Cryptocurrencies To Watch

Category: Crypto News

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  • Memecoins Are Getting “A Little” Weird: CZ

    Memecoins Are Getting “A Little” Weird: CZ

    Changpeng Zhao (CZ), the co-founder of Binance, has expressed concerns over the growth of memecoins. In a recent post via X (formerly Twitter), he acknowledged support for memes but emphasized that the current meme sector is “getting a little weird.”

    The crypto mogul further urged developers to harness the potential of blockchain technology to create meaningful solutions by prioritizing practical applications over memecoins. The post hints that CZ desires to promote a more mature and innovative crypto ecosystem. Worthy of note is the fact that he had earlier unfollowed the famous meme lord Elon Musk on X.

    While CZ advocates for more attention to be given to utility projects instead of memes, some crypto users backlashed him, claiming Binance is not living up to his statement as it keeps listing memes. Meanwhile, in a recent post, CZ expressed his intentions to focus on education and transition to a more passive role in the crypto industry, prioritizing compliance and personal growth.

    Is the Memecoin Sector Getting Weird?

    The memecoin sector has taken a disturbing turn, as evidenced by the recent controversy surrounding Pump.fun, a Solana-based memecoin creation website. The platform’s livestream feature, intended for community engagement and entertainment, has devolved into a haven for explicit and violent content.

    Reports of live streams featuring pornography, drug use, animal abuse, and even acts of terrorism have raised serious concerns about the platform’s moderation capabilities. The situation has become so dire that some users have threatened to harm themselves if their invested token fails to reach a specific market cap.

    These disturbing incidents have resulted in calls for the platform to be regulated or shut down, further hinting that CZ may be right about memes becoming weird. The sector’s interest in irreverence and humor has escalated to a toxic culture that ignores the well-being of its participants. 

    Notably, CZ’s comment comes after the Pump.fun team disabled the livestream feature amid the recent developments. Nonetheless, the platform has been making waves. Recently, the team sold off some of its revenue, realizing over $6 million. The protocol has also generated significant volume for Solana, playing a role in the blockchain’s surpassing $100 million in DEX volume.

  • Video Sharing Platform Rumble Adopts Bitcoin Treasury Strategy

    Video Sharing Platform Rumble Adopts Bitcoin Treasury Strategy

    The United States-based video-sharing platform and cloud services provider Rumble has joined the institutional crypto and bitcoin adoption trend by implementing a Bitcoin Treasury Strategy. The company’s board has decided to diversify its excess cash holdings, spending up to $20 million to acquire BTC from the open market.

    The latest move highlights the growing institutional confidence as Rumble has followed in the footsteps of other U.S. firms, including MicroStrategy, Semler Scientific, and Marathon Digital.

    Rumble Embraces Bitcoin

    According to the company’s latest release, bitcoin is an essential tool for strategic planning, which led to its decision to adopt the crypto as a reserve asset.

    Rumble Chairman and CEO Chris Pavlovski revealed that the company’s decision was fueled by the U.S. election of a pro-crypto President, Donald Trump, who has taken steps to boost crypto adoption. He expressed that the world is still in the early stages of bitcoin endorsement, so his company shouldn’t miss out.

    Since it has a fixed supply, Pavlovski also explained that BTC is not prone to periodic new money printing like other government-controlled fiat currencies. Therefore, it is an excellent tool for dodging the effects of inflation.

    “Unlike any government-issued currency, Bitcoin is not subject to dilution through endless money-printing, enabling it to be a valuable inflation hedge and an excellent addition to our treasury. We are also excited to strengthen our ties with crypto and to bolster our efforts to become the leading video and cloud services platform for the crypto community,” he commented.

    While the company plans to spend $20 million on bitcoin purchases, it is not buying it immediately. Rumble’s management will consider various factors, including business conditions, the company’s cash needs, and the trading price of bitcoin. The strategy is also prone to amendment or suspension at any time in the future.

    U.S. Institutions Embrace BTC

    U.S. business intelligence firm MicroStrategy has set the pace of institutional Bitcoin adoption since 2020. Unlike Rumble, MicroStrategy is not concerned about the trading price of bitcoin. Its chairman, Michael Saylor, continues to purchase BTC for the firm. It got its last 55,500 units at an average price of $97,862 and now holds 386,700 BTC.

    Similarly, Marathon Digital, a U.S. Bitcoin miner, acquired its last 5,771 BTC at an average price of $95,554, raising its holdings to 33,875.

    Meanwhile, Fred Thiel, CEO of Marathon Digital, has expressed that the influx of many institutions into the crypto ecosystem would push the crypto upwards in no distant time.

  • Tron Founder Justin Sun Becomes Largest Investor in Trump’s WLFI

    Tron Founder Justin Sun Becomes Largest Investor in Trump’s WLFI

    The founder of Tron blockchain, Justin Sun, has recently invested $30 million in World Liberty Financial (WLFI), a decentralized finance (DeFi) project backed by President-elect Donald Trump, making him the largest investor.

    Notably, WLFI initially aimed to raise $300 million but later reduced its target to $30 million due to disappointing sales. Sun’s investment significantly boosted the project, and his involvement may attract more investors and attention to WLFI.

    Why Invest in WLFI?

    Sun publicly announced via X (formerly Twitter) that his reasons for investing in WLFI are rooted in the growing significance of the United States as a blockchain hub. He seized the opportunity to praise Trump for the recent Bitcoin development, which was mainly attributed to his election win. The crypto entrepreneur said, “Bitcoin owes it to Donald Trump.”

    He also expressed that the investment is a strategic move that aligns with Tron’s commitment to innovation and making America great again. The post hints that Sun’s support is likely driven by WLFI’s potential to play a vital role in the United States’ blockchain and crypto involvement.

