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Bonk Rockets 30% to Lead Dog Meme Rebound; Floki Termed `Utility Token` by CFTC

Solana-based bonk (BONK) led growth among dog-themed memes Saturday as bitcoin staged a recovery rally to above $98,000, a day after Friday’s bloodbath that pushed it near $93,000. BONK surged 30%, CoinGecko data shows , with dogecoin (DOGE), shiba inu (SHIB), dogwifhat (WIF) and floki (FLOKI) surging as much as 20%. The dog-themed token category gained 8% on average in the past 24 hours, beating a market-wide jump of 4.5% as tracked by the broad-based CoinDesk 20 (CD20) index. Memecoins are known for their high volatility and tend to outperform major tokens during price rallies, serving as a leveraged bet on the overall crypto market sentiment. However, in this case, fundamentals are helping back gains and sentiment among some memecoins. FLOKI was named alongside ether (ETH) and Avalanche’s AVAX as a utility token in a Commodity Futures Trading Commission (CFTC) meeting last month . The derivatives regulator proposed in a Global Markets Advisory Committee (GMAC) a new class of assets termed utility tokens, which fulfill six criteria that include providing their holder “immediately available, non-incidental consumptive use” in a crypto platform without including “governance and voting abilities.” "FLOKI was recently highlighted by the CFTC`s Global Markets Advisory Committee as a case study of a utility token, which is a big deal and validates Floki`s utility-first approach,” Floki lead developer B told CoinDesk in a Telegram message. “Floki`s Valhalla metaverse game will go live in early Q1 2024, and the recently released Floki Trading Bot has generated over a million dollars in fees. “This puts Floki on an entirely different level from other memecoins, especially when the market turns and people start to pay attention to fundamentals again,” B added. Elsewhere, interest in BONK comes as a host of activities intend to deflate token supply gain traction among users — a move that has historically contributed to higher prices. BonkDAO, a decentralized group of bonk believers that maintain the token, burned 100 billion tokens from the circulating supply in November and targeted a trillion token burn in December. This could increase the token`s value due to scarcity. The feat could meet its target in the weeks ahead, observers say .

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Elon Musk and Dogecoin: How the Billionaire Became the `Dogefather`

Dogecoin was once a joke, but the meme coin gained traction after Elon Musk backed it. Now he`ll help lead the DOGE agency under Trump. Here`s a look back. CoinDesk

FTX/Alameda Nearly Sells Out Of 25 Million WLD Holdings

FTX/Alameda is close to offloading its entire allocation of 25 million WLD tokens. Over the past few weeks, the entity’s wallet transferred a total of 21.856 million WLD tokens—valued at $58.77 million—to five BitGo custodial wallets. These transactions are believed to be over-the-counter (OTC) sales to major investors or institutions. FTX/Alameda 手上的 2500 万枚 WLD 卖的差不多了。 FTX/Alameda 地址在今天和半个月前，一共向 5 个 BitGo 托管钱包转移了 2185.6 万枚 WLD ($58.77M)。这很可能是通过 OTC 的方式出售给了一些大投资者或机构。再加上他们从 8 月份以来以每周一笔的频率一共向币安转移了 280.9 万枚 WLD。… pic.twitter.com/ohOClqunQR — 余烬 (@EmberCN) December 19, 2024 Additionally, since August, FTX/Alameda has transferred 2.809 million WLD to Binance, completing one transaction per week on average. Now, only 334,000 WLD tokens, worth approximately $800,000, remain from the original investment. Market trends indicate that Smart Dex Traders (SDTs) exited their positions at an average price of $3.8. While some investors have repurchased tokens, the majority have not returned to the market. Whale activity shows a mixed outlook, with some exiting at $3.9, while others with a mid-term perspective are starting to accumulate. However, at today’s price of $2.4, there has been no significant buying activity. Quick Catchup on $WLD Figure 1: Smart Dex Traders (SDTs) sold at $3.8. Some investors have returned to buy, but overall, most have not come back yet. If you’re trading short-term, you might want to keep an eye on the SDTs. Figure 2: Some Whales exited the market at $3.9. A… pic.twitter.com/A4IFWDlIKm — iCrypto | Sentiment & On-chain Analysis (@iCryptoAI) December 19, 2024 Meanwhile, technical analysis suggests potential opportunities in the broader market. According to analyst Ali Martinez, the TD Sequential indicator has flashed buy signals for several assets, including XRP, Solana ($SOL), Maker ($MKR), and Worldcoin ($WLD), on their 4-hour charts. The TD Sequential indicator presents buy signals on the $XRP , #Solana $SOL , #Maker $MKR , and #Worldcoin $WLD 4-hour charts! pic.twitter.com/2MO4Ic1DET — Ali (@ali_charts) December 19, 2024 The dwindling supply of WLD in FTX/Alameda’s holdings, combined with current market activity, reflects a cautious sentiment among investors. While some are positioning for the long term, the overall market appears hesitant to take new risks at the current price levels. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: nexusplexus/ 123RF // Image Effects by Colorcinch CoinDesk