Welcome to this week’s edition of our Web3 newsletter, where the crypto world is spicier than ever! We’ve got Solana’s latest memecoin madness with Trump vs SEC, breaking records in DEX volume and making waves across the board. Meanwhile, DraftKings has rage-quit the NFT game, and we’ve got the inside scoop. But hold onto your apes, because Massa Blockchain is shaking things up with Autonomous Smart Contracts and their wild new NFT series, CameleonZ—NFTs that evolve on their own!
Walk with me as we unravel these degen stories and more, bringing you the freshest and most chaotic updates from the world of decentralized tech.
Solana Memecoin TRUMPSEC Poised for Massive Surge
The spotlight in the memecoin universe is shifting towards a new contender on the Solana blockchain. The latest memecoin, Trump vs SEC (TRUMPSEC), is generating significant buzz with predictions of a meteoric rise of over 19,000% in the near future. This comes as larger, established memecoins like Shiba Inu (SHIB), Dogecoin (DOGE), and DogWifHat (WIF) have seen their momentum wane, trading sideways without notable gains.
Trump vs SEC, a recent addition to the Solana ecosystem, stands out with its imminent listings on several major crypto exchanges. These listings are expected to expose the memecoin to a broader investor base, potentially leading to a substantial influx of capital and a sharp increase in its value. Currently, TRUMPSEC is available only on Solana’s decentralized exchanges, such as Jup.ag and Raydium.io. Early adopters who purchase through these platforms could see significant returns, mirroring the success stories of early SHIB and DOGE investors.
The coin debuted with a liquidity pool of over $19,000, which could provide it with a stronger foothold compared to many other new memecoins. To buy TRUMPSEC, investors can use wallets like Solflare, MetaMask, or Phantom to swap Solana (SOL) for TRUMPSEC by entering its contract address: 9DPyphnuHrDdzDHFXDVG9diKei8otdZT6R2DsJGipYmN.
While memecoins like TRUMPSEC typically lack concrete value or utility, they continue to attract degens and investors looking for the potential of quick and substantial gains. With SHIB, DOGE, and WIF’s recent lack of price movement, many investors are turning their attention to promising new coins on alternative blockchains like Solana.
Solana Steals Ethereum’s Thunder; Crypto Market Takes a Dive
Who would’ve thought Solana would outpace Ethereum in DEX volume? In July, Solana’s decentralized exchanges (DEXs) captured a whopping 30% of the total crypto trading volume, leaving Ethereum in the dust at 28.12%. But hold your horses, because the entire crypto market’s been hit by a curveball—thanks to a massive sell-off in the Japanese stock market.
The Nikkei 225 took a nosedive, dropping 7.1%, and dragging down the crypto market with it. Bitcoin tumbled over 10% to $53,270, while Solana slipped nearly 17%, currently sitting at $121.58. The total crypto market cap has shed 13%, plummeting to $1.87 trillion. Despite this, trading volumes have skyrocketed by 119.72%, hitting $142.44 billion. Talk about a rollercoaster!
Read More: Meet Eduard Gurinovich: The Man Behind Hamster Kombat’s Phenomenal Success
With Solana ETFs on the horizon in the U.S., interest in SOL is heating up. But if you’re riding the SOL wave, keep an eye on the $115 mark. Fall below that, and we could be looking at a slide to $107. On the flip side, breaking above $135 could pump SOL up to the $164 resistance level. In the meantime, Solana’s DEXs have been making moves, clocking in $56.849 billion in transactions last month, beating Ethereum’s $53.867 billion. It’s a wild ride, and Solana’s leading the charge!
DraftKings Pulls the Plug on NFTs: Legal Drama or Bust?
In a move that’s got the NFT world buzzing, DraftKings has decided to close its NFT business, citing recent “legal developments.” The shutdown, effective immediately, comes just four weeks after a federal judge determined that DraftKings’ NFTs could qualify as securities under the Securities Act and Exchange Act. This ruling came as a response to a class action lawsuit that accused DraftKings of issuing unregistered securities through its NFTs.
DraftKings informed users of the decision via email, explaining that they would be discontinuing Reignmakers and their NFT Marketplace. The company stressed that the decision wasn’t made lightly but deemed it the right course of action. While users can still access and transfer their NFT assets, the platform’s shutdown marks a significant pivot from its earlier enthusiasm for digital collectibles.
