Friend.tech has launched version 2 of its blockchain-based social platform with new features and anticipation for a 100% airdrop of its FRIEND token.

The SPX index is down 1.6%, driven by a rise in bond yields following higher-than-expected employment cost data, raising concerns that the Fed might maintain higher interest rates. The broader cryptocurrency market is down, with Bitcoin and Ether dropping by 6.02% and 6.79%, respectively in the past 24 hours.

Today’s outperformer is FRONT, which jumped 4.6% after Frontier Wallet enabled secure cross-chain asset swaps to Cronos Chain with XY Finance.

Frontier (FRONT), founded in 2019, is a multi-chain DeFi and NFT wallet that supports over 65 blockchains and enables secure trading, staking, and asset management through a single interface. It integrates with top wallets via WalletConnect and simplifies the user experience by minimizing the need for multiple extensions and seed phrases. Frontier Wallet now 

 cross-chain asset swaps to Cronos Chain via XY Finance, enabling secure bridging to $CRO from over 20 blockchains. Users can also participate in the Spring Odyssey event, promising enhanced on-chain experiences with Frontier.

Check Out the Latest Prices, Charts, and Data of 

 for Bitcoin’s Lightning Network in partnership with Lightspark, offering users instant, low-cost Bitcoin transactions as an alternative to the slower, more expensive traditional Bitcoin network. This integration supports Coinbase's goal of creating a global payments system with transactions costing just one cent and processing within one second. The Lightning Network, operational since 2017, significantly reduces transaction costs compared to traditional finance methods, such as credit cards and wire transfers. This move not only enhances the utility of Bitcoin for Coinbase's customers but also advances the broader crypto ecosystem by supporting faster, more affordable, and more secure global payments.

After the debut of Hong Kong's first spot Bitcoin ETFs, Bitcoin's price fell below $61,000, with concerns it could drop further below $60,000. The launch triggered a "sell-the-news" reaction, contributing to a downward trend and negative net flows in U.S. Bitcoin ETFs. This situation poses risks but may also present a buying opportunity for long-term investors.

 version 2 of its blockchain-based social platform with new features and anticipation for a 100% airdrop of its FRIEND token. The company has already taken a snapshot for the airdrop, which may occur as soon as next week when points balances become blockchain-based. Friend.tech, which debuted in August 2023 on Base, a Coinbase-incubated Ethereum Layer 2, had initially seen significant activity but later experienced a decline. The latest update introduces the Money Club for managing community treasuries and minting tradable collectibles, a new points system for the airdrop, and custom engagement metrics. Additionally, version 2 allows users to customize their chat spaces. The platform currently has $34.4 million in total value locked, down from its peak of $52 million.

Beginner

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Friend.tech Launches Version 2 and Announces Airdrop

Learn how you can import your mnemonic phrase for Bybit Wallet with our comprehensive article.

For new users, it's recommended that they familiarize themselves with the wallet's basic operations, understand its features and characteristics, and then start using and importing mnemonic phrases.

If you haven't installed Bybit Wallet yet, please click 

After installation, you can pin the Bybit Wallet to the toolbar through the following steps:

 icon in the upper right corner of your browser, and the Bybit Wallet will pop up the initialization interface.

Before using your Bybit Wallet, please set a password first. This password is used to unlock your wallet and encrypt your key information. The local password will not be uploaded to our server, so please keep it carefully. Once lost, the password cannot be retrieved.

After entering the password, please check the 

If you are already using Bybit Wallet, then you only need one step to import your mnemonic phrase.

Please click on the wallet address to enter the wallet management page:

Next, enter the device password you created for the wallet and click 

After setting the local password, please select 

If your mnemonic phrase length is 12, you can click the 

 input box and paste it directly. Of course, you can also manually enter them one by one.

In addition, we also support mnemonic phrases of different lengths, which are 12-, 15-, 18-, 21-, and 24-word mnemonic phrases, all of which can be imported into Bybit Wallet. Please choose the one that suits you.

 button to import. Bybit Wallet will search for the wallet address that has assets under the mnemonic phrase and automatically import it into Bybit Wallet.

