The world of cryptocurrency is always full of surprises, and the past few days have been no exception. From Safemoon’s recent exploit, resulting in a loss of $8.9 million, to RenQ Finance’s successful completion of stage 3 of its presale, and Ripple’s (XRP) positioning for a massive breakout, the crypto world has been buzzing with the news.
These developments have caught the attention of investors and traders alike, and the future of these cryptocurrencies is something to watch closely.
In this article, we will dive deeper into each of these events and explore their implications for the crypto market.
Safemoon Exploited for $8.9M
Rewritten: SafeMoon is an ecosystem that encompasses blockchain, Metaverse, NFT, and web3 building and innovation. However, since its launch in March 2021, the company has been at the center of scandals and legal issues.
Recently, the decentralized finance (DeFi) project SafeMoon was exploited due to a token burn bug in the smart contract, according to security firms. On March 29, the SafeMoon team informed the community that their liquidity pool had been compromised.
The public burn function allows any user to burn tokens from any other address. The attacker utilized this function to remove SFM tokens from the SafeMoon WBNB Liquidity Pool, artificially inflating the price of SafeMoon’s native token.
Within the same transaction, the attacker sold the SFM into the liquidity pool at a heavily overpriced rate, resulting in the wipeout of the remaining WBNB in the pool.
However, a few hours after the exploit, the attackers posted a message in the transaction indicating their willingness to return the funds. According to PeckShield, they had already sent 4,000 BNB worth $1.2 million.
RenQ Finance (RENQ) Completes Stage 3 of Presale
RenQ Finance is a DeFi platform that focuses on artificial intelligence (AI)-friendly interfaces, transparency, and security. The platform recently completed the third stage of its presale, raising over $4 million from investors.
RenQ Finance has gained significant attention in the crypto space due to its potential for growth and adoption. The platform’s AI technology and user-friendly interface have attracted investors looking for the next big thing in DeFi.
The completion of stage 3 of the presale is a significant milestone for RenQ Finance as it prepares for its official launch. The platform’s development team will use the funds raised to further develop the platform and expand its capabilities.
Ripple (XRP) Positions Itself for Massive Breakout
RippleNet, the payment protocol powered by Ripple cryptocurrency (XRP), has been in the limelight lately due to the ongoing legal dispute with the Securities and Exchange Commission (SEC). Despite the challenges, Ripple has been making significant strides to position itself for a massive breakout.
XRP price is currently trading near a crucial resistance level, indicating a potential breakout soon.
Since June 2022, XRP has been trading within a long-term symmetrical triangle. While the support line has been consistent, the resistance line was formed in September of the same year.
Although the triangle is a neutral pattern, the movement within it is bullish, supported by two bullish hammer candlesticks formed on January 2 and March 12. The first led to a significant upward movement, and the second may do the same.
If XRP breaks out, the next resistance level would be at $0.46. However, a breakdown from the triangle’s support line could lead to a drop toward $0.30.
In addition, Ripple has been working on expanding its payment network globally. The company has made remarkable progress, with over 200 financial institutions now using its payment network.
Despite the legal challenges, Ripple’s efforts to grow its payment network and its potential breakout make it an attractive investment option for investors looking to diversify their portfolios.
The cryptocurrency market is always full of surprises, and the events covered in this article highlight that fact. The Safemoon exploit serves as a reminder of the importance of security in the crypto space, while RenQ Finance’s successful presale demonstrates the potential for growth in the DeFi space.
Finally, Ripple’s ongoing legal battle has not stopped the company from making significant progress in expanding its payment network and increasing the adoption of its cryptocurrency. All three events are worth keeping an eye on as the crypto market continues to evolve and grow.
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