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Mooners and Shakers: Bitcoin resisted; ‘Frog Nation’ cryptos plummet over Wonderland drama

With the dust settling after yesterday’s ultimately “hawkish” briefing on inflation tactics from the US Fed, Bitcoin has slipped back … Read More
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This article was originally published by Stockhead

With the dust settling after yesterday’s ultimately “hawkish” briefing on inflation tactics from the US Fed, Bitcoin has slipped back into rangebound, heavily resisted territory.

Meanwhile, the co-founder of Wonderland (TIME) has been outed as having a financially shady past, causing downturns in related “Frog Nation” DeFi projects (see more, further below).

 

Top 10 overview

With the overall crypto market cap down about 3.5% over the past 24 hours, here’s the state of play in the top 10 by market cap at the time of writing – according to CoinGecko data.

Having led the charge into yesterday’s pre-FOMC meeting relief rally yesterday, Ethereum (ETH) is leading the top 10 coins back down out of it at the present moment with a 5.8% dip over the past 24 hours.

The Market Mover in Chief, Bitcoin (BTC), meanwhile looks to be meekly sliding back into its recently familiar “consolidation” range, which is about $US28k to US$38k, according to the analyst Rekt Capital.

Both he, and Dutch trader Michaël van de Poppe are targeting a similar level for the OG crypto that must flip into support if any kind of bullish conversation is to renew for the market.

Things are shaky and uncertain, at least in the short term, for crypto prices (and plenty of other assets) right now. And as has been well documented, that’s partly based on the Fed’s hawkish tone about belt-tightening and interest-rate hikes this year as well as some other macro-economic and global political factors at play.

Let’s see how the US stock markets, still a bit of a leading indicator for crypto, react today. At the present moment, the S&P 500 and Nasdaq have opened in a “hmm, yeahnah, dunno” kinda mood, trading pretty flat at about +0.3%.

 

Winners and losers: 11–100

Sweeping a market-cap range of about US$19 billion to about US$871 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time.

DAILY PUMPERS

• The Sandbox (SAND), (market cap: US$3.16b) +6%

• Theta Network (THETA), (mc: US$3b) +5.5%

FTX Token (FTT), (mc: US$5.4b) +4%

Filecoin (FIL), (mc: US$3b) +3%

• Decentraland (MANA), (mc: US$3.5b) +2.5%

 

DAILY SLUMPERS

• Celsius Network (CEL), (market cap: US$870m) -11%

• OKB (OKB), (mc: US$5.4b) -10%

Quant (QNT), (mc: US$1.3m) -9.7%

• Waves (WAVES), (mc: US$1b) -9%

• Axie Infinity (AXS), (mc: US$3.5b) -8.8%

 

Lower-cap winners and losers

Moving below the crypto unicorns (in some cases well below), here’s just a selection catching our eye…

DAILY PUMPERS

cVault,finance (CORE), (market cap: US$129m) +40%

• Numeraire (NMR), (mc: US$163m) +28%

• Pegaxy Stone (PGX), (mc: US$35m) +27%

• Trader Joe (JOE), (mc: US$163m) +19%

Netvrk (NTVRK), (mc: US$85m) +18.5%

 

DAILY SLUMPERS

• Wonderland (TIME), (market cap: US$317m) -42%

• Popsicle Finance (ICE), (mc: US$55m) -41%

Spell Token (SPELL), (mc: US$461m) -30%

• Redacted Cartel (BTRFLY), (mc: US$113m) -27%

• Opulous (OPUL), (mc: US$33.6m) -22%

Soooo… TIME, ICE and SPELL… sometimes referred to as part of the “Frog Nation” DeFi projects on Crypto Twitter… here’s the unfortunate story for their investors, in a nutshell.

The identity of Avalanche-based DeFi protocol Wonderland’s treasury manager “0xSifu” has been revealed to be Michael Patryn, the co-founder of the collapsed Canadian crypto exchange QuadrigaCX.

QuadrigaCX made news in 2019 after its operator, and Patryn’s former partner, Gerald Cotten vanished with US$169 million of investors’ funds.

According to reports, following the exchange’s rort, Patryn was identified  as Omar Dhanani, a criminal who spent 18 months in prison in the US on identity theft charges in 2005.

Fast forward today, and Patryn has been freshly “doxxed” again, by a self-described “on-chain sleuth” who goes by the Twitter handle “zachxbt.eth”.

What’s almost as galling for Wonderland investors, is that it turns out that Daniele Sesta – the respected founder of Wonderland, abracadabra.money (SPELL) and Popsicle – was aware at least a month ago of 0xSifu’s real identity yet had chosen to do nothing about it.

While Wonderland has dumped the hardest, now down 96.8% from its November peak, all of Sesta’s DeFi projects are unfortunately taking a collateral-damage hit today.

 

Final word

This pretty much sums up the mood on Crypto Twitter today regarding the Wonderland/Frog Nation fallout…

 

The post Mooners and Shakers: Bitcoin resisted; ‘Frog Nation’ cryptos plummet over Wonderland drama appeared first on Stockhead.



Author: Rob Badman

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