Blockchain

In a recent report released by Mandiant, a threat intelligence and cybersecurity company, alarming details have emerged about the widespread exploitation of Solana users through a campaign known as CLINKSINK. 

The report sheds light on the nature of these drainer campaigns, which have resulted in the loss of nearly $1 million worth of SOL tokens.

CLINKSINK Campaign Targets Solana Investors

According to the report, The CLINKSINK campaign, identified by Mandiant, involves malicious actors leveraging drainers – malicious scripts and smart contracts – to steal funds and digital assets, including non-fungible tokens (NFTs), from unsuspecting victims’ cryptocurrency wallets. 

These campaigns have been active since December 2023 and have employed at least 35 affiliate IDs associated with a drainer-as-a-service (DaaS) utilizing CLINKSINK.

The modus operandi of the CLINKSINK campaign involves distributing cryptocurrency-themed phishing pages through social media platforms like X and chat applications like Discord. 

These pages, masquerading as legitimate cryptocurrency resources like Phantom, DappRadar, and BONK, entice victims to interact with the CLINKSINK drainer. Once victims connect their wallets to claim an alleged token airdrop, they are prompted to sign a transaction that allows the drainer service to siphon funds from their wallets.

Mandiant’s investigation revealed that the stolen funds are divided between the affiliate and the service operator(s) based on a predetermined percentage. 

The analysis indicates that, on average, 80% of the stolen funds go to the affiliate, while the remaining 20% go to the operator(s). However, the operator’s cut can vary between 5% and 25%, potentially influenced by factors such as partnerships or reduced fees for successful affiliates.

Since the end of December 2023, at least 1,491 SOL tokens and numerous underlying tokens, with a combined value of over $180,000, were traced to a specific Solana address associated with the DaaS operator. 

Based on this data, Mandiant estimates that these recent campaigns have stolen at least $900,000 in digital assets. However, it is important to note that some of the funds sent to the operator’s wallet might originate from their drainer campaigns or transfers not subject to the percentage split.

Mandiant Warns Of Growing Trend

Mandiant’s report also highlights the availability and low cost of CLINKSINK drainers in underground forums, indicating a growing trend of financially motivated threat actors targeting cryptocurrency users and services. 

The rising value of Solana’s native cryptocurrency, SOL, has likely contributed to the surge in CLINKSINK activity. Furthermore, the CLINKSINK source code’s apparent leakage could enable unrelated threat actors to conduct independent draining operations or establish their own DaaS offerings.

As the value of cryptocurrencies continues to rise, Mandiant predicts an increase in financially motivated threat actors conducting drainer operations. 

The ease of access and potential profitability of these campaigns make them an attractive prospect for cybercriminals of varying levels of sophistication.

Cryptocurrency users and investors are urged to exercise caution and employ robust security measures to protect their digital assets. Increased awareness and vigilance within the cryptocurrency community will be crucial in mitigating the risks posed by the CLINKSINK drainer and similar threats.

Featured image from Shutterstock, chart from TradingView.com

Glassnode’s model for tracking the “price multiplier” effect for Bitcoin could provide some hints about whether the asset is near the top or not so far.

Bitcoin Is Observing A Multiplier Effect Of 4-5x Right Now

In a new post on X, the lead on-chain analyst at Glassnode, Checkmate, has discussed the “price multiplier” effect of Bitcoin. This effect refers to the fact that the capital that flows into the cryptocurrency is not always (in fact, most of the time) the same as the change reflected in the market cap.

To track the exact ratio between the two, Glassnode has defined the “Realized Capital to Valuation Change Ratio.” This indicator measures how much capital flows into the “Realized Cap” for every unit change in the market cap.

The Realized Cap refers to a capitalization model for Bitcoin that assumes that the real value of each coin in circulation is not the current spot price but the price at the time it was last transferred on the blockchain.

This last transfer could be considered the previous moment the coin changed hands, so the Realized Cap adds up the cost basis or acquisition value of all coins in circulation. Put another way, the Realized Cap is a model that measures the total amount of capital the investors have used to buy Bitcoin.

