DeFI News by Thebittimes.Com

Summary: ⚈ Scammers are pushing fake Grok meme coins by falsely linking them to Elon Musk. ⚈ Fraudsters also impersonated the Tate brothers in a DADDY coin dinner scam. ⚈ Despite rising fraud, some traders profit from volatile meme coin surges. During the first quarter (Q1) of 2025, cryptocurrency traders lost more than $1.7 billion in various digital asset hacks and attacks, per Finbold’s Q1 crypto market report, with an untold amount stolen via fraud and scams. One deception that has been growing increasingly common since the start of the year is the numerous meme coins paying homage to xAI’s Grok artificial intelligence (AI) model.  While there is nothing wrong with basing an altcoin on an AI platform inspired by The Hitchhiker’s Guide to the Galaxy, the name’s newfound association with billionaire Elon Musk has given rise to a shady marketing practice. The Grok meme coin scam Scammers are flooding the social media platform X, as well as oth...

The Hyperliquid price dropped 10% in the last 24 hours to trade at $23.34 as of 3:30 a.m. EST on trading volume that skyrocketed 64% to $342.8 million. The HYPE price went down from yesterday’s peak at $26.86 to $22.32 before seeing a slight recovery to its current price. Currently, its price appears to be fluctuating between $22.5 and $24. Interestingly, the project saw its price go down despite the launch of HyperEVM, which it views as a major step toward the vision of housing all finance by bridging general-purpose programmability to Hyperliquid’s performant financial system. The HyperEVM is live. This is a major step toward the vision of housing all finance by bringing general-purpose programmability to Hyperliquid’s performant financial system. The initial mainnet release of the HyperEVM includes: 1. HyperEVM blocks built as part of L1 execution,… pic.twitter.com/sleqk1N7T5 — Hyper Foundation (@HyperFND) February 18, 2025 The HyperEVM went liv...

The Hawk Tuah price plummeted 18% in the last 24 hours to trade at $0.005181 as of 02:50 p.m. EST on trading volume that plunged to $23 million. This comes after the meme coin experienced a 91% drop after its launch amid insider trading allegations. Haliey Welch, the creator of the viral “Hawk Tuah” phrase, announced the coin’s release on her X account, with traders jumping in. Hawk is live!!! HAWKThXRcNL9ZGZKqgUXLm4W8tnRZ7U6MVdEepSutj34 pic.twitter.com/9GFgYwpeFA — Haliey Welch (@HalieyWelchX) December 4, 2024 HAWK dropped from a $500 million market cap to $60 million in around 20 minutes after launch. One trader on X reported losing $43K. i really lost $43k apeing in “hawk tuah” coin pic.twitter.com/9j4frI37p8 — lynk (@lynk0x) December 5, 2024 Hawk Tuah Aiming For A Bullish Trend Reversal According to Hawk Tuah price Analysis on the 15-minute chart, HAWK initially rallied after its launch but underwent a prolonged correction foll...

The Department of Government Efficiency price soared 116% in the last 24 hours to trade at $0.1412 as of 02:25 a.m. EST on trading volume that skyrocketed 112% to $30 million. This comes amid speculation surrounding Elon Musk and his possible involvement in Donald Trump’s incoming administration. Trump referred to Musk as a potential “secretary of cost-cutting” but clarified that he would not have a cabinet position. It’s been speculated he could head a Department of Government Efficiency (DOGE), named after the DOGE meme coin that Musk often promotes. Department Of Government Efficiency Price Could Still Soar The Department of Government Efficiency price is coming out of a consolidation phase in November around the $0.0552 range, according to data from GeckoTerminal . DOGE has dramatically surged on a parabolic curve in the last few days, which is a sign that the asset could still be on a sustained bullish trend to the upside. The Department of Government ...

