Galaxy Digital has disclosed the sale of more than 80,000 Bitcoin—worth over $9 billion—on behalf of a long-term investor.
The transaction, revealed on July 25, is one of the largest ever executed in Bitcoin’s history.
Analysts Trace Galaxy’s $9 Billion BTC Sale to Early MyBitcoin-Era Wallet
According to Galaxy, the Bitcoin belonged to an unnamed client who acquired it during Bitcoin’s earliest days and had held the coins for more than a decade.
The firm described the move as part of the client’s estate planning, hinting at a strategic decision to realize gains after years of holding.
Galaxy Digital’s Embedded Message on Bitcoin Network. Source: Mempool
The transaction included 1 satoshi—Bitcoin’s smallest unit—being sent to each recipient address. This symbolic act captured the attention of blockchain analysts.
“if the press release isn’t on-chain, did it even really happen? this transaction is funded with 80,000 sats from a Galaxy Digital address, and pays 1 sat of dust to each of the addresses involved in the 80,000 BTC sale,” pseudonymous Bitcoin analyst Mononaunt said.
Following the disclosure, blockchain investigators traced the coins to addresses tied to MyBitcoin, one of the earliest Bitcoin wallet services. The platform shut down in 2011 after a notorious hack, leaving many coins unaccounted for.
“It likely belongs to the hacker or the anonymous founder known as Tom Williams. It seems Galaxy Digital bought the #Bitcoin from them, but I’m not sure if they did any forensics,” Ju added.
Meanwhile, market analysts also questioned the strategy behind unloading such a large amount in a single transaction.
Bloomberg’s Eric Balchunas suggested the scale of the Bitcoin sale would have caused significant slippage. He added that the urgency behind the move raised important questions about the seller’s motive.
“Have they lost faith that badly that they want to take that much money out that quickly? Unless they plan to buy the LA Lakers in cash, it seems odd/even concerning,” Bachunas questioned.
However, Eliezer Ndinga of 21Shares suggested that if Galaxy facilitated the transaction, it likely conducted stringent KYC checks, reducing the chances that the seller was an unidentified bad actor.
“It’s a behavior akin to a hacker but if that amount was processed by Galaxy I assumed they had a stringent KYC process to enable transaction to go through,” Ndinga said.
As of press time, BTC is trading above $117,000, a remarkable turnaround for a digital asset that had fallen to a multi-week low under $115,000 amid the sell-off.
Roman Storm’s landmark trial is still ongoing, and federal prosecutors admitted that they’re considering charges against employees at Dragonfly Capital, a VC that backed Tornado Cash.
The presiding Judge sealed a statement describing the specific employees in question. However, the possible charges wouldn’t be directed at Dragonfly or the entire firm. General Partner Tom Schmidt was asked to testify, but pled the Fifth.
Today, they referred to Tornado Cash’s other business connections, specifically its VC backer Dragonfly Capital.
AUSA Rehn: We’ve spoken with Tom Schmidt’s lawyer John Bostick Judge: Are you looking at possibly prosecuting everyone at DragonFly? AUSA Rehn: Not everyone, but Schmidt and
Rehm: My chief says we’ll ask to seal this Judge Failla: Yes, I seal it
Apparently, these emails discussed whether or not to add KYC guidelines to Tornado Cash. Some online commentators speculated that the firm explicitly advised Tornado Cash to disregard KYC protocols, but this is controversial.
Possible New Charges
In any event, US prosecutors claimed that they’re considering charges against several Dragonfly employees due to their possible involvement in Tornado Cash’s alleged illegal activity.
These charges wouldn’t apply to the entire corporate entity or every employee, but the presiding Judge agreed to seal the exact transcript of this exchange.
Tornado Cash’s lawyers requested that Tom Schmidt, a general partner at Dragonfly, testify on the platform’s behalf. However, Schmidt’s attorney invoked the Fifth Amendment, refusing to do so.
Essentially, he argued that Schmidt would be forced to bear witness against himself, which is unconstitutional. It’s unclear if this argument will hold up, but Schmidt didn’t testify today.
For now, then, it’s difficult to make any predictions about Dragonfly’s entanglement with the Tornado Cash case. If prosecutors decline to criminally charge the prominent VC firm, this might jeopardize Schmidt’s bid for immunity.
