Good Morning Crypto Enthusiasts!

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

1. Sun Pump Outshines Pump.fun: Tron's Sun Pump, a memecoin deployer, has outperformed its Solana-based rival, Pump.fun, by generating 59% more revenue in the last 24 hours.

2. Bitcoin Open Interest Soars: Bitcoin's Open Interest (OI) surged by $1.26 billion following the release of the U.S. Federal Reserve's July meeting minutes, which hinted at a possible rate cut in September.

3. 📈Technical Analysis Masterclass - Bitcoin's recent price action hints a bearish outlook on XRP. Watch UseTheBitcoin’s latest Youtube video “Here's Why I'm Betting Against XRP Right Now!” to know why I’m betting against XRP right now or join our Official Telegram Channel for more alpha!

4. McDonald’s Instagram Hack: Hackers hijacked McDonald’s official Instagram account on August 21, stealing over $700,000 in Solana by promoting a fraudulent memecoin named after the chain's mascot, Grimace.

5. 💡Feature of the Day - Tether's Dirham-Backed Stablecoin: Tether is launching a new stablecoin pegged to the United Arab Emirates dirham (AED) in partnership with Phoenix Group and Green Acorn Investments.

   
   All this and more in today’s headlines!

📰 News Highlights:

Sun Pump Outshines Pump.fun [Source][Source]

Tron’s latest memecoin deployer, Sun Pump, has surged ahead of its Solana-based competitor, Pump.fun, generating 59% more revenue in the last 24 hours. Launched just 12 days ago on August 9, Sun Pump has already created a significant impact, surpassing Pump.fun in both the number of new tokens and revenue.

According to Dune Analytics, Sun Pump saw 7,351 tokens launched and generated $585,000 in revenue within the past day, compared to Pump.fun’s 6,701 tokens and $366,000.

This rapid growth has bolstered Tron’s overall ecosystem, contributing to a record $3.48 million in daily revenue, matching the previous day's figures.

Justin Sun, Tron’s founder, has been instrumental in this success, with his $10 million Meme Ecosystem Boost Incentive Program attracting liquidity and encouraging the launch of over 25,000 new memecoins on Sun Pump.

Bitcoin Open Interest Soars [Source][Source][Source]

Bitcoin futures traders have added over $1.26 billion to Bitcoin’s Open Interest (OI) following the release of the United States Federal Reserve’s July meeting minutes, which hinted at a potential rate cut in September.

On August 22, Bitcoin OI reached $31.92 billion, reflecting increased confidence among traders as they anticipate further market movements. The slight edge held by long traders, who account for 50.63% of total future positions, indicates a cautious optimism about Bitcoin's potential price rise.

Bitcoin’s price has remained steady around $60,623 since August 9, but the Fed’s dovish tone has sparked predictions of an impending breakout. Analysts like Markus Thielen from 10x Research believe the rate cut is "almost a certainty," which could lead to a shift in investor behavior from traditional safe assets to riskier ones like Bitcoin.

As the market awaits Fed Chair Jerome Powell’s upcoming speech, expectations are high for a favorable environment for Bitcoin and other risk assets in Q4 2024.

📈Technical Analysis Masterclass:

Here's Why I'm Betting Against XRP Right Now!

• Short-Term Weakness:

  • 15-Minute Timeframe: XRP failed to create a new higher high, indicating a shift in momentum.

  • Below Key Support: XRP is currently trading below critical support levels, highlighting its weakness.

• Daily Timeframe Analysis:

  • At Resistance: On a broader daily view, XRP is also facing resistance, reinforcing the idea of a potential downturn.

Considering Bitcoin's Influence

• Bitcoin's Role: Bitcoin's market sentiment heavily influences altcoins like XRP.

• Current Sentiment:

  • Symmetrical Triangle Breakout: Bitcoin recently broke out of a symmetrical triangle but closed at resistance, suggesting a possible move to the downside.

  • Impact on XRP: A bearish Bitcoin could lead to further declines in XRP.

Risk Management

• 2% Risk Limit: To manage potential losses, I've set a 2% risk limit on this trade. This strategy will help protect capital if the market moves against my position.

McDonald’s Instagram Hack [Source][Source][Source]

Hackers made off with over $700,000 in Solana after hijacking McDonald’s official Instagram account on August 21 to promote a fraudulent memecoin named after the fast-food chain's mascot, Grimace.

The hackers used McDonald’s platform, which boasts 5.1 million followers, to post about the Grimace token, falsely claiming it was an experiment on the Solana blockchain.

The posts led to a rapid surge in the token's value, reaching a market capitalization of $25 million within 30 minutes, before plummeting as the hackers dumped their holdings.

Using the Solana memecoin deployer Pump.fun, the hackers acquired 75% of Grimace’s total supply and distributed it across approximately 100 wallets.

Blockchain analytics service Bubblemaps confirmed that the entire scheme netted the hackers a profit of around $700,000. After the heist, the hacker altered McDonald’s Instagram bio to boast about the theft, adding further insult to injury.

💡 Feature of the Day: 

Tether's Dirham-Backed Stablecoin [Source][Source]

Tether, the leading stablecoin provider, is set to launch a new stablecoin pegged to the United Arab Emirates dirham (AED) in partnership with UAE-based Phoenix Group and Green Acorn Investments.

The new dirham-backed stablecoin is designed to facilitate international trade and remittances, offering users a stable and cost-effective method for accessing the AED. The stablecoin will be fully backed by liquid UAE-based reserves, ensuring that each token maintains its value in line with the dirham.

Paolo Ardoino, Tether’s CEO, expressed confidence in the new stablecoin, highlighting its potential to provide businesses and individuals with a versatile tool for transactions.

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😂 Crypto Meme of the Day: 

And that’s it for this today.

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See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com