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Rekt

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GameFi Guides

Quarter Billion in Ethereum Shorts Get Rekt as ETH Nears All-Time High

by admin August 23, 2025



In brief

  • Ethereum jumped nearly 15% Friday after Fed Chair Jerome Powell hinted at rate cuts, but the token stalled just short of eclipsing its all-time high of $4,878.
  • More than $340 million in Ethereum long and short positions were liquidated in the last 24 hours, making up over half of all crypto market liquidations.
  • Regulatory tailwinds, corporate treasury purchases, and ETF inflows have strengthened demand for the asset, but failed to push it past a price record it’s failed to beat in nearly four years.

Ethereum short traders lost hundreds of millions of dollars Friday as ETH came within inches of breaking past its all-time high price, but ultimately failed to rise to the occasion.

In the last 24 hours alone, over $259 million worth of ETH short positions have been liquidated, according to data from CoinGlass. Another $80 million in long positions on the cryptocurrency have expired as well—bringing the total value of ETH liquidations in the last day to over $340 million.

That figure makes up over half of all liquidations across the entire crypto market in the last 24 hours. Just north of $668 million in crypto derivatives have been wiped out in the last day, a clear signal that, at least for the moment, all eyes are on ETH.



The cryptocurrency has been on a tear in August after a largely lackluster year, but fell off again this week amidst macroeconomic uncertainty. Then, a long-awaited signal this morning from Federal Reserve Chair Jerome Powell, indicating that the U.S. central bank might soon cut interest rates, sent Ethereum and other altcoins surging.

Immediately following the announcement, ETH popped nearly 15%, briefly eclipsing $4,842 in value. The token’s previous all-time high price of $4,878 was reached nearly four years ago, on November 10, 2021—at the peak of the last crypto bull run.

Traders couldn’t quite push the cryptocurrency over the finish line, however. After coming within 1% of notching a new record price, ETH stalled, and then dipped, heading south again below the $4,800 mark. The token is trading at $4,773 at writing. The price of ETH also came close to a record last week before dipping.

In recent months, regulatory developments in the United States particularly well suited to benefit the Ethereum ecosystem have made the cryptocurrency a more attractive buy, analysts previously told Decrypt. What’s more, massive acquisitions of the token via corporate treasury buys and ETH ETF inflows have had a substantial deflationary impact on Ethereum’s tokenomics.

“ETH has particularly explosive dynamics going on,” Greg Magadini, director of derivatives at Amberdata, said in a note shared with Decrypt. Magadini favorably compared Ethereum to the iPhone, analogizing the growing ecosystem of goods and services built on the network’s smart contracts to Apple’s now-ubiquitous App Store.

But all that momentum has not been enough to push ETH into uncharted price territory—at least not yet. The notoriously slow-reacting cryptocurrency has struggled to surge to new highs, even as rival tokens continue to break records in the ongoing bull market.

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August 23, 2025 0 comments
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Crypto Trends

From Free NFT Mint to Drinks at 7-Eleven: Rekt Is Reaching the Masses

by admin June 21, 2025



In brief

  • The crypto-native Rekt Drink brand has expanded into 7-Eleven stores, starting in Southern California.
  • The brand has sold more than 600,000 cans of its non-alcoholic, sparkling waters.
  • Rekt initially began with a free NFT drop that didn’t mint out, but has grown substantially since.

Rektguy didn’t mint out its free NFTs on the Ethereum blockchain in 2022—but three years later, the brand has become incredibly familiar with the phrase “sold out,” with the Rekt Drinks brand clearing out successive drops and reaching more and more consumers along the way.

The brand, which weathered a brutal crypto bear market thanks in part to the strength of its fervent community, has now sold more than 600,000 cans of Rekt Drinks, a non-alcoholic, flavored sparkling water that comes in a variety of different flavors. And this week, the brand earned placement at 7-Eleven, starting with a trio of stores in Southern California. 

Rekt Brands co-founder Ovie Faruq (aka OSF) told Decrypt that it’s “kind of funny” that the original Rektguy NFT offering didn’t mint out. The project, which started as an art collection and a “side quest” for Faruq, has since morphed its way into a leading Web3 brand, with beverages helping it expand beyond the blockchain.

(Disclosure: Ovie Faruq’s Canary Labs is an investor in DASTAN, the parent company of Rug Radio and Decrypt.)

“We sort of had a decision to make. We didn’t really promise anything, there was no roadmap, no promises made—it was really just meant to be an art collection,” he said of Rektguy. “But over the next two years, we seemed to just have this really super sticky, tight-knit community that stuck around.” 

It was during the summer of 2023 when ideas started to blossom about potential expansions.

“We spoke a while about Rektguy versus Rekt as a concept. We had put the logo on a few things, and it sort of felt like this Rekt thing could be a brand,” Faruq said, adding that the goal became getting the logo in as many places as possible. 

Drinks felt like a natural connection, according to Faruq, thanks in part to the ability to manufacture them cheaply—plus the connection to Rektguy’s imagery, which features a hooded skeleton holding a drinking bottle.

