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This week in the Cryptocurrency world, many notable events took place across different ecosystems, with a wave of positivity being revived by the optimistic sentiment of the broader market. In addition to Bitcoin (BTC) testing untapped territory, here are the updates you should not miss.
First, Bitcoin set a new local peak at $93,265 on Binance amid much BTC-related chatter. Other notable updates include Telegram’s Hamster Kombat (HMSTR) developments and the Binance listing controversy.
Why HMSTR Increased More Than 50%
Over the past seven days, the HMSTR Token has increased by over 50%, thanks to the anticipated launch of the Hamster Kombat Season 2 airdrop event. This play-to-earn (P2E) game rewards players with HMSTR Tokens, combining an engaging gameplay experience and tangible financial benefits.
The game’s success lies in its unique appeal, targeting the growing intersection between gaming and DeFi (DeFi). The increase also reflects the general trend of niche gaming tokking becoming popular, especially when accompanied by a dedicated community. Analysts emphasize the importance of timing and fresh strategy in HMSTR’s sudden ascent.
However, some people are still skeptical about the second round of this project’s airdrop after the first round did not satisfy participants.
“Hamster Kombat Season 2 won’t be a success unless they fix the huge mistake of eliminating 65%+ of their players. It feels like a planned move to weed out many users after having benefited from their efforts. It is true that cheaters need to be punished, but their system has failed to detect real cheaters. Many users who generated keys remained eligible, while genuine players who spent months collecting 100-200 keys were unfairly disqualified,” speak Keyur Rohit on X.
Shiba Inu SHIB Proposal
The Shiba Inu ecosystem also appeared in this week’s Cryptocurrency trends, after a proposal to create a “Blockchain and Innovation Strategy Center” (SHIB) in the US. As TinTucBitcoin reported, Shytoshi Kusama, the lead developer of the anonymous Shiba Inu network, revealed this information.
The “SHIB” proposal seeks to turn the Shiba Inu into more than just a Meme Coin by positioning it as a pioneer in blockchain innovation. This initiative highlights the importance of promoting a decentralized environment for developers, investors and technology entrepreneurs.
If successful, this move could enhance the Shiba Inu ecosystem, providing long-term value for its tokens. This can also reshape the concept of Meme Coin in the Cryptocurrency market.
Kusama’s proposal for a strategic blockchain center in the US is designed to function as a “Silicon Valley for Cryptocurrency.” The estimated budget is $2.35 billion over five to ten years, amid plans to establish the US as a leading center for blockchain and sustainable development. In this context, the network plans to engage Donald Trump’s Department of Government Performance (DOGE), co-led by Elon Musk.
“[Đó là] a visionary approach that our foundation WILL officially propose to this new administration as soon as this announcement is made, and I believe that even a small portion of the funds obtained through DOGE will help funding these innovations,” Kusama stated.
Drama Listed on Binance
Binance, the largest Cryptocurrency exchange based on trading volume, recently came under scrutiny following its decision to list the low-cap Solana Meme Coins PNUT and ACT. These tokens increased sharply in price after being listed, leading to accusations of market manipulation.
Critics say such listings often lead to pump-and-dump schemes that allow insiders to profit. Binance, however, maintains its listing process is rigorous and aimed at supporting diverse blockchain projects.
This controversy raises questions about the accountability and transparency of centralized exchanges, especially in volatile markets dominated by speculative trading.
Notably, ACT increased thousands of times immediately after the listing announcement. Although the controversy caused the Tokens to lose some of their value, these two Tokens are still trying to recover the lost profits.
Peter Schiff Criticizes Bitcoin
Famous economist and Bitcoin skeptic, Peter Schiff, once again criticized the Cryptocurrency. He recently claimed the pioneering cryptocurrency lacks intrinsic value and cannot serve as a reliable hedge during economic downturns.
Schiff argues that Bitcoin’s volatility weakens its status as “digital gold,” in favor of traditional assets like precious metals. While Schiff’s opinion is agreed by many traditional investors, Bitcoin supporters disagree. They argue that its decentralized nature and finite quantity offer unique advantages, especially in an era of fiat currency uncertainty.
Bitcoin skeptics have also dismissed hopes of a Bitcoin reserve in the US, contrary to Donald Trump’s previous statement. According to Schiff, a Bitcoin stockpile in the US would lead to a series of inflationary shocks that could destabilize the economy.
“That would cause the market to go into free fall, forcing the US government to print more dollars to buy more Bitcoin to prevent prices from falling, thereby reducing the value of their Bitcoin reserves. Of course, a stockpile of something you can never sell and must constantly buy is worthless as a stockpile. To maintain the pretense that their Bitcoin reserves have real value, the US government will be forced to continue buying, destroying the value of USD in the process,” Schiff explain.
More recently, Schiff took a jab at Trump Media & Technology Group (TMTG), sarcastically encouraging them to bet on Bitcoin.
El Salvador’s Bitcoin Conversion
While Peter Schiff remains skeptical of Bitcoin, El Salvador’s decision to adopt BTC as legal tender continues to bring significant benefits. Recent developments show that the country has successfully leveraged Bitcoin-fueled economic success to buy back public debt at a discount.
This milestone highlights the potential of Cryptocurrencies to strengthen national finances despite initial skepticism from international financial institutions. President Nayib Bukele’s administration notes Bitcoin’s role in improving tourism, remittances and investor confidence. This marks the success of a bold experiment in integrating Cryptocurrency into national policy.
According to data on Arkham, the El Salvador government currently owns a Bitcoin portfolio of 5,935 BTC, valued at $520.50 million at the current market rate.
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