NEW YORK, Sept 29 — Given the popularity of baby pygmy hippo, Moo Deng at Thailand’s Khao Kheow Open Zoo a zoo in Thailand — it was only a matter of time before she would have dedicated cryptocurrency.

And given that memecoins, which have zero underlying value and trade purely on vibes and hype, it’s no surprise Moo Deng Coin has shot up 1,400% since it was created less than three weeks ago, reported CNN.

On September 10, an anonymous trader whose Solana wallet address starts with “Db3P” bought 6 SOL worth of a new meme coin called Moo Deng.

That US$800 (RM3,300) investment, made four hours after the token was launched, was worth around US$7.5 million (RM30.9 million) worth of the pygmy hippo tokens on Friday, according to blockchain data.

That’s up from US$3.5 million (RM14.4 million) early Thursday, when Arkham Intelligence last rang the bell about the trader’s incredible gains.

Decrypt examined blockchain data on Friday, and found that approximately 30.2 million MOODENG tokens are still being held between the main wallet and three others, following transfers to those wallets last week.

The as-yet-unidentified trader has faced accusations across Twitter of being an “insider” who got an early jump on the coin, or an undisclosed team member who is now reaping the rewards.

The fun will likely be over when Db3P actually cashes out, which could signal that the coin’s collapse since the coin isn’t based on anything and has no utility.

Moo Deng coin is the latest product of a niche online culture that also birthed Dogecoin (created as a joke to dunk on bitcoin) and Shiba Inu coin (a joke to dunk on Dogecoin).

Like any fun internet sensation, memecoins tend to have a short lifespan.

Moo Deng’s cuteness may play a part as the driving force behind the new coin, which was up 90% over 24 hours on Friday, trading at about 25 cents (RM1.03) a coin.

The MooDeng coin may look like a worthy investment, but don’t be fooled by the hype. — Image from Solana

The US Federal Reserve’s rate cut last week, and signals of more cuts to come, are also powering a surge in crypto broadly, from the Moo Dengs to the more mainstream bitcoin and ethereum, as looser monetary policy tends to benefit high-risk assets like crypto.

The popularity of the memecoin, which has fluctuated in value, and now appears to be on the slow downtrend has spawned a series of related tokens, including coins dedicated to Moo Deng’s mother, Jonah, and siblings Moo Toon and Moo Waan.

It is a well-known fact that the value of cryptocurrencies does not remain unchanged and keeps on changing greatly. For example, even the Shiba Inu (SHIB) was able to make the same way from oblivion to great fame. However, according to top market experts, this new rising cryptocurrency is the Next Shiba Inu (SHIB).

Shiba Inu (SHIB): The Historical Price Rally

The coin was launched in July 2020 and became quite a hit with meme coin lovers where Shiba Inu’s price went from $0.00000001 to $0.00008845 by October 2021. This exceptional increase of over 88,000,000% brought a lot of media attention to SHIB which now contains the list of successful cryptocurrencies. Only in the first year of trading SHIB, it achieved an impressive growth of 54,505%, something most of the cryptos have not done.

Like Shiba Inu who had the best year in 2021 and then all the news concerning why it collapsed, it too was relevant through cries and bullish periods of the crypto market. Even as of 2024, the SHIB price average stood at $0.0000184 average, the yearly closing price standing at $0.0000150, the price going 3 times above this of $0.0000453. Investors have lost interest and concentration in their quest for what they call ‘the next Shiba Inu whose kind of returns would be in the foreseeable future making upside-down changes in the market.

Rexas Finance (RXS): The Next Shiba Inu (SHIB)

The meme factors and low entry barrier of Shiba Inu generated adequate accessibility to the wider public. Likewise, Rexas Finance envisages the possibility of serving also individuals as well as organizations through its design which is easy and simple. No matter whether it is real estate, artwork, or a burst of ideas, Rexas Finance has all of the necessary features for these assets to be incorporated into the blockchain. This concern about usability is an advantage to RXS as it will target a wide range of users including some who may be inexperienced with the concept of digital assets management.

Early Adoption and Token Presale Success

The early presale period activities are one of the necessary conditions for every cryptocurrency focusing on achieving similar results as that of SHIB to consider. For the case of Rexas Finance (RXS), the presale phase has been enthusiastic. Of the 425 million RXS tokens set aside for presale, the first stage alone recorded 15 million tokens sold at $0.03 apiece with a total revenue of $450,000.

The second stage also continued to be successful where another 20 million tokens were sold at $0.04 raising a total of $1.25 million. The sharp sell-out indicates that there is tremendous interest in the ERP module and a sizable number of the participants believe in the prospects of the project. Phase two skims through still capturing the presale demand at a $0.05 stimulating token completion.

Both swarms of people stand out and rush to grab a portion of RXS with a fear of missing out on the next big coin in the cryptocurrency industry. As those who adopt SHIB in its early stages benefit greatly, there are similar expectations for investors in RXS to look forward to after some time when the platform comes to maturity.

