SocialFi is becoming an increasingly popular industry in the crypto world. This week, Stars Arena, a rapidly growing social app, announced a major attack that resulted in the theft of $3 million, leaving it with only $1.
Stars Arena is a new platform that was inspired by Friend.Tech, a social app that has attracted over 100k users in the past few months. While Friend.Tech is built on Base Blockchain, Stars Arena is based on Avalanche, and it has already gained over 20k users. This has caused AVAX’s price to surge to a high of $11.88 before dropping to a low of $10.40 after the hack.
The developers of Stars Arena have secured resources to close the gap and are currently conducting a security audit.
The other significant crypto news of the week is the launch of Memeinator’s token sale. The developers behind Memeinator managed to raise over $643k, making it one of the fastest-growing tokens in the industry.
Memeinator is a new cryptocurrency that seeks to become the biggest meme coin in the world. It plans to disrupt the industry which is currently dominated by Shiba Inu, Dogelon Mars, Floki Inu, and Pepe. To achieve this, Memeinator will incorporate AI, which is gaining traction in the market with the success of ChatGPT, Google Bard, and Anthropic.
Memeinator will have a total supply of 1 billion tokens, of which 62.5% will be sold in a presale, with the price increasing in each stage.
Overall, it has been an eventful week in the crypto world, with Stars Arena’s hack and Memeinator’s successful token sale.
