The Blockchain Bulletin, Feb 18: Ethereum Attracts More Users Than Solana

Hey folks! Let’s have a quick peek at all the major crypto events in the latest edition of The Blockchain Bulletin. Over the past 24 hours, 102,418 traders were liquidated, for a total of $221.62 million. The largest single liquidation order was on HTX – ETH-USDT, valued at $2.65M. With the ongoing scandal in Argentina, the main stock index declined by 5.7%, raising concerns about potential political and economic fallout.

Meanwhile, Ethereum and Solana are engaged in a battle for dominance as Ethereum’s reserves spiked by $1.1 billion while Solana’s dipped by $772 million. Further,  this shift suggests that Ethereum is emerging as the preferred blockchain for stablecoin transactions for users and strengthening its position in the ecosystem. On the other hand, Hong Kong’s financial sector saw increased competition as Standard Chartered took a leading role in the stablecoin race.

Security breaches remain a significant threat in the crypto ecosystem. The X account of ai16z founder Shaw was hacked following which a crypto link for fake Eliza tokens was circulated. Despite having strong security features, including 2FA, Shaw admitted to being unaware of how the hacker executed the attack. 

Related: FTX’s 11.2M SOL Unlock Could Shake Up the Market: Report

On the market side, Metaplanet acquired another 269.43 BTC, bringing its total reserves to 2,000 BTC. With this, the company’s stock jumped over 8% while the BTC yield consistently shifted highlighting volatility. Taking a major step, Binance has announced the delisting of AMB, CLV, STMX, and VITE tokens on February 24. Analysts predict XRP gaining bullish momentum to $27 based on Fibonacci levels. A technical breakout featuring an Adam and Eve pattern has further fueled optimism among investors.

In a dramatic turn of events, a Chinese programmer Hu Lezhi burned 603 ETH (worth $1.65 million) and donated 1,950 ETH ($5.35 million). Further, he accused executives at Kuande Investment of employing brain-computer weapons. On the other hand, Tether has signed an MoU with Guinea to accelerate blockchain adoption and support Africa’s digital transformation, while speculations are rife over Russia’s potential nod to Visa and Mastercard. 

Related: Will Dogecoin Follow Past Trends After MVRV Death Cross?

Amid these developments, Elon Musk’s association with DOGE has drawn further intrigue. Reports suggest that Musk’s DOGE will soon audit the U.S. Securities and Exchange Commission (SEC) for fraud, abuse, and waste, triggering friction between regulatory bodies and the crypto sector.

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