Posts in category: Altcoin News

Hamster Kombat (HMSTR), the Tap-to-Earn game on Telegram, is experiencing a huge price dump. HMSTR token has crashed more than 53% in the past 7 days, with a further 17% decline in the past day, and investors are worried.

At the time of writing, HMSTR is valued at $0.0009335, which is almost 90 percent lower than its all-time high of $0.01. The crash occurs against the backdrop of a whale sell-off, airdropped token dump, and sharp decline in user activity.

Analysts suggest that one of the biggest factors that caused the crash is the sell pressure of airdrop recipients and whales. More than 131 million users got free HMSTR tokens, and many of them are currently dumping their assets.

Nansen data indicates that exchange balances were increasing, indicating that a huge dump was imminent. Meanwhile, perpetual funding rates on HMSTR have rolled over to the downside, indicating high short interest.

The user excitement has declined drastically, and the number of active users has declined from 300 million to 13 million. The airdrop structure is dissatisfactory to many users, with only a percentage of tokens being claimable immediately. Confidence has also been damaged by technical problems in TON and Telegram wallets.

Analysts such as Crypto Philip reckon that the Tap-to-Earn model is already overstaying its welcome, and poor tokenomics—64 billion tokens are in circulation with more unlocks in the future—are not helping.

The future of HMSTR is uncertain in the crypto market, which is otherwise stable. The project may slip further without a rapid recovery or a turn in sentiment.

The crypto market crashed after Israel carried out a surprise airstrike on Iran early in the morning, shaking global markets and dragging digital assets down with it.

Within hours, over $1.15 billion in crypto liquidations were wiped out across major exchanges. Bitcoin dipped below $104K, but it wasn’t alone. Altcoins were hit just as hard, if not harder, as the geopolitical tremor quickly turned into a full-blown market rout.

Solana (SOL)

Solana was one of the biggest casualties of this crash. It dropped over 9% to $144.47 in a steep fall that wiped out $52.56 million in open positions. Of that, $46.14 million were long trades, traders betting on the upside who got completely rekt.

The market cap values at $75.97 billion, and the 24-hour trading volume on Solana spiked to $5.71 billion, up more than 21%, showing how intense the exit was. What started as a sharp dip turned into a full liquidation cascade, especially on high-leverage plays.

Dogecoin (DOGE)

Dogecoin, despite its meme status, wasn’t spared either. The memecoin dropped 9.20% to $0.1733. Around $26.14 million was liquidated in 24 hours, with longs again taking the major hit at $24.44 million. Dogecoin had seen a mini revival recently, but the crash knocked it back down fast.

The market cap currently stands at $25.94 billion, and 24-hour trading volume jumped to $1.87 billion as traders rushed to cut losses. The same retail crowd that often props it up was now on the other side of the trade, forced to sell.

Sui (SUI)

Sui took one of the sharpest hits in percentage terms. Down nearly 11%, it now trades at $3. Over $13.4 million worth of positions were liquidated in the crash, $12.6 million of them were longs. Sui had been on a bit of a run before the crash, but its thin order books made it especially vulnerable.

Its market cap dropped to $10.19 billion, and trading volume jumped 79% to $1.66 billion as traders scrambled to escape collapsing setups. It’s the kind of altcoin that runs when risk is on, and sinks fast when it’s not.

Litecoin (LTC)

Litecoin, which usually flies under the radar during big market moves, also got dragged into the storm. It dropped 7% to $83.48, with $4.13 million in liquidations. Most of it, $4.04 million, came from long positions. Litecoin had been fairly stable over the last few weeks, but once the broader market turned red, it followed.

Volume increased by 14.07% to $522.97 million, and the market cap values at $6.34 billion as LTC holders moved quickly to reduce exposure.

Pi Network (PI)

Pi Network isn’t usually in the spotlight, but it even got hammered. The token saw a brutal 13.82% drop, now priced at $0.5455. It saw a massive surge in activity, 24-hour volume spiked by over 250%, reaching $213.35 million. That kind of volume spike, paired with a double-digit price drop, signals nothing but panic.

The 24-hour trading volume currently stands at $212 million, pumping 258%, and the market cap dropped to $4.06 billion as traders dumped positions in fear of deeper losses.

This crypto market crash wasn’t technical, it wasn’t about ETFs, and it wasn’t triggered by a central bank comment. It was geopolitical, raw, real-world conflict spilling into digital asset prices.

