Riding The Wave News Summary 109
Shiba Inu-Themed BONK Tokens Are Yielding Nearly 1,000% for Solana Liquidity Providers., Web3 Builders Lose Dozens of High-Value NFTs in Back-to-Back Attacks, & more.
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Shiba Inu-Themed BONK Tokens Are Yielding Nearly 1,000% for Solana Liquidity Providers.
Web3 Builders Lose Dozens of High-Value NFTs in Back-to-Back Attacks
NFT Sales in 2022 Nearly Matched the 2021 Boom, Despite Market Crash
Judge Rules Celsius Earn Account Funds Belong to Estate, Not Users
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Shiba Inu-Themed BONK Tokens Are Yielding Nearly 1,000% for Solana Liquidity Providers
A flat market and contagion risks aren’t deterring crypto traders from finding the next major narrative to generate returns, and a meme coin is at the center of that in the Solana (SOL) ecosystem.
Bonk, a Shiba Inu-themed token that was issued on Dec. 25, has returned 2,220% to traders in the past week, with a 150% rise in the past 24 hours alone. The token was airdropped to Solana NFT (non-fungible token) communities and creators, which led to quick hype and trading volumes for the token, as CoinDesk reported Tuesday.
Early investors aren’t the only ones gaining, however. Liquidity pools on Solana-based decentralized exchanges (DEXs) such as Orca have attracted over $20 million in volume for trading pairs involving BONK – cumulatively netting thousands of dollars in fees for liquidity providers.
Liquidity providers are investors who stake their cryptocurrency tokens on DEXs to earn transaction fees, usually in the form of token rewards.
The metrics made bonk the most traded token on Orca, a popular Solana DEX, with trading volumes higher than even solana, usually the most popular trading pair with USDC.
As such, the yields are likely to be short-lived if the demand and hype for BONK slows down in the coming weeks and traders take profits.
Web3 Builders Lose Dozens of High-Value NFTs in Back-to-Back Attacks
Two prominent Web3 builders lost dozens of high-value non-fungible tokens (NFTs) to scammers over the past few days after their crypto wallets were compromised.
The first victim was NFT collector CryptoNovo, who tweeted on Tuesday that he had been hacked.
The attacker appears to have made off with a hefty haul – three CryptoPunks, a Bored Ape, a Mutant Ape, three Meebits and two CloneX NFTs.
Within 16 hours of taking over the wallet, the new owner was able to sell all ten NFTs for a total of 492.66 ETH, worth around $618,000 at the time of writing. The funds were then apparently transferred to an account on crypto exchange ChangeNOW, according to on-chain sleuth ZachXBT.
It appears that two wallets drained Gopalani’s collection, making off with 19 CloneX NFTs, 18 RTKFT Space Pods, 17 Loot Pods, 11 CryptoKicks and 19 RTFKT Animus Eggs. Not all of the NFTs have been sold, and it is difficult to estimate the exact value of each NFT, though the collection is likely worth upwards of $140,000, based on the current floor prices of each collection.
NFT Sales in 2022 Nearly Matched the 2021 Boom, Despite Market Crash
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