Now, here is a chart that shows the trend in the BTC Realized Capital to Valuation Change Ratio over the past several years:

The above graph shows that the Bitcoin Realized Capital to Valuation Change Ratio (90-day) has recently been below the 4-year median of 0.25. As Checkmate notes, this model suggests the current multiplier effect of BTC is around 4 to 5 times.

This means that for every $0.20 to $0.25 going into the realized cap, the market cap is moving by $1. From the chart, it’s apparent that the multiplier has generally shot up during bull markets.

“Bull market tops often correspond with $0.80 to over $1.0 in capital inflows needed to achieve a $1 change in the market cap (unsustainable < 1x Multipler),” explains the Glassnode lead.

On the other hand, bear markets “often see heightened volatility with $0.2 in capital flows having a $1.0 impact on MCap (5x Multipler),” according to the analyst.

Suppose this historical pattern is anything to go by. In that case, the current Bitcoin multiplier is still at relatively low values, which would imply the cryptocurrency still has a lot of room to go before a potential top is encountered.

Another curious pattern in the ratio is also visible in the same chart. It appears that the 4-year median has been going down as the years have passed. This would mean that BTC’s market cap has, on average, been becoming easier to shift with time.

BTC Price

In the past day, the Bitcoin spot ETFs were finally cleared by the US SEC, and it would appear that the market has reacted by buying this news, as the price has now breached the $48,000 level.

With the recent approval of Bitcoin exchange-traded funds (ETFs) injecting new inflows and igniting a sense of bullish sentiment in the market, Solana (SOL) is emerging as one of the top gainers in the past 24 hours. 

The cryptocurrency has experienced a 4.5% surge, trading at $99, aiming to reclaim the significant $100 milestone lost during a recent deep correction.

Solana Bulls Targeting $150-$165 Price Range 

Solana, holding the fifth position among cryptocurrencies by market capitalization, could undergo a substantial price surge if the current upward momentum continues and successfully breaks out of its downtrend correction.

Renowned crypto analyst Ali Martinez suggests that Solana is breaking out from a bullish flag pattern formed on the 4-hour chart. 

A sustained close above the $106 mark can trigger a remarkable 47% rally, propelling SOL towards the price range of $150 to $165.

However, at the time of writing, Solana has retraced below the upper boundary of the bull flag formation, which is positioned at $103. 

Nevertheless, a breakout could be imminent if the growing interest in the token persists alongside a sustained bullish momentum. This scenario would position SOL to regain its previously lost highs and set its course toward Ali Martinez’s price targets within $150 to $165.

SOL Market Cap Quadruples, DeFi, And NFT Metrics Skyrocket

Solana has showcased remarkable performance during the fourth quarter of 2023, positioning itself as a leader in the crypto market rally, according to a recent report by Messari. 

One of the key achievements for Solana in Q4 was its notable increase in market capitalization. SOL concluded the year with a market cap of $43.8 billion, marking a staggering 423% quarter-on-quarter (QoQ) growth and an astonishing 1,106% year-on-year (YoY) increase. 

This growth propelled SOL to surpass notable tokens such as ADA, USDC, and XRP in market cap, securing the 5th position among all tokens. It is worth noting that Solana began 2023 ranked 17th in market capitalization, highlighting its exponential rise in prominence.

The Solana network’s decentralized finance (DeFi) Total Value Locked (TVL) also experienced significant growth. Solana’s DeFi TVL increased by 303% QoQ and an impressive 505% YoY, reaching $1.5 billion. 

The report also highlights the notable increase in DeFi volume on the Solana network. The average daily spot DEX volume experienced a staggering 1,116% QoQ growth, reaching $359 million. 

Among the contributors to this growth, Orca accounted for 45% of the Q4 volumes, followed by Raydium with a 29% market share. Phoenix, a fully on-chain central limit order book, stood out by averaging over 9% of the DEX volume market share.

Solana’s influence in the NFT space also saw substantial growth during Q4. The average daily NFT volume increased by 356% QoQ, reaching $4.8 million. Solana’s market share of NFT volume, excluding Bitcoin, grew from 9% to 26% QoQ, demonstrating its increasing significance in the NFT market.