With no experience in drinks, the team brought on an advisor who had started a drinks company in the UK. Through trial and error, they got cans of Rekt into the hands of attendees at NFT Paris in 2024—and they liked it. 

“The feedback was really good. It was surprisingly good,” said Faruq. “Considering we had no experience in drinks, we just kind of like made up this drink to fuck around and find out, so to speak. It was really, really good feedback.” 

From there, the team decided to try to manufacture a bigger batch and sell them, leading to its first major sale of Liquidated Lime drinks last October—a collection of 222,000 drinks that it sold out in 48 hours.

Prior to the sale, Rekt built out a rewards program to incentivize users to engage with the brand, rewarding Drank Points to those who participated in social quests and drink purchasers as well. By earning points, users were later eligible to claim Rekt Coin (REKT), an Ethereum-based token tied to the brand. 

“I was really inspired by the Solana phone,” said Faruq about the Solana Saga, an Android smartphone that initially faced weak demand, but then sold out once the Bonk meme coin offered to buyers surged in value. “No one touched it, tons of supply left—but as soon as people could claim a $500 BONK airdrop, the phone sold out in like 24 hours.” 

After its initial success, the brand teamed up with Ethereum layer-2 network Abstract for a drop of Abstract Apple, a new flavor of its sparkling water, selling out even faster than before.



“After that, we just had tons of people reaching out to us for collaborations,” said Faruq, whose brand also dropped drinks via collabs with NFT marketplace OpenSea and Solana decentralized exchange aggregator, Jupiter. 

But beyond the crypto walls, the connections didn’t always come easily.

“No one’s really heard of us outside of crypto. We did the first sale, and people are sort of wondering if this is a one-hit wonder sort of thing,” he said, adding that the brand’s crypto origins initially led to some skepticism, as well. “You tell people the story, they expressed some interest, but there wasn’t really a ton of movement,” he added.

But after the Abstract and OpenSea drops, the brand started to pick up some momentum that has carried into its placements in 7-Eleven stores, placing Rekt alongside giants of the beverage industry.

“With 7-Eleven, I just think we had a very strong pitch to them,” said Faruq. “This is the perfect product for a 7-Eleven store, and we can get a ton of people out to the stores when we launch it and make it some really big thing and a really good launch. They were onboard.” 

The brand carried out its first 7-Eleven activation on Thursday, overselling its initial planned supply of 600 cans in the process. The cans were priced at $2.80 a pop, or $10 for a 4-pack. Another event took place Friday, with the last set for Saturday. And early 4-pack buyers each day will earn an allotment of REKT tokens, as well.

“​​[You] never really know if people will turn up to stuff when it’s not a crypto event,” Faruq told Decrypt of the initial Thursday event. “But we had a good turnout, and all the drinks selling out was obviously nice.”

Edited by Andrew Hayward

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June 21, 2025 0 comments
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GameFi Guides

Crypto Longs Get Rekt as Bitcoin, Ethereum and Dogecoin Dive

by admin June 15, 2025



Crypto prices are falling fast Thursday afternoon, forcing the liquidation of many an optimistic bet on future prices—with over $320 million worth of long bets getting wiped out in the last hour alone.

That’s according to data from CoinGlass, which shows nearly $328 million worth of total liquidations over the last hour, nearly all longs, along with $713 million worth of crypto positions liquidated over the last day. During that span, $650 million worth of the liquidations were long positions, or bets that the price of a specific asset will increase.

Bitcoin leads the daily liquidations, as usual, at $317 million worth, including $306 million worth of longs. BTC has fallen by nearly 3% over the last day to a current price below $106,200. It remains up by about 5% over the last week, but has continued falling since topping out above $110,000 on Tuesday.



At its current price, Bitcoin remains about 5% down from its all-time high mark of $111,814 set in May, per data from CoinGecko. According to CoinGlass, a single $201 million long position on Binance was liquidated as part of Thursday’s carnage.

Ethereum is the next-hardest hit by daily liquidations at $151 million, but the price of the asset has fallen much harder than Bitcoin on the day. ETH is down more than 6% on the day to $2,650, per CoinGecko, though an earlier-week spike leaves it up 9% over the past seven days.

Solana, XRP, and Dogecoin make up the next three largest piles of liquidations on the day, and indeed, all three assets are in the red. Solana is down more than 6% over the past 24 hours to $152.80, XRP has dipped over 4% to $2.20, and top meme coin Dogecoin has fallen 7% to $0.181. DOGE is the biggest loser in the top 10 coins during that stretch.

Bitcoin and Ethereum had both fallen following Wednesday’s CPI report, suggesting profit-taking as investors sold the news of inflation slowing in May. Meanwhile, altcoins like Dogecoin and Solana were already falling earlier Thursday, though losses have accelerated across the board in recent hours.

Broadly, the crypto market is down about 5% over the last 24 hours, according to CoinGecko.

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June 15, 2025 0 comments
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