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Hello Crypto Enthusiasts!

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

1. Coinbase to Launch DOGE Futures: Coinbase plans to introduce futures trading for Dogecoin, Litecoin, and Bitcoin Cash, targeting an April 1 launch.

2. SEC Probes Ether Classification: The Securities and Exchange Commission (SEC) is investigating the classification of Ether, Ethereum's cryptocurrency.

3. Memecoin Trader Scores $8.9M Profit: An anonymous trader made an $8.9 million profit trading Shroom memecoin within an hour, leading to suspicions of insider trading.

4. TON Blockchain $115M Community Incentive Program: The Open Network Foundation launches a $115 million community rewards program for the TON blockchain, aimed at promoting user engagement and development.

5. 💡Feature of the Day - Alipay Partners with Avalanche: Alipay partners with Avalanche to introduce a Web3-enabled voucher program offering discounts at Southeast Asian milk tea stores.

6. 🫨 What’s Buzzing? - AI Tokens have been hot since the start of the bull run, but are they even real projects or just a passing trend? Make all from UseTheBitcoin’s latest article “Are AI Tokens Just Fad Or The Real Deal In Crypto?”

   
   All this and more in today’s headlines!

📰 News Highlights:

🚀 Coinbase to Launch DOGE Futures [Source][Source]

Coinbase, a leading crypto exchange, is set to introduce futures trading for Dogecoin, Litecoin, and Bitcoin Cash, targeting an April 1 launch. Asserting that Dogecoin's popularity has transcended its meme origins to become a crypto mainstay, Coinbase plans to offer cash-settled futures contracts for these cryptocurrencies.

In letters to the Commodity Futures Trading Commission (CFTC), Coinbase Derivatives outlined its intent to roll out futures contracts for Dogecoin, Litecoin, and Bitcoin Cash, with a possible listing before official CFTC approval. Coinbase's move leverages the "self-certification" method, aligning with regulatory guidelines.

Market observers speculate that Coinbase's strategic move could pressure the Securities and Exchange Commission (SEC) regarding crypto asset classification, especially in light of recent spot Bitcoin ETF approvals.

⚖️ SEC Probes Ether Classification [Source]

Reports reveal that the Securities and Exchange Commission (SEC) is issuing subpoenas to explore the classification of Ether, Ethereum's native cryptocurrency. The investigation aims to potentially define Ether as a security, sparking regulatory debates.

The SEC's scrutiny stems from Ethereum Foundation-related dealings, with subpoenas reaching several U.S.-based companies soliciting documents and financial records.

Despite prior assertions by SEC Chair Gary Gensler that Bitcoin and Ether are not securities, recent developments signal a reevaluation. The commission's stance on Ether ETFs remains pending, with expectations for a decision by May.

💰 Memecoin Trader Scores $8.9M Profit [Source][Source][Source]

An anonymous trader pocketed a staggering $8.9 million profit within an hour by trading Shroom memecoin, fueling suspicions of insider trading. The lucrative trade coincided with developers adding liquidity to the Shroom token, raising eyebrows within the crypto community.

The trader's wallet splurged $1.04 million on Shroom coins during the liquidity deployment block and swiftly sold them for 57,112 SOL, reaping massive profits. Shroom, a mushroom-themed memecoin devoid of utility, has seen its price plummet by over 70% since launch, attracting skepticism.

Allegations of insider trading have swirled, exacerbated by the token's recent airdrop announcement by Trippy Labs. Despite retail interest in memecoins, concerns persist over market manipulation and speculative fervor.

💸 TON Blockchain $115M Community Incentive Program [Source]

The Open Network Foundation, behind the TON blockchain powering Telegram's advertising platform, is rolling out a $115 million community rewards program. Aimed at promoting user engagement and development, the initiative allocates TON tokens across mining, airdrops, developer ecosystems, and liquidity pool boosts.

Starting April 1, the program's inaugural season disburses 30 million TON tokens, following a successful pilot. The Telegram Ad Platform's integration with TON underscores Telegram's shift toward profitability, with founder Pavel Durov contemplating an IPO.

💡 Feature of the Day: 

📱 Alipay Partners with Avalanche [Source]

Alipay, the online payment giant, joins forces with Avalanche to introduce a Web3-enabled voucher program, offering discounts at Southeast Asian milk tea stores. Leveraging Avalanche's blockchain, Alipay aims to explore Web3 solutions for enhanced user engagement and brand collaborations.

The program, still in its proof-of-concept phase, targets expansion to over 2,000 stores, catering to 100 million users. Avalanche's foray into gaming and partnerships with prominent brands like Sports Illustrated's ticketing arm underscores its growing ecosystem in 2024.

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🫨 What’s Buzzing?:

🤖 Are AI Tokens Just Fad Or The Real Deal In Crypto?

📌 It is no secret that we have entered a new era of AI technology. With this surge, companies and projects are trying to capitalize on this hype. But can it make blockchain technology even better, or is this just a fad?

🔮 AI Narrative

The reason why everyone is talking about AI cryptocurrencies in the first place is due to ChatGPT. While the chatbot does not use crypto or blockchain, let’s understand why this narrative started.

ChatGPT is an AI-powered chatbot from the San Francisco-based startup OpenAI. While you might think OpenAI is a new company, considering ChatGPT’s recent explosion at the end of 2022, the company was founded back in 2015.

In fact, Elon Musk was one of OpenAI’s earliest investors before deciding to leave the board in 2018.

If you haven’t used ChatGPT yet, it’s easy to see why the technology is taking off quickly. It is the first tool of its kind and is an incredible combination of Google Search and having an assistant who can hold a conversation.

💡 What Are AI Tokens?

Artificial Intelligence tokens, or AI crypto tokens or coins, are digital assets associated with artificial intelligence (AI).

Here’s a breakdown of what some AI tokens do:

Transactions – Tokens act as a medium of exchange on AI-powered platforms.
Governance – Some tokens grant their holders voting rights. This allows them to influence decision-making processes that affect the development and direction of the AI project or platform.
Incentives – AI tokens can encourage users to contribute to the growth of the AI project.

🔝Read all about it and UseTheBitcoin’s top picks for AI project tokens from it’s latest article “Are AI Tokens Just Fad Or The Real Deal In Crypto?”

😂 Crypto Meme of the Day: 

And that’s it for this today.

Special thanks to today’s sponsor Koinley, crypto taxes made easy.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com