Shiba Inu boasts 1.4 million holders, and the number is rapidly increasing worldwide as newer investors join the bandwagon. The majority of SHIB investors are Average Joes who dream of becoming millionaires when the token reaches $0.01. The waiting time for that to happen is long and could take years, if not decades, to hit the 1-cent price point. Investors are mentally prepared for the wait as nothing turns profitable without the long-term game. Also Read: Bitcoin To Hit $200K By 2025, Shiba Inu To Reach $0.00005651 Despite its constant price drop, the only thing that consoles SHIB investors is its affordability. Traders get to accumulate millions of SHIB tokens for a few dollars, which helps them stay sane during a market downturn. SHIB is a low-hanging fruit that’s up for grabs, and it does not burn a hole in the investor’s pockets. Now, coming back to the million-dollar question, how long will it take for Shiba Inu to reach $0.01? In this article, we will explain the sc...

Dogwifhat (WIF), one of the Solana (SOL) network’s popular meme cryptocurrencies, has recorded a sharp price decline, partially aligning with the overall market sentiment. Since hitting its peak in April, WIF has seen a significant decline, leaving traders who bought in at the top facing substantial losses. The cryptocurrency, which was trading at a high of almost $5 in early April, has now plummeted to around $1.40, marking a staggering drop of nearly 75%. In this line, crypto analyst CrediBull , in an X post on August 4, shared insights on WIF’s current market position. According to CrediBull , the minimum downside target has been hit, but caution is still advised. Picks for you AI predicts Solana price for August 31, 2024 28 mins ago ...

BTC's correction reveals a disconnect between pro traders' confidence and retail investors' skepticism amid regulatory shifts. Bitcoin (BTC) briefly reached $38,000 on Nov. 24 but faced formidable resistance at the price level. On Nov. 27, Bitcoin price traded below $37,000, which is unchanged from a week ago.  What is eye catching is the unwavering strength of BTC derivatives, which signals that bulls remain steadfast with their intentions. An intriguing development is unfolding in China as Tether (USDT) trades below its fair value in the local currency, the Yuan. This discrepancy often arises due to differing expectations between professional traders engaged in derivatives and retail clients involved in the spot market. How have regulations impacted Bitcoin derivatives? To gauge the exposure of whales and arbitrage desks using Bitcoin derivatives, one must assess BTC options volume. By examining the put (sell) and call (buy) options, we can estimate the prevailing bullis...

Demand for leverage buying remains absent in ETH despite the recent bounce to $1,200 as the U.S. Federal Reserve continues to hike interest rates. Ether (ETH) gained 5.6% on Dec. 20 after testing the $1,150 support the previous day. Still, a bearish trend prevails, forming a three-week-long descending channel, a price action attributed to expectations of further U.S. Federal Reserve interest rate hikes. Ether/USD price index, 12-hour. Source: TradingView Jim Bianco, head of institutional research firm Bianco Research, said on Dec. 20 that the Fed will keep the economy tightening in 2023. Later that day, Japan’s central bank increased interest rates to fight inflation, far later than its counterparties. The unexpected move made analysts more bearish toward risk assets, including cryptocurrencies. Ethereum might have caught some tailwind after the global payment processor Visa proposed a solution to allow automatic funding from Ethereum wallets. Auto-payments for recurring bills aren’t ...

Bitcoin whales and market makers continue to add to their leverage long positions, even though it’s unclear whether $15,500 was the final bottom. Bitcoin (BTC) bears have been in control since Nov. 11, subduing BTC price below $17,000 on every 12-hour candle. On Nov. 28, a drop to $16,000 shattered bulls' hope that the 7% gains between Nov. 21 and Nov. 24 were enough to mark a cycle low at $15,500. The most likely culprit was an unexpected transfer of 127,000 BTC from a Binance cold wallet on Nov. 28. The huge Bitcoin transaction immediately triggered fear, uncertainty and doubt, but the Binance CEO, Changpeng Zhao, subsequently announced it was part of an auditing process. Regulatory pressure has also been limiting BTC’s upside after reports on Nov. 25 showed that cryptocurrency lending firm Genesis Global Capital and other crypto firms were under investigation by securities regulators in the United States. Joseph Borg, director of the Alabama Securities Commission, confirmed th...