Last week's top stories on cryptocurrency are led by none other than the tech billionaire, Elon Musk, particularly with his recent endorsements behind the crypto industry, leading this CryptoWatch weekly round-up. There was also the prolific hack against Radiant Capital, a decentralized finance lender, whose attacker recently transferred the stolen funds worth $52 million.
Moreover, get to know more about the prolific meme coins in the market, focusing on how these types of coins rise amongst fans and supporters, as well as how they are also viewed by the public.
Elon Musk Crypto Endorsements Boosts Industry
Elon Musk alone is one of the most famous tech executives worldwide, but his massive support for cryptocurrency before tied him to the blockchain industry since then, but his recent campaign for Donald Trump sparks another rise in the market. Musk is best known for his overwhelming support for the meme coin, Dogecoin, but his recent speech rallied not only DOGE but the entire crypto space.
His recent statement when asked about the crypto industry has been the catalyst to a significant rise to the market, with Bitcoin seeing a 5.42 percent increase at the start of last week, up to $68,000, with Ethereum also following.
That being said, the renowned coin that was tied to his name, Dogecoin, was the biggest gainer over the last weekend as it saw a skyrocketing increase of 26.25 percent on Musk's speech alone. Based on his words, Musk is still a believer in crypto despite laying low regarding the blockchain in the past months.
Radiant Capital Hacker Transfers $52M to ETH
One of the biggest attacks against Radiant Capital occurred over the past week, with the threat actor behind the hack already transferring $52 million worth of the stolen crypto funds over at the Ethereum network. This move follows several days after the said attack, and they successfully 'bridged' almost the entire sum of the stolen funds over to unknown wallets.
PeckShield's latest report showed a table of how the hacker moved the funds from many wallets to six different accounts which were still trackable, consisting of multiple transactions bounced off until it was the said amount.
The hacker was able to transfer around 20,500 ETH since the attack, and it was revealed that this is almost all of the stolen crypto, believed to soon be making their next move by running it through a crypto mixer to launder it and provide a challenge in tracing it.
Psychology of Meme Coins
Have you ever wondered why the 'Meme Coins' of the present crypto age have significant popularity behind the name alone? This is because there is a psychology behind these coins as they are the main focus of the internet culture, market sentiment, and speculative behavior all under this crypto niche.
It was revealed that there are pros and cons to owning meme coins, and one of the positive features it brings is how it can closely engage with the crypto community and promote loyalty, making their investors feel safer when trading. Additionally, they see some of the lowest prices in the industry, allowing many to easily own it.
However, there are also cons here, it includes the 'speculative nature' of the meme coins that is entirely based on psychological use cases, compared to other crypto. Moreover, there is also the 'pump-and-dump' practice by its investors where they inflate its price at one point, but sell after it peaks.
