Good Morning Crypto Enthusiasts!

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

1. Andrew Tate Backs $DADDY: The Solana token DADDY surged over 450% following endorsement by Andrew Tate, amid allegations of insider trading. Crypto analytics firm Bubblemaps reported significant insider activity before the token's rise.

2. Do Kwon $4.5B SEC Settlement: Terraform Labs and former CEO Do Kwon agreed to a $4.5 billion settlement with the SEC after being found liable for civil fraud charges.

3. 📈Technical Analysis Masterclass - During market downturns, true opportunities arise. Check out the market dynamics from our in-house technical analysis expert, Ray’s perspective. Watch UseTheBitcoin’s latest Youtube video “The Crypto Market is Down: Should We be Worried about it?” or join our Official Discord Channel for more alpha!

4. Circle x Solana Programmable Wallets: Circle announced its integration with Solana, starting with programmable wallets and sponsored transaction fees via the gas station feature. This phased rollout will later support NFTs and smart contract interactions, aligning Solana with other blockchains supported by Circle.

5. 💡Feature of the Day - Solana Labs' Customer Loyalty Platform: Solana Labs launched Bond, a platform for blockchain-based customer loyalty programs. Bond features digital collectibles and "product passports," engaging customers while maintaining privacy.

   
   All this and more in today’s headlines!

📰 News Highlights:

Andrew Tate Backs $DADDY [Source][Source][Source][Source]

The Solana token DADDY, recently endorsed by Andrew Tate, has surged over 450% amid allegations of insider trading. Crypto analytics firm Bubblemaps reported that significant insider activity occurred before the token’s rise.

DADDY's value shot up after Tate, a controversial social media personality, began promoting it on Twitter.

On-chain analysts revealed that Tate received 40% of the token's supply from its creator, and he later purchased and burned additional tokens. Despite Tate’s assurances of not selling his share, concerns about potential market manipulation persist.

Bubblemaps highlighted suspicious activities involving 11 wallets, which acquired 20% of the total supply before Tate's promotion. These wallets, funded through Binance, are believed to belong to a single group. Another cluster of wallets holding 10% of the supply was also flagged for suspicious activity.

Despite Tate’s public denouncement of crypto and his claim that he won’t sell any tokens, the possibility of him offloading his substantial holdings remains a concern for investors.

Do Kwon $4.5B SEC Settlement [Source][Source][Source]

Terraform Labs and its former CEO, Do Kwon, have agreed to a $4.5 billion settlement with the SEC following the collapse of their Terra blockchain ecosystem.

The settlement includes $420 million in civil penalties and prohibits Kwon and the company from engaging in crypto asset securities transactions.

Kwon, currently in Montenegro and contesting extradition to the U.S. or South Korea, is personally liable for $204 million. This payment is intended as a deterrent against future misconduct.

The funds will be transferred to Terraform Labs’ bankruptcy estate, pending approval from a U.S. District Court judge. Kwon’s legal troubles extend beyond the SEC case. He faces fraud charges from the U.S. Department of Justice and financial crime accusations in South Korea.

Arrested in Montenegro for using a falsified passport, Kwon’s extradition is yet to be decided.

📈Technical Analysis Masterclass:

The Crypto Market is Down: Should We Be Worried?

The crypto market experienced a significant downturn on June 11, prompting concerns among investors. While a slow recovery is underway, it's essential to assess whether this downturn should be cause for alarm.

Market Dynamics and Leveraged Trading

• Strategic Movements: Big institutions and whales appear to be flushing out weak hands.

• Leveraged Traders: The most vocal critics are often those involved in leveraged trading, where market fluctuations significantly impact their assets.

Opportunity for Long-term Investors

• Buying Opportunity: Market dips provide a chance for long-term investors to purchase their favorite cryptocurrencies at lower prices, positioning themselves for future gains.

Technical Indicators and Moving Averages

• Bullish Trend: The MA20 is above the MA50, the MA50 is above the MA100, and the MA100 is above the MA200. This indicates we are still in a bullish trend despite recent fluctuations.

• Support Levels: While the market may break previous support levels, it tends to bounce back from the next support levels, maintaining overall market health.

While the recent downturn might cause some anxiety, long-term investors understand that such fluctuations are part of the journey. Watch UseTheBitcoin’s latest Youtube video “The Crypto Market is Down: Should We be Worried about it?” for a deeper dive!

Circle x Solana Programmable Wallets [Source][Source][Source]

Circle has announced its integration with the Solana blockchain, enhancing its Web3 services through a phased rollout. The first phase will introduce programmable wallets and sponsored transaction fees via the gas station feature. This integration aims to automate asset management based on predefined rules, simplifying developers' interactions with the blockchain.

The second phase will extend support to non-fungible tokens (NFTs) and smart contract interactions, bringing Solana in line with other blockchains like Ethereum, Polygon, and Avalanche supported by Circle.

This initiative follows Solana’s increased activity, with a record high of 41.5 million active addresses in May. Circle’s integration reflects the growing interest in Solana’s developer community and the blockchain’s expanding ecosystem.

💡 Feature of the Day: 

Solana Labs' Customer Loyalty Platform [Source][Source]

Solana Labs has launched Bond, a new platform aimed at helping businesses develop blockchain-based customer loyalty programs. Bond’s features include digital collectibles and “product passports,” designed to engage customers while maintaining privacy.

The platform is pitched as a software-as-a-service offering, focusing on direct consumer relationships rather than deeply integrating crypto-native elements. Bond aims to leverage Solana’s active community, particularly targeting Millennial and Gen Z demographics.

This move aligns with broader trends of incorporating blockchain into loyalty programs, although past attempts, like Starbucks' Odyssey NFT program, have seen mixed success.

😂 Crypto Meme of the Day: 

And that’s it for this today.

With all of the recent hacks taking place, remember to protect your crypto assets with today’s sponsor Trezor hardware wallets.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com