KEYTAKEAWAYS
- Market manipulation concerns arise as whales dump 1.86 million AUCTION tokens worth $70.36 million onto exchanges in 10 hours, causing the price to crash 60% from $57 to $23.
- Global crypto adoption advances with Pakistan exploring Bitcoin mining, UAE ranking as the world's most crypto-friendly country, and enterprise validators like Google Cloud and Coinbase joining ZetaChain's ecosystem.
- Despite Terra-Luna trauma, development continues with Sonic building a high-yield algorithmic stablecoin projected to yield 23.5% APR at $100M TVL, while Fidelity expands its tokenized treasury offerings with a new "OnChain" stock category.
CONTENT
Welcome to the CoinRank Crypto News Roundup. CoinRank will provide daily important crypto news in this column series, allowing readers to quickly obtain the latest crucial updates from the cryptocurrency market.
MORNING NEWS
1. AUCTION Whale Dumps 1.5 Million Tokens, Price Crashes 60%
According to on-chain analyst Yu Jin, whales/institutions that previously withdrew 26% of the total AUCTION supply from Binance transferred 750,000 AUCTION tokens (worth $29.25 million) to Binance in the past three hours. The price of AUCTION collapsed from $57 to $29, halving in just five hours.
This whale/institution has made two significant transfers to Binance since accumulating the tokens: 500,000 AUCTION on March 17, which coincided with a price drop from $35 to $31, and 750,000 AUCTION today, triggering the 60% crash.
The whale still holds 750,000 AUCTION tokens ($23.85 million) on-chain. According to yesterday’s news, AUCTION was suspected to have been pumped to a new high by this entity, which currently holds 20% of the total token supply.
2. NFT Transaction Volume Falls to $102 Million Despite Increased User Activity
According to Crypto.news, CryptoSlam data showed that NFT transaction volume fell to $102 million this week, down 3.19% from the previous week. Despite the lower volume, the number of NFT buyers increased by 71% to 350,063, sellers increased by 68.57% to 225,465, and total transactions rose by 16.90% to 1,696,996.
Ethereum network NFT transactions fell 13.03% to $27.7 million, though the number of buyers increased by 42.17% to 44,850. Bitcoin network transactions fell 30.69% to $16.3 million, with buyers increasing by 63.67% to 31,251. Mythos Chain network rose slightly by 3.12% to $15.6 million, ranking third.
Notable sales this week included CryptoPunks #6634 for $431,243 (222.5 ETH), Azuki #641 for $209,021 (110 WETH), Autoglyphs #166 for $198,308 (103 ETH), and Autoglyphs #275 for $189,198 (100 WETH).
3. Pakistan’s Crypto Council Proposes Using Runoff Energy for Bitcoin Mining
Bilal Bin Saqib, the CEO of Pakistan’s Crypto Council, has proposed using the country’s runoff energy to fuel Bitcoin mining at the Council’s inaugural meeting on March 21.
According to The Nation, the council is exploring comprehensive regulatory frameworks for cryptocurrencies to attract foreign direct investment and establish Pakistan as a crypto hub.
The meeting included lawmakers, the Bank of Pakistan’s governor, the chairman of Pakistan’s Securities and Exchange Commission, and the federal information technology secretary. Senator Muhammad Aurangzeb called it “the beginning of a new digital chapter for our economy.”
This represents a radical departure from Pakistan’s previous stance, as former finance minister Aisha Ghaus Pasha stated in May 2023 that crypto would never be legal in the country, citing anti-money laundering restrictions. However, Pakistan moved to regulate cryptocurrencies as legal tender on November 4, 2024—the same day as the U.S. elections.
4. Bloomberg Analysts Give 30% Chance of U.S. Government Buying Bitcoin This Year
Matthew Sigel, director of digital asset research at VanEck, tweeted that Bloomberg Legal analysts believe there is a 30% chance that the federal government will buy Bitcoin this year.
He believes that Trump will not invest political capital in legislation because he can achieve this goal unilaterally through the Exchange Stabilization Fund (ESF) if he wants.
5. Ethereum Breaks Through $2,000 Level
The OKX market showed that ETH had just broken through $2,000 and is currently trading at $2,000.00 per coin, with a daily increase of 0.69%.
NOON NEWS
1. Crypto Trader Eugene: Market Has Entered Fifth Stage of Cycle
Trader Eugene said in his personal channel that the current market has entered the fifth stage of the market cycle (bullish losses, coin price consolidation, shrinking trading volume and volatility).
At this stage, some stronger altcoins have reached the bottom, but it remains uncertain whether most assets have bottomed out. Eugene participates least during this phase due to limited volatility in either direction.
He noted that the tricky aspect of phase 5 is its uncertain duration, though he doesn’t expect it to last as long as in previous cycles given the lack of structural damage (no companies or projects going out of business). The crypto market may continue to follow stock market movements for a while.
2. Hong Kong Asia Holdings Purchases 10 More Bitcoin
Hong Kong-listed company Hong Kong Asia Holdings (01723) announced that on March 20, 2025, the group further purchased about 10 bitcoins in the open market at a total cost of HK$6,671,200 (about US$858,500).
The company currently holds a total of 18.88 bitcoins at a total cost of HK$13,365,636.46 (about US$1,720,157.41).
3. Max Keiser: Gold-Based Stablecoins Will Outperform Dollar-Pegged Versions Globally
According to Cointelegraph, Max Keiser, a senior Bitcoin adviser to the President of El Salvador, said that due to gold’s inflation hedging properties and minimal volatility, gold-based stablecoins will outperform stablecoins pegged to the US dollar globally.
He believes that gold is more trusted than the US dollar globally and stated that foreign governments with confrontational relationships with the United States will not accept stablecoins pegged to the US dollar.
4. Major Enterprises Join ZetaChain as Validators
According to ZetaChain’s official blog, large enterprises including Google Cloud, Deutsche Telekom, and NTT Digital have recently joined its ecosystem as validators, strengthening support for universal applications that interoperate across multiple blockchains.
Coinbase’s partnership includes support for the Base network, integrating ZetaChain into Coinbase’s learning rewards program, and running a native validator, enabling users to stake ZETA directly through its platform.
Google Cloud not only acts as a validator but also provides eligible ZetaChain developers with access to the Google Cloud Web3 Startup Program, offering cloud credits to support next-generation smart contract development.
Deutsche Telekom subsidiary Telekom MMS leveraged its Open Telecom Cloud to secure ZetaChain, while NTT Digital has strengthened ZetaChain’s presence in Asia and will collaborate on a major community event in Tokyo.
Saudi Telecom Company subsidiary stc Bahrain has partnered with ZetaChain under its Web3 Launchpad initiative to champion cross-chain innovation across the Middle East.
5. AUCTION Whale Completes Dumping 2 Million Tokens Worth $70M
According to on-chain analyst Yu Jin, the whale/institution that earlier transferred AUCTION tokens to Binance has now moved their remaining 200,000 AUCTION ($4.9 million) to the exchange, completing the transfer of their entire 2 million token position.
From 4 AM today, this entity transferred a total of 1.5 million AUCTION ($49.88 million) to Binance. Additionally, a project address transferred 359,000 AUCTION ($20.48 million) to Binance, OKX, and Gate at 3 AM.
In just 10 hours, 1.859 million AUCTION ($70.36 million) flowed into centralized exchanges, representing 24.3% of the total AUCTION supply. The price collapsed from $57 to $23, a 60% drop.
EVENING NEWS
1. UAE Ranks as World’s Most Crypto-Friendly Country
According to News.bitcoin, a study by Atmos reveals the UAE is the world’s number one crypto-friendly country with a score of 98.4, slightly ahead of Singapore (97.5) in second place. The United States scored 85.4 and ranked third.
The study shows that while the United States has 29,834 crypto ATMs compared to just one in the UAE, the Emirates’ 25.3% cryptocurrency ownership rate coupled with a 210% adoption rate secured its top position.
Canada ranks fourth with a score of 72, attributed to its 10.1% cryptocurrency ownership rate, 225% adoption rate, and 3,561 Bitcoin ATMs. Turkey ranks fifth with a score of 67.8, driven by its 19.3% cryptocurrency ownership rate amid economic uncertainty, despite having only 7 Bitcoin ATMs.
2. Suspected Binance Employee Makes $113,600 Profit on UUU Meme Coin
According to crypto community reports, an address associated with Freddie Ng, a suspected Binance Wallet BD employee, made a profit of $113,600 by trading the meme coin UUU on the BSC chain, with unrealized profits exceeding $200,000.
Freddie Ng once publicly shared his personal address starting with 0x77C1, which has interacted multiple times with an address starting with 0xEDb0. Three hours ago, the 0xEDb0 address spent 10 BNB to purchase 24.1 million UUU at an average price of $0.00026, then transferred it to a wallet starting with 0x44a before selling 6.02 million UUU at $0.0188, earning $113,600.
The remaining UUU tokens were transferred to eight different addresses, with a total value exceeding $200,000.
3. Wintermute Identified as Likely Market Maker for Mubarak Meme Coin
According to @ai_9684xtpa’s monitoring, Wintermute may be the market maker for the BSC ecosystem meme coin mubarak.
Wintermute first traded mubarak five days ago (March 19) and has focused on interacting with PancakeSwap. In the past four days, a total of 6.04 million tokens have been withdrawn from Gate exchange, and Wintermute currently holds $740,000 worth of mubarak on-chain.
4. Sonic Developing High-Yield Algorithmic Stablecoin Despite Terra-Luna PTSD
The Sonic blockchain is working on implementing a yield-generating algorithmic stablecoin despite fears over a potential collapse similar to the Terra-Luna meltdown that led to crypto’s longest winter.
Andre Cronje, co-founder of Sonic Labs and founder of Yearn.finance, wrote on March 22 that their proof of concept “looks good,” offering yields of over 200% APR at $10 million TVL, around 23.5% APR at $100 million, and steady at about 4.9% at $1 billion+.
The announcement came a day after Cronje admitted to experiencing PTSD related to algorithmic stablecoins due to previous market cycles. In May 2022, the $40 billion Terra ecosystem collapsed, with TerraUSD (UST) losing its dollar peg despite offering over 20% APY on Anchor Protocol.
Sonic claims to be the world’s fastest Ethereum Virtual Machine chain, with a “true” 720 milliseconds finality. Despite Terra’s LUNA token being down over 98% from its all-time high, it still sees over $21 million in daily trading volume, showing people are “still buying it even though it’s dead.”
5. Fidelity Applies to Register “OnChain” Stock Category for Tokenized Treasury Fund
According to a document submitted to the SEC on Friday, Fidelity has applied to register the “OnChain” stock category for its tokenized U.S. dollar money market fund, Fidelity Treasury Digital Fund (FYHXX).
Launched at the end of last year, FYHXX holds cash and U.S. Treasury securities. According to the document, the “OnChain” category currently uses the Ethereum network and may expand to other blockchains in the future.
This registration is subject to regulatory approval and is expected to take effect on May 30.
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