Solana’s meme run

Good morning! Welcome to The Daily Moon. Hope fades for Celsius customers. The judge handling the bankruptcy clarified that Celsius owns all the crypto deposited with it. That means almost $4.2 billion of “your” crypto now belongs to it.

The markets were shaky. Bitcoin was at $16,820 levels and Ethereum was down to $1,250. Nasdaq fell in early trade. Back home, Sensex and Nifty had another day of losses.

Solana’s A Dog Lover

Solana is ready to take on DOGE and SHIB. Well, indirectly. Bonk, a “dog coin” built on the Solana blockchain is the latest memecoin in town. And thanks to the buzz around it, SOL rose over 38% in the past week.

Sigh. Another memecoin?The developers call Bonk the “first Solana dog” for the people, by the people. About 50% of the total supply was airdropped to the Solana community. Now what’s interesting is that we don't know who's created Bonk. The Bonk founders are anonymous, so we can’t be too sure of their intentions. But, here’s what the Bonk whitepaper (it’s called “Bonkpaper” btw) says:

1. Bonk will be a community token on Solana for all dApps.

2. It will be distributed for free to some developers. (But we don’t know who)

3. It will have a supply of 100 trillion.

But why does Solana need it?Solana had deep ties with Sam Bankman-Fried’s Alameda. When Alameda went under, its Solana tokens were locked. Bonk’s backers claim that the token will be a “fun” memecoin where creators and developers got a share. Since it’s built on Solana, Alameda-like situations can be avoided. Bonk’s currently trading way below $0.001, but it has seen a ~77% increase in the past 24 hours. About 500 billion BONK were burned in December so the token’s on a crazy rally.

The new meme crypto promises to restore liquidity on the blockchain. Let’s see if that really happens. And as always, DYOR.

ALGO Is Pumped

Algorand has crossed 1 billion transactions. The adoption rate for the blockchain rose with minimal downtime. The bulls got a whiff of this development and ALGO rose ~14% in the past week.

Is there more to this?There is money flowing into ALGO. A technical indicator called Relative Strength Index has stayed at 50 which means that ALGO is in neutral territory.

Devs are backThe blockchain had a bleak run in December because of low developer activity. Initial data for January shows a slight improvement.

Fanatics Don’t Like Candy No More

Fanatics, the online retailer of licensed sportswear, sports equipment, and merchandise, has given up 60% in NFT firm Candy Digital.

What went wrong?The two joined hands in 2021, but the Candy just isn’t sweet enough. In a letter to employees, the company said the decision was “straightforward and easy”. The NFT market has been falling among the larger crypto market fall, and the euphoria of 2021 turned into a toothache.

It wasn’t all smooth latelyCandy Digital has been having troubles of its own over the past few months. In November, it laid off at least one-third of its 100 employees at the time. A big fall for a startup once valued at $1.5 billion. Who is buying the 60% stake from Fanatics, you ask? It is a group led by the other founding shareholder of Candy, Galaxy Digital.

FTX, Robinhood, and $460m

Everything about FTX involves money. The latest are Robinhood Markets shares worth $460 million, which are seized by the US government. Oh, the twists and turns in this story are too much to keep up with.

What’s the deal?People who are owed money by FTX have been asking US Courts to freeze 56 million Robinhood stock. SBF had set up a subsidiary called Emergent Fidelity Technologies. That had bought these shares in Robinhood. Two weeks ago, multiple entities, including crypto lender BlockFi asked for these to be frozen.

What happens now?Well, the courts will decide. A hearing will eventually be held to determine what happens to the shares and the assets seized from the bank accounts.

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