Featured image from Shutterstock, chart from TradingView.com

With the advent of Spot Bitcoin ETFs which were approved by the United States Securities and Exchange Commission (SEC) on Wednesday, crypto investors have quickly turned their attention to the next big thing which might be XRP ETFs. This is picking up steam as Steve McClurg, Chief Investment Officer (CIO) for Valkyrie, has lent his voice to the cause.

Valkyrie Exec Says XRP ETF Could Be Next

In an interview with Bloomberg, McClurg reveals that with the approval of Spot Bitcoin ETFs, the expectation is that altcoins will soon follow the same path. He explains that attention could be turned to Ethereum, which is currently the second-largest cryptocurrency in the space. McClurg figures that a lot of filings are going to be submitted for Ethereum ETFs after this.

Beyond the expected ETF filings for Ethereum, the Valkyrie CIO mentions that the likes of Ripple’s XRP could be the next in line to get approved for an ETF. “It wouldn’t surprise me if we saw Ripple or Ethereum spot ETFs out there,” McClurg said during the interview.

Although McClurg showed optimism regarding a possible XRP ETF, he revealed that there was no indication of whether Valkyrie was going to get involved in it or not. Valkyrie, who has been heavily involved in Bitcoin and Ethereum ETFs, has not shown any interest in the altcoin so far.

However, the CIO explained that crypto can be incredibly unpredictable. Given this, it is impossible to know where the market will end up swinging and what asset managers will take an interest in next.

ETF Talks For Altcoins Heat Up

The discussions for a possible XRP ETF are not new, especially as the arguments for Bitcoin Spot ETFs heated up. As a result, crypto researcher, ABS, who is part of the 3T Warrior Academy gave a rundown of what the impact of a possible XRP ETF would be.

ABS explains that this could give rise to more interest from institutional investors as they could easily gain exposure to the asset with an ETF. Additionally, it would also propel XRP into the mainstream as marketing would take off. This would obviously increase interest around the world, and finally, XRP ETF would give the crypto a liquidity life-off.

The effect that an ETF would have on the price of the asset can be gauged by what happened in November when rumors emerged that BlackRock had applied for an XRP ETF. As the rumor spread, the XRP price surged rapidly, before correcting back downward once the rumors were dispelled.

Nevertheless, this performance from the altcoin showed the readiness of the market for an XRP ETF. In the case of the altcoin’s price reaching as high as $100, it is likely not happening in the next few years. However, there is no doubt that the approval of an XRP spot ETF would help propel it faster toward this goal.

XRP and Stellar (XLM) are two cryptocurrencies that have been constantly compared in terms of price growth and development. Both digital assets are dedicated to facilitating cross-border transactions. 

Given their considerable similarities, the Chief Technology Officer (CTO) of Ripple, David Schwartz has attempted to uncover the factors contributing to the persistent price correlations between the cryptocurrencies. 

Ripple CTO Explores XRP And XLM Price Trends

Schwartz has recently taken to X (formerly Twitter) to share a chart illustrating a strong correlation in the price movements and patterns between XRP and XLM tokens. In response to an X user who expressed curiosity regarding the similar price trends between the two cryptocurrencies, Schwartz explained the distinct reasons behind XRP and XLM’s unique price movements. 

The Ripple CTO acknowledged that he lacked an accurate explanation for the price correlations between XRP and XLM. However, he provided two major factors that could be influencing the price trends. 

Schwartz revealed that comparable market forces that regulate various cryptocurrencies also control XRP and XLM. He further stated that most investors and crypto enthusiasts often place XRP and XLM within the same category due to the cryptocurrencies’ historical connection.

 As a result, a significant number of people simultaneously engage in buying and selling XRP and XLM causing the cryptocurrencies to have similar price movements. 

Concluding his analysis, Schwartz stated that he believed there were no market manipulations or external “evil forces” making these cryptocurrencies display similar price trends. 

Latest Developments For Both Assets

XRP and XLM are one of the major cryptocurrencies that have gained significant attention, often seen as the leading contenders for cross-border payments and mainstream adoption. 

While these two cryptocurrencies tend to display similar price tracks, they have been experiencing vastly different developments in their respective markets and ecosystems. 