    On the other hand, World Liberty Financial tweeted Sun’s post and expressed gratitude for his $30 million investment, stating they are “honored to have the support” of the Tron founder.

    Sun Keeps Making Industry Moves

    Sun is known for being vocal and active on social media, sharing his achievements in the crypto industry and beyond. Between 2018 and 2020, he acquired a Maltese residency card through investment, and in 2021, he participated in a $65 million funding round for Animoca, a Hong Kong-based blockchain gaming company.

    The entrepreneur also made notable investments in ether, becoming the largest individual staked ether holder with a balance of $500 million in February 2023. Furthermore, he launched SunPump in August, enabling users to create tokens. The crypto mogul is also associated with the exchange HTX, formerly known as Huobi.

    Last week, he purchased Maurizio Cattelan’s “Comedian” artwork, a duct-taped banana, for $6.2 million at a Sotheby’s auction in New York. He plans to take his ownership to the next level by consuming the banana, which he believes will make him a part of the artwork’s history. However, other crypto users think this may be a bullish move for NFTs, which have lost initial hype.

  • First Bitcoin-Backed USDa Stablecoin Surpasses $400M in Just Two Weeks

    First Bitcoin-Backed USDa Stablecoin Surpasses $400M in Just Two Weeks

    In a testament to the growing demand for innovative financial solutions, USDa, a Bitcoin-backed overcollateralized stablecoin, has shattered expectations, surpassing a staggering $400 million in supply in a mere two weeks after its launch.

    In addition to its impressive adoption rate, the stablecoin also reached a notable milestone, surpassing $700 million in total value locked (TVL) within the same two-week period following its launch.

    Avalon Labs Unveils Pioneer Bitcoin-Backed Stablecoin

    Earlier this month, Avalon Labs, a Bitcoin-based finance firm, introduced USDa, which it calls “The Bitcoin Money.”

    Apart from its pioneering work in blockchain and financial technology, the firm leverages its credibility as a winner of the second round of the prestigious BNB Incubation Alliance competition.

    To further enhance the offerings on the USDa project, Avalon Labs introduced an incentive program. This program features a $50 million deposit cap that enables participants to earn impressive annual percentage yields (APY) ranging from 20% to 50%, coupled with a generous 3x points rewards system.

    What is Avalon Labs’ USDa?

    Avalon Labs’s USDa project allows Bitcoin holders to access liquidity with a fixed 8% borrowing rate without selling their BTC. Built on LayerZero technology for cross-chain compatibility, the project integrates with DeFi and CeFi ecosystems, bridging the gap between institutional liquidity and decentralized innovation.

    Users seeking to acquire USDa stablecoins can do so through two primary channels. They can either purchase USDa on accepted decentralized exchanges (DEXs) or directly through the Avalon Finance website.

    Avalon Labs also offers two distinct methods for minting USDa tokens. Users can deposit collateral, such as Fractional Bitcoin or Wrapped Bitcoin (FBTC), into the Avalon CeDeFi platform to mint USDa.

    Alternatively, they can deposit USDT at a 1:1 ratio to receive USDa tokens. However, at the time of launch, the USDT deposit option was not available to users.

    USDa’s impressive supply of $400 million catapulted it to the third spot among CDP stablecoins, trailing only MakerDAO and JustStables. In a recent article, MakerDAO underwent a significant transformation. The DeFi platform rebranded as Sky and introduced its revamped stablecoin and governance token, $SKY.

  • Prediction Platform Kalshi Sees Bitcoin at $158,000 in 2025

    Prediction Platform Kalshi Sees Bitcoin at $158,000 in 2025

    The prediction market platform Kalshi has predicted that the world’s largest cryptocurrency by market capital will surge to approximately $158,000 by 2025. This projection aligns with growing optimism about bitcoin’s (BTC) long-term potential.

    Kalshi is a regulated exchange and prediction market where users can trade on the outcome of real-world events. With the recent surge in BTC, Kalshi noted that the odds of the crypto asset rising above $150,000 have climbed from 13% to 58% in the past 14 days.

    “The odds of Bitcoin rising above $150,000 in 2025 have jumped from 13% to 58% in just 2 weeks,” the platform stated.

    Can BTC Exceed $125,000 Next Year?

    The prediction platform also stated an increasing 77% probability that the digital asset will exceed the $125,000 mark next year. Kalshi further added that bitcoin has more room to run.

    Following Donald Trump’s victory as president of the United States, bitcoin climbed from a previous record of roughly $69,000 to an all-time high of over $99,600 within 14 days of the U.S. election. However, at the time of publication, the crypto asset is down 1.09% in the last 21 hours, changing hands at over $95,100.

    While BTC struggles to recover from the recent pullback, American television personality, author, entertainer, and former hedge fund manager Jim Cramer called the crypto asset a “winner.”

    Investors Predicting BTC Price

    Several investors and entities have also predicted the price of BTC, fueling hope for the future of the leading cryptocurrency. Analysts from the famous investment research firm Bernstein predicted that BTC would surge to $200k before 2025 runs out. They stated that the leading crypto is firmly established among different individual and institutional investors across countries.

    Similarly, Bitwise CIO Matt Hougan noted that the U.S. dollar does not need to collapse for BTC to break the $200,000 mark. He also stated that Bitcoin’s current market cap is about 8% of gold’s. Therefore, if it matures to reach the same capitalization as gold, it would trade around $400,000.

  • BTC has Fallen From $98K to $95K Since Jim Cramer Called it a Winner

    BTC has Fallen From $98K to $95K Since Jim Cramer Called it a Winner

    The host of CNBC’s “Mad Money” TV show, Jim Cramer, recently endorsed Bitcoin, calling it a winner. