Altcoins
Dangers Behind The ICON ICX Bug
This year will be remembered for a long time as one of the toughest years for cryptos. Not only is the market continuously bearish for almost full nine months now, but numerous hacks, scams, and even bugs made a serious impact on a reputation of many a coin. One of the biggest bugs that damaged one coin’s reputation concerns the ICON ICX bug, which was noticed back in June of this year.
The ICX bug
Even though the market has remained mostly crypto-unfriendly for the large part of this year, there were a few instances when things didn’t look so grim. During these short periods, some coins were actually doing quite well. ICON (ICX) was one such coin, which was progressing nicely until June.
At one point, the platform decided to take up a new project, one that would interconnect it with other blockchain ecosystems. That way, shared operations, and intercommunication would become possible through the use of smart contracts. However, it all seemingly went south after a big bug was reported by the crypto enthusiasts, and the problem seemed to lie in the ICON’s smart contracts.
The issue appeared around June 16, when one user reported a bug in the smart contract code. This user stated that the bug is huge, and it can allow pretty much anyone to manipulate the tokens. While the community disapproved of the bug, stating that it might affect the ICX ERC-20 transfers, the platform responded by confirming the bug but claiming that the ERC-20 tokens are not in any danger.
The ICON team tried to calm the investors and holders by claiming that their tokens are not exposed to attacks. They even published a post where they explained what happened. In this report, ICON claimed that the problem resulted only in a temporary block of some ERC-20 transfers. They also noted that the bug was located and that it was quickly handled with a temporary solution.
The incident brought up some serious security questions
Soon after notifying the community that the temporary solution was in place, Min Kim, one of ICON’s council members, stated that the bug is a minor issue and that the ICON team is working on a long-term solution. While this seemingly satisfied the majority of the community, the ICX bug still remains shrouded in mystery.
Several unanswered questions remain, like why was the bug not spotted earlier by the team itself? Has the code been audited? Is the code of the MainNet itself audited? These and other such questions have remained in minds of ICON investors to this day, and many have lost the trust in the platform and its coin.
While this is hardly the worst thing that has happened to the crypto community, the danger is still real, and suspicions still remain. After all, a single mistake can damage the coin beyond repair, and a single bad actor who wants to stop transfers and knows how to do it could do the same.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.
SOL’s Bullish Cues
Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.
In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.
Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…
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