Summary of the last 24 hours of social chatter.

Crypto Market Report: March 26-27, 2025

Summary

The crypto market experienced a volatile period marked by significant news and events, including a major incident involving Hyperliquid, a decentralized exchange, and a whale manipulation scheme. The incident resulted in a $10 million loss for Hyperliquid's liquidity provider (HLP) vault and highlighted the risks associated with decentralized finance (DeFi) platforms.

Meanwhile, institutional adoption continued to gain momentum, with GameStop announcing a $1.3 billion private offering of convertible senior notes, potentially for Bitcoin acquisition. The SEC's decision to drop its appeal against Ripple without any conditions further boosted sentiment in the crypto space.

New token launches and airdrops continued to attract attention, with notable mentions including Particle Network's $PARTI token, Kernel DAO's KERNEL airdrop, and Walrus's WAL token listing on multiple exchanges.

Overall, the market exhibited a mixed sentiment, with Bitcoin trading sideways and altcoins reacting accordingly. The ongoing trade war and concerns over the economic impact continue to influence market liquidity and investor sentiment.

News and Developments

Regulatory News

• SEC Ends Probe Into Immutable With No Action Taken: The SEC has concluded its investigation into Immutable, a blockchain gaming platform, without taking any action. https://cryptopanic.com/news/20875583/SEC-Ends-Probe-Into-Immutable-With-No-Action-Taken?mtm_campaign=API-OFA
• SEC Dropped its Appeal Against Ripple Without Any Conditions: The SEC has dropped its appeal against Ripple, effectively ending the legal battle over the penalties. https://x.com/s_alderoty/status/1904587116488917053
• Senate Votes to Repeal Controversial IRS Rule, Trump Expected to Sign: The Senate has voted to repeal a controversial IRS rule that would have required certain DeFi participants to operate like traditional securities brokers. https://www.theblock.co/post/348358/senate-votes-to-repeal-controversial-irs-rule-trump-expected-to-sign

Institutional Activities

• GameStop (GME) Announces Proposed Private Offering of $1.3 Billion of Convertible Senior Notes: GameStop plans to use the proceeds for general corporate purposes, including the acquisition of Bitcoin. https://www.sec.gov/Archives/edgar/data/1326380/000119312525002233/d439234d8k.htm
• Fidelity Investments Files for a Spot Solana ETF: Fidelity joins other major firms in pursuing approval for Solana-based investment products. https://www.coindesk.com/business/2025/03/26/fidelity-files-for-spot-solana-etf-with-cboe-exchange/
• Google Cloud is now a validator for the Injective network: Google Cloud's involvement strengthens Injective's infrastructure and security. https://x.com/injective/status/1904896583050653915

Project Updates and Partnerships

• Movement [MOVE] recovers $38M from its market maker: Binance identified a market maker who dumped MOVE tokens and recovered the funds for a buyback program. https://movementnetwork.xyz/article/movement-network-foundation-statement
• Gunzilla Games [GUN] acquires Game Informer: Gunzilla Games, a game developer behind "Off The Grid," acquires the iconic gaming publication. https://gunzillagames.com/en/news/63-Gunzilla-Games-Acquires-Game-Informer
• Clearpool\u2019s L2 Ozean partners with Maple: Ozean, a Layer 2 blockchain for RWA yield, partners with Maple to expand institutional access to DeFi yields. https://clearpool.medium.com/ozean-maple-partner-to-expand-institutional-access-to-defi-yields-adding-syrupusdc-to-port-dad8ada27ed2
• Kernel DAO will airdrop 10% of total KERNEL supply: Kernel, a core restaking infrastructure on the BNB Chain, will airdrop tokens to qualified participants. https://blogs.kerneldao.com/blog/kernel-airdrop-early-checker-is-live
• Kaito Genesis NFTs to Evolve Into PFP Collections: Kaito Genesis NFTs will serve as early access keys for a launchpad and act as vote multipliers. https://x.com/kaitoai/status/1904845827878576150
• Carv is launching Infinite Play, an innovative gaming platform: Carv, a data layer platform for Web3 gaming, is launching a new gaming platform with a $300,000 prize pool. https://x.com/carv_official/status/1904418548048642231
• Rumble to Launch Rumble Wallet with Tether Support: Rumble, a YouTube competitor, is launching a wallet with Tether support. https://x.com/paoloardoino/status/1904792902489845960
• COTI Foundation (COTI) kicks off a V2.0 Mainnet: The update includes a new Explorer and Bridge for upgrading from V1 to V2. https://cotinetwork.medium.com/coti-v2-mainnet-is-now-live-a-new-era-for-web3-privacy-begins-f2a8631852e4
• LayerZero Chosen by Wyoming as the Token Issuance Partner for WYST: LayerZero will be used to issue WYST, the first US state-backed fiat stablecoin. https://x.com/LayerZero_Core/status/1904978923387265421
• Vana x Flower Labs: Introducing \u2018COLLECTIVE-1\u2019: COLLECTIVE-1 is a decentralized, user-owned foundation model that leverages user-contributed data. https://x.com/vana/status/1904896659860922790
• Raiku: Solana\u2019s Coordination Layer: Raiku introduces novel transaction types for fast and guaranteed inclusion on Solana. https://x.com/raikucom/status/1904551502955368605
• Nikita Bier Joins Solana as an Advisor: Nikita Bier, a social consumer app guru, joins Solana to help select companies launch and grow their apps. https://x.com/nikitabier/status/1904595240289284404
• Celo $CELO is launching its Layer 2 Mainnet: Celo's Layer 2 Mainnet aims to enhance scalability and efficiency. https://x.com/celoorg/status/1904697474434361344

