Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

1. Magic Eden’s ME Token Drops: Magic Eden’s ME token plunged 67% from its peak due to app glitches and a complex airdrop process. Users struggled with QR codes and wallet linking, leading to widespread frustration.

2. Crypto Stolen via Telegram Bots: Scammers use fake Telegram bots to steal crypto wallets, injecting malware via "OfficiaISafeguardBot." Victims lost over $3M, with impersonators on X surging.

3. 📈Technical Analysis Masterclass - Bonk fell 10% today, stopping at its 50-day moving average, a crucial support level around 0.000035. Watch UseTheBitcoin’s latest Youtube video “Bonk Crashes: Price Plummets to Critical Zone” to see if Bonk’s current price suggests potential for recovery or join our Official Telegram Channel for more alpha!

4. 💡Feature of the Day - Ripple’s RLUSD Stablecoin Approved: Ripple’s RLUSD stablecoin, pegged to the USD, received NYDFS approval. Launching soon, it aims to rival USDT and USDC, targeting a $2T market cap by 2028.

   
   All this and more in today’s headlines!

📰 News Highlights:

Magic Eden’s ME Token Drops [Source][Source][Source][Source]

The price of Magic Eden’s newly launched ME token dropped by up to 67% from its initial peak amid user complaints about app issues and a convoluted claiming process.

The token debuted at $6.70 on Dec. 10, briefly surged to $13.10, and later fell to $4.30 before rebounding to $8.60.

Users faced difficulties claiming the airdrop due to glitches in Magic Eden’s mobile app, confusion over mobile and desktop claim methods, and intermittent downtime on the claim website.

Many expressed frustration, with some jesting about the app's poor usability.

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Crypto Stolen via Telegram Bots [Source][Source]

Scammers are leveraging fake Telegram verification bots to inject malware and steal crypto wallets, blockchain security firm Scam Sniffer reported.

Victims are lured into fake Telegram groups via impersonated crypto influencer accounts, where they are prompted to verify through “OfficiaISafeguardBot.”

The bot injects malicious code that compromises wallets and systems, leading to private key theft.

Scam Sniffer noted a rapid evolution in malware infrastructure, with scams now resembling a “scam-as-a-service” model.

 📈Technical Analysis Masterclass:

Bonk Crashes: Price Plummets to Critical Zone

Technical Analysis

• Fibonacci Retracement: Bonk is in the “buying zone,” with potential bounce points near 0.000034, supported by technical indicators.

• Downside Risk: If prices fail to hold the 50MA, they could fall further to 0.000031-0.000027, marking a deeper correction.

• RSI Insights: Bonk’s Relative Strength Index (RSI) is below the median, indicating weak market momentum and the need for caution.

Trading Strategy

• Wait for Confirmation: Avoid premature entries; look for a clear bounce above the 50MA to signal recovery.

• Fair Value Gaps (FVGs): These could influence price movement but also create volatility.

• Patience Over Risk: Jumping in too early can be risky, akin to “catching a falling knife.”

💡 Feature of the Day: 

Ripple’s RLUSD Stablecoin Approved [Source][Source]

Ripple CEO Brad Garlinghouse announced that the New York Department of Financial Services (NYDFS) has approved the RLUSD stablecoin.

Expected to go live soon on major exchanges, RLUSD aims to compete with USDT and USDC.

Ripple began testing the stablecoin on Ethereum and XRP Ledger in August and partnered with exchanges like Bitstamp and MoonPay.

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😂 Crypto Meme of the Day: 

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And that’s it for this today.

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See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com