The NFT marketplace, launched on the Ethereum layer 2 Polygon network during the NFT craze of 2021, saw early success with popular drops, including Tom Brady-themed collectibles. However, things started to unravel in March 2023 when a class action lawsuit accused DraftKings of selling unregistered securities, citing the Howey test. The situation came to a head on July 2, when the court ruled that the NFTs could indeed be considered investment contracts.
DraftKings’ exit follows in the footsteps of Dapper Labs, the creator of NBA Top Shot, which faced a similar legal battle and ultimately settled for $4 million. Meanwhile, NFT sales have been slumping, with July seeing the lowest sales volume since November 2023—a mere $407.8 million, down 74.6% from March’s $1.6 billion record.
Read More: Trump Meme Coins Surge as Biden exit 2024 Presidential Race
AgriDex Goes Green: First Agricultural Trade on Solana
Who says blockchain is just for crypto and cats? AgriDex is taking things to a whole new level by tokenizing crops and settling agricultural trades on the Solana blockchain. This week, they marked a milestone by completing their first-ever agricultural trade on-chain, involving the shipment of over two hundred bottles of extra virgin olive oil and multiple cases of wine from sunny South Africa to rainy London.
What’s the big deal? Well, AgriDex did it all almost instantly, charging just 0.15% per side. Compare that to the traditional system, where fees can gobble up several percentage points per trade.
“The funds came into our AgriDex account in seconds rather than days, and the fees were just 5 GBP,” said , the mastermind behind this olive oil and wine extravaganza.
Adrian Vanderspuy, CEO of Oldenburg Vineyards
AgriDex isn’t just making waves; they’re making savings. With real-world assets (RWAs) becoming all the rage, AgriDex is ahead of the curve, aiming to tokenize more of their stock and cut down on transaction times and costs. As co-founder Henry Duckworth puts it;
“With every 1% of global trade we onboard, billions of dollars are saved and millions of lives are positively affected.”
Now that’s a toast-worthy achievement!
Massa Blockchain Launches Autonomous Smart Contracts: Enter the CameleonZ
In a bold leap towards decentralization, Massa Blockchain has introduced Autonomous Smart Contracts, a game-changing feature that lets contracts self-execute based on time or blockchain data changes. This innovation promises to shake up the NFT and DeFi sectors, providing new avenues for automation and efficiency. Massa, which launched earlier this year, aims to return to the core ethos of cryptocurrency—decentralization. With 1,500 community stakers and its native token (MAS), Massa’s CEO is channeling Nakamoto vibes all the way.
But that’s not all. Cameleon Platform and its first autonomous NFT collection, CameleonZ rolled out on August 2, 2024. This collection of 1,050 unique NFTs will evolve over time without any human meddling, redefining digital ownership as we know it. Priced at 800 MAS each (around $35), these NFTs come with a twist: they change and adapt, with their evolution history and future states trackable on the Cameleon NFT marketplace. Plus, there’s a sweet revenue-sharing model for CameleonZ holders, giving them a cut of the transaction fees.
While Massa’s novel approach stands out, it faces a crowded blockchain landscape and a cooled NFT market since its 2021 heyday. However, the platform is already gaining traction with projects like the Dusa AMM decentralized exchange and Purrfect Universe, its first NFT marketplace and meme coin.
Read More: Unibot Solana: The Ultimate Guide to Airdrop User Rewards Program
Looking ahead, Massa’s roadmap includes ambitious plans for a “Decentralized Web,” enhanced smart contract capabilities, and potential compatibility with Ethereum Virtual Machine (EVM), which could integrate with a vast array of existing applications. In a crypto world navigating regulatory challenges, Massa’s bet on decentralization could be its ticket to success. Time will tell if developers and users will flock to this new frontier, but one thing’s for sure: the blockchain evolution isn’t slowing down.
For those looking to get in on the action, head over to www.cameleon.art to participate in the Cameleon NFT marketplace and CameleonZ launch.
That’s your roundup of the Web3 world’s top stories this week, packed with the latest trends, market shifts, and all things crypto. Stay tuned, stay savvy, and may your wallets be ever in your favor!
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