially boosting investor confidence.

Despite these positive indicators, the weighted sentiment metric remains at its lowest monthly level, suggesting a bearish sentiment. TRX continues to exhibit a short-term bullish bias, although the low-weighted sentiment raises the possibility of impending short-term sell pressure.

Related Reading |  Crypto Market Insights: Turkey’s Lira Leads the Way, Capturing 75% on Binance

Justin Sun’s TRON Blockchain Unleash Key Upgrades To Bolster Wider Adoption

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Justin Sun-led TRON blockchain has recently deployed an upgraded version of its Mainnet dubbed Great Voyage—v4.7.2 [Periander] to boost overall system functionality and promote wider adoption and engagement within the ecosystem.

Significant advancements were made in four areas with Mainnet Periander, including a sophisticated Stake 2.0 mechanism, seamless EIP-3855 compatibility, simplified calling for smart contract interfaces, and a redesigned P2P network module.

First off, TRON Stake 2.0 offers a hassle-free and more flexible staking experience by allowing withdrawals of unstaking requests while they are still in progress, giving users greater control over staked resources, tailoring the lockup period for delegated resources, and more.

Next, TRON’s new upgrade provides developers with estimated transaction fees for deploying their contracts, thereby paving the way for the creation of top-notch DApps.

The Periander upgrade aims to make the TRON and Ethereum virtual machines compatible while lowering the expenses involved in deploying and using smart contracts on the network.

Hopefully, it will draw more developers and encourage improved collaboration between the two leading ecosystems.

Not long ago, founder Justin Sun announced that the blockchain’s native token TRX is “now fully accessible within the Ethereum ecosystem,” via the BitTorrent bridge.

The P2P network module underwent a thorough transition in the latest upgrade, adding four crucial functions. First up is a brand-new node technique that improves connection efficiency by filtering out erroneous connection requests.

TRON Network Scale New Milestones

Implementing the DNS protocol will secondly enable more recent nodes to connect to the TRON network. The upgrade also included IPv6 capability to improve the network architecture of Java-Tron’s scalability.

Last but not least, the addition of message compression prior to transmission lowers Java-tron’s bandwidth requirements, resulting in cheaper operational and maintenance costs.

This comes after the mainnet celebrated its fifth anniversary on June 1st. With over 170 million users worldwide since its launch in 2018, the leading public chain has so far processed over 6 billion transactions.

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Justin Sun's TRON Blockchain Unleash Key Upgrades To Bolster Wider Adoption 5

It has also outperformed the altcoin troupe with a TVL [Total Value Locked] higher than $12.5 billion, second only to Ethereum.

Additionally, TRX continues to dominate the market, in terms of daily active addresses reaching over 2 million, according to data from the token terminal

TRON Celebrates 5-Year Anniversary; All Set For Hong Kong Expansion

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TRON [TRX] mainnet celebrated its fifth anniversary with close to 160 million users since its launch in 2018. The leading public chain has so far processed over 5 billion transactions.

It also outshined the altcoin pack with a TVL [Total Value Locked] of $5.76 billion, trailing behind Ethereum.

In addition, it is anticipating the launch of the Hong Kong retail crypto trading platform which is scheduled to be on June 1 in accordance with the press release.

Following TRON’s anniversary, Hong Kong’s Securities and Futures Commission [SFC] will begin accepting applications for crypto trading platform licenses on June 1. As a top-tier public chain with a Chinese background, we promised full support for Hong Kong’s efforts to develop Web 3.0.

The statistics on Tether’s website showed that the amount of TRC20-USDT in circulation has surpassed 46.1 billion, much exceeding the amount of ERC20-USDT [36 billion], and making over 60% of the total supply of USDT.

Meanwhile, the TRON team is also working towards building a diversified stablecoin network and a sounder public chain ecosystem for users through its sustained efforts to grow the business of USDC, TUSD, USDD, and USDJ, among other stablecoins.

The TRON blockchain, led by crypto entrepreneur Justin Sun, seeks to increase its on-chain stablecoin market cap to $100 billion in 2023 and aspires to become the stablecoin users’ first option by promoting itself as “a more accessible and user-friendly version of Ethereum.”

“Against the ever-fiercer competition among public chains around the world, it has stood out with its second-to-none performance, scalability, and security, attracting masses of developers and users worldwide,” it added.

TRON was in the limelight recently after a security flaw was made public by the researchers at dWallet Labs.

TRON’s Major Security Risk Averted

In a tweet, dWallet Labs stated that they spotted a zero-day vulnerability in Tron multisig accounts, allowing an attacker to avoid the multisignature system and sign transactions with a single signature.