At this point, the mnemonic phrase has been successfully imported into Bybit Wallet.

In the import wallet interface, you can also choose to import the wallet using your private key. Just click 

, then enter your private key in the input box, and then click 

Now, you can start using Bybit Wallet to your heart's content. Remember to update your wallet regularly to get the latest features and optimizations. We are always working hard to improve and enhance the user experience of Bybit Wallet. If you have any suggestions or feedback, feel free to let us know any time.

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How to Import Your Mnemonic Phrase for Bybit Wallet

Today’s outperformer is ENA, which jumped 7.3% after Ethena's synthetic dollar launched on Swell L2 with rewards and airdrops in pre-launch phase.

The SPX index is up 0.32%, the Federal Reserve is expected to maintain borrowing costs, but investor focus will be on any changes in rhetoric after recent high inflation data. Market expectations for rate cuts this year have decreased, with only one 25 basis point reduction now anticipated, compared to three a month ago. The broader cryptocurrency market is down, with Bitcoin and Ether dropping by 1.23% and 4.01%, respectively in the past 24 hours.

Ethena Labs (ENA), founded in 2023, introduces USDe, a synthetic dollar on Ethereum, offering a decentralized alternative to traditional stablecoins. It features the 'Internet Bond' for global savings, using delta-hedging to manage volatility and aiming to transform the financial ecosystem by enhancing Ethereum's utility. Recently, $USDe is now available on 

. By depositing $USDe during the Pre-Launch phase, users can earn Sats, qualify for a Season 2 airdrop upon the L2 launch, receive additional airdrops from projects on Swell L2, and share 1 million EigenLayer Points. For more details, visit the Swell Network website.

Omnity has launched a new integration that allows for the fee-free trading of Runes tokens without impacting the Bitcoin network. This 

 utilizes the Internet Computer Protocol's chain fusion technology, enabling interactions with the Bitcoin blockchain and other networks without the need for wrapped tokens or off-chain relayers. The initiative, which distinguishes Omnity from other Bitcoin interoperability solutions, aims to address the scalability challenges of the Bitcoin network, particularly in light of increased activity from new technologies and Bitcoin ETFs. On April 20, the Bitcoin network hit a record high of over 926,000 transactions, with Runes tokens constituting a significant portion of this traffic.

Bernstein analysts believe the recent decline in Bitcoin ETF flows is temporary and predict a bullish future with a $150,000 BTC price target by 2025. They remain optimistic about Bitcoin's integration into financial platforms and its long-term acceptance. Additionally, they suggest that a denial of an Ether ETF could benefit Ether and Ethereum Layer 2 tokens. The firm expects the crypto market cap to triple to $7.5 trillion within two years.

 plans to distribute EIGEN tokens via airdrop from May 10 to September 7, targeting users who participated in Ethereum restaking on the EigenLayer protocol. The initial distribution, termed a "stakedrop," will allocate 5% of the total token supply based on activities as of March 15. The airdrop is divided into two phases, with 90% of tokens going to initially eligible users and the remaining 10% to those who interacted with EigenLayer in more complex ways. However, the airdrop excludes users from several countries, including the US and Canada, and implements strict measures to block VPN and proxy users. Future airdrops will reserve an additional 15% of the token supply. The EIGEN token, designed to address specific protocol faults, will initially be non-transferable and non-forkable to support the protocol's growth, with full functionality enabled later.

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Ethena’s USDe Launches on Swell’s Layer 2 Network

cat in a dogs world (MEW) is a no-utility, cat-themed meme coin built on Solana challenging the dominance of dog-themed coins in the crypto space.

The world of meme coins is wild and filled with all types of animals, such as dogs, cats, penguins and frogs. In 2024, the meme coin craze is back in full swing, evidenced by the astronomical gains made by top crypto meme coins like 

During this meme coin season, Solana-based meme coins have stolen the show with dog-themed tokens dominating the space. However, a recent cat-themed meme coin is seeking to challenge this dog-themed coin narrative.

cat in a dogs world (MEW) stormed into the meme coin space on Mar 27, 2024, and has been causing a stir with its remarkable price surge. Upon listing, MEW’s price soared by 385% to reach an ATH of $0.0097 within four days.

