🧛Memecoins Rally Despite Vampire Attacks

GM Defiers!

Memecoins continue to top lead crypto market momentum as prominent VCs throw their support behind the sector. The trend comes despite memecoin creators launching tokens intended to vampire attack rival projects attracting significant momentum.

The broader crypto markets are trending sideways after hopes that the Chinese government would unveil a hefty stimulus package were dashed.

Binance announced it will roll out Launchpool staking and pre-market trading for Scroll’s SCR token in the coming days.

Plus, FTX’s creditor compensation plan gets approved, Fractal Bitcoin proposes an ambitious Q4 roadmap, and Penpie plots an insurance protocol after $27M exploit.

✍️ In today’s newsletter:

VCs validate memecoin market thesis
Meme token vampire attacks on the rise
Markets lukewarm on ambiguous Chinese stimulus
Binance to host pre-market SCR trading
Court greenlights FTX creditor repayment plan
Fractal Bitcoin readies to support Runes
Penpie proposes compensation for hack victims

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🚀 Memecoins Rally on VC Attention

Select memecoins are continuing to rally despite the broader crypto markets posting a weak performance, with SPX up 125% and POPCAT gaining 45% over the weekend. The momentum comes as prominent venture capitalists throw their support behind the sector. Su Zhu, the co-founder of Three Arrows Capital, tipped that we will soon see prominent institutions making allocations to meme tokens.

🗡️ Memecoin ‘Vampire Attacks’ Increase

Memecoin creators are looking to usurp bullish momentum from successful assets. A new MOODENG token is rallying as its Solana-based namesake is pulling back, while Binance recently attracted backlash after listing the ‘wrong’ NEIRO token.

📉 Crypto Markets Slide as China Stimulus Disappoints

Cryptocurrencies posted a weak performance after expectations for China’s monetary stimulus fell flat. The Chinese government’s announcement offered few specifics beyond a $28 billion budget to support domestic investment projects.

🆕 Binance To Debut Pre-Market Trading For Scroll’s SCR Token On Oct. 11

Binance announced it will list Launchpool staking and pre-market trading for Scroll’s SCR token over the coming days. The news garnered controversy after Binance appeared to front-run Scroll announcing its token generation event.

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✅ FTX’s Bankruptcy Plan Approved Despite User Dissent

A U.S. bankruptcy court approved FTX’s controversial creditor repayment plan. While users are set to receive 119% of their fiat account balances as of November 2022, creditors feel they have been short-changed out of two years worth of crypto market gains.

🛣️ Fractal Bitcoin Token Drops as Team Unveils Q4 Roadmap

Fractal Bitcoin announced its Q4 roadmap, including plans to support Runes, OP_CAT-based governance voting, and a decentralized exchange facilitating trades between Bitcoin and Fractal. However, the price of its FB token is down 82% since mid-September.

💰 Penpie Proposes Compensation Plan and Insurance Protocol After $27M Exploit

Penpie proposed a compensation plan for users impacted by its $27 million exploit last month. The proposal includes plans to launch an insurance protocol that would service third-party projects.

🌍 ELSEWHERE

UN Agency Recommends Criminalization of Unlicensed VASPs in Southeast Asia to Counter Cyber Fraud (CoinDesk)
Midas Launches Tokenized Products Across Europe With No Minimum Investment (Decrypt)
Bitcoin Layer 2 Bitlayer raises $9 million Series A extension at $300 million valuation (The Block)
Bitcoin Exchange Reserves Dropped By $31 Billion Since February (Unchained)