XRP recently gained regulatory clarity after successfully gaining a victory in its ongoing legal battle with the United States Securities and Exchange Commission (SEC). Despite speculations suggesting that XLM might be the SEC’s next target due to its striking similarities with XRP, the cryptocurrency has not encountered similar legal issues in the US as Ripple. 

Following XRP’s partial legal success, the price of XRP surged considerably. While XLM followed behind increasing by almost 90% but retraced some of the accumulated gains later. 

In terms of expansion, XRP has achieved multiple milestones and has gained approvals in several regions including Dubai. The cryptocurrency is positioned to gain from Ripple’s potential integration into trillion-dollar markets and industries.

On the other hand, Stellar (XLM) is improving its ecosystem by integrating a new testnet upgrade, Protocol 20. The cryptocurrency is also actively seeking new partnerships with banks to expand its reach and utility.

PlanB, the creator of the renowned Stock-2-Flow (S2F) model, has once again captured the community’s attention with three bullish Bitcoin (BTC) forecasts.

In a YouTube video recently uploaded, the S2F creator shared bold predictions. In the short term, PlanB sees Bitcoin soaring to above $50,000 before the upcoming halving event scheduled for April. The S2F model creator noted in the YouTube video:

I think in the next four months towards the halving, we will start to see Bitcoin rise even further towards $50,000 [to] $60,000 region.

This prediction aligns with historical trends, where Bitcoin often experiences a surge in buying activity in anticipation of halving events, which cut the block reward by 50%.

PlanB’s Long-Term Vision: A Rally To $532,000

Looking further ahead, PlanB’s projections become even more ambitious. The S2F model creator foresees Bitcoin breaking past its all-time high to reach $100,000 later this year.

According to PlanB, this prediction gains credibility with the recent US Security and Exchange Commission (SEC) approval of spot Bitcoin ETFs, a milestone development for the crypto market.

By 2025, PlanB’s vision for Bitcoin will reach a monumental peak of $532,000. This long-term forecast, underpinned by the S2F model, suggests a future where Bitcoin cements its status as a digital store of value and profoundly disrupts traditional financial paradigms.

PlanB’s confidence in these targets is bolstered by his S2F models and the increasing institutional acceptance of Bitcoin.

I expect $55k bitcoin at halving, $100k in 2024, $532k in 2025:https://t.co/TSo7TpNfzb pic.twitter.com/mQaXM5Qabb

— PlanB (@100trillionUSD) January 10, 2024

Bitcoin Current Bull Run: Beyond $48,000 And Rising

Amid PlanB’s predictions, BTC is riding a bullish wave following the landmark approval and trading of spot Bitcoin exchange-traded funds (ETFs) in the US. The asset has leaped from its 24-hour low below $45,000 to over $48,000, demonstrating a 5.7% increase in the last 24 hours.

This surge is accompanied by a dramatic spike in trading volume, indicating heightened investor interest and market activity. PlanB is not alone in forecasting a bright future for BTC. Finance guru Robert Kiyosaki recently projected a $150,000 target for BTC, largely influenced by the expected influx of institutional investment through spot ETFs.

BITCOIN ETF. Yay. Glad I bought years ago. Bitcoin to $150k soon. Gold to the moon as Central Banks buy , store, and never sell. Silver to crash as silver stackers sell to pay bills, caused by rising inflation. Great news for silver stackers. Time to buy more as silver crashes.…

— Robert Kiyosaki (@theRealKiyosaki) January 10, 2024

While the exact timing of this milestone remains uncertain, the consensus among experts points to a significant potential for Bitcoin’s price escalation shortly.

Adding to the bullish sentiment, BTC has seen a significant increase in high-value transactions, a trend not seen in nearly two years. Analyst Ali reported significant transactions exceeding $100,000 among Bitcoin whales.

Santiment’s data further corroborates the growing interest in Bitcoin, with a notable uptick in social dominance and spot ETF-related discussions. This heightened social interest since mid-October last year underscores the impact of investor sentiment and social dynamics on Bitcoin’s market trajectory.

Featured image from Unsplash, Chart from TradingView

The Shiba Inu burn rate is not slowing down, especially now that the SHIB team has officially joined the effort. This participation from the Shiba Inu team has led to some of the largest daily SHIB burns that have been recorded since the burn initiative started. And now, once again, the team has carried out another massive burn that sent the burn rate surging.