After the strike, oil prices started climbing, gold spiked, and risk assets tanked. JPMorgan quickly warned oil could hit $120 if the conflict escalates, which could push U.S. inflation back up to 5%. That adds another layer of risk for crypto: macro uncertainty, rising inflation, and less room for the Fed to ease.

More than 247,000 traders were liquidated in this crash. The single biggest liquidation happened on Binance: a BTCUSDT position worth over $201 million. Long traders across the board got wiped out. The total crypto market cap is now down nearly 5% in a single day, sitting at $3.23 trillion.

This is what a real crypto market crash looks like: fast, unexpected, and brutal. No warning. No time to react. Just fear, volume spikes, and liquidation charts lighting up like Christmas.

Invesco and Galaxy Digital Asset Management have officially filed for a Solana ETF in Delaware. According to the filing, the firm registered an entity “Invesco Galaxy Solana ETF” under the Delaware Division of Corporations as a domestic statutory trust on June 12, 2025.

This Solana ETF is designed to give investors who do not want to invest directly in SOL another option to gain exposure through a traditional investment vehicle. The latest filing suggests that Invesco and Galaxy Digital could soon file the Form S-1 with the U.S. Securities and Exchange Commission (SEC) to officially register the ETF.

This is coming as the odds of the agency approving the ETF keep rising. Earlier this week, Bloomberg ETF analyst James Seyffart said there’s a 90% chance that SOL ETF gets approved.

In a statement on June 10, he added that SEC has begun early discussions with potential companies that are looking to also launch Solana ETF on details like in-kind redemptions and whether staking will be allowed inside the ETF structure.

“Conversations around the nuances of staking Solana in ETFs is getting underway between SEC and hopeful Solana ETF issuers,” Seyffart said. This is a big deal, as staking rewards are a core part of how Solana works, and including them in ETFs would be a first.

Now, Invesco and Galaxy Digital will be joining a list of firms that are already lined up to offer the same service including Fidelity, VanEck, Franklin Templeton, Grayscale, Bitwise, 21Shares, and Canary Capital.

Grayscale, in particular, is working to convert its existing Solana Trust into a fully regulated ETF. However, the SEC has delayed making a decision on that application as of last month.

Meanwhile, betting markets are staying strong on this ETF. On Polymarket, traders have priced their money on a 91% chance of Solana ETF approval before the end of the year.

The SEC’s final deadlines are set for October, but recent progress suggests decisions may come sooner. If approved, Solana would join Bitcoin and Ethereum in offering spot ETFs on Wall Street.

BlackRock may soon join the race to launch XRP and Solana exchange-traded funds (ETFs), according to Nate Geraci, President of The ETF Store In a recent tweet on X, he said, “I still fully expect BlackRock to file for spot sol & xrp ETFs.” To Garaci, it’s just a matter of time before the world’s largest asset manager files for these crypto ETFs.

BlackRock hasn’t said anything about these ETFs yet, but Geraci believes the company won’t just watch other firms lead the altcoin ETF boom. “As leader in both spot btc & eth ETFs, it would make *zero* sense to cede other top crypto asset ETF categories to competitors.,” he said.

This new tweet adds up to his earlier predictions. In a previous report, Geraci pointed out that BlackRock already holds strong positions with its Bitcoin and Ethereum ETFs, and is likely to expand its reach. He also mentioned that the Grayscale Digital Large Cap Fund, which includes XRP, could be converted into a full ETF.

He noted that futures contracts, like the new CME-traded XRP futures, often come before spot ETF filings. These contracts are overseen by the CFTC and help build trust by offering regulated pricing. Geraci said XRP is now in a better spot legally, especially since Ripple’s case with the SEC is near settlement.

In earlier remarks from March 2025, Geraci said a filing from BlackRock or even Fidelity could happen shortly after Ripple’s legal case ends. He stressed that big firms would not want to fall behind in the altcoin ETF space.

Solana is also in the spotlight. Yesterday, Invesco and Invesco and Galaxy Digital Asset Management filled for a Solana ETF in Delaware. Meanwhile, Bloomberg analyst Eric Balchunas has hinted at a possible “Altcoin ETF Summer,” suggesting Solana could be first in line. Analyst James Seyffart has also shown strong odds: 90% for Solana and 87% for XRP, according to Polymarket.

So far, BlackRock has stayed silent. The company is still focused on its iShares Bitcoin Trust (IBIT) and Ethereum Trust (ETHA), which have performed well.

Moreover, last year, BlackRock’s ETF chief, Samara Cohen, said that only Bitcoin and Ethereum met their standards for liquidity and maturity. It’s unclear if this view has changed.