If left unfixed, the vulnerability might have risk $500 million worth of funds housed in Tron multisig accounts. This is due to the fact that it enables anyone to “completely overcome the multisig security offered by TRON.”

The solution, according to dWallet Labs CEO Omer Sadika, is straightforward: validate the address rather than the number of signatures. The issue was reported to the blockchain’s team in February and resolved a few days later, the researchers stated.

TRON Founder’s Hong Kong Expansion Plan In Jeopardy?

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The founder of the TRON blockchain, Justin Sun has been recently served legal notice by the US Security and Exchange Commission for illicit sales of the cryptocurrencies TRX and BitTorrent [BTT], respectively.

In response, Sun called the lawsuit lacking in merit and that the foundation would continue to create the most decentralized financial system possible.

A month back, Sun-backed Huobi exchange, announced an expansion of its operations in Hong Kong and planned to apply for a virtual asset service provider [VASP] license in the Chinese territory.

Since then, the crypto entrepreneur has resorted to praising the nation for its crypto-friendly policy.

The TRON founder continues to strike a confident posture saying that Huobi’s commercial plans in Hong Kong will not be affected by the U.S. civil fraud allegations. As per a Huobi official in a Telegram message, there were “no changes [in plans] for us.”

Despite the fact that Huobi was not mentioned in the SEC lawsuit, a local news outlet, Nikkei Asia, said that the U.S. regulator’s move would make it more challenging for Hong Kong’s Securities Futures Commission [SFC] to approve a VASP application by Huobi.

According to Joshua Chu, a crypto lawyer,” an allegation of past market misconduct may torpedo if not exponentially make it harder for a smooth application process, as envisioned as the [SFC] will be under notice to place extreme scrutiny.”

In addition, legal professionals who counsel crypto companies on license issues indicated that when evaluating VASP applicants, the Hong Kong SFC closely watches any enforcement action taken by regulators in other jurisdictions.

TRON Founder-backed Huobi Exchange Embarks On A Difficult Journey

“In the virtual asset service provider licensing framework, the SFC will also consider the regulatory status of a VASP’s operations and virtual assets listed on its platform in other jurisdictions, not just Hong Kong,” said Kristi Swartz, partner at DLA Piper.

“For example, a VASP must consider whether a virtual asset is subject to any pending regulatory or enforcement actions relating to its issuance before listing it for trading.”

That said, the TRON founder who has a majority stake in Huobi said Hong Kong’s heightened attention is a result of its standing as “one of the experiment zones for crypto development in China.” 

Besides the Chinese-controlled territory, Huobi’s other key regions for business are Malaysia and the Caribbean. 

TRON’s Justin Sun Posts Cryptic Tweet After SEC’s Lawsuit

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TRON Founder Justin Sun was served with a legal notice by the US Securities and Exchange Commission [SEC] for illicit sales of the cryptocurrencies TRX and BitTorrent [BTT], respectively.

The Chinese crypto entrepreneur and his firms Tron Foundation, BitTorrent Foundation, and Rainberry were accused of distributing billions of the above-mentioned crypto assets since August 2017.

As per the suit filed by the SEC in the Southern District of New York, Sun also engaged in manipulative wash trading of TRX to create artificial demand and keep TRX’s price afloat.

Sun accomplished this wash trading through his firms, SEC alleged. The regulator also accused the crypto billionaire of misleading investors with false claims on social media, in February 2021.

“To drive public interest in TRX and BTT, the Sun Defendants created a publicity campaign that involved paying celebrities, including Defendants Austin Mahone [“Mahone”] and DeAndre Cortez Way, among others, to promote or tout TRX and BTT on their social media accounts, which had millions of followers”.

Justin Sun responded to the lawsuit on Twitter by claiming that the SEC’s civil complaint is without substance and that the foundation would continue to create the most decentralized financial system possible.

The SEC’s civil complaint earlier today is just the latest example of actions it has taken against well-known players in the blockchain and crypto space. We believe the complaint lacks merit, and in the meantime will continue building the most decentralized financial system.

Apart from a cryptic Chinese tweet that read, “Big Pumps,” Sun had not provided any additional information as of the time of publishing this story.

TRON’s Native Token TRX Plummets By Over 16% In 6 Hours

The TRON founder was among several other individuals that were charged with illegally advertising his crypto holdings by the regulators, along with artist Soulja Boy and actress Lindsay Lohan.

Gary Gensler, the chair of the SEC, underlined in his statement that this case serves as a warning of the possible dangers that holders of unregistered securities may encounter.

