Crypto News

Dogecoin (DOGE) Struggles, Drops 9% After Elon Musk Twitter Buyout

Dogecoin struggles to maintain its momentum, dropping steadily by 9%. And it seems investors are letting the chips fall where they may. Following the announcement that Elon Musk would buy Twitter, DOGE soared 26% and everything went bullish especially after the news that the Tesla CEO bought Twitter for $44 billion. Suggested Reading | Dogecoin (DOGE) Trading Volume Plunges – Here’s Why Musk Shakes Things Up For DOGE Apparently, the popular meme coin had a sharp spike in April 5 when Musk decided to join Twitter’s board with a 9.2% stake. Now, DOGE is losing all the gains and dropping hard in a short span of time. It seems that the buy pump following the Twitter acquisition of Musk was practically short-lived. Today, DOGE is slipping fast at 9%, according to CoinMarketCap. Currently, the DOGE value is a little above $0.14 per coin which reached its peak yesterday at around $0.1667. In the early months following its launch, DOGE surged and it even peaked at above $0.73 in May 2021. Since then, Dogecoin has had difficulty gaining traction despite being perpetually linked to the self-acclaimed “Dogefather” Musk. His clever memes and tweets stir more attention for dog-inspired meme coins. DOGE total market cap at $18.10 billion on the weekend chart | Source: TradingView.com Most Popular Dog-Inspired Meme Coin Dogecoin was a dog-inspired coin (Shiba Inu dog in particular) created as a joke. It was swiftly created in a matter of three hours. After its creation, Musk was very open about his support to DOGE (and other digital tokens), being what he calls as the people’s crypto. His snaps at Twitter directly impacts DOGE price. The centibillionaire’s influence on the crypto is definitely beyond hype because he can step on the gas and the brakes and it all just happens like clockwork. Suggested Reading | Dogecoin (DOGE) Jumps 30% After Elon Musk Buys Twitter DOGE On Twitter A lot of Dogecoin followers expected that Musk buying Twitter will help speed up DOGE’s tempo. It did for like 24 hours but the excitement and interest quickly dissipated. DOGE on Twitter is certainly something to look forward to. Currently, Twitter already allows tipping using Bitcoin and Ethereum. The social media juggernaut also allows customers to use their Ethereum NFTs as profile photos, being a part of their premium subscription.  With the addition of Dogecoin, customers will have more options in payments. Majority of cryptos are down by 3% at the moment. Shiba Inu has even slipped further down at 3% in the last 24 hours. Meanwhile, the Shiba Inu coin is now set at a market value of $0.00002326. It’s all looking a little bleak at the moment for the crypto world but better days are ahead.   Featured image from The Motley Fool, chart from TradingView.com

Crypto News

DeFi Stablecoin Platform Beanstalk Suffers ~$80M Hack

Another DeFi platform took a major hit today, as the decentralized, credit-based stablecoin Beanstalk (with it’s stablecoin $BEAN) has broken it’s peg following a roughly $80M hack. Speculation has been left, right and center and a number of sleuths have been tracking the movement of funds and studying the exploit that has likely left Beanstalk Farms in the dust. Let’s look at what we know from the early hours since the hack. Beanstalk Farms’ Hack: What Went Down The transaction on Etherscan shows that the hacker used what’s commonly known as a ‘flash loan attack,’ one that has been seen on DeFi protocols previously. A flash loan in crypto allows a user to borrow and repay a loan in a single transaction, which minimizes risk for lenders and can streamline processes for borrowers. In the Beanstalk Farms hack, the hacker borrowed nearly a third of the BEAN supply, roughly 32 million tokens and utilized Curve Finance’s $3Crv tokens to generate a unique tokens ‘BEAN3CRV-f’ and ‘BEAN3LUSD-f.’ The attacker utilized these two new tokens to deceive Beanstalk’s governance model and gave the hacker a massive majority holding of ‘seeds,’ the platform’s governance token. With such a larger holding of seeds, the hacker had the contractual capability to execute an ’emergency governance action,’ siphoning massive amounts of funds from the Beanstalk contract. The hacker even included a $250K donation to the Ukrainian donation address as part of the hack, and set up the governance proposals over 24 hours prior to actual execution of the flash loan attack. Lossless (LSS) has reached out to Beanstalk; the project is an increasingly-utilized tool to combat against potential hacks. | Source: LSS-USDT on TradingView.com Related Reading | Bitcoin Clings To $40K On Easter Sunday As Crypto Seen To Head Lower In The Short Term Can The Protocol Recover?  Just days ago, Beanstalk was celebrating over $150M in TVL, over $130M in liquidity, and a rapidly approaching market cap of $100M that was impending. The protocol has had to pump the brakes, and it’s future is now unclear – with a stark Discord screenshot from admins: How the protocol recovers from here will be difficult to predict. Additional Discord screenshots show that the project is not shutting down immediately, but is also not committing towards an eventual re-build: Crypto hack mitigators Lossless have reached out and Beanstalk will likely need strong partners to recover from this. Commentors on Beanstalk’s Twitter account have speculated that it was an ‘inside job’ conducted by Beanstalk to leave retail as exit liquidity. However, until more details come to light, it’s all speculation. We’re engaging all efforts to try to move forward. As a decentralized project, we are asking the DeFi community and experts in chain analytics to help us limit the exploiter's ability to withdraw funds via CEXes. If the exploiter is open to a discussion, we are as well. https://t.co/fwceVz6hbi — Beanstalk Farms (@BeanstalkFarms) April 17, 2022 Related Reading | ADA To Rebound With Integration Of USDT And USDC On Cardano Featured image from Pixabay, Charts from TradingView.com The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.