GM, Ambulls! The crypto market is like a puzzle - each piece fitting together to form the bigger picture. It’s good to stay patient and piece it together one trade at a time.

Talking about trades, our W3OF Degen Portfolio dropped some $100 in value last week, let’s see what else happened:

Two changes were made as per last week's poll results: STG -> BRETT and OVN -> DEGEN:

😎 You can keep up with portfolio updates in #🔥|Web3OnFire chat on our Discord server or share your secrets to success!

Today we’ll also discuss:

• ☎️ TON aims to flip ETH? Check out these stats!

• ❌ Tether ban in EU

• 🤡 Iggy Azalea announced a telecom company funded by her meme token

• 💸 Former Luna team will pay $4.4 Billion to get off the hook

Let’s get to it:

TON aims to flip ETH? Check out these stats!

TON network has been making headlines and taking the crypto world by storm. From the launch of highly popular 'Notcoin', to recent record-breaking popular online clicker "game" Hamster Kombat, Telegram's TON is becoming a household name in the cryptosphere 🌎️ 

TON is breathing down ETH's neck

• TON has recently surpassed Ethereum in daily active addresses, making headlines and attracting plenty of attention 📈 

• Delphi Digital recently highlighted TON's impressive growth and its potential to 'flip' Ethereum 👇️ 

And while ‘the flippening’ may still unlikely to happen, the data shows that TON has consistently outperformed Ethereum in terms of daily active addresses since May 17th 🤔 

With a record-breaking 568,300 DAAs (daily active addresses) recorded on June 3rd, TON is proving to be a strong competitor against Ethereum's layer 2 scaling solutions.

Telegram launched a new TON-based digital payment feature called "Stars".

This move comes with the recent interest in mini-apps and games on Telegram.

With millions of users joining these mini-apps each day, TON seems to be solidifying its presence in the crypto world 🎮️ 

Adoption by popular games

One example of these mini-apps, called Hamster Kombat has recently gained millions of subscribers and became the No.1 channel on Telegram in terms of users 🔝 

Users are hoping to get as much coins as possible to then sell them, and while this can't be sustainable, it was definitely a great marketing move for TON.

Tether ban in EU

• EU has been developing policies to regulate the crypto market and curb risks related to popular stablecoins, such as Tether.

• The new Markets in Crypto-Assets (MiCA) Regulation will effectively ban these stablecoins within the 27 nations starting July 1st.

This has raised concerns among investors and traders, as Tether is a major player in the crypto world with a market capitalization of over $112 billion.

Its absence from EU exchanges will leave a significant gap for alternative stablecoins to fill 🪙 

The main reason behind this decision, according to EU, is the lack of transparency and proper backing of stablecoins like Tether.

With MiCA, issuers will have to meet strict regulations, including holding enough reserves to cover all stablecoins in circulation and undergoing thorough audits 🤓 

Tether's CEO Paolo Ardoino has criticized the MiCA rules as overly restrictive and believes they go against the decentralized nature of stablecoins 🪙 

Critics argue that Tether's lack of transparency regarding its reserves has brought this regulation upon itself, though.

The impact of MiCA on the crypto market is yet to be seen. While on paper, it aims to bring transparency and safety, there are concerns about potential liquidity shortages and a divided market split between regulated and unregulated areas 🤔 

As the EU's regulatory experiment unfolds, only time will tell if it will achieve its intended goals or just create even more instability in the already shaky crypto space.

The one thing anyone can be certain about is that the industry is about to change big time, and crypto enthusiasts should brace themselves for a bumpy road ahead 😥 

Iggy Azalea announced a telecom company funded by her meme token

The latest example of celebrities cashing in on the crypto hype comes from rapper Iggy Azalea, who has announced the launch of her very own telecommunications company 🫣 

According to her, the company will accept payments in her own token, $MOTHER.

This new venture has caused a strong reaction among Azalea's fans and crypto enthusiasts in general 👇️ 

Can shitcoins go too far?

In addition to accepting MOTHER as payment for month-to-month cell plans, Azalea's telecom company will also offer a selection of phones for purchase📱 

One can only imagine the fallout if interest in the coin drops and that whole scheme falls apart, wiping countless investors out.

It's not just the individual losses that are concerning, but the potential ripple effect on the broader markets and further loss of trust in digital assets.

Crypto's reputation is already under enough scrutiny due to the actions of countless scammers and fraudsters 😥 

Celebrity rugs

• There have been concerns about insider trading and fraudulent activities with the recent celebrity-launched meme coins like Caitlyn Jenner's $JENNER and Rich The Kid's $RICH, as well as some others.

• Azalea's MOTHER token has not been immune to such allegations, with claims of insiders buying up a large portion of the supply during launch and dumping it afterwards 👇️ 

Despite all this, Iggy remains committed to shilling her coin, stating that it is her goal to have a coin that is part of pop culture, regardless of what others might say 🤷 

Former Luna team will pay $4.4 Billion to get off the hook

Terraform Labs and Do Kwon, the people behind the collapse of the Luna ecosystem, have agreed to compensate $4.47 Billion to SEC after being sued for causing a “loss of $40 billion" in the crypto market.

• In this settlement, Terraform Labs will be barred from trading in crypto and would have to shut down its operations within 30 days.

• All private keys to their wallets holding assets such as UST, MIR, LUNA, wLUNA, and LUNA 2.0 will be deleted.

The settlement, officially submitted on June 12, holds Terraform Labs fully responsible for the 2022 Luna collapse incident and imposes a record-breaking fine of $4.47 Billion.

The fine includes penalties for improper gains, civil penalty, and prejudgment interest. The SEC has urged Judge Jed Rakoff to approve the agreement and put an end to this long legal battle.

According to sources, publicly Terraform Labs has only $74.5 million in its digital wallets, but the agreement states that assets owned by Do Kwon and Luna Foundation Guard will also be used to pay the hefty fine.

But is it enough to repay the holders that got hurt? Not at all.

Rumours suggest that Do Kwon and the Foundation have dumped assets worth $20 billion in recent years 🫠 

There was no mentions of repaying the other victims in the legal documents, too, so it seems like paying off the SEC was enough to get the former Luna team off the hook.

Total estimated losses from Luna and UST collapse exceed over $60 Billion overall.

Other worthy reads:

Mantle is offering 1M $MNT for grabs:

Some of the headlines from this week:

Interesting brain dump from WrongUser:

MEMES

That's all for now, frens.

We'll meet again in a week! And remember, the market conditions are temporary, but our commitment to building a better Web3 is here to stay. Thanks for joining us, and we look forward to seeing you back next week. Cheers!

Yours, The 🔥 Team

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