The price of TRX has been significantly impacted by the lawsuit news, with the token’s value dropping more than 16% in a span of just 6 hours.

At press time, the 15-ranked token is still down by over 7% in the last 24 hours to trade at $0.06.

Justin Sun’s TRON Retains 2nd Spot On DeFi TVL

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TRON blockchain has maintained its second spot since Jan, ahead of BSC by $100 million in the latest ranking compiled by leading data tracker coinmarketcap.

Ethereum dominated the chart with over $28 billion total value locked, followed by TRON with $4.9 billion and BNB in the third spot at $4.8 billion.

Even though negligible, the margin is still noticeable. Tron has kept its TVL level while BNB Chain’s slight decline has helped it advance.

Justin Sun-led network flipped BNB Chain, which had been steadily declining over the previous few months, on January 2-3. In November 2022, BNB Chain had more than $6 billion in TVL, whereas, in the previous two months, Tron’s TVL fluctuated between $4 and $5 billion.

Interestingly, Binance’s stablecoin, BUSD, has lately been incorporated into Tron. Just one week after integration, the pegged form of BUSD has topped $101 million in TVL.

TRX’s greater TVL ranking could be attributed to higher network demand. Furthermore, it might lead to a long-term rise in demand and a positive perception of the network.

While TRON dominates TVL, BNB continues to lead in terms of protocol count, trailing only Ethereum. According to Defillama statistics, the former is home to 17 protocols, while the latter houses 561.

The BNB Chain, formerly known as the Binance Smart Chain [BSC], is a blockchain-powered by Binance that is community-driven, decentralized, and censorship-resistant.

It is made up of the EVM-compatible BNB Beacon Chain and BNB Smart Chain, which support a multi-chain ecosystem.

Having said that, the digital asset industry was just recuperating from the collapse of the crypto trifecta banks when another top European bank waved the red flag.

TRON Founder Proposes Acquisition Deal

Switzerland-based On March 14, Credit Suisse released its annual report, where it acknowledged “material weaknesses” in internal controls over financial reporting.

The following day, Saudi National Bank, its largest backer, turned down to provide a bailout, resulting in a decline of over 25% in the bank’s share price.

All attempts at preventing investors and clients to pull out money from the bank failed. With the help of Swiss regulators, the UBS group inked a deal of $3.25 billion to pump liquidity into the beleaguered bank.

As reported by TronWeekly, the TRON founder proposed to acquire the bank for $1.5 billion.

TRON Founder Optimistic About Asian Economy Despite SVB Collapse

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Justin Sun, the founder of TRON blockchain, shared his thoughts on Twitter about the effects of the SVB crash on the Asian markets.

Sun expressed confidence in the limited impact on the Asian economy following the collapse of the two main crypto-focused banks, the other being Silvergate Capital.

Previously, the TRON founder emphasized the value of stablecoins to the ecosystem and supported the notion of establishing a banking system to bridge the divide between conventional finance and cryptocurrencies.

During the weekend, the failure of the crypto banking trifecta had an impact on the market for digital assets, particularly stablecoins.

To recall, USDC issuer Circle recently admitted to having $3.3 billion reserves with the beleaguered SVB after the second-most liquid U.S. dollar-pegged stablecoin – lost its peg, dropping below 87 cents at one point.

Given USDC’s domineering influence, major stablecoin ecosystems followed suit in de-pegging from the U.S. dollar.

The supply of TRON’s algorithmic stablecoin USDD decreased as well, practically halving from $1.03 billion at the beginning of March to a little over $530 million as of March 12.

USDD reacted negatively to the USDC sell-off with a nearly 7.5% drop to trade at $0.98 at press time.

On the other hand, as panicked investors sought out alternatives, the other stablecoins surprised everyone by taking over the platform. Tether [USDT], the largest stablecoin in the world, now has a supply of over 40 billion.

According to Tronscan data, the supply of USDT increased significantly after Paxos stopped minting BUSD, the second stablecoin under pressure in the ecosystem.

Notwithstanding the repercussions, Tron published a blog post recently detailing the status of some of the significant projects that were based on the ecosystem.

Upcoming Projects In TRON Ecosystem

Blockbank, a platform for financial services, was one of the significant projects in the pipeline. TRON and Blockbank teamed up to develop credit cards that can be loaded with TRX and used much like Visa cards.

TRON team also talked about the Unifi protocol, a platform for smart contracts created to support the growth of decentralized finance [DeFi].

At the time of publication, TRX’s price had risen by about 12% on CoinMarketCap, with a staggering 116% spike in trading volume.