Here’s what happened in crypto today

Today in crypto, upstart memecoin launcher LetsBonk doubled Pump.fun’s daily revenue with $1.04 million on Monday, shaking up the leaderboard in the memecoin space, authorities in the United Arab Emirates denied reports that Toncoin holders can gain a golden visa by staking $100,000 worth of TON, and Arkham said the recent $8.6 billion Bitcoin whale transfer doesn’t look like it is being sold off.

LetsBonk flips PumpFun in 24-hour revenue: DefiLlama

Solana memecoin launchpad LetsBonk surpassed rival Pump.fun in 24-hour revenue, according to data aggregated by decentralized finance (DeFi) platform DefiLlama. 

The latest DefiLlama figures show that LetsBonk generated $1.04 million in revenue in the last 24 hours, nearly doubling Pump.fun’s revenue of $533,412. LetsBonk’s revenue surge marked a rare shift in dominance in the Solana memecoin sector, where Pump.fun has typically held the top spot. 

Both platforms offer simplified tools for launching and trading memecoins. However, LetsBonk appears to be gaining traction due to the support of the Bonk (BONK) memecoin community and its social campaigns. 

BONK is one of the most popular Solana-based memecoins, with more than 430,000 followers on X. CoinGecko shows that the memecoin has a market capitalization of nearly $1.8 billion and a 24-hour trading volume of $1.2 billion, making it the No. 58 crypto token by market capitalization.

The LetsBonk memecoin launchpad was released on April 25. Its team dubbed the protocol a “self-serving launchpad for memecoins” and aims to address what its developers say are predatory practices in the space.

TON coin dips 6% after UAE authorities deny golden visa claim

The native cryptocurrency of The Open Network has retraced 6% from its 24-hour high after United Arab Emirates regulators refuted claims that staking Toncoin (TON) could create a pathway to UAE residency.

Toncoin initially shot up 10% to $3.03 on Sunday after The Open Network claimed that applicants staking $100,000 worth of Toncoin for three years make applicants eligible for the UAE’s golden visa program.

However, the Emirates News Agency later reported on Monday that the Federal Authority for Identity, Citizenship, Customs and Port Security, the Securities and Commodities Authority, and the Virtual Assets Regulatory Authority have said golden visas are not issued to digital asset holders.

They also clarified that digital currency investments are governed by specific regulations and are unrelated to golden visa eligibility.

“The authority further confirmed that digital currency investments are governed by specific regulations and are unrelated to golden visa eligibility. It urged investors to obtain information from credible, official sources to avoid misinformation or fraud,” the Emirates News Agency reported.

$8.6 billion Bitcoin whale transfer shows no signs of sell-off: Arkham

Blockchain intelligence firm Arkham says the recent $8.6 billion in Bitcoin that was moved on Thursday for the first time in over 14 years doesn’t appear to be heading for a sell-off.

“There are no indications that this whale is selling Bitcoin,” Arkham said in an X post on Friday.

Arkham firm added that the eight transfers — which moved 10,000 Bitcoin at a time from eight wallets that were untouched for over 14 years — may be possibly due to the owner upgrading from the original legacy wallet to a Native SegWit address, which are said to have improved security and lower fees.

“Yesterday’s $8 billion transfers were possibly related to address upgrades, moving from 1-addresses to bc1q-addresses,” Arkham said.