SocialFi is becoming a fast-growing industry in the crypto sector.
Stars Arena announced a major hack in its ecosystem.
Meminator has raised over $643k in the past few days.
Stars Arena, the fast-growing social app, announced a major attack on Saturday, a day after the developers stopped another one. In a tweet (or X), the developers said that the attack had stolen over $3 million, leaving it with just $1.
Stars Arena is a new platform that was inspired by Friend.Tech, the social app that has attracted over 100k users in the past few months. While Friend.Tech is built in Base Blockchain, Stars Arena is based in Avalanche. According to DappRadar, Stars Arena has attracted over 20k users in the past few days.
Stars Arena’s performance has helped boost the performance of AVAX. AVAX price surged to a high of $11.88 on Saturday and then retreated to a low of $10.40 after the hack. In a separate tweet, the developers said they had secured the resources to close the gap and is conducting a major security audit.
Important news: we have secured the resources to close the gap caused by the exploit.
Additionally, a special white hat development team is coming in to rapidly review the security of the platform.
We will re-open the contract with all the funds in full after a full security…
— Stars Arena (@starsarenacom) October 7, 2023
Memeinator token sale continues
The other important crypto news of the week was the launch of Memeinator’s token sale. This sale has been highly successful, with the developers raising over $643k, making it one of the fastest-growing tokens in the industry. You can buy the token in either ETH, USDT, or BNB here.
For starters, Memeinator is a new cryptocurrency that seeks to become the biggest meme coin in the world. It aims to disrupt an industry that is now dominated by the likes of Shiba Inu, Dogelon Mars, Floki Inu, and Pepe.
While cryptocurrency prices have retreated in the past few months, most of them like Pepe, Shiba Inu, and DOGE are still worth billions of dollars.
Memeinator aims to gain utility by incorporating the concept of artificial intelligence (AI). AI has become a major theme in the market after the success of ChatGPT, Google Bard, and Anthropic.
OpenAI, the parent of ChatGPT, raised $10 billion from Microsoft earlier this year while Anthropic raised $4 billion from Amazon. In total, AI investments have jumped to more than $20 billion this year.
Memeinator will use AI in several ways. For one, the developers will use the technology to power games and other dApps in its ecosystem.
Memeinator will have a total supply of 1 billion tokens. 62.5% of these tokens will be sold in a presale in a 29-stage process, with its price going up in each of this stage. You can read the Memeinator white paper here.