🙈 Meme coins finally see a major pullback

Welcome to Coinsauce’s newsletter, the go-to place for crypto highlights and recaps! Whether the market offers a rush of adrenaline or a moment of peace, we're here to bring you all the necessary updates daily. Today is all about the latter, so sit back, relax, and soak in the tranquillity before the next thrill ride!

Top highlights from the past 24 hours 👇️ 

•  🔥 Miners take charge! - Miner revenue from fees reaches two years high, thanks to the BRC-20 frenzy

•  🙈 Cool off! - After astronomical gains over the past month, meme coins finally see a major pullback

• 🔴 Hack Alert! - Deus Finance hacked for $6 million in a stablecoin exploit

  

  As of 23:23 GMT

Miners take charge ❗️ 

It's raining fees for Bitcoin miners as transaction revenue has reached a 2-year high! Thanks to a surge in transactions in BRC-20 tokens, 32% of mining revenue comes from fees. Ordinal inscriptions play a significant role in this, accounting for up to 40% of mined transactions and 20% of paid 💳

This uptick is a positive sign for the crypto market, suggesting increased adoption and economic activity. The young BRC-20 economy is valued at over $900 million. Other on-chain metrics like the number of active addresses and transactions are also on the rise, painting a picture of a healthy and thriving ecosystem ❗️ 

However, this bounty of fees affects individuals making regular transactions, as fees are becoming a bit expensive. Transactions that are processed under a dollar require upwards of $7 in fees 😅 

The miners are defying the typical bear market and flipping the script with these fees, and with the craze of BRC-20 just picking up, it looks like their balances will become bigger!

The “Memecoin Rollercoaster” takes a dip 🎢 

After an impressive run-up over the past month or so, meme coins have finally decided to take a breather, as early speculators seem to be booking their gains, leaving latecomers to feel the burn!

Unless you live under a rock, you already know that coins like $PEPE and $WOJAK saw a meteoric rise over the past month, turning small investments into overnight fortunes. But like all good things, the party had to end, and these tokens have crashed down by a whopping 50-70% from their peak - all within 48 hours 😢 

As usual, it looks like the intelligent people cashed out just in time while the greedy individuals are left holding the bag. Remember: timing is everything!

Moral of the story: Don't be too attached to your memes. They may break your heart in the end 😂

DEUS Finance exploited in a DEI-rect Hit ❗️ 

DEUS Finance was hacked again over the weekend. This time around, they lost over $6 million due to a vulnerability in their own stablecoin DEI.

The attack was carried out on BNB Smart Chain and Arbitrum, resulting in a loss of over $1.3 million and $5 million, respectively.

They were also previously downed by a flash-loan attack in March 2022, losing over $3 million due to their exploit.

Thankfully, the platform said that a large chunk had been recovered, thanks to the efforts of various white-hat hackers 🎩 

Let’s hope that this time around, DEUS learns from this "DEI-disastrous" wake-up call!

Meme of the day

Pick your poison - Day trading crypto or Investing in meme coins? 😂 

Thanks for joining us on this daily journey through the ever-evolving world of cryptocurrency! We hope our insights have helped you stay ahead of the game and made you chuckle a few times along the way. Remember to HODL tight and stay tuned for tomorrow's edition of Coinsauce!🙏

Disclaimer: This newsletter is educational and does not constitute financial advice. You must exercise caution and conduct your research before making any financial decision.