Grayscale Bitcoin Trust Investors Trigger Price Drop
Last week, Bitcoin faced some obstacles due to Grayscale Bitcoin Trust (GBTC) investors selling off shares after the fund transitioned into a spot Bitcoin ETF. Consequently, significant amounts of BTC, which backed those shares, were sold off by the issuer, exerting downward pressure on Bitcoin’s price.
Crypto Funds Lose $500 Million to Withdrawals
Furthermore, crypto funds experienced a withdrawal of $500 million last week, contributing to a decline in overall market value.
Solana’s Native Token Reaches $100 Mark
SOL, the native token of the Solana ecosystem, opened the day at $104.23, surpassing the $100 milestone for the first time since January 18. In the past day, Solana has gained 6.9%, driven by increased trading volumes on the Jupiter liquidity aggregator and decentralized exchange, leading up to the airdrop of the JUP token. Around 1 million wallets are eligible to claim the JUP token, starting from January 31.
Anticipation Builds for Ovols Meme Coin Airdrop
The JUP community has eagerly awaited the DEX’s announcement of its token airdrop, to be accompanied by a separate airdrop of the Ovols meme coin by Jupiter. The exact commencement date for the Ovols airdrop has not been revealed, but the team hinted that it would occur sometime this week.
LFG concept surrounding the WEN handover has caused significant confusion, for which I apologize. For those spreading FUD, please allow me to clarify any concerns. Feel free to ask questions, as I am readily available.
WEN Token Airdrop Conclusion Impacts Price
The Solana community recently witnessed the conclusion of the WEN token airdrop, resulting in $35 million worth of unclaimed tokens remaining. This caused a drastic decline in the WEN price, plummeting by 23% as the unclaimed tokens were subsequently burned.