Let’s explore the MEW coin and find out why it’s one to watch in the thriving 

cat in a dogs world is a no-utility, cat-themed meme coin built on Solana (

It was launched on Mar 27, 2024, to provide a cat-themed token that would be a worthy competitor to the dog-themed meme coins dominating the space.

Barely 96 hours into the market, MEW had pumped by 385% to hit a price of $0.0097, during which its market capitalization reached around $848 million, a figure reserved for more established projects in the market such as 

MEW’s market cap has since shrunk to a more conservative figure of $357 million, with a 24-hour trading volume of $59 million on Apr 30, 2024. It’s currently trading around $0.004.

cat in a dogs world has a total/max supply of 88,888,888,888 tokens, of which 90% were burned as 

, while the remaining 10% were allocated as an 

MEW’s formidable success could be attributed to its tokenomics strategy, as burning most of the LP tokens creates a stable price floor and cushions the token against market volatility. The airdrop is also an excellent way to attract attention to the project and create brand awareness, further solidifying MEW's presence on Solana and in the cryptocurrency market as a whole.

Deliberately airdropping and burning the LP tokens enhances the value of the MEW token, while giving it a competitive advantage in the cutthroat world of meme coins.

Cat meme coins have been generating a lot of hype lately. Let's look at a brief comparison between MEW and two other cat-themed coins in the meme coin space.

 (CATS) have caused a stir in the meme coin space. Not only are they both trying to change the dog-eat-dog landscape, but they’ve also approached the market in an innovative way.

That said, unlike MEW, CATS has various utilities in its ecosystem, such as 

. Catcoin’s ecosystem is also filled with a variety of products, such as the Caring Cats charity and a non-fungible token (

) collection. While the two tokens entered the meme coin space at different times, they’ve both managed to draw attention to feline-themed meme coins.

 (OMNI), caused a stir when its price quickly soared after the coin’s debut in December 2023. However, unlike MEW, which is only available within the Solana ecosystem, Omnicat leverages omnichain technology and is available on seven blockchains, including 

While it may be a meme coin, Omnicat leverages 

’s blockchain in order to advance its mission of interoperability in the crypto space. Both MEW and Omnicat have adopted innovative approaches that seem to have paid off despite their meme coin narratives.

You can buy MEW Cat Coin on Bybit as a Spot pair (MEW/USDT) or a USDT perpetual contract (MEWUSDT). To celebrate this Spot listing, Bybit is holding two Token Splash events, 

, with 40 million MEW tokens up for grabs.

, is exclusively for new users, with a prize pool of 25 million MEW. By completing Identity Verification and accumulating a deposit volume of 25,000 MEW (worth 100 USDT), or depositing 100 USDT and trading 100 USDT worth of MEW tokens via your first trade with Bybit, you’ll have a chance to receive 5,000 MEW. Rewards are available on a first-come, first-served basis to the first 5,000 new users.

, has 15 million MEW tokens up for grabs. Simply trade at least 1,000 USDT worth of MEW tokens on Bybit’s Spot market to earn a share of the prize pool. 

Rewards will be capped at 200,000 MEW (around 800 USDT) per user.

While it’s primarily been a dog-eat-dog world in the meme coin space, tokens such as MEW are effectively diluting this narrative. Being one of the top-ranking Solana meme coins, the MEW cat-themed coin has followed others in the ecosystem by skyrocketing in price within a short time of entering the market, flooding Solana with much-needed liquidity.

Despite its slowed momentum — generally attributed to the currently fluctuating price of Bitcoin (

) — MEW remains a Solana cat-themed meme coin to watch when the market starts rallying again.

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cat in a dogs world (MEW): Pouncing on the Cat Meme Coin Craze

Bybit Learn

Altcoins

Memes

Metaverse

ApeCoin (APE) is the governance token of the Bored Ape Yacht Club (BAYC) ecosystem, with added utility thanks to the addition of a metaverse and Yuga lab's various partnerships. 

