Once again, the Solana ecosystem came into the spotlight for the launch of identified fake cryptocurrency names such as the ‘ National Hong Kong Coin’. According to officials, this coin was promoted through a social media account that impersonated an enforcement official.
Soon after its launch, the token gained huge attention, yet a Hong Kong legislative council member confirmed that the government had not launched any such coin.
The increased launch of memecoins projects over the Solana ecosystem in the last quarter of 2024 has helped it to reach new heights; however, the crackdown of some known memecoins based on SOL has drained its revenue in the year-to-date time frame.
Why did the National Hong Kong Coin gain huge attention?
The announcement of the fake coin launch was made by an X account pretending to be an official under the Hong Kong government; in the announcement post, the bad actor also attached pictures of John Lee Ka-Chiu to create legitimacy among the investors and the ones interacting with the post.
The official Ng Kit Chuang made investors aware of such a launch and argued to make researched investments and test the legitimacy before investing.
These types of scams and fraud activities in Hong Kong might affect the positive sentiment of the government and the current regulations.
Over the past few years, HK has keenly worked on its crypto ecosystem and now is closely competing with other leading crypto hubs such as UAE, Singapore, and a few others.
What is happening in the global crypto market?
Since the past 48 hours, the crypto market has shown mixed sentiments, and as of writing, the market capitalization was at $3 trillion, with an increase of 2.01%.
The fear and greed index is recovering slowly and is now at 30, still determining a fear in the wider sentiment. The CMC 100 is at $182.57 with an increase of 1.46,% and the dominance of Bitcoin is 60.39%.
On the upcoming Friday, the White House is set to organize a crypto summit, and the attendees will be the top leaders of the digital asset market, such as someone from Coinbase, Robinhood, and a few others from big exchanges and institutions.
The acting chairman of the Securities and Exchange Commission of the United States and the acting chairman of CFTC will also attend the meeting with two other officials.
With the news, Bitcoin once again crossed the milestone of $90k, trading at $91,981 with a surge of 5.74% weekly.
Ether also showed a slight recovery, now trading at $2,288.34; its market capitalization is $275.46 billion, with a growth of 2.73%.
According to data from CoinMarketCap, the intraday gainer’s list has been ruled by Cronos with a surge of 18.89% trading at $0.09310, followed by Movement, Ondo, Render, Near Protocol, and Chainlink.
The weekly list of the most surged tokens is led by Cardano, Bitcoin Cash, Cronos, Hedera, Ondo, XRP, and Bitget Token.
