Good Morning Crypto Enthusiasts!

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

1. Mt. Gox-labeled Wallets Move Billions: On May 28, wallets associated with the defunct crypto exchange Mt. Gox moved approximately 42,884 Bitcoin, worth around $2.94 billion. This activity comes ahead of Mt. Gox's plan to redistribute its Bitcoin holdings to creditors by October, reigniting hopes for compensation among those affected by the exchange's 2014 collapse.

2. YouTube Co-founder Backs Memecoin: Steve Chen, co-founder of YouTube, has endorsed a memecoin named Pajamas (PAJAMAS), inspired by one of the first cat videos uploaded to YouTube featuring his cat, Pajamas.

3. 📈Technical Analysis Masterclass - MEME coins typically lack a solid foundation or real-world utility, and their value is often driven by hype and speculative trading. Learn how memecoins are doing these days from UseTheBitcoin’s latest Youtube video “MEME Coins Are Taking Over” or join our Discord Channel for more Alpha!

4. 'Hacker' Identified in Celebrity Memecoin Scams: Roxo, a member of the X crypto community, identified Sahil Arora as the individual behind a series of celebrity memecoin scams. These scams involved fraudulent coins linked to celebrities like Caitlyn Jenner and Soulja Boy.

5. 💡Feature of the Day - MAGA Token Pump and Trump: A trader known as "0x303" made a $2.7 million profit within three days through the Donald Trump-themed MAGA (TRUMP) memecoin. Meanwhile, a crypto wallet linked to former President Donald Trump has reached a valuation of $10 million, driven by the appreciation of MAGA (TRUMP) tokens.

   
   All this and more in today’s headlines!

📰 News Highlights:

Mt. Gox-labeled Wallets Move Billions [Source][Source][Source]

In a surprising turn of events, wallets associated with the defunct crypto exchange Mt. Gox moved approximately 42,884 Bitcoin, valued at around $2.94 billion, on May 28. These movements have been closely monitored by on-chain tracking accounts like Whale Alert, which reported multiple significant transactions ranging from 3,999 BTC to over 32,137 BTC.

The Bitcoins were transferred to an unknown wallet, as observed by Arkham Intelligence, which noted that Mt. Gox still holds nearly 138,000 BTC worth over $9.47 billion.

The timing of these transactions coincides with Mt. Gox's impending plan to redistribute its Bitcoin holdings to creditors by October. The precise reasons behind these large-scale transfers remain unclear, but they are fueling speculation about the ongoing efforts to resolve one of the most infamous episodes in cryptocurrency history.

The Mt. Gox saga dates back to 2014 when the exchange filed for bankruptcy following a massive hack that resulted in the loss of approximately 850,000 Bitcoin.

YouTube Co-founder Backs Memecoin [Source][Source]

Steve Chen, co-founder and former chief technology officer of YouTube, has thrown his support behind a memecoin project inspired by one of the first cat videos ever uploaded to the platform. The memecoin, named Pajamas (PAJAMAS), is based on a 2005 video featuring Chen's cat, Pajamas, and has achieved a market capitalization of over $20 million.

Speaking from Taiwan on May 27, Chen, who has a net worth exceeding $1 billion, revealed that he has been dedicating 80 to 100 hours a week to the project, which is available on the Solana blockchain.

Chen was initially unaware of the memecoin until he was tagged by users on X, prompting him to invest in the token. The project is one of several that Chen is involved in, including an AI-based exchange-traded fund and investments in Taiwan-based startups.

📈Technical Analysis Masterclass:

MEME Coins Are Taking Over

The recent Bitcoin halving has led to unexpected outcomes, as analyzed on usethebitcoin.com. This analysis highlights the significant movements of MEME coins post-halving, with these coins consistently appearing as major players across daily, weekly, monthly, and yearly data.

