Pavel Durov announced the launch of Telegram Stars, TON and BNB reached new all-time highs, half a million new tokens appeared on the Solana network, and other events of the past week.
Bitcoin Price Falls Below $70,000
The leading cryptocurrency began the week at $68,000. On Monday, June 3, digital gold reached $69,000, and the next day tested the psychological barrier of $71,000. By Friday, June 7, the asset entered a correction and fell below $69,000.
At the time of writing, Bitcoin is trading at $69,500.
Most digital assets in the top 10 by market capitalization ended the week in the “red zone.” Besides Bitcoin, exceptions were BNB (+13.2%) and Toncoin (+11%).
The total cryptocurrency market capitalization is $2.68 trillion. Bitcoin’s dominance index is 55.2%.
Pavel Durov Announces Launch of Telegram Stars
Telegram founder Pavel Durov announced the launch of the messenger ecosystem’s internal currency.
“It’s a big day today, we’re launching Telegram Stars — a way to pay for digital services in mini-apps,” he noted.
According to Durov, “unlike old-school apps,” mini-apps like Notcoin do not require installation and allow for rapid user base growth due to the “social nature” of the popular messenger.
“With Telegram Stars, mini-apps can accept payments for digital services using the simplest payment methods — in-app purchases on Android and iOS,” he emphasized.
Developers can withdraw their Stars through the Fragment platform using TON. They also have the opportunity to use the currency for additional promotion of their apps in Telegram on preferential terms.
TON and BNB Reach New All-Time Highs
On Wednesday, June 5, Toncoin (TON) quotes reached a new all-time high of $7.8. At the time of writing, the coin is trading below $7.2.
The asset showed positive dynamics following the news of TON’s addition to the European trading platform Robinhood Crypto.
On Thursday, June 6, BNB’s price exceeded $721, reaching a new all-time high. At the time of writing, the coin is trading at $680.
The asset’s growth is likely linked to the Simple Earn program, running from June 5 to 25. According to the terms, users can lock BNB or SUI during this period to earn additional profits.
What to Discuss with Friends?
- Media: Donald Trump called himself the “crypto president.”
- Galaxy Digital tokenized a 300-year-old Stradivarius violin.
- The updated “Tinkoff” bought a Telegram username for 20,000 TON.
Meme Frenzy: Half a Million New Tokens on Solana
In May, 455,000 new coins appeared on the Solana blockchain. The figure reached a monthly high due to low entry barriers and the hype around meme tokens.
For comparison, during the same period, 177,000 coins were issued on the L2 Base network, and 39,000 on the BNB Chain. Approximately 20,000 tokens were created on the Ethereum mainnet, as well as on the second-layer solutions Arbitrum and Optimism.
“Solana is designed as a general-purpose first layer, with fast finality, high throughput, and extremely low transaction fees,” noted Austin Federa, head of strategy at the Solana Foundation.
In his view, the network’s mass adoption is due to these characteristics, making “the cost of experimenting and implementing new ideas almost zero.” He believes tokens on Solana “should be created as easily as content on the internet.”
The majority of new coins on the blockchain are meme tokens. According to CoinGecko, the market capitalization of the segment is $9.4 billion.
Vitalik Buterin Criticizes Celebrity Experiments with Meme Coins
Ethereum co-founder Vitalik Buterin expressed a lack of enthusiasm for celebrity-related meme coins. He urged a focus on projects with a public good focus, rather than enriching insiders.
Buterin responded to comments by Placeholder partner Chris Burniske, who called the potential success of the meme coin Mother Iggy (MOTHER) “the mother of celebrity experiments in this cycle.”
The latter is associated with Australian rapper and model Iggy Azalea. According to the expert, these compliments will be appropriate if the asset breaks through to create sustainable value.
“So far, I am dissatisfied with ‘celebrity experiments in this cycle.’ I accept financialization ‘as a means to an end’ if the end is worthy (healthcare, open software, art, etc.). Financialization ‘as an end product,'” Buterin reacted, ending his comment with a vomiting emoji.
As a “more honorable” celebrity involvement, he cited the NFT collection and animated series Stoner Cats 2021 by Ashton Kutcher and Mila Kunis.
The Ethereum co-founder outlined key features of crypto projects from stars that should be present to earn his respect:
- Have some socially beneficial goal. In reality, this can be either an artistic project or the celebrity’s favorite charity, or both.
- Possess fun mechanics beyond simple token exchange. According to Buterin, he dislikes DAO voting, but at least they give people something to do and organize around. DAOs should not fully determine the agenda, but they can exert some influence, the expert explained.
- Maintain sustained interest that will last at least ten years, not “bubble up” for a few months and then be forgotten.
Also on ForkLog:
- The price of the meme coin Beercoin hit ATH on purchases by a single whale.
- New details emerged about the possible death of OneCoin founder Ruja Ignatova.
- Floki responded with a slight increase to the news of investments by DWF Labs.
Robert Kiyosaki Predicts Bitcoin Price to Reach $350,000
Author of the bestseller “Rich Dad Poor Dad” and entrepreneur Robert Kiyosaki predicted the first cryptocurrency’s rate to reach $300,000 by August 25.
“This is a prediction. It’s a guess, it’s an opinion, but it’s not a lie. It’s bait for suckers, but it’s not a lie because any predictions about the future are not lies. I want Bitcoin at $350,000 to be a fact, and I want it to be true… But it’s just a forecast,” the businessman wrote.
He added that he continues to buy “more Bitcoin, Ethereum, and Solana,” as he is “absolutely confident” in their continued price growth.
However, Kiyosaki is betting not on the properties of the assets themselves, but on the “incompetence” of US leaders, including President Joe Biden, Treasury Secretary Janet Yellen, and Fed Chairman Jerome Powell:
“They are the ‘Three Stooges’ in real life. I am absolutely convinced of their incompetence. Take care of yourself. Buy more gold, silver, Bitcoin, Solana, and Ethereum. Protect yourself from the three stooges.”
Analyst Willy Woo, in a comment under the entrepreneur’s post, calculated that to reach the $350,000 target, approximately $2.2 trillion needs to be “injected” into the market.
What Else to Read?
This week, ForkLog explored how the three anonymous “old-timers” Monero, Zcash, and Dash are faring, as well as what the FDV metric is and how it affects cryptocurrency prices.
In the traditional digest, we compiled the main events of the week in the field of cybersecurity.
The most important news from participants in the crypto industry was published in a separate digest.