🐸 PEPE fear forces price drop

Talking points

👀 Quick market outlook

After we finally got our market movement, it seems we are stuck between the same wedge again but that is how crypto is sometimes, so we've got to deal with it.

Let's see what we can expect in the short term 👇

It seems we could see some waves building on the BTC Dominance which would likely to see us go up eventually, and see some positive price action but it could be a bumpy few days beforehand and emotions may be high as a result. And as usual, there is nothing guaranteed, so have a plan and be cautious as always.

🐸 PEPE fear forces price drop

In a twist that's caught the attention of both crypto enthusiasts and investors, coin has once again grabbed headlines, but this time for a less favorable reason. The coin, which had been in the limelight for its volatile yet attention-grabbing trajectory, has faced a substantial drop in value, sparking discussions about its future prospects.

The recent decline in value has been notably visible with it being down nearly 20% in the last 7 days and close to exiting the top 100 is definitely adding to the concerns.

But what could be behind status as one of the day's biggest market losers?

The intrigue deepens as a significant portion of meme coin supply, valued in the millions of dollars, exited various crypto exchanges. This occurrence raised alarm bells among investors, sending shockwaves through the coin's market value. More importantly, it drew attention to unusual activities surrounding the project's multi-sig wallet – a secure mechanism that holds considerable influence over the coin's operations.

In an unexpected move, over 16 trillion tokens were swiftly transferred out of the multi-sig wallet. This wallet, which boasts the distinction of being a major holder of the meme coin, found itself at the center of attention. Notably, these tokens were sent to addresses affiliated with major platforms like Binance, OXK, and Bybit.

The specifics of this token migration paint an intriguing picture: approximately $8.2 million worth of was directed to OKX, $6.5 million to Binance, and $434,000 to Bybit. Additionally, an untraceable wallet received an injection of $400,000 worth of the meme coin. Cumulatively, this sudden surge in transfers constituted a whopping 3.8% of the entire PEPE token supply.

A shift in the transaction approval process further fueled suspicions. The once-required consensus from five out of eight wallets was notably relaxed to just two out of eight. Interestingly, this change followed the keen observations of blockchain monitors, who noticed alterations pertaining to the transaction approval procedures within the wallet's architecture.

As of the latest data, the project's multi-sig wallet now shelters tokens amounting to $10 million. This intriguing fund transfer not only marked a significant milestone for the project but also the first instance of such an extensive movement of tokens from the wallet to major exchanges.

As the crypto community closely watches coin's journey, the lessons learned from this episode serve as a reminder of how quickly things can change in this landscape where unexpected turns can drastically reshape the fate of digital assets.

🏈 Web3-Powered NFL game to surge interest

Mythical Games, the pioneering Web3 game studio, has proudly unveiled the realm's first-ever Web3 technology-powered NFL-licensed game, named 'NFL Rivals' fusing the thrill of American football with the boundless possibilities of blockchain.

Diving into the details of this revolutionary launch, the journey is slated to unfold in multiple captivating phases. As anticipation simmers, the curtain is set to rise on successive versions of the marketplace integration over the forthcoming months. This strategic approach is a testament to Mythical Games' commitment to delivering nothing short of perfection. Rigorous testing shall be the cornerstone of this endeavor, as the team dedicates itself to refining every facet of the game to achieve unparalleled excellence.

As the maiden phase of this grand saga unfurls, gamers will be treated to the exciting introduction of the 'buy' functionality within the in-game marketplace. A pivotal milestone, this signals the initial foray into a seamless integration of the Web3 technology, setting the stage for a game-changing spectacle.

And let’s not forget the millions of NFL fans that could move into this alone…

The saga of 'NFL Rivals' began in April, when the game debuted in early access mode under the moniker 'Offseason'. This strategic soft launch, developed in collaboration with the NFL and the NFL Players Association, enabled Mythical Games to meticulously gather user feedback and insights. These invaluable inputs have been the driving force behind months of dedicated enhancements, ensuring that 'NFL Rivals' evolves into an unmatched gaming phenomenon.