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The launch of ApeCoin (APE), the token of 

 Bored Ape Yacht Club (BAYC), generated a great deal of commotion in Mar 2022. To NFT advocates, ApeCoin wasn’t viewed merely as a token, but as the symbol of NFT evolution driven by BAYC, which became a household name at the peak of the NFT boom. 

Yet it could not escape the controversies that marred its launch. On top of that, in Jul 2023, the floor price of BAYC fell to a devastating low, which led many to question the value of the APE token.

In this article, we'll take an in-depth look at ApeCoin and various ApeCoin controversies, and consider whether ApeCoin is still a good investment for the long haul.

 token developed primarily for the Bored Ape Yacht Club (BAYC) ecosystem. Valued highly by NFT collectors and Bored Ape 

 owners, it's also marketed as a decentralized protocol layer for community-led initiatives.

For those wondering exactly what ApeCoin is, it’s a governance token of the Bored Ape ecosystem that’s gained a tremendous following after the 

 (BAYC) NFT project exploded in popularity. Many celebrities — such as Justin Bieber, Paris Hilton, Snoop Dogg and Serena Williams — own collections of NFTs related to the BAYC ecosystem.

While some may discount ApeCoin as a meme coin, its utility goes far beyond just being the governance token for Bored Ape holders, due to its expanded ecosystem that includes NFTs and a metaverse. This ultimately makes ApeCoin a potential long-term investment for those bullish on the BAYC ecosystem.

ApeCoin is the utility token of BAYC. Since BAYC is an NFT project initiated by 

, the coin is technically its brainchild. Two of the four founders behind the development of the BAYC ecosystem are Floridians 

According to the official BAYC website dedicated to ApeCoin, the coin has been launched and is overseen and managed by ApeCoin DAO. This 

 is an independent body, governed by Bored Ape NFT owners, holders of related NFTs and ApeCoin investors. In other words, whoever owns APE coin or a Bored Ape NFT has the right to vote on proposed changes to the protocol and new projects.

Overseeing the DAO is the Ape Foundation, which ensures that ideas from the DAO community are brought to fruition. The Ape Foundation is headed by five high-profile crypto investors, each of them selected for a one-year term. The current heads, also known as the Special Council, go by the handles of Bored Ape G, Gerry, Vera Li, Waabam and CaptainTrippy. Waabam and CaptainTrippy were voted in by the ApeCoin DAO to replace Reddit co-founder Alexis Ohanian and Animoca Brands chairman Yat Siu, 

 — the platform behind ApeCoin and its flagship NFT Bored Ape Yacht Club — first launched BAYC in Apr 2021. After BAYC’s popularity exploded, Yuga expanded its NFT collection to include Mutant Ape Yacht Club and Bored Ape Kennel Club.

In 2022, Yuga Labs sought additional pathways to integrate ApeCoin into different projects related to the BAYC ecosystem. First, it launched a gamified metaverse, 

, which uses ApeCoin in its ecosystem. Secondly, it acquired two of the most popular NFTs, 

, expanding the use of ApeCoin. CryptoPunks are some of the first non-fungible NFTs on the 

 blockchain, consisting of 10,000 digitally pixelated characters. Similarly, The Meebits are 20,000 unique, 3D voxel characters registered on the Ethereum blockchain.

 (BAYC), consists of 10,000 unique cartoon ape NFTs on the Ethereum blockchain. BAYC burst onto the scene with a boom, garnering high-profile support from celebrities like Justin Bieber and Madonna.

 (MAYC) is a collection of 20,000 ape NFTs based on BAYC. The apes are essentially a mutant version of the Bored Apes. Hence, BAYC owners can actually create their own MAYC NFTs through a smart contract that applies Mutant Serums to their Bored Apes. With three types of serums available, a BAYC owner holding a single Bored Ape NFT can create up to three different Mutant Apes. Ten thousand Mutant Ape NFTs were made available for public sale, while 10,000 Mutant Serums were also airdropped to existing BAYC holders.

 is a collection of 9,602 cartoon dog NFTs launched in Jul 2021. Yuga Labs made these complementary NFT pets for BAYC holders, though the BAYC owners have to spend gas fees in order to mint them. While the pet NFTs all boast distinctive traits, each one is depicted as a Shiba Inu, a canine breed popularized by dog-themed meme coins such as Dogecoin (

Introduced one year after the establishment of BAYC, 

 is a 3D metaverse created in collaboration with Hong Kong-based game software company 

. Otherside offers users the ability to build their own unique realms featuring Otherdeed NFTs that represent land plots with the remarkable ability to evolve over time. 

