DOGEmania Takes Over

In a plot twist straight out of a crypto thriller, Dogecoin has officially flipped Bitcoin in several categories here in China. On the leading exchange Huobi, DOGE trading volume surpassed leading assets ETH and BTC. On May 6th, Dogecoin claimed over 15% of the total exchange volume, while both BTC and ETH lingered at around 8%. Interestingly enough, searches for ‘Dogecoin’ on WeChat skyrocketed to 2.3 million, exceeding Bitcoin’s 1.7 million by a wide margin. With its meme-driven fervor and the promise of quick riches, it’s no wonder DOGE has captivated the retail crowd in China.

Hotbit Hacking Hiccups

Meanwhile, centralized exchange Hotbit had a hacking attempt on April 30th, which caused a fuss but thankfully didn’t compromise user assets. The downside? User data wasn’t as lucky, with the database taking a nosedive. Trading, deposits, and withdrawals have temporarily ceased as the platform strives to restore order. Hotbit has been actively engaging its users via social media, but it looks like normal service may take a whole week to restore. With its various asset listings, it’s one of the go-to spots for investors who prefer to play it a bit safer.

Shenzhen’s Hoo Launches Smart Chain

The pace of innovation keeps quickening as Shenzhen-based Hoo.com rolls out its very own Ethereum Virtual Machine (EVM)-based smart chain. In an attempt to lure Centralized Finance (CeFi) users into the wild west of Decentralized Finance (DeFi), Hoo’s smart chain, currently in testnet, features ultra-low transaction fees of $0.001 and manages over 500 transactions per second. Competing exchanges like OKEx and Gate are also in the game, which may only ramp up competition for user retention. Hoo’s token has surged a staggering 350% since January, proving that investors are hungry for yield optimization without leaving the comforts of CeFi.

VeChain: From Office to Broadcast

In an impressive media spotlight, VeChain found itself in a features segment on CGTN, a state-sponsored business channel. The piece, where they showcased the growth of blockchain post-COVID-19, highlighted VeChain’s strides in business solutions aimed at food safety and infection control. The production team even interviewed developers within the office, showcasing their compliance with strict regulations – an enviable spot for any enterprise Blockchain-as-a-Service provider craving recognition.

Salary Surge for Blockchain Developers

Another eye-catching revelation from the Beijing Human Resources and Social Security Bureau was the climbing salaries for blockchain developers. According to their recent salary survey, blockchain engineers are pulling in about $6,700 per month—quite the jump compared to the average median wage of $3,000 to $4,600 across tech fields. For those who’ve been considering the switch to the blockchain space, the figures don’t lie! However, a glance over at the U.S. market shows that salaries can reach over $12,500 a month, making it clear there’s still some catching up to do.

Mining Resumes, but Northward Trend is On

Mining is back on track following a coal mine accident that led to stringent inspections of facilities. Hashrates have rebounded to pre-accident levels detected in mid-April, but the story doesn’t end there. In a noteworthy trend, it seems the industry is gradually migrating from China to North America. F2Pool’s founder Chun Wang has noted that for the first time in eight years, a majority of BTC hashing power is now being generated outside of China. With stricter mining regulations looming, this shift is likely to continue.