Of course, the defense called him as a witness, so he could potentially refuse to testify without the Fifth Amendment’s protection.
The trial is now in recess for the weekend, and closing arguments are expected next week.
The crypto market changed its tone midway through the week from bullish to bearish, creating concern for the investors. Since the weekend is known for being a high volatility period, some altcoins could be moving in an unprecedented manner.
Thus, BeInCrypto has highlighted three such tokens that the investors should watch for the better and for the worse.
Conflux (CFX)
CFX has been one of the top-performing altcoins this week, posting an impressive 85% rally. Trading at $0.188, the altcoin is set for potential recovery, with further upward movement expected. This price action reflects renewed investor interest and signals a continued uptrend, supported by the broader market’s positive sentiment.
The formation of a Golden Cross between the 50-day and 200-day EMAs further supports the bullish outlook for CFX. As the 50-day EMA crosses over the 200-day EMA, it indicates momentum building for a potential price surge. This could push CFX past the current resistance of $0.194, targeting $0.240.
However, if investor sentiment shifts and selling pressure increases, CFX could face a significant decline. A sell-off could result in a drop to $0.146, erasing much of the recent gains. This downside risk highlights the importance of maintaining investor confidence to sustain the bullish momentum for CFX.
Pudgy Penguins (PENGU)
PENGU fell 12% in the last 24 hours, trading at $0.037. The altcoin slipped below the support level of $0.040 after a failed attempt to breach its all-time high (ATH) of $0.046. This downturn reflects waning momentum and investor uncertainty.
Despite the recent setback, there remains hope for a new ATH among investors. The Parabolic SAR indicator below the candlesticks suggests an active uptrend, signaling that PENGU could continue to rise. If the market conditions stabilize, the altcoin could regain its bullish momentum, potentially surpassing the previous highs.
However, if the market turns bearish, PENGU could face further losses. A drop to the support level of $0.029 is possible, invalidating the bullish outlook.
Pump.fun (PUMP)
PUMP has noted a sharp 25% drop during the intra-day lows over the last 24 hours, trading at $0.00258. The altcoin, continues to lose traction in the market which is signaling further decline.
The next major support for the token sits at $0.00212, and if the selling persists, this level might be tested this weekend. This, in turn, could trigger further selling from PUMP holders, making it vulnerable to further correction.
However, since PUMP managed to recover from today’s slump, it could secure the support at $0.00249. A successful rebound at this level could pave the way for a push past $0.00292, sending the altcoin towards $0.00380.
The broader crypto market has dropped over 5% this week, but the Real World Asset (RWA) sector is showing signs of resilience. While most altcoins struggle, the RWA market cap remains relatively stable at around $49.8 billion, indicating steady interest despite broader market weakness.
Amid this backdrop, a few RWA tokens have not only held their ground but also posted solid gains, attracting both whale activity and on-chain attention. We’ve picked three standout RWA tokens that are showing strong momentum as August approaches. Read on to learn which coins are gaining traction, what’s driving their rally, and why they should be on your radar.
Maple Finance (SYRUP)
Maple Finance is a DeFi lending protocol that lets trusted firms borrow crypto without collateral. It’s built for real-world use, and interest is rising as more institutional players tap into on-chain credit.
SYRUP, Maple’s RWA token, is flashing strength. It’s up 31% over the past week and 25% in just 24 hours. The move is backed by strong on-chain action. Whale holdings have surged 26.25% in a day, now totaling 11.98 million SYRUP.
Smart money wallets are also up 22.57% in the same period. Exchange balances fell by 16%, suggesting lower selling pressure.
Maple Finance, as the top RWA altcoin for August: Nansen
From a technical view, SYRUP has broken past a key Fibonacci resistance at $0.57, which marks the 0.5 Fib extension level. It’s now trading near $0.60, with the next key resistance at $0.65 (previous swing high). If that breaks, the full extension could push the price toward $0.7407.
Note that this RWA token managed to break through multiple resistance levels with a single rising candle, but the sellers quickly pushed the prices down.
If price breaks back below $0.55 and exchange balances reverse, the upside case weakens. But for now, bulls seem in control.
For token TA and market updates: Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
Zebec Network (ZBCN)
Zebec Network is a Solana-based real-world asset (RWA) payments platform focused on programmable cash flows. It allows users and institutions to stream payments in real-time, making it useful for payroll and subscriptions. Its use case is gaining attention as RWA protocols grow in demand.