The Otherside metaverse is split into an 11-part storyline that gives users a compelling narrative gameplay experience. As a fantastical landscape, Otherside combines elements of a cosmic expanse and a peninsula, brimming with an array of peculiar creatures, valuable resources and elusive treasures. All transactions in Otherside are driven by ApeCoin (APE).

The potential use of ApeCoin isn’t limited to governance. As mentioned earlier, Apecoin is also the utility token powering the Otherside metaverse that promises to expand the BAYC universe.

Animoca Brands is also working with Yuga Labs to integrate ApeCoin into its portfolio of blockchain-based games, traditional games and other products. 

, a free-to-play action-adventure mobile game featuring an adorable monkey named Benji and his friends leaping through jungles, allows its players to earn ApeCoins.On Mar 17, 2022, Animoca Brands 

 players could earn tokens to exchange for ApeCoin as it transitions to a play-to-earn model on Ethereum.

Starting from Dec 2022, APE can also be staked. On Dec 5, APE holders will be able to deposit their ApeCoin funds on 

, to begin accumulating from Dec 12. During the first year, 100 million APE are being distributed into staking pools as rewards, split into 30,000,000 tokens for the ApeCoin Pool, 47,105,000 tokens for the Bored Ape Pool, 19,060,000 tokens for the Mutant Ape Pool and 3,835,000 tokens for the Pair (BAKC) Pool. 

There are four ways to stake your ApeCoins:

Note that if you choose to sell your NFT while it’s staked in the respective pools, all your staked rewards will go to the new owner. Therefore, it’s crucial to unstake your NFT before selling it.

ApeCoin’s total supply is capped at 1 billion tokens, distributed among four main groups as follows: 

Now that we understand what ApeCoin is, it's time to discover the ApeCoin DAO. 

 is the decentralized governing body behind the BAYC ecosystem and ApeCoin. All APE holders are members of the ApeCoin DAO, and share voting rights.

 Anyone can become a member of the DAO by purchasing an Ape NFT.

According to its founders, the ApeCoin DAO's primary purpose is to give its members power by respecting their wishes. Based on the community guidelines and desires of the wider BAYC community, the DAO proposes various projects through the APE Improvement Proposal process. After the ApeCoin DAO votes on a proposal, the 

 is then tasked with executing the decision.

Despite its glittering launch, ApeCoin has also been fraught with controversies. Let’s take a closer look at some of the disputes in which it’s been embroiled.

ApeCoin experienced its very first controversy during its launch day for its token distribution structure, which favors insiders and BAYC founders, who will eventually get 22% of all tokens. Similarly, Yuga Labs will receive 16% of all the proceeds. Moreover, nearly 14%, constituting 140 million tokens, was distributed to launch contributors, many of whom were said to be venture capitalists. Hence, critics assert that the ApeCoin DAO may not be as decentralized as they claim. 

Furthermore, on the day of the launch, the price of ApeCoin spiked to $40 per share, but quickly plummeted to $8, which led to many suggesting that there might have been insider trading.

There were also security issues surrounding the 

 mechanism typically used before a token airdrop to ensure that only loyal long-term NFT holders are eligible. This allowed anyone to buy the NFT just before claiming the reward, making it vulnerable to a 

Indeed, an exploiter actually managed to borrow a BAYC NFT on 

 for less than $300,000 as collateral to use as a flash loan from a vault that tokenizes NFTs. They then used the flash loan to redeem more Bored Ape NFTs and claim 60,564 APE — which they then sold for over $800,000.

 In Oct 2022, the startup behind ApeCoin, Yuga Labs, 

 as to whether ApeCoin and its Bored Ape NFTs were unregistered securities. Although Yuga Labs wasn’t charged in the probe, APE’s price couldn’t escape the fallout from the report, and its price fell by over 10% in just 24 hours. 