RXS: The Shiba Inu of Asset Tokenization?

What interests most investors is whether Rexas Finance will offer anything close to the extraordinary returns brought by SHIB. It is not beyond the realm of possibility to forecast the future of any cryptocurrency with absolute accuracy but RXS has several clues that it is set to a similar soar.

This is becoming true with RXS similar to SHIB, where its early adopters are increasing. It is interesting to note that the project is currently running a reward event and is willing to hand over $1 million to 20 random users. Having gotten more than 70,000 participants and the contest has 131 days to go, the buzz is increasing towards the platform.

Conclusion

The hunt for the next Shiba Inu is on with the changing phases of the crypto market. Although there are no guarantees, Rexas Finance (RXS) has many of the ingredients that made SHIB successful: early adoption, community support, and a disruptive platform. With the growth of asset tokenization and RXS growing fast, get in on this new token as it very well could be the next cryptocurrency to take off and provide the same kind of returns as what the initial SHIB investors had.

For more information about Rexas Finance (RXS) visit the links below:

Website: https://rexas.com
Win $1 Million Giveaway: https://bit.ly/Rexas1M
Whitepaper: https://rexas.com/rexas-whitepaper.pdf
Twitter/X: https://x.com/rexasfinance
Telegram: https://t.me/rexasfinance

This is a sponsored article. Opinions expressed are solely those of the sponsor and readers should conduct their own due diligence before taking any action based on information presented in this article.

Sep 28, 2024Ravie LakshmananCryptocurrency / Mobile Security

Cybersecurity researchers have discovered a malicious Android app on the Google Play Store that enabled the threat actors behind it to steal approximately $70,000 in cryptocurrency from victims over a period of nearly five months.

The dodgy app, identified by Check Point, masqueraded as the legitimate WalletConnect open-source protocol to trick unsuspecting users into downloading it.

“Fake reviews and consistent branding helped the app achieve over 10,000 downloads by ranking high in search results,” the cybersecurity company said in an analysis, adding it’s the first time a cryptocurrency drainer has exclusively targeted mobile device users.

Over 150 users are estimated to have fallen victim to the scam, although it’s believed that not all users who downloaded the app were impacted by the cryptocurrency drainer.

The campaign involved distributing a deceptive app that went by several names such as “Mestox Calculator,” “WalletConnect – DeFi & NFTs,” and “WalletConnect – Airdrop Wallet” (co.median.android.rxqnqb).

While the app is no longer available for download from the official app marketplace, data from SensorTower shows that it was popular in Nigeria, Portugal, and Ukraine, and linked to a developer named UNS LIS.

The developer has also been associated with another Android app called “Uniswap DeFI” (com.lis.uniswapconverter) that remained active on the Play Store for about a month between May and June 2023. It’s currently not known if the app had any malicious functionality.

However, both apps can be downloaded from third-party app store sources, once again highlighting the risks posed by downloading APK files from other marketplaces.

Once installed, the fake WallConnect app is designed to redirect users to a bogus website based on their IP address and User-Agent string, and if so, redirect them a second time to another site that mimics Web3Inbox.

Users who don’t meet the required criteria, including those who visit the URL from a desktop web browser, are taken to a legitimate website to evade detection, effectively allowing the threat actors to bypass the app review process in the Play Store.

Besides taking steps to prevent analysis and debugging, the core component of the malware is a cryptocurrency drainer known as MS Drainer, which prompts users to connect their wallet and sign several transactions to verify their wallet.

The information entered by the victim in each step is transmitted to a command-and-control server (cakeserver[.]online) that, in turn, sends back a response containing instructions to trigger malicious transactions on the device and transfer the funds to a wallet address belonging to the attackers.

“Similar to the theft of native cryptocurrency, the malicious app first tricks the user into signing a transaction in their wallet,” Check Point researchers said.

“Through this transaction, the victim grants permission for the attacker’s address 0xf721d710e7C27323CC0AeE847bA01147b0fb8dBF (the ‘Address’ field in the configuration) to transfer the maximum amount of the specified asset (if allowed by its smart contract).”

In the next step, the tokens from the victim’s wallet are transferred to a different wallet (0xfac247a19Cc49dbA87130336d3fd8dc8b6b944e1) controlled by the attackers.

This also means that if the victim does not revoke the permission to withdraw tokens from their wallet, the attackers can keep withdrawing the digital assets as soon as they appear without requiring any further action.

Check Point said it also identified another malicious app exhibiting similar features “Walletconnect | Web3Inbox” (co.median.android.kaebpq) that was previously available on Google Play Store in February 2024. It attracted more than 5,000 downloads.

“This incident highlights the growing sophistication of cybercriminal tactics, particularly in the realm of decentralized finance, where users often rely on third-party tools and protocols to manage their digital assets,” the company noted.

“The malicious app did not rely on traditional attack vectors like permissions or keylogging. Instead, it used smart contracts and deep links to silently drain assets once users were tricked into using the app.”