Good Morning Crypto Enthusiasts!

Happy holidays and welcome back for another edition.

We’re gonna keep it simple today so let’s jump right into it!

📰 News Highlights:

🚀 Solana Surges Past Ethereum (Link)(Link)(Link)(Link)

In a jaw-dropping turn of events, fueled by the meme coin mania surrounding tokens like BONK and Dogwifhat, Solana has dethroned Ethereum in DEX transaction volume. Over the last seven days, Solana's DEX volume skyrocketed to $10.12 billion, outpacing Ethereum's $8.81 billion, according to Defi Llama data.

This epic triumph may be a momentary surge, with Ethereum already regaining ground in the last 24 hours. Nevertheless, the significance of this milestone cannot be overstated. 

Solana's lower gas fees have played a pivotal role, making it a hotbed for frenzied meme coin trading. Notably, meme coins like BONK and the latest sensation, Dogwifhat (WIF), have propelled Solana into the spotlight.

As SOL, Solana's native token, continues its bullish run, surpassing $89, enthusiasts celebrate this paradigm shift while acknowledging that Ethereum still looms large with a market cap seven times greater than SOL's.

💰El Salvador's Bitcoin Investors Get Citizenship Offer (Link)(Link)(Link)(Link)(Link)(Link)(Link)

El Salvador, the trailblazer in crypto adoption, is once again making headlines with its pioneering move. The country's Congress has given the nod to a migration law offering expedited citizenship to foreigners who make Bitcoin "donations" towards government development programs.

This bold step, part of El Salvador's ongoing Bitcoin revolution under President Nayib Bukele, comes hot on the heels of the recent launch of the Bitcoin "Freedom Visa."

The legislation, passed on Dec. 21, is set to take effect in the coming days. While Bukele temporarily steps down for the upcoming presidential election, the crypto-friendly policies continue to shape El Salvador's narrative.

The National Bitcoin Office (ONBTC) amplifies this news, emphasizing the "vital interest" of Bitcoiners worldwide in supporting El Salvador's economic, social, and cultural development.

💔 Google Ads Facilitate $59M Crypto Heist: The "MS Drainer" Scam (Link)(Link)

Crypto scams are evolving, and the latest exploit involving Google Ads is nothing short of audacious! Enter the "MS Drainer" scam, a wallet-draining service that siphoned a staggering $59 million in crypto over the past nine months.

The perpetrators ingeniously used Google Ads to impersonate popular crypto sites like Zapper, Lido, and DefiLlama, employing regional targeting and page-switching tactics to bypass Google AdSense audits.

The report by Scam Sniffer exposes the extent of this deception, with 10,072 fake sites utilizing MS Drainer.

Despite Google's auditing systems, the scammers outsmarted the platform, redirecting users to fraudulent sites. This sophisticated attack raises concerns about the security of online advertising platforms and the need for heightened vigilance in the crypto community.

💡 Feature of the Day:

🚀 Elon Musk's X to Launch In-App Payments Mid-2024 (Link)(Link)(Link)

Elon Musk, the maestro of innovation, teases another groundbreaking move with his "everything app," X. In a recent conversation with ARK Invest's Cathie Wood, Musk unveils plans to launch in-app payment services on X around mid-2024.

While the crypto community eagerly anticipated Musk integrating his favorite cryptocurrencies like Dogecoin or Bitcoin into X payments, Musk remains tight-lipped on this aspect.

Despite his reduced focus on digital assets, as revealed in the conversation, Musk's commitment to X's payment services marks a significant milestone. 

The timeline for mid-2024 hinges on the approval of money transmitter license applications, emphasizing Musk's ambition to reshape the landscape of digital transactions.

🔍 Industry Insights: 

💼 New Crypto Hires Opt for Equity Over Tokens (Link)

The crypto job market unveils its intriguing dynamics! In a survey by Variant and Union Square Ventures, 2023 showcased a distinctive trend – new hires in the crypto space are three times more likely to receive equity than tokens. Amidst the backdrop of a bear market, the survey of 32 web3 startups unveils insights into hiring, compensation, and industry trends.

• Approximately 50% of survey respondents say they compete almost entirely with other crypto startups for new hires.

• 25% say they compete primarily with web2 (mainly FAANGs and other mature/public companies), and 25% recruit equally from both realms.

• Engineers account for 50% of the headcount across web3 companies surveyed.

• Web3 engineers are also paid more than the general engineering market

• Across the data set, more than half of employees are located outside of the U.S. 

• 70% of companies surveyed are headquartered in North America, but 50% of them have employees across three or more continents.

• Employees in the U.S. earn 28% more than those outside of the U.S., and for engineers, that gap is 33%.

• Fewer than 40% of employees polled have received equity, while roughly 50% have received tokens. But in 2023, those numbers flipped: new hires were three times more likely to receive equity than tokens.

While major crypto firms faced layoffs in 2023, the survey indicates a resilient job market, with companies leveraging market limitations to decentralize operations and experiment with new compensation models. The report sheds light on the dominance of engineers in the crypto workforce, earning better compensation than their counterparts outside the industry. 

👻 Fantom's Future Flickers Bright: $0.65 Target Beckons as Bullish Sentiment Takes Hold (Link)

Move over, Bitcoin and Ethereum! Fantom (FTM) is on fire, leaving the crypto heavyweights in its wake. In a stunning 24-hour surge, FTM has skyrocketed 9%, soaring to $0.4950 and injecting a shot of optimism into the market. Could this be the launchpad for a moonshot run towards its yearly high of $0.65?

Crypto analyst Ali Martinez thinks so. He points to FTM's decisive break above the critical $0.47 resistance level as a major bullish turning point. With clear skies stretching all the way to $0.65, Martinez predicts a "robust rally" for the token. It's like climbing a mountain – FTM has cleared the base camp, and the summit is within sight.

This sudden surge in mentions commenced on December 9th, indicating a heightened interest and positive sentiment surrounding the token. Over the past 30 days, 28 key accounts have actively discussed FTM, further emphasizing its growing significance. 

Notably, 20 of these key accounts have specifically highlighted FTM within the last seven days, reflecting a heightened level of attention and engagement within a relatively short period. This ratio of key account engagement during the past week indicates a distinct rise in interest and potential market influence.

But what's fueling this Fantom frenzy? The reasons are multifold:

• Fast and Furious: Fantom's blazing-fast blockchain is attracting developers and users in droves, seeking an escape from Ethereum's congested streets.

• Defying Gravity: Fantom's innovative technologies, like its Directed Acyclic Graph (DAG), are proving their mettle, showcasing resilience and scalability.

• The Green Wave: Crypto markets are riding a wave of positive sentiment, and Fantom's strong fundamentals are catching the eye of eager investors.

So, should you buckle up for the Fantom ride?

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😂 Crypto Memes of the Day: 

And that’s it for this today.

Wishing you a happy holidays and a joyous new year!

We will likely be taking Christmas day off, but we will come back next week for Tuesday’s edition!

Jonathan Gibson
UseTheBitcoin.com