ZBCN, the RWA token, has jumped 44.3% over the past week and is up 11.5% in the last 24 hours. This surge comes alongside a steady uptick in whale and smart money interest, making it one of the strongest altcoin performers during the broader market dip.
From Nansen’s dashboard, whale holdings have risen 1.52% over the past 7 days to 487.98 million ZBCN, while smart money holdings are up 7.84% to 50.51 million. These inflows suggest quiet accumulation by deep-pocketed investors. Public figure wallets also rose 4.61%. Meanwhile, exchange balances have dropped slightly to 21.14 billion, which hints at reduced sell pressure.
The price has broken past the downtrend resistance and has flipped the $0.0038 into a strong support zone. It now sits around the $0.0042 level. If it clears the $0.00478 Fibonacci resistance next, a move toward $0.0055 or even $0.0063 could follow.
However, if it fails to hold $0.0038, a short-term correction toward $0.0023 may be possible.
OriginTrail (TRAC)
OriginTrail is a Web3 data and AI project focused on supply chain transparency and real-world asset integration. It helps verify and track physical items on-chain, from pharmaceuticals to luxury goods. With RWA demand rising, OriginTrail is gaining attention.
TRAC price is up 2.1% today, bucking the broader market’s weakness. In the last 7 days, whale holdings are up 323%, signaling rising big-player interest. Nansen data shows top 100 holders increased their stash by 2.03%, while exchange balances dropped 4.24%, suggesting less selling pressure ahead.
Even though the exact token numbers aren’t high, whale interest cannot be undermined.
On the price chart, TRAC recently broke above the $0.48 resistance and is now hovering around $0.50. If it clears $0.53 (a level rejected earlier), the Fibonacci extension chart points to upside targets at $0.69 (the 1.618 Fib extension).
If the price falls below $0.48, the rally may pause and test the support at $0.44 or even $0.41. But with whales stacking and exchange supply dropping, the bullish momentum looks intact, and TRAC may have more upside as RWA narratives heat up.
Elon Musk has emerged as the most influential figure in crypto, surpassing US President Donald Trump. The top ranks of crypto influence also include current and former Congresspeople. Notably, only one non-US politician and one woman made it onto this influential list.
The analysis carried out by ApeX Protocol used data-driven metrics to identify and rank public figures who have the most influence in crypto today.
Crypto’s Most Influential Voices Today
Earlier this month, trading platform ApeX Protocol released an in-depth analysis identifying crypto’s most influential voices. Their methodology combined estimated crypto holdings, net worth, and social media reach.
“What this ranking really shows is that crypto influence isn’t just about who has the biggest wallet. It’s also about who’s being listened to… That kind of mix is what makes the crypto space so unique right now. It’s not just tech or finance, it’s politics, communication, and culture all wrapped into one,” an ApeX spokesperson said.
Politicians who have the most influence in crypto. Source: ApeX Protocol.
Final scores were determined by total followers across X and Instagram, reflecting each figure’s ability to shape public opinion and attract attention to the crypto space.
1. Elon Musk
The Tesla CEO and Dogecoin enthusiast surpassed President Trump as crypto’s most influential political figure. Musk’s substantial social media following of 221.2 million, where he frequently shares his crypto views, and his estimated $2 billion in crypto holdings, including corporate investments, propelled him to the top across all measures.
2. Donald Trump
The sitting US President secured the second position. He commands 142.7 million followers on X and possesses the third-highest crypto portfolio, exceeding $1.3 million. A report published by the Democracy Defenders Fund earlier this year found that the President’s crypto assets make up 37% of his total wealth.
3. Nayib Bukele
El Salvador President Nayib Bukele is the only non-US politician in the top 10. He holds an estimated $8.4 million in crypto assets and, despite initially making Bitcoin legal tender, later reversed this under pressure from the International Monetary Fund. He frequently engages with his 17.6 million followers on social media about crypto.
4. Robert F. Kennedy Jr.
The current Secretary of Health and Human Services holds $750,000 worth of cryptocurrency in his portfolio. He has widely followed social media accounts totalling nearly 11 million.
Robert F. Kennedy Jr becomes more of a legend everyday.