Shiba Inu Team Burns 9.35 Billion Tokens

In the latest iteration of the Shiba Inu team burn, a total of 9.35 billion SHIB have now been sent to the burn address. At the time of the transaction, the 9.35 billion SHIB was worth a total of $92,953.36. This makes it the largest burn that the team has carried out since it began burning tokens.

The token burn which took place on January 9 triggered a substantial surge in the daily SHIB burn rate. According to data from the Shiba Inu burn tracking website Shibburn, the team’s burn caused the burn rate to spike by 28,659% in the 24-hour period. This spike represents the highest spike in the burn rate in 2024 so far, suggesting a bullish start to the year for the token.

However, the burn rate has since taken a nosedive as the burn figures fell short of expectations between Wednesday and Thursday. Shibburn data shows a 99.94% decline in the burn rate at the time of writing, with only a little over 5.3 million SHIB tokens burned in the last day.

There have also been only four burn transactions carried out in the 24-hour period at the time of writing, following the same trend from the last few days.

SHIB Burn Gains Steam

Despite the decline in the burn rate in the last day, the community is still looking at more significant burns as time goes on. One of the developments that guarantee these burns is the fact that Shiba Inu burns are now being automated directly through the Shibarium network.

The burn automation was revealed by the Shiba Inu team which revealed that there will be a two-pronged approach to this process. The first, which is how the team has been burning tokens, is manually sending tokens from the deployer wallet to the burn address.

The second approach, which is the most significant, will see an automated SHIB burn system from Shibarium put in place in January. This automated burn mechanism has sparked excitement in the SHIB community as some expect as much as 9.25 trillion tokens to be burned monthly.

Bitcoin price is struggling to crack resistance around $47,000 per coin, but it might not be long until it does thanks to the backdrop of bullish spot BTC ETF news. The news could also be supported by a change in mass crowd psychology, according to Elliott Wave Principle and the current projected count in BTCUSD. All of this could cause the top cryptocurrency by market cap to double in a flash.

The Countdown To Bitcoin Price Doubling

During every major bull run, there is a phase where the rally is supported by the regular occurrence of bullish Bitcoin news. If it all seems to arrive at once, this is due to the way mass crowd psychology works, according to Elliott Wave Principle.

When an asset, in this case BTCUSD, reaches what’s referred to as an impulse wave, humans begin to behave in an impulsive way, selling at the first sign of a correction, and buying every minor pump that ultimately gets retraced. Because so many market participants are entering during this phase, things get extra volatile.

If this sounds familiar, this is precisely what’s going on with Bitcoin now, and it’s only going to pick up momentum as ETF-related investments are revealed. Compare the chart below referencing BTCUSD now versus late 2020. During the green box, bullish news was breaking all day long.

Show Me The Charts, And I’ll Tell You The News

An onslaught of big companies began buying BTC, such as MicroStrategy, Tesla, and Square. From the bottom of what is labeled wave (iv) in BTCUSD to the top of wave (v) in 2020 into early 2021, the first ever cryptocurrency went on a 136% run. This caused price to more than double from around $18,000 to $42,000.

Today, Bitcoin is in a similar wave count, with news catalysts ready to help propel the crypto market higher. If the Elliott Wave Principle count is accurate, BTCUSD could see a similarly move where it doubles in a matter of a month. Another 136% increase from here would take BTC to around $95,000 per coin and complete wave (v) and wave 3.

Wave 3’s are commonly referred to as an impulse wave. An impulse wave can be sub-divided into five sub-waves. When the powerful wave 3 ascent is over, only a short-lived wave 4 sharp correction should follow, at which point wave 5 will begin and complete the cycle.

Crypto analyst Skew has highlighted a particular price level for Dogecoin (DOGE), which could turn profits for those invested in the meme coin. He also shared his thoughts on price levels to keep an eye on when positioning for entry in anticipation of an uptrend for DOGE.

$0.087 Is The Dogecoin Price Level To Watch Out For

Analyzing the daily Dogecoin chart, Skew hinted that there is a better risk-reward above $0.08750 for those who might be looking to get in on the meme coin. The analyst seemed to have a strong conviction about that price level as he made this comment despite noting that there was still a huge HTF range developing on the chart. 