ApeCoin faced another backlash from its community for the disproportionately high salaries of its DAO leaders. This internal disconnect caused APE’s price to plummet by 28% within a week, as it hit a low of $2.08 in Jun 2023.

On Jun 10, 2023, the ApeCoin DAO secretary, Vulkan, posted an organizational chart of the ApeCoin DAO leadership infrastructure, detailing the monthly salary for each mentioned role. In particular, the Special Council members’ salaries jumped out to the public with their five-figure number. Many web3 users questioned the high wages, which added up to a six-figure annual sum.

Special Council members Yat Siu and Vera defended their substantial salaries by drawing comparisons to public company directors and emphasizing the value they contribute. 

Furthermore, Special Council member Bored Ape G stressed that they’ve been helping with the decentralization of the DAO through the 

, which also helped the DAO to save on costs, thereby producing evident results.

However, to many critics in the web3 sphere, true decentralization would mean that everyone in the community gets to vote for the salary of those in the Special Council, instead of their salaries being decided by a small group of people. 

ApeCoin is priced at $1.92 as of Jul 12, 2023, which is 92.8% lower than its ATH of $26.70 on Apr 28, 2022, and 3.72% higher than its ATL of $1.85 on Jul 7, 2023. 

Despite the ongoing controversies and the NFT market crash, many experts remain relatively optimistic on APE’s future. 

 a minimum increase of up to $4.57 in 2025, hitting a maximum of $5.59 and followed by a sharp rise to exceed $30 by 2030. DigitalCoinPrice anticipates a 

, reaching a maximum of $7.02 in 2025 and potentially crossing $20 in 2030.

Taking into account all this information begs the question: Is ApeCoin still a good investment? 

While ApeCoin may have had a stellar debut, garnering interest and support from many celebrities, its sky-high value was unable to hold. Furthermore, the recent price crash illustrates its inability to sustain its long-term value and suggests that ApeCoin is more of a hype. Hence, despite relatively favorable outlooks regarding its price prediction, it may not be a good investment in the long run. Specifically, as the controversies surrounding its associated NFT continue to swirl, ApeCoin’s future will remain murky.

Even as the ApeCoin DAO attempts to add more utility to the token by creating the Otherside metaverse, its exact use cases remain unclear, even within the metaverse game. As the metaverse continues to evolve, however, and the token's use cases begin to take shape, ApeCoin may still see positive growth in value should the metaverse truly gain traction. However, this in turn depends on whether its flagship NFT, BAYC, can pull through the current NFT market slump.

Investors who are bullish on the NFT comeback and willing to take risks might still consider ApeCoin a good investment — since, after all, BAYC is still far more valuable than countless other NFTs.

Note that these views should not be taken as investment advice. It’s crucial to do your own research before investing in volatile 

Anyone can buy APE from reputable crypto exchanges like Bybit. There are various ways to trade ApeCoin on Bybit. You can buy APE as a 

) to trade APE as a Spot pair, and USDT (

) to trade APE as a Perpetual Contract. When you trade APE as Perpetual Contract, you can go long or short on APE, using USDT as a margin, with no expiration date.

When you trade APE as a Leveraged Token, you can choose to long (

) it. There are two methods for trading APE as a Leveraged Token: You can buy and sell APE on the Spot market, or subscribe or redeem according to the Perpetual Contract position of the underlying APE tokens in the basket. 

Each Leveraged Token represents a basket of Perpetual Contract positions, so when you buy a Leveraged Token, you're purchasing a basket of the underlying Perpetual Contract assets. This means Leveraged Tokens are useful as short-term investments in trending markets. A Leveraged Token doesn’t require margin or collateral, and since it’s under the Spot category, there’s no risk of liquidation.

ApeCoin's recent controversies and price drop makes it an unappealing investment for now. Still, if there’s a resurgence in the popularity of NFTs (BAYC in particular), ApeCoin would likely see a rebound in its price as well. Investors comfortable with taking risks might view this as an opportune moment to buy ApeCoin. Nonetheless, risk-averse investors are advised to exercise caution and consider avoiding this token.

What Is ApeCoin (APE): The Rise and Fall of the BAYC Token

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