Read in the Digest:
- Meme Coins Pump After Musk’s DOGE Support, SHIB Overtakes Tron (TRX)
- Crypto Lending Platform, BlockFi, Gets $250 Million Bailout Fund From FTX
- Elon Musk’s $44 Billion Bid to Purchase Twitter Gets Board Endorsement
- Meta Launches Monetization Means for Instagram and Facebook (NASDAQ:META) Creators
- Binance Announces Strategic Investment in the Permissionless Lender, OpenLeverage
Meme Coins Pump After Musk’s DOGE Support, SHIB Overtakes Tron (TRX)
Shortly after being slammed for $258 billion for supporting the Pyramid scheme called Dogecoin, founder and CEO of Tesla (NASDAQ:TSLA), Elon Musk doubled down his support for the meme coin, stating he will continue to buy DOGE.
Musk’s support of Dogecoin saw the meme coin gain more than 15% amidst a bearish market. The rally has now spread to other meme coins, with Shiba Inu (SHIB) gaining more than 40% in the past 24 hours.
The 48 hours price chart of Dogecoin (DOGE). Source: CoinMarketCap
The 48 hours price chart of Shiba Inu (SHIB). Source: CoinMarketCap
At the peak of the rally, SHIB traded as high as $0.00001155 and briefly displaced Tron (TRX) as the 13th largest crypto by market capitalization when it hit $6.378 billion. SHIB now trades at $0.00001009, and its market cap has fallen down to $5.6 billion.
For a brief period, Dogelon Mars and Baby Doge were beneficiaries of the meme coin rally. However, the bearish pressure of the broader crypto market has wiped their recently acquired gains.
Flipsider:
- Shiba Inu has hit a new Twitter milestone of 3.4 million followers, challenging its rival meme coin, Dogecoin, with 3.4 million Twitter followers.
Why You Should Care
The meme coin rally reinstates the level of impact influential figures like Elon Musk have over cryptocurrencies.
Crypto Lending Platform, BlockFi, Gets $250 Million Bailout Fund From FTX
Cryptocurrency lender BlockFi has announced that it has signed a nonbinding agreement with leading American crypto exchange FTX to secure a $250 million revolving credit facility to ease its financial status.
BlockFi, which recently cut down 20% of its workforce due to the sinking crypto market, received the $250 from FTX to further bolster its balance sheet and the platform’s strength.
BlockFi’s CEO Zac Prince noted that the partnership with FTX could potentially unlock future endorsements between the two companies as they work to accelerate financial freedom across the globe through crypto services.
The crypto lender stated that the facility would be subordinate to all client balances if BlockFi were to fail.
Flipsider:
- The bearish market that saw bitcoin crash to $17,700 also led BlockFi to liquidate Three Arrows Capital after the crypto hedge fund failed to meet demands for more funds.
Why You Should Care
This is not the first time FTX has provided a bailout, providing $485 million in cash and Bitcoin over the last two weeks to restore confidence in investors during this period.
Elon Musk’s $44 Billion Bid to Purchase Twitter Gets Board Endorsement
According to the U.S. Securities and Exchange Commission filing on Tuesday, Twitter’s board of directors unanimously recommended that shareholders accept the company’s proposed $44 billion sale to Tesla and SpaceX CEO Elon Musk.
In a letter to investors, including in the SEC filing on Tuesday, the Twitter board of directors said it “unanimously advises that you vote (for) the adoption of the merger agreement.”
According to the board, the deal is advisable and in the best interests of Twitter and its stockholders. During a virtual meeting with Twitter employees last week, Musk reiterated his wish to move on with his April bid to acquire the microblogging platform.
Twitter Inc (NYSE:TWTR). shares increased by roughly 3% to $38.98 before Tuesday’s opening, below the $54.20 per share that Musk offered for each share. If the deal pulls through now, investors in the company will claim a profit of $15.22 for each share they own.
Flipsider:
- Elon Musk is currently being sued for up to $248 billion in damages for supporting Dogecoin.
Why You Should Care
Many crypto enthusiasts anticipate the takeover of Elon Musk and the changes he promises to be brought to Twitter.
Meta Launches Monetization Means for Instagram and Facebook Creators
Meta, the parent company of Instagram and Facebook, announced on June 21 via Facebook that they’re launching new ways for creators to make money on both social media platforms.
Meta CEO Mark Zuckerberg announced six tools, including keeping paid online events, badges, fan subscriptions, and bulletins open until 2024, as opposed to the previous 2023 deadline. Eligible creators will start in the U.S. and include other countries later.
Meta has also opened the Facebook Stars section to “all eligible creators.” Eligible content creators can now use Interoperable Subscriptions to allow their paying subscribers on other platforms access to subscriber-only Facebook Groups.
Creators can also use the Reels Play Bonus program to cross-post Instagram Reels to Facebook and monetize them there. Meta is also testing an Instagram Creator Marketplace where creators can get discovered and paid. Lastly, Meta is expanding to allow more creators to display and use NFTs on Instagram.
Flipsider:
- Zuckerberg also announced that Meta has been working to bring non-fungible tokens (NFTs) to its Instagram platform.
Why You Should Care
The expansion of services by Meta will not only allow its creators to earn more but also give them more access to digital assets.
Binance Announces Strategic Investment in the Permissionless Lender, OpenLeverage
Binance Labs, the venture capital arm of cryptocurrency exchange Binance, has announced a strategic investment in OpenLeverage, a permissionless lending and margin trading protocol.
According to Binance Labs, OpenLeverage is one of fourteen projects to benefit from the recently announced $500 million fund dedicated to supporting leading global institutional investors to boost blockchain, Web3, and value-building technologies.
OpenLeverage will use the Binance fund to strengthen its presence on the BNB chain and develop a multi-chain ecosystem. OpenLeverage also plans to expand to other chains like Polygon, Avalanche, Arbitrum, and Optimism in the year’s second half.
The fund will also help the DeFi protocol incorporate more decentralized exchange (DEX) partners and build new features such as social trading, decentralized asset management, limit orders for trades, over-collateralized lending, and smart vaults.
Flipsider:
- Binance is currently being investigated by the Securities and Exchange Commission (SEC) for potentially breaking securities rules when it launched its BNB token.
Why You Should Care
Binance remains true to its words of supporting projects looking to build and lead across web 3, Metaverse, DeFi, NFTs, and gaming.