Kennedy frequently refers to Bitcoin as the “currency of freedom.” He believes it offers a hedge against inflation for middle-class Americans and can act as a remedy against the devaluation of the US dollar, which he fears is at risk.
5. Ted Cruz
The current US Senator for Texas and former Solicitor General of his home state holds approximately $32,500 in cryptocurrency. He maintains a significant social media presence with 9.1 million followers across X and Instagram.
Cruz strongly advocates Texas as a Bitcoin mining and crypto hub for jobs, innovation, and growth. He champions Bitcoin and other cryptocurrencies as vital safeguards against government control and for financial freedom, emphasizing decentralization against overreach, unlike Central Bank Digital Currencies.
6. JD Vance
Following closely behind Senator Cruz, Vice President JD Vance emerged as a key influential figure in cryptocurrency, securing the sixth spot. His impact is drawn from his role in public office and his substantial social media reach of 6.2 million followers. His estimated crypto holdings of $375,000 place him ahead of most politicians.
Vance believes the US should strategically embrace Bitcoin, especially given China’s ban on cryptocurrency trading and mining. He suggests Beijing’s Bitcoin opposition should motivate the US to adopt it.
The Vice President has also commended the US government’s establishment of a Strategic Bitcoin reserve and consistently encourages the crypto community to remain politically active.
7. Madison Cawthorn
Madison Cawthorn, the 29-year-old former Republican US Representative for North Carolina, holds $116,500 in digital assets.
As the youngest public figure on this list, he maintains a significant social media presence with over 1.18 million followers. Identifying as a constitutional conservative, he demonstrates crypto’s appeal among a new generation of political voices.
Cawthorn generally favors crypto. He previously promoted the “Let’s Go Brandon” (LGB) coin, expressing bullish sentiments like “This is going to the moon.” Yet, his crypto dealings sparked controversy.
In December 2022, the House Ethics Committee determined he improperly promoted a token in which he held an undisclosed investment and received an “improper gift” through favorable terms.
A recent disclosure filed with the #US House of Representatives revealed that @RepCawthorn failed to report $950,000 in #crypto trades!
He also failed to file timely transaction reports. Allegations of insider trading were investigated, though the Committee didn’t conclude he profited from non-public information.
8. Cynthia Lummis
Wyoming Senator Cynthia Lummis is a leading advocate for cryptocurrency in Congress, often called the “Queen of Crypto,” and is the only woman on this list to make the top 10.
She holds an estimated $230,000 in crypto reserves and commands an engaged social media following of over 390,000. Lummis currently chairs the Senate Banking Subcommittee on Digital Assets.
Pro-digital assets. Pro-innovation. Pro-America.
These market structure principles will guide legislation to make the U.S. the crypto capital of the world. pic.twitter.com/UQki5meTcc
In March 2025, she reintroduced the BITCOIN Act to establish a US Strategic Bitcoin Reserve. Lummis also co-sponsored the GENIUS Act, which President Trump recently signed into law.
She supports the CLARITY Act, a bill that, if enacted, would establish a regulatory market structure for digital assets.
9. Francis Suarez
Miami Mayor and prominent lawyer Francis Suarez comes in second-to-last place with $10,000 worth of virtual currencies and over 200,000 followers across social media.
Despite being on the lower end of the net worth scale, the Republican mayor has gained significant national attention for his strong advocacy and ambitious cryptocurrency-related initiatives.
Suarez has actively pursued a vision to make Miami the “Bitcoin capital of the world” to drive economic growth and attract tech talent. His initiatives include accepting his salary in Bitcoin and enabling tax payments in crypto.
He also played a key role in launching MiamiCoin and actively recruits crypto businesses. Despite market volatility, he views Bitcoin as a “currency of freedom” and a vital tool for economic diversification.
10. Pat Toomey
American businessman and former Representative from Pennsylvania Pat Toomey rounds out the top ten with nearly $8,000 worth of crypto and almost 187,000 followers on social media.
As former Ranking Member of the Senate Banking Committee, Toomey championed the need for a defined regulatory framework distinguishing crypto commodities from securities.
Toomey was a key figure in stablecoin legislation, introducing the 2022 Stablecoin TRUST Act to ensure proper backing and transparency.
