Market
Telegram Airdrop, Grayscale’s Altcoins, and More
This week in crypto, we’ve got some juicy updates you won’t want to miss. This includes Telegram’s hottest airdrops to Grayscale’s picks for the top altcoins and the latest drama in the US Securities and Exchange Commission’s (SEC) showdown with Ripple.
During the first week of October, the anticipation of “Uptober” died, with Bitcoin and other major crypto assets struggling. In the past seven days, Bitcoin is down by around 6.5%, currently trading at $61,400.
Despite the choppy price actions, there are some earning opportunities with the Telegram airdrops.
3 Upcoming Telegram Airdrops
As the crypto market enters Q4, several key Telegram airdrops are poised to capture the interest of digital asset enthusiasts. This month features promising opportunities for those looking to engage with emerging blockchain projects without an upfront financial investment.
Read more: Best Upcoming Airdrops in 2024
MemeFi, a leading Telegram-based game, invites users to battle meme-themed characters for cryptocurrency rewards. Scheduled for October 9, the MemeFi airdrop requires participants to engage through various tasks to be eligible for airdrop claims post token generation event. The allure of the airdrop is heightened by its massive 90% token distribution to users, a notable increase from its competitors.
Second on the list is X Empire, which offers players the chance to earn through strategic gameplay enhancements. The October 15 airdrop emphasizes the importance of active participation and network engagement, promising substantial returns for diligent players. This game merges the thrill of earning with the excitement of crypto gaming.
Lastly, TapSwap stands out with its straightforward earning mechanics, making it accessible to all crypto enthusiasts. The airdrop, set for mid-to-late October, rewards users for daily engagements and offers additional bonuses for financial supporters. Despite some launch delays, the project’s potential valuation and token prospects keep the community eager.
Why the Hamster Kombat (HMSTR) Airdrop Failed
Hamster Kombat’s much-anticipated airdrop faced setbacks, leading to widespread disappointment within the crypto community. Various reasons left the community disappointed with the HMSTR airdrop.
For instance, the airdrop’s execution saw many loyal players disqualified due to a last-minute anti-cheat system implementation, benefiting a few over the many. This move sparked significant backlash from the community.
“Hamster Kombat has cheated the community. They have allocated a large portion of airdrops to YouTubers and influencers for referrals. They’ve implemented vesting without informing the community. They’ve made people work like labor, day and night to collect keys from their games and gave $5 or $10 tokens,” Crypto with Khan, a prominent crypto influencer commented.
Read more: Top 8 Hamster Kombat Alternatives in 2024
Moreover, the airdrop was plagued by frequent postponements and abrupt rule changes, eroding trust and patience among participants. Additionally, an unexpected decision to withhold 11.25% of the tokens until next year further fueled dissatisfaction.
As a result, the HMSTR token’s value plummeted shortly after launch, with prices dropping over 60%. This decline was a major blow to investors’ confidence and financial outcomes.
Grayscale’s Top 20 Crypto
Grayscale has updated its investment strategy, identifying 20 cryptocurrencies that show promise for significant gains. This selection includes exciting additions like Sui (SUI) and Bittensor (TAO), which align with current market trends towards decentralized AI.
Grayscale’s strategy involves a meticulous analysis of potential market leaders based on diverse factors from network growth to token economics. This comprehensive approach ensures that the investment firm remains at the forefront of market dynamics, ready to capitalize on emerging opportunities.
“The Top 20 represents a diversified set of assets across Crypto Sectors that, in our view, have high potential over the coming quarter. Our approach incorporates a range of factors, including network growth/adoption, upcoming catalysts, sustainability of fundamentals, token valuation, token supply inflation, and potential tail risks,” Grayscale said.
Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season
Ripple vs. XRP Drama Returns
The SEC has resumed its legal challenge against Ripple, appealing a recent court decision that favored XRP.
The ongoing legal battle could significantly affect the classification and regulation of XRP as a non-security. Ripple’s CEO has voiced frustration over the SEC’s actions, emphasizing the unnecessary strain this puts on the firm and its stakeholders.
“While we’ll fight in court for as long as we need, let’s be clear: XRP’s status as a non-security is the law of the land today – and that does not change even in the face of this misguided – and infuriating – appeal,” Garlinghouse stated.
This development has stirred the market, impacting XRP’s price. As a result, XRP’s price-action struggled during this week. Since Monday, the XRP price has been down by over 17%.
Read more: Ripple (XRP) Price Prediction 2024/2025/2030
Binance May Soon Delist These 5 Altcoins
Binance is poised to potentially delist five altcoins, reflecting its rigorous compliance and performance standards. The altcoins under scrutiny include Bluzelle (BLZ), CLV (CLV), SelfKey (KEY), Prosper (PROS), and VITE (VITE). Each of these tokens was added to Binance’s Monitoring Tag list, which signals possible issues with volatility, trading volume, or compliance with regulatory standards.
“Keep in mind that tokens with the Monitoring Tag are at risk of no longer meeting our listing criteria and being delisted from the platform,” Binance warned.
Read more: Binance Review 2024: Is It the Right Crypto Exchange for You?
Following the announcement, there was an immediate market reaction with a noticeable decline in the prices of the flagged altcoins. VITE experienced the most substantial impact, plummeting nearly 25%. The others saw declines ranging from about 4.5% to over 15%.
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