Hello Crypto Enthusiasts!

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

1. Polkadot Controversy: Polkadot's $37 million marketing expenditure has ignited debate within its community regarding financial management and potential discrimination. This criticism has led to calls for more equitable grant allocations and better representation.

2. Robinhood Expansion: Robinhood has expanded its services to Hawaii, Puerto Rico, and the U.S. Virgin Islands, leveraging regulatory changes in Hawaii that no longer require a money transmitter license for cryptocurrency services.

3. 📈Technical Analysis Masterclass - Solana has been in a tough spot lately seeing a downtrend pattern. But Ray, our technical analysis expert, have seen a breakout suggesting an upward momentum! Watch UseTheBitcoin’s latest Youtube video “Solana Breakout After 41 Days: What's Next? (SOL)” to know what’s your next move is or join our Official Discord Channel for more alpha!

4. Sydney Sweeney Promotes Memecoin: Actress Sydney Sweeney's X account was hacked to promote a Solana-based crypto token named SWEENEY in a pump-and-dump scheme.

5. ZachXBT Exposes Rapper Sexyy Red: Onchain investigator ZachXBT accused the team behind rapper Sexyy Red’s PRESI token of buying more than 90% of its supply at launch, causing a rapid price increase followed by a sharp decline.

6. 💡Feature of the Day - Telegram Mini App Bar: Telegram introduced a new "mini app bar" feature for iOS and Android, allowing users to switch seamlessly between multiple open mini apps, including popular crypto games like Hamster Kombat and Notcoin.

   
   All this and more in today’s headlines!

📰 News Highlights:

Polkadot Marketing Cost Controversy [Source][Source][Source][Source]

Polkadot's recent $37 million marketing spend has sparked a significant debate within its community over financial management and potential discrimination. Victor Ji, co-founder of Manta Network, criticized the ecosystem as "highly toxic" and claimed that Asian projects receive less support compared to Western ones.

Ji’s comments have highlighted concerns over unequal grant allocations and underrepresentation on social media, urging Asian developers to consider other platforms.

A recent treasury report revealed that Polkadot spent $37 million on marketing in the first half of the year, accounting for nearly half of its total $87 million expenditure. With a treasury containing around $245 million worth of DOT, the report suggests the project has a two-year runway at its current spending rate.

Some community members advocate for more checks and balances in marketing expenditures to ensure responsible spending. Nonetheless, criticisms persist about the return on investment and the need for tighter spending controls to ensure Polkadot’s long-term viability.

Robinhood Expansion [Source][Source]

Robinhood has expanded its services to Hawaii, Puerto Rico, and the U.S. Virgin Islands, leveraging a recent regulatory change by Hawaii’s Department of Commerce and Consumer Affairs (DCCA).

On June 28, the DCCA announced that cryptocurrency services no longer require a money transmitter license to operate in the state, marking a significant shift in one of the strictest regulatory climates in the U.S.

This expansion follows Robinhood's agreement to purchase Bitstamp for $200 million to offer crypto futures trading to customers in the U.S. and Europe, a deal expected to close in 2025.

📈Technical Analysis Masterclass:

Solana Breakout After 41 Days: What's Next? (SOL)

After 41 days in a downtrend, Solana has broken out of its downtrend pattern, closing at around 154 to 155 levels. This breakout suggests upward momentum but caution is advised due to approaching resistance levels.

• Breakout from Downtrend:

  • Solana closed at around 154-155 levels after breaking out of its downtrend.

  • This breakout indicates gaining momentum to the upside.

• Resistance Levels:

  • Solana is currently at resistance levels.

  • Resistance can still pose a challenge, so caution is necessary.

• RSI Analysis:

  • RSI is above neutral levels, indicating bullish momentum.

  • Historically, prices tend to rise when RSI is above neutral levels.

Scenarios for Solana:

• Option 1: Retracement and Bounce:

  • Solana could retrace to around 144 levels.

  • After retracing, it may bounce back and continue upward.

• Option 2: Consolidation and Breakout:

  • Solana could consolidate around the current resistance levels (154-155).

  • After consolidation, it may break out and move higher.

Investment Strategy:

• Buying Opportunity:

  • Consider buying at around 144 levels (Option 1).

  • Alternatively, add more to your position if it consolidates around 154 levels (Option 2).

These scenarios outline potential movements in Solana's price. Whether Solana retraces and bounces or consolidates and breaks out, target profit levels remain around 170-173 levels.

Sydney Sweeney Promotes Crypto Memecoin [Source][Source]

American actress Sydney Sweeney's X account was hacked to promote a Solana-based crypto token named SWEENEY in an apparent pump-and-dump scheme.

Within two hours of its launch on July 2, the token amassed over $10 million in trading volume, driven by promotional posts from Sweeney's hacked account.

The token's price plummeted nearly 90% within an hour but has since partially rebounded. The hacker claimed responsibility for similar hacks on the X accounts of rapper 50 Cent and ex-wrestler Hulk Hogan, indicating a pattern of targeting celebrities to promote fraudulent tokens.

Despite the initial hype, these tokens typically experience significant price drops shortly after launch.

Rapper Sexyy Red Bought 90% of PRESI Token [Source][Source]

Onchain sleuth ZachXBT has accused the team behind rapper Sexyy Red’s PRESI token of "sniping" more than 90% of its supply at launch. According to ZachXBT, team wallets bought the majority of the token from the liquidity pool immediately after its launch on July 2, causing a rapid increase in price followed by a sharp decline.

This practice, common in memecoin launches, allows insiders to profit at the expense of regular investors. ZachXBT also linked these wallets to a previous token launch by the rapper, which saw a similar pattern of insider buying.

Sexyy Red, known professionally as Janae Wherry, promoted the PRESI token on X, showing a video with phrases like "to the moon" and "Solana." The token's value soared from $0.0067 to $1.48 per coin within 75 minutes before crashing more than 50%.

Blockchain data provided by ZachXBT shows addresses associated with the team purchasing large amounts of PRESI from the Raydium liquidity pool. This has led to accusations of pump-and-dump tactics, which undermine investor confidence in celebrity-endorsed tokens.

Critics argue that such tokens often serve as pump-and-dump schemes, enriching insiders while leaving regular investors with significant losses.

💡 Feature of the Day: 

Telegram Mini App Bar [Source][Source][Source]

Telegram has launched a new "mini app bar" feature for its iOS and Android apps, allowing users to seamlessly switch between multiple open mini apps, including popular crypto games like Hamster Kombat and Notcoin.

This feature enhances multitasking by letting users collapse mini apps into a bar at the bottom of the screen, making it easier to navigate between chats, apps, and games.

Telegram co-founder and CEO Pavel Durov announced the update on his personal channel, emphasizing its potential to revolutionize user interaction with mini apps.

The mini app bar is part of Telegram’s strategy to capitalize on the growing popularity of tap-to-earn crypto games on its platform. Games like Hamster Kombat have attracted millions of players, driving significant engagement and interaction within the Telegram ecosystem.

😂 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