Honorable Mentions: Michael Collins and Michael McCaul
Michael Collins, a US Representative for Georgia, holds an estimated $8,000 in cryptocurrency. While he only has 130,000 followers across social media, his substantial $18.75 million net worth keeps him influential in the broader crypto conversation, placing him just outside the top 10.
Michael McCaul, a US Representative for Texas and the current House Foreign Affairs Committee Chairman, concludes the list of influential political figures in crypto.
He possesses the third-highest net worth in the ranking at an estimated $200 million. McCaul’s reported crypto holdings are tied to those of Michael Collins.
Although BlackRock’s IBIT is the traditional leader in the crypto ETF market, the company’s Ethereum product had higher inflows this week. In fact, ETHA had the second-highest inflows of all US ETFs, an impressive record.
After weeks of aggressive corporate Bitcoin investment, Ethereum is growing as a popular choice. This trend may buoy the token’s market presence as an altcoin season looks possible.
ETH, therefore, is a popular but less crowded alternative choice, as Wall Street investment isn’t fully moving the market.
Plus, Ethereum maximalism in its own right is on the rise. This topic struck particularly close to home for BlackRock today, when its Head of Digital Assets left the firm to join an ETH treasury company.
This executive helped spearhead BlackRock’s crypto ETF strategies, but he felt that SharpLink could better allow him to focus on Ethereum.
With institutional investments into Ethereum picking up the pace, Bitcoin’s dominance has dipped more than 5% in July.
Worldcoin is redefining how digital identity is developed by centering on the human iris as its primary biometric. However, in doing so, Sam Altman’s company, which now goes by simply as World, has drawn scrutiny from individuals and governments alike.
According to Shady El Damaty, CEO of Holonym and expert in zero-knowledge cryptography, the World Network’s centralized infrastructure makes it particularly vulnerable to data leaks and exploitation. Given the project’s global reach, the consequences of such breaches can prove catastrophic.
A Universal Digital Identity
With artificial intelligence continually blurring the lines between humanity and technology, Altman’s most recent project has taken the concept to the next level.
World, an initiative the OpenAI CEO launched in July 2023, has a bold objective: to scan every eye on Earth and forge a universal digital identity for humanity.
At its heart lies the World ID, a privacy-preserving digital identity generated through a unique biometric scan of a user’s iris, referred to as “the Orb.”
“Worldcoin is the very first example of a company… that has the explicit mission of documenting every single person in the world with a cryptographically immutable link between a cryptographic hash of your eye and… your biometrics,” El Damaty told BeInCrypto.
In exchange for this biometric verification, users receive WLD tokens, World’s native cryptocurrency. These tokens serve as both an incentive and a fundamental component of participating in this global network.
The initiative is undoubtedly innovative. However, it’s also tremendously risky.
Why the Iris? Unpacking World Network’s Biometric Choice
Unsurprisingly, World’s launch has been received with skepticism.
While users have generally grown comfortable with biometric authentication, such as fingerprints for passport scans or Face ID to unlock smartphones, the prospect of having one’s eyeballs scanned to create a digital identity has elevated the feeling of living in a simulated reality.
“[World] settled on… the iris, which has enough entropy within it that it’s really difficult to brute force. They could have gone with fingerprints, but they didn’t because these can be very easily modified; they can be burnt off, or you could use different fingerprints. Whereas for eyes, they are very difficult to change,” El Damaty explained.
The reason behind World’s decision to use such a specific biometric is in line with its stated purpose.
As artificial intelligence continues to develop at a rapid pace, this initiative is a way to provide a trust layer for the world post-AI.
Orbs are available in 46 countries. Find one near you, and join the real human network today. pic.twitter.com/5K4aSbvDwT
This mission is often framed as creating “proof of personhood” in an era when distinguishing real humans from AI bots will become increasingly complicated.
“In the future, it might be really difficult to know who you’re interacting with, maybe both in the digital world as well as the physical world as robotics and automation continues to improve,” El Damaty added, noting, “With OpenAI, I think they really quickly realized that the most valuable commodity in the world isn’t going to be a currency or some hard asset, but it’s going to be authenticity.”
Though the cause may seem noble enough, the way World Network has decided to go about it has drawn scrutiny. Part of it stems from a fundamental disagreement on what digital identity should entail, leading to a philosophical divide.
