Mind Blowing Decentralized IDs, Massive Bitcoin Whale Buys + Celebrity Crypto Drama!

Welcome to another episode of “This Week in Crypto.” Today, we dive into decentralized IDs as the next big Web3 use case, Bitcoin whales’ billion-dollar moves, and celebrities like Lil Pump and Andrew Tate shaking up the crypto scene with bold endorsements and controversial memecoins. Stay tuned!

1. Decentralized ID as the Next ‘Killer’ Web3 Use Case
2. Bitcoin Whales Accumulate $1.4 Billion Amid Market Correction
3. Lil Pump Tattoos ‘Solana’ on Forehead After Selling his tokens
4. Andrew Tate’s Token Surpasses Iggy Azalea’s Amid Insider Claims

Decentralized ID as the Next ‘Killer’ Web3 Use Case

Cardano’s sustainability lead, Alexandre Maaza, emphasized the potential of decentralized identity (ID) solutions to onboard the next wave of mainstream blockchain adopters. Speaking at the Web3 Corporate Innovation Day, Maaza highlighted that blockchain technology currently lacks robust, non-speculative use cases necessary to attract millions of new users.

Maaza believes that decentralized ID solutions could be the next “killer” use case for blockchain, providing scalable applications relevant to both businesses and individuals. Decentralized IDs are privacy-oriented, allowing users to provide only the minimum information required for verification. These IDs can be managed via users’ crypto wallets, enhancing privacy and security.

According to Maaza, for blockchain to attract the next billion users, it must move beyond speculative applications and offer practical, scalable solutions. He sees decentralized ID as a critical step in this direction, addressing the need for secure and efficient identity management.

Bitcoin Whales Accumulate $1.4 Billion Amid Market Correction

On June 11, Bitcoin whales accumulated a combined 20,600 BTC, valued at approximately $1.38 billion, amid a market correction. This marked the largest single-day accumulation by Bitcoin whales since February 28. The accumulation occurred as Bitcoin’s price fell from $71,650 on June 7 to around $69,000.

This significant inflow of Bitcoin into whale addresses coincided with Bitcoin reserves on exchanges dropping to their lowest level since December 2021, indicating a strengthening market. Reduced Bitcoin reserves on exchanges often signal that investors anticipate upward price action over the mid to long term.

Despite a brief price spike following positive U.S. Consumer Price Index results on June 12, Bitcoin’s price remained around $67,500 at the time of writing.

Lil Pump Tattoos ‘Solana’ on Forehead After Selling his tokens

Rapper Gazzy Garcia, known as Lil Pump, sparked mixed reactions by tattooing “Solana” on his forehead and sharing it on Instagram. Garcia’s tattoo announcement came after he sold his Solana tokens. The reaction from fans and the crypto community was divided, with some criticizing the move and others celebrating it.

While some Instagram users expressed disappointment, others questioned the tattoo’s authenticity or speculated about its impact on SOL’s price. On X, community member Trader Mayne criticized Garcia’s involvement in crypto, suggesting his efforts in both music and crypto were subpar.

This event highlights the broader trend of celebrity involvement in crypto, which has seen mixed success. Many celebrity-backed tokens have experienced significant downturns, including those promoted by Caitlyn Jenner, Rich the Kid, and Floyd Mayweather. Despite this, celebrities continue to launch new tokens, as evidenced by Andrew Tate’s promotion of the Daddy Tate (DADDY) memecoin.

Andrew Tate’s Token Surpasses Iggy Azalea’s Amid Insider Claims

Andrew Tate’s Solana-based memecoin, Daddy Tate (DADDY), has surpassed Iggy Azalea’s Mother Iggy (MOTHER) token in market capitalization and price, despite allegations of insider trading. Daddy Tate’s market cap reached $300 million, trading at $0.30, while Mother Iggy’s market cap fell to $153 million, trading at $0.15.

Crypto analytics firm Bubblemaps reported significant insider activity in Daddy Tate’s launch, with 11 wallets buying 30% of the token supply before Tate promoted it. These wallets, allegedly funded through Binance, now hold around $61.4 million worth of tokens. Bubblemaps warned that concentrated holdings could lead to liquidity issues if major holders start selling.

In response, Tate claimed he would not sell his tokens but would only burn and buy more. Similar insider activity was reported in Azalea’s Mother Iggy token, raising concerns about the transparency and fairness of such celebrity-endorsed crypto projects.