Meanwhile, the analyst also highlighted other critical price levels to watch out for. These levels could paint a bullish momentum for the meme coin. He stated that he would be looking for a higher high above the December 2022 high of $0.11 and a higher low around $0.0094 or Doge’s peak in December 2023 when it rose to $0.10.  

Considering that DOGE has for a long time maintained a relatively tepid price movement, the meme coin hitting these price levels will mean that a significant rally could be underway. Going by crypto analyst Jaydee’s prediction, this rally could come once there is an ASO (Average Sentiment Oscillator) cross on the charts. 

Jaydee highlighted that as one of the three things that occur before the meme coin makes a significant move to the upside. This indicator seems to be the only thing that hasn’t occurred among the three, as the analyst had mentioned then that other indicators have been checked. 

“DOGE To $1 Isn’t A Meme”

Max Schwartzman, the CEO of the crypto analysis platform Because Bitcoin also recently shared a bullish narrative for the foremost meme coin. He hinted that Dogecoin could rise to as high as $1 once Bitcoin breaks its all-time high (ATH) of $68,700. Based on historical patterns, he further suggested that DOGE could see more moves to the upside as Bitcoin pressures its ATH. 

Schwartzman also made a case for the PEPE token. With DOGE rising to as high as $1, he suggested that PEPE could also see a 100x gain. The analyst had previously drawn out striking similarities between both meme coins, with PEPE likely to enjoy a similar run as the Dogecoin did during its breakout year in 2021. 

Indeed, PEPE could begin to enjoy significant price gains as attention turns to the Ethereum ecosystem. Crypto analyst Crypto Kaleo once mentioned that he sees the meme coin printing new ATHs as ETH starts to move.

An analyst has explained that PEPE could be breaking out of a descending channel pattern currently and may be heading towards these targets.

PEPE Has Been Breaking Out Of A Descending Parallel Channel Recently

In a new post on X, analyst Ali pointed out how the 4-hour PEPE price is breaking out of a descending parallel channel currently. In technical analysis, a “parallel channel” refers to the area enclosed by two parallel trendlines where the price of the given asset has been traveling inside recently.

Generally, the price is likely to encounter resistance at the upper line of the channel, while the lower level could act as a source of support. Because of this reason, tops and bottoms are naturally probable to occur at the respective trendlines.

In the context of the current discussion, a parallel channel called a descending channel is of interest. As its name suggests, this channel represents a downtrend in the asset.

The upper line of the descending parallel channel is drawn by connecting together lower highs in the commodity’s price. Similarly, the bottom level joins together with lower lows.

Usually, breaks out of the channel can be significant as they may imply a continuation of the trend. This means that if the break is out of the upper line, it can be a bullish signal, while a drop under the lower level could be a sign that the bearish trend is strengthening.

Now, here is the chart shared by the analyst that highlights a descending parallel channel pattern that has been forming in the 4-hour price of PEPE recently:

As displayed in the above graph, PEPE had been trending inside this descending parallel channel pattern until the last 24 hours, when the meme coin enjoyed a sharp 16% jump and broke out of the upper level of the channel.

This quick rise in the cryptocurrency’s price has come as the Bitcoin spot ETFs have gained approval from the US SEC. While BTC itself has only seen a 4% from this bullish news, altcoins around the sector have gone ahead and started showing sizeable surges.

As PEPE now appears to be breaking out of the descending parallel channel, the meme coin could be set to continue its bullish momentum, as it has often happened historically with such breakouts.

That would only be, of course, if the breakout truly gets confirmed, as the coin has only just begun to rise above it. In the chart, Ali has marked the levels that PEPE could end up reaching if this bullish pattern comes to fruition.

$0.0000016 and $0.0000019 are the two price levels that the analyst has highlighted for the asset, as they are at distances equal to half-length and full-length of the channel, respectively.

Should the coin touch the former of these, it would have rallied almost 11% from the current price level, while a rise to the latter one would suggest an increase of over 31%.

PEPE Price

Following the sharp surge from the past day, the asset’s price is now trading around the $0.000001446 mark.