Monolithic vs. Pluralistic Identity Systems
Worldcoin’s “one iris scan belongs to one identity” system embodies a monolithic identity. Experts often criticize such an approach for heightened security risks.
In a recent blog post, Ethereum co-founder Vitalik Buterin warned that such a singular, universally linked identity risks online privacy and individual freedom. He expressed concern that even with advanced privacy tools, a one-identity-per-person property brings several security risks.
“That’s the real risk. If someone takes a picture of your eyes, can they use all publicly available information, or maybe even dark web information, to identify who you are and what you’ve done on-chain,” El Damaty told BeInCrypto.
This approach also contrasts with the cypherpunk ethos that birthed Bitcoin, which emphasizes anonymity. Critics argue that World represents a significant philosophical shift away from this privacy-first tradition by permanently labeling individuals.
A specific point of concern for Buterin and others is World’s nullifier. This cryptographic mechanism ensures that each person signs up only once. However, its very function also presents a significant vulnerability.
“As soon as your nullifier is given up… all of the accounts that you have linked to that nullifier are also given up… it could be the foundation of a really massive data leak,” El Damaty warned.
In response to these risks, El Damaty advocates for pluralistic identity systems with multiple online identities for different purposes. This protects sensitive real-world information from being inextricably linked to a single, globally unique ID.
“Those iris codes shouldn’t be linked to the same amount of information that can be used to access your voting record or your social security benefits or other really critical information that, if ever given up, would undermine your status as a person in the real world,” he added.
This tension also forms the backdrop for World’s direct conflict with national governments.
Could Worldcoin Data Become a Government Honeypot?
World Network’s global scope directly challenges national sovereignty, especially a state’s right to define its citizens’ identity. This raises a critical question: What if foreign governments demand access to their citizens’ biometric data collected by this company?
Tools for Humanity, World’s parent company, might use its distributed infrastructure as a defense, claiming data resides in various nations. However, El Damaty believes this defense is precarious.
“[World] also ha[s] infrastructure in the United States that’s going to be beholden to the US government’s authority. The US can come in and say, ‘hey, we’re going to pull the plug and put your executives in jail if you don’t hand over all of the logs that are coming from this central server that’s responsible for coordinating the entire network.’”
This vulnerability transforms World’s vast biometric database into a potential honeypot for governments. El Damaty pointed to precedents like the 2018 CLOUD Act, which allows US law enforcement to compel US-based tech companies to provide data, even if stored overseas.
Many nations have not waited for such hypothetical scenarios to play out, leading to immediate and forceful regulatory action.
Countries like Spain, Portugal, Kenya, and Indonesia have either imposed bans or initiated investigations into World’s operations, citing concerns over data handling, transparency, and age verification.
El Damaty highlighted a crucial transparency issue. As a private company, World’s financial and operational details aren’t fully open for public scrutiny. This, he suggested, enables them to strategically control how they present their activities to the world.
This opaqueness contributes to existing global skepticism.
“I don’t think governments are going to suddenly turn overnight and say, ‘okay, well, we’re going to let this American company [from] Silicon Valley run by one of the world’s most powerful people to track all of our citizens and give them their crypto tokens,’” El Damaty said.
Without detailed clarity, many nations remain wary of entrusting such fundamental identity information to a private entity perceived to be operating outside established legal and ethical norms.
Hulk Hogan, professional wrestling legend, passed away yesterday, prompting a swarm of new meme coins and NFTs. Many of these HULK tokens quickly trended, but the largest coin proved to be a rug pull scam.
Last year, Hogan’s X (formerly Twitter) account was reportedly hacked to promote a fake meme coin. Since yesterday, this defunct token has also seen heightened activity.
Scammers Take Advantage of Hulk Hogan’s Popularity
The meme coin sector will take any opportunity to launch a hot new token, and legendary wrestler Hulk Hogan’s death is certainly no exception.
Yesterday, the famous figure passed away, prompting the immediate appearance of a “Hulk Hogan Tribute” token. Watchdogs quickly clocked HULK as a scam, but it nonetheless reached a $7 million market cap before flatlining.
HULK (Hulk Hogan Tribute) Market Cap. Source: Dexscreener
Real-life tragedies frequently become fodder for these scams, so this all seems pretty straightforward.