Beyond the exhilarating gameplay, the ripple effects of this momentous occasion extend to the very foundations of blockchain technology. Mythical Games, currently the fourth-largest blockchain in terms of monthly digital asset sales, has chosen to transcend Ethereum. The destination of this audacious leap is the promising realm of Polkadot, where Mythical Games is poised to unfurl its Mythos ecosystem, redefining possibilities and sculpting the contours of future gaming.

In 'NFL Rivals,' players don the role of general managers, crafting their dream teams from legendary, epic, and rare player categories. The goal? Ascend the victory ladder, outsmarting rivals in exhilarating contests. Collaboration thrives as alliances form, leading to prized in-game rewards. With each game, football superstars and digital collectibles weave a tapestry, empowering managers. Pioneering the buying process, Mythical's Marketplace offers player cards purchasable with 'Credits,' while MYTH tokens compensate sellers. An evolving horizon hints at bidding's exciting potential.

As the Web3 world continues to expand 'NFL Rivals' stands as an indomitable testament to the fusion of athletic fervor and technological prowess. Mythical Games' incredible vision forges a path that disrupts conventions, redefines experiences, and unlocks horizons previously deemed impossible, and let’s not forget about the incredible adoption that comes with that too.

🔐 Magnate Finance $6.4 million exit scam

Magnate Finance on Base has abruptly shut down its Telegram group and taken its website offline, igniting concerns that another potential exit scam might be underway. The sudden disappearance of the platform, which holds a substantial $6.4 million in Total Locked Value, has sent shockwaves through the crypto community, especially given its connections to previous financial exit scams.

Adding to the suspicions, blockchain analyst ZachXBT has sounded the alarm on what he perceives as an imminent exit scam orchestrated by Magnate Finance. Notably, the deployer's address of this platform has a direct link to the notorious Solfire exit scam, which saw $4.8 million vanish into thin air. As if this weren't concerning enough, ZachXBT unveiled another unsettling revelation: Magnate Finance also shares on-chain ties with the Kokomo Finance exit scam.

As the unsettling news unfolded, the value of Magnate Finance's token (MAG) plummeted dramatically. Since the abrupt website shutdown, MAG has experienced an astonishing 88% drop in value, with a staggering decline of over 90% within the past 24 hours, as per data from CoinGecko.

ZachXBT's warning about the potential exit scam spurred a response from Finance Magnate. A response that raised more questions than answers as Finance Magnate cryptically replied to ZachXBT, saying, "We stick to the plan? 50-50?" The situation escalated further as Finance Magnate altered its X bio to read "Contract breached by Zach." In a final twist, Finance Magnate deleted its X account, adding a layer of mystery to the unfolding saga.

However, amidst the turmoil, some users managed to withdraw their funds following ZachXBT's cautionary tweet. Another respected blockchain analyst, Peckshield, corroborated ZachXBT's concerns by confirming that the developer behind the lending protocol on Base had indeed altered the price oracle provider and removed all assets.

Unfortunately, this incident is not an isolated one within the crypto space. Scams continue to plague the Web3 and DeFi landscape, leaving investors and participants in a perpetual state of vigilance. ZachXBT's previous revelations underscore the staggering financial impact of SIM swap attacks, which have siphoned off over $13.3 million in the past four months alone.

The realm of DeFi has also been vulnerable to the onslaught of scams. Bridge exploits, a recurrent issue within the DeFi ecosystem, have contributed to a staggering $207 million loss in the first half of this year. According to a report from Beosin, a prominent web 3.0 security firm, exit scams and hacks have combined to erode a staggering $656 million worth of cryptocurrencies during the initial six months of 2023.

As the crypto community grapples with these disheartening incidents, the emphasis on due diligence, security measures, and thorough research becomes more critical than ever. Vigilance remains the most potent weapon against the shadowy forces seeking to exploit the vulnerabilities of this innovative and transformative industry.