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Top news of the week
Dogecoin flips Porsche market cap as DOGE ETP, Musk drives rally.
Dogecoin has surpassed the market capitalization of luxury car manufacturer Porsche, thanks to Elon Musk’s approval and the potential launch of an exchange-traded product on memecoin.
According to Cointelegraph data, as of 8:34 a.m. UTC on November 27, Dogecoin had a market capitalization of $57.8 billion, up 175% over the past month, surpassing Porsche’s market capitalization of $56.1 billion.
Dogecoin has gained significant momentum in 2024, thanks in part to continued social media endorsements from billionaire Elon Musk. Musk’s recent involvement in creating the Department of Government Efficiency (DOGE), an agency aimed at cutting government spending and streamlining regulation, has sparked further interest.
ZachXBT claims he helped a former Fortnite pro player steal $3.5 million through a memecoin scam.
A former professional Fortnite player and blockchain security analyst from Australia, pseudonymous Blockchain Detective Zach
In a November 27 thread posted on
Serpent, who was expelled from esports organization Overtime in June 2020 for alleged misconduct, was also known at X as a security analyst and creator of a threat mitigation system called Sentinel, according to gaming TV network Ginx TV.
Bitcoin CME futures hit $100,000 for the second time in a week. Will the BTC spot price follow suit?
On November 29, Bitcoin futures on the Chicago Mercantile Exchange (CME) rose to $100,200 for the second time in seven days, after first reaching the milestone on November 22. Bitcoin spot price has not yet reached $100,000, but the cryptocurrency shows promise: It briefly hit an intraday high of $98,600 before being sold off.
According to Kobeissi Letter, open interest in CME Bitcoin futures exceeded 40,000 contracts, and CME Bitcoin futures trading volume reached $12.3 billion before the US Thanksgiving holiday on November 28.
After the U.S. stock market was closed on November 28 for the Thanksgiving holiday, trading volume surged in Europe and New York. We are seeing strong spot bidding on Coinbase, with the spread between the BTC/USD price on Binance and the Bitcoin spot price, or the “Coinbase premium,” exceeding $200.
Solana memecoin trader converted $160 into $5.6 million via viral token.
A Solana-based memecoin trader turned a $160 investment into millions after purchasing tokens associated with a viral internet meme.
Data from Solana’s blockchain explorer Solscan shows that one wallet made two purchases of the Just a chill guy (CHILLGUY) memecoin on November 15th.
A trader exchanged 0.50 Solana for 9.6 million CHILLGUY tokens, worth about $107 at the time, on Solana memecoin creation platform Pump.fun. A few hours later, the trader added 0.246 SOL (about $51) for 2.8 million tokens.
The CHILLGUY token was launched on the Solana blockchain on November 15, riding the wave of popularity of the “Just a chill guy” meme that went viral on social media. The token’s value soared, reaching a market capitalization of $643 million by November 27. As of this writing, Memcoin is trading at $0.58.
Traders sold 2.8 million tokens early for 149 SOL (about $35,000), missing out on a potential $1.6 million profit, according to blockchain data. However, traders still hold 9.62 million tokens, which are currently worth about $5.6 million.
Cryptocurrency hackers stole $71 million in November, bringing their annual total to $1.48 billion.
Cryptocurrency hackers continue to tarnish the industry’s reputation as annual value stolen through cyberattacks approaches $1.5 billion.
Cryptocurrency hackers stole $71 million worth of digital assets during November, according to an Immunefi report shared with Cointelegraph.
According to the report, this brings the total stolen cryptocurrency value to over $1.48 billion as of 2024.
“In 209 YTD 2024, hacking and rug pulling resulted in a total loss of $1,489,921,677 in 209 specific incidents. This represents a 15% decrease compared to the same period in 2023, when total losses were $1,757,680,745.”
winners and losers
Bitcoin this weekend (BTC) It’s in $97,414; ether (ETH) to $3,591 and XRP to $1.76. The total market capitalization is $3.39 $1 trillion, according to CoinMarketCap.
Among the top 100 cryptocurrencies, the top three altcoin gainers of the week are The Sandbox. (sand) 80.20%, Algorand (what) 76.80% and Ethereum Name Service (ENS) 72.86%.