Market Trends and Price Movements

• Bitcoin is currently in a local sideways range: Bitcoin is holding above its 200-day moving average, but negative funding rates and high long liquidations indicate bearish pressure. https://www.tradingview.com/chart/BTCUSDT/vQOfXAXT-Bitcoin-s-Next-Challenge-Can-BTC-Break-the-Heavy-Resistance/
• Ethereum remains range-bound: Ethereum is trading below major moving averages, with increased long liquidations suggesting mixed sentiment. https://www.tradingview.com/chart/ETHUSDT/vQOfXAXT-Bitcoin-s-Next-Challenge-Can-BTC-Break-the-Heavy-Resistance/
• Notable movers: PEPE (+11.2%), SHIB (+9.9%), SUI (8.8%), DOGE (+6.0%), JTO (+5.9%). https://www.coingecko.com/en/coins/pepe
• Top Gainers Among Blockchains Last Month: Dropstab.com provides a list of top gainers among blockchains. https://dropstab.com/categories/blockchain
• Top 15 tokens by Current ROI launched in Q1 2025: Particle, MyShell, and Xterio are among the top performers. https://dropstab.com/categories/blockchain
• Top 7 NFT Collections by Market Cap: CoinGecko provides a list of top NFT collections by market cap. https://www.coingecko.com/en/nft
• Recent Investments by Crypto Founders: Dropstab.com provides a list of recent investments by crypto founders. https://dropstab.com/investors
• Top Blockchains by Commits and Development Activity in last 7 days: Artemis.xyz provides data on blockchain development activity. https://artemis.xyz

Hyperliquid Incident

• Hyperliquid suffered its second whale manipulation event in two weeks: A user shorted JELLYJELLY, forcing Hyperliquid to assume hefty losses. https://www.theblock.co/post/348314/hyperliquid-delists-jellyjelly-memecoin-amid-whale-manipulation-fiasco
• Hyperliquid delisted JELLYJELLY and settled the position at a favorable price: Hyperliquid took action to protect users from the exploit. https://x.com/sigmasquared_/status/1904918752958743013?s=52&t=txFAbiSPTdLLDlAYj9X_AA
• Hyperliquid Validator Set Vote to Delist JELLY Perps After Evidence of Suspicious Activity: Hyperliquid's validator set voted to delist JELLY perps. https://x.com/hyperliquidx/status/1904923137684496784?s=52&t=txFAbiSPTdLLDlAYj9X_AA
• Hyperliquid liquidated 392M $JELLY($3.72M) at $0.0095, making a profit of$703K without any loss: Hyperliquid closed the position at a favorable price. https://x.com/lookonchain/status/1904902828319269068
• Hyperliquid to refund all losses from exploit except flagged addresses: Hyperliquid will compensate users for losses. https://velo.xyz/news
• Binance & OKX list JELLY perps: Binance and OKX listed perpetual futures trading for JELLYJELLY. https://t.me/iansintel/5027
• CZ subtweeting HL: Binance CEO Changpeng Zhao (CZ) commented on the Hyperliquid incident. https://x.com/0xSheldon/status/1904928118881530317
• Yi He acknowledging requests to list JELLY: Binance's Yi He acknowledged requests to list JELLY. https://x.com/heyibinance/status/1904908339701833978
• Gracy Chen (Bitget) says HL is FTX 2.0: Bitget CEO Gracy Chen compared Hyperliquid to FTX. https://x.com/GracyBitget/status/1904941729834557453
• dYdX trying to stay relevant: dYdX, a decentralized exchange, commented on the Hyperliquid incident. https://x.com/dYdX/status/1904929880262816140