However, this scam is not the only Web3 asset with Hulk Hogan’s branding to take off today. For example, traders also released NFT collections in his honor, and a variety of meme coins are currently live in the DEX ecosystem.
None, however, took off like Hulk Hogan Tribute and its social media bot campaigns.
Interestingly, Hogan’s own X account was hacked last year to promote a scam token. Hogan’s team quickly regained control and deleted the posts, and the “Hulkamania” HULK token underwent a similar rug pull.
Today, however, traders resurrected the token, enjoying one last boost of activity after the wrestler’s death.
As the chart shows, this HULK token also collapsed, but its activity is very different from the rug pull scam. Ironically, last year’s rug pull proved significantly more honest than an asset that launched less than 24 hours ago.
Sure, it only reached one-seventh of the market cap, but its slower decline and dead cat bounces left several opportunities for profit-taking.
On several occasions, retail investors have continued trading meme coins even after the initial project turned out to be fraudulent. Evidently, Hulk Hogan’s death also prompted this activity in addition to outright rug pull scams.
There’s a possible lesson here regarding the meme coin market. It can be difficult or impossible to warn investors about manufactured hype bubbles, but authentic community enthusiasm does exist.
Ethereum’s price has been nearing the much-anticipated $4,000 mark, yet the rally seems to have hit a temporary halt.
Although the market has shown signs of saturation, Ethereum is far from finished with its upward movement. The recent consolidation is likely a short-term pause before another leg up.
Ethereum Is Showing Signs Of A Rally
Ethereum’s trading volume is sharply increasing, a signal that retail investors are showing renewed interest. While Ethereum’s price ratio to Bitcoin dropped by nearly 6% this week, the surge in trading volume mirrors a pattern seen in May earlier this year. Such a spike often precedes a local top, but this time it may be different.
Should both trading and social volume decrease for the rest of the week, this could indicate that the market is preparing for another bullish surge. The impatience and profit-taking behavior from retail investors may set the stage for the next upward wave.
For token TA and market updates: Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
Looking at broader technical indicators, the NUPL (Net Unrealized Profit/Loss) suggests that Ethereum is poised for a significant rally. The NUPL indicator, when reaching a threshold of 0.5, historically has signaled a pause in the uptrend, followed by a sharp rally.
Ethereum is currently nearing this threshold, which, in the past, has marked the beginning of powerful upward price action. As the NUPL indicator continues to rise, it provides a strong historical precedent for Ethereum’s next price rally.
Ethereum is currently trading at $3,666, just 9% away from the critical $4,000 resistance that many investors have been waiting for over the past seven months. The altcoin is expected to continue its upward momentum despite the recent consolidation, with the potential to breach the $4,000 mark soon.
The continuation of the bullish trend is supported by strong market sentiment and technical indicators. As long as Ethereum remains above its key support levels, the price is likely to surge toward $4,000.
If Ethereum can maintain its momentum, a breach of $4,000 could act as a catalyst for further gains.
However, should unforeseen selling pressure arise, Ethereum’s price could slip below the $3,530 support level. In such a scenario, Ethereum may fall to $3,131, invalidating the current bullish outlook. The key will be maintaining support and capitalizing on the retail-driven surge.
Joseph Chalom, BlackRock’s Head of Digital Assets Strategy, switched careers to become SharpLink Gaming’s new co-CEO. SharpLink has been an Ethereum treasury firm in recent months, and Chalom wants to “activate” its ETH.
At BlackRock, Chalom helped pioneer the company’s Bitcoin and Ethereum ETFs alongside ETH-based tokenized funds and other products. However, he is an Ethereum maximalist, and SharpLink can better fit into that long-term vision.
Now that he’s moved on from BlackRock, Chalom described a few strategies for turbocharging SharpLink’s Ethereum commitments.
Essentially, he wants to make ETH the new foundation of DeFi worldwide, “activating” it through native staking, restaking, and more. As SharpLink’s new co-CEO, he can marshal company resources to achieve this goal.
In the long run, Chalom envisions a world where stablecoins, RWAs, AI agents, and more all fit comfortably into Ethereum’s blockchain. BlackRock has had a significant influence on the ETH ecosystem, but SharpLink will prioritize it long-term.
This kind of bold, trend-setting approach might protect the company from market risks and create fresh opportunities.
A recent disclosure filed with the 
Why is this a problem? Read more in the link below!