The top three altcoin losers of the week are Mantra. (for) 9.55%, Popcat (SOL) (Popcat) 8.38%, FLOKI (flake) 6.20%. For more information on cryptocurrency prices, read Cointelegraph’s market analysis.
most memorable quotes
“I’m not against memes, but meme coins are getting ‘a little’ weird now. “Let’s build real applications using blockchain.”
Changpeng “CZ” ZhaoFounder and former CEO of Binance
“Institutions want to hide payments, workflow, daily tasks, what gets paid and when. If you have a Bitcoin or Ethereum balance, those things are very relevant to other people.”
Avidan Arbit BallProject Director of Data Ownership Protocol
“The industry is always one hit from a major hit.”
Mitchell AmadorImmunefi Founder and CEO
“We are really looking forward to seeing that activity. We will then look at the circulation of capital.”
Pav HundalSenior Market Analyst at Swyftx
“I was discussing Bitcoin with an investor yesterday and he responded somewhat dismissively, ‘It’s like buying gold.’ No, that’s like buying gold in 1000 BC.”
And the headFounder of Pantera Capital
“Altcoins should focus on developing independent strategies to attract new capital rather than relying on Bitcoin’s momentum.”
Youngju KiCryptoQuant Founder and CEO
Cardano founder predicts Bitcoin DeFi will dominate cryptocurrency within three years.
Cardano founder Charles Hoskinson said that decentralized finance in the Bitcoin ecosystem will overwhelm all other cryptocurrency DeFi within two to three years.
He touted the potential of Bitcoin DeFi, making bold price predictions and highlighting new models for connecting Bitcoin without using centralized exchanges.
“I started in the Bitcoin space and loved Bitcoin. Bitcoin has been a huge part of my life and the only reason I’m here today is because Bitcoin exists,” he said in a YouTube video posted on November 27.
He expressed frustration with his early Bitcoin usage, saying, “Bitcoin has gone from a sleeping giant that was in an innovation coma and never woke up, to a waking giant that is four times the size of Solana and Ethereum combined.” He added:
“DeFi in the Bitcoin ecosystem will overtake DeFi in all ecosystems in the cryptocurrency industry within 24 to 36 months. This is because of scale and liquidity.”
FUD of the week
More than 8,600 Solana wallets linked to $21 million DEXX hacker
Cryptocurrency security company SlowMist has released documents identifying more than 8,620 Solana addresses suspected of being linked to DEXX hackers.
On November 16, memecoin trading terminal DEXX fell victim to a security attack, resulting in losses affecting at least 900 unique users.
According to MistTrack, most victims lost less than $10,000 due to private key leaks, but one individual lost more than $1 million.
Total losses from the incident were initially reported at $21 million, making it the second-largest hack behind the $25.5 million Thala hack in November. However, Thala recovered all of its lost assets.
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As of November 29, DEXX’s total losses have increased, SlowMist founder Cos told Cointelegraph: “Total losses are estimated at less than $30 million. “Meme token price fluctuations have a significant impact on overall losses.”
North Korean hackers expand social engineering operations to include IT companies
Hackers linked to the North Korean government have reportedly expanded a social engineering scam aimed at infiltrating hundreds of large multinational information technology companies and stealing cryptocurrency.
According to an article in TechCrunch, researchers at the Cyberwarcon cybersecurity conference have identified two North Korean hacker groups called “Sapphire Sleet” and “Ruby Sleet.”
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Sapphire Sleet targeted individuals through fraudulent recruitment schemes by posing as legitimate recruiters and luring unsuspecting victims with interviews or other job offers. The hacker then infects the user’s computer with malware disguised as a PDF or malicious link at some point during the interview process.
Former Binance Employee Sues UK Exchange for Bribery: Report
It has been reported that a former high-ranking employee of Binance has filed a lawsuit against the cryptocurrency exchange’s UK branch, citing bribery and unfair dismissal.
According to a November 28 Bloomberg report, former Binance employee Amrita Srivastava sued the UK-based cryptocurrency exchange, alleging that another employee solicited bribes from customers. She claimed she was unfairly dismissed in April 2023, a month after she brought the matter to the attention of management.
Srivastava alleged that an unnamed Binance employee received bribes “under the guise of providing consulting services.” A spokesperson for the exchange said the bribery allegations were “already known” and that Srivastava’s employment was terminated due to his “poor performance” at the company.
Featured Magazine Articles of the Week
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editorial staff
Cointelegraph Magazine writers and reporters contributed to this article.