Degen Alpha

New Token Launches

• $FZERO:
  • Contract Address: YDRs7v2mjEAYq5HYd3y7Cr3aS6n7p4DkaDSxfJnzero
  • DexScreener: https://dexscreener.com/solana/YDRs7v2mjEAYq5HYd3y7Cr3aS6n7p4DkaDSxfJnzero
  • Official Website: https://www.f0.app/
  • Official X: https://x.com/f0app
  • Potential Risks: New token with limited liquidity and trading volume.
• $CORN:
  • Contract Address: Not provided in the dump.
  • DexScreener: Not provided in the dump.
  • Official Website: Not provided in the dump.
  • Official X: Not provided in the dump.
  • Potential Risks: New token with limited liquidity and trading volume.
• $WAL:
  • Contract Address: Not provided in the dump.
  • DexScreener: Not provided in the dump.
  • Official Website: Not provided in the dump.
  • Official X: https://x.com/WalrusProtocol
  • Potential Risks: New token with limited liquidity and trading volume.
• $MADAF:
  • Contract Address: Not provided in the dump.
  • DexScreener: https://dexscreener.com/solana/dkwkqeenf2d4dmspkkpphaucc59jsy57k1rrsdxhgpue
  • Official Website: Not provided in the dump.
  • Official X: Not provided in the dump.
  • Potential Risks: New token with limited liquidity and trading volume.

Airdrops

• Particle Network $PARTI: Airdrop constitutes 9% of the total supply, available to early users and participants. https://twitter.com/i/status/1904515174620422574
• Kernel DAO $KERNEL: Airdrop of 10% of total supply to qualified participants. https://kerneldao.com/airdrop-checker

Upcoming Events

• Stable Jack $JACK public sale on Fjord Foundry: Public sale will take place on March 26 at 12:00 UTC. https://fjordfoundry.com/
• Walrus (WAL) initial listing on multiple exchanges: Listing on Kraken, Bybit, KuCoin, MEXC, Gate, and other exchanges on March 27 at 10:00 AM UTC. https://x.com/WalrusProtocol/status/1904631903489319369
• Corn (CORN) initial listing on Bybit: Listing on Bybit on March 28 at 10:00 UTC. https://announcements.bybit.com/article/new-listing-corn-usdt-grab-a-share-of-the-1-700-000-corn-prize-pool-blta345c789b3a9401d/
• Wiki Finance Expo Hong Kong 2025: Event on March 27 in Hong Kong, China. https://coindar.org/en/event/measurable-data-token-mdt-wiki-finance-expo-hong-kong-2025-in-hong-kong

Patterns and Insights

• CEX Dominance: The Hyperliquid incident highlights the ongoing influence of centralized exchanges (CEXs) on the DeFi ecosystem. CEXs can quickly list new tokens and futures contracts, potentially impacting the price of assets and the stability of DeFi platforms.
• Whale Manipulation: The Hyperliquid incident demonstrates the potential for whale manipulation in DeFi. Whales can exploit vulnerabilities in DeFi protocols to generate significant profits at the expense of other users.
• Importance of Risk Management: The Hyperliquid incident underscores the importance of robust risk management practices for DeFi platforms. Protocols need to implement safeguards to mitigate the risks of whale manipulation and other potential exploits.
• Decentralization as a Process: The Hyperliquid incident highlights that decentralization is an ongoing process. DeFi platforms are still evolving, and there are inherent risks associated with their development.
• Institutional Adoption: The news of GameStop's potential Bitcoin acquisition and Fidelity's Solana ETF filing indicates continued institutional interest in the crypto space. This trend could lead to increased price stability and broader adoption of crypto assets.
• Regulatory Uncertainty: The Senate's vote to repeal the controversial IRS rule suggests a potential shift in regulatory sentiment towards DeFi. However, regulatory uncertainty remains a significant factor for the crypto industry.

Disclaimer: This report is for informational purposes only and should not be considered investment advice. Always conduct your own research (DYOR) before making any investment decisions.