This week’s crypto news has some interesting updates you don’t want to miss, from Telegram’s hot airdrop to Grayscale’s top altcoin picks to the latest conflict between the U.S. Securities and Exchange Commission (SEC) and Ripple.
The first week of October saw “uptober” expectations fade, and Bitcoin and other major crypto assets struggled. Over the past seven days, Bitcoin has fallen by about 6.5%, currently trading at $61,400.
Despite the volatile price movements, there are opportunities to generate income through Telegram airdrops.
3 Upcoming Telegram Airdrops
As the cryptocurrency market enters Q4 , Telegram airdrops are gearing up to capture the attention of digital asset enthusiasts . This month presents a promising opportunity for those looking to get involved in emerging blockchain projects without an initial financial investment.
Read more: Best Upcoming Airdrops of 2024
MemeFi, a leader in Telegram-based games, invites users to battle meme-themed characters for crypto rewards. The MemeFi airdrop, scheduled for October 9, will require participants to perform various tasks to qualify for the airdrop after the token generation event. The airdrop is more attractive with a 90% token distribution than its competitors.
Secondly, X Empire offers players the opportunity to earn by enhancing their strategic gameplay. The airdrop on October 15th emphasizes the importance of active participation and network engagement, promising significant rewards for loyal players. The game combines the thrill of earning with the excitement of crypto gaming.
Finally, TapSwap provides accessibility to all cryptocurrency enthusiasts with a simple monetization mechanism. The airdrop, scheduled for mid- to late-October, rewards users who participate every day and provides additional bonuses for financial supporters. Despite some delays in launch, the project’s potential value and token prospects keep the community excited.
Why Hamster Combat (HMSTR) Airdrop Failed
The much-anticipated Hamster Combat airdrop has been met with setbacks and has caused widespread disappointment within the cryptocurrency community. There are several reasons why the community has been disappointed with the HMSTR airdrop.
For example, during an airdrop run, many loyal players were disqualified due to an anti-cheating system introduced at the last minute, benefiting only a small number of players. This measure caused significant backlash from the community.
“Hamster Combat cheated the community. They gave a lot of airdrops to YouTubers and influencers for referrals. They introduced vesting without informing the community. They made people work day and night to collect keys in the game and gave them $5 or $10 tokens,” Crypto With Khan, a crypto influencer , commented .
Read more: 8 Best Hamster Combat Alternatives in 2024
Additionally, the airdrop was frequently delayed and the sudden rule changes drained the trust and patience of the participants. Discontent was further heightened by the unexpected decision to withhold 11.25% of the tokens until next year.
As a result, the value of the HMSTR token plummeted immediately after its launch, dropping by more than 60%. This decline had a huge impact on investor confidence and financial results.
Grayscale's Top 20 Cryptocurrencies
Grayscale has updated its investment strategy , identifying 20 cryptocurrencies that could show significant gains. The selection includes interesting additions such as Sui (SUI) and Bittensor (TAO) , which are in line with the current market trend of decentralized AI .
Grayscale’s strategy involves closely analyzing potential market leaders based on a variety of factors, from network growth to token economics. This comprehensive approach keeps the investment firm at the forefront of market trends, ready to capitalize on emerging opportunities.
“The top 20 represent a diverse range of assets across the crypto space that, in our view, have high potential for the coming quarters. Our approach incorporates a variety 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 cryptocurrencies to add to your portfolio before altcoin season
Ripple vs XRP conflict reignites
The SEC has resumed its legal challenge to Ripple , appealing a recent court ruling that favored XRP.
This legal battle could have major implications for the classification and regulation of XRP. Ripple’s CEO has expressed displeasure with the SEC’s actions, emphasizing that it is an unnecessary burden on the company and its stakeholders.
“We will fight in court for as long as necessary, but let me be clear: XRP’s non-security status is legally established today, and this misguided — and frustrating — appeal does not change that,” Garlinghouse said .
The news sent ripples through the markets, influencing the price of XRP, which fell by more than 17% this week.
Read more: Ripple (XRP) Price Prediction 2024/2025/2030
Binance May Soon Delist These 5 Altcoins
Binance is likely to delist five altcoins due to strict compliance and performance criteria. The altcoins under review include Bluzelle (BLZ), CLV (CLV), SelfKey (KEY), Prosper (PROS), and VITE (VITE). These tokens have been added to Binance’s monitoring tag list, which suggests issues with volatility, trading volume, or compliance with regulatory standards.
“Tokens with monitoring tags risk no longer meeting the listing criteria and may be delisted from the platform,” Binance warned .
Read more: Binance Review 2024: Is It the Right Cryptocurrency Exchange for You?
The market reacted immediately after this announcement, with the prices of the flagged altcoins dropping significantly. VITE plummeted by almost 25%, while others fell by between 4.5% and over 15%.