In contrast, major cryptocurrencies like Ethereum and Bitcoin have shown minimal activity despite notable events such as Bitcoin ETF approvals and Ethereum upgrades.

Leading MEME Coins for the Current Month:

FLOKI:

• Current Trend: Upward trend pattern, attempting to surpass resistance levels.

• Strategy: Prefer a retracement to establish support around 0.00026 before breaking above resistance. If it continues to set higher highs, consider buying again around 0.00029 levels.

• RSI Indicator: Nearing oversold levels but potential for further upward movement.

• Outlook: Optimistic about overcoming resistance levels by the end of the month.

WIF:

• Current Performance: Not as strong as Floki but attempting to break resistance levels.

• Strategy: Buy if it breaks above resistance and establishes new support around $3.50. Alternatively, consider purchasing if it drops to around $3 or $2.80, aligning with Fibonacci levels.

• Current Stance: Waiting for consolidation before making any moves.

BONK:

• Current Trend: Attempting to break out of resistance, exhibiting a cup and handle pattern.

• Strategy: Buy if it successfully breaks resistance levels. Initial buy at around 0.00040, with potential for increased investment if it surpasses next resistance levels at 0.00045.

• Approach: Cautious entry with potential for increased investment upon confirmation of a breakout.

PEPE:

• Recent Performance: Demonstrated impressive performance last week, showing resilience after breaking resistance levels.

• RSI Indicator: Despite reaching oversold levels, potential for further upward movement, possibly reaching around 0.00020 (imaginary resistance level).

• Outlook: Given recent momentum, reaching the imaginary resistance level is possible.

MEME coins and alternative cryptocurrencies are gaining significant attention post-Bitcoin halving. Patience is crucial in navigating the current market dynamics. To dive deeper, watch UseTheBitcoin’s latest Youtube video “MEME Coins Are Taking Over”

'Hacker' Identified in Celebrity Memecoin Scams [Source][Source][Source]

Roxo, a prominent member of the X crypto community, has identified Sahil Arora as the individual behind a series of celebrity memecoin scams, including those involving Caitlyn Jenner, Soulja Boy, Rich The Kid, Kazumi, and Ivana Knöll.

According to Roxo, Jenner's team was socially engineered by Arora, who managed to launch fraudulent coins using their X accounts. Unlike the other celebrities, Jenner's coin, JENNER, was legitimate, but her team was confused by Arora's actions.

Jenner's manager, Sophia Hutchins, confirmed the legitimacy of JENNER coin, emphasizing that Jenner's account was not hacked. Meanwhile, Rich The Kid confirmed Roxo's allegations, stating that his account was compromised to promote a scam coin.

Arora's actions have sparked outrage and calls for accountability within the crypto community.

💡 Feature of the Day: 

MAGA Token Pump and Trump [Source][Source][Source][Source][Source]

A trader known as "0x303" made headlines by securing a $2.7 million profit within three days through the Donald Trump-themed MAGA (TRUMP) memecoin. The trader invested over $535,000 to purchase six billion MAGA tokens on May 25, and swiftly sold 1.5 billion of these tokens for $744,000 USDT, as reported by Lookonchain on May 27.

Trump's positive stance on cryptocurrencies, expressed in various statements, has significantly impacted the token’s value and trading activity. The trader's wallet is now worth over $2.2 million.

Meanwhile, a crypto wallet linked to former President Donald Trump has reached a valuation of $10 million, driven largely by the appreciation of MAGA (TRUMP) tokens.

According to blockchain data tracker Arkham Intelligence, the wallet holds $7.12 million worth of MAGA tokens, originally purchased with wrapped ether on Uniswap. Additionally, the wallet contains 463.441 ETH ($1.84 million) and 1 million MAGA VP (MVP) tokens valued at approximately $509,000.

At the 2024 Libertarian National Convention, he expressed support for self-custody rights and opposed central bank digital currencies, signaling a more favorable view towards the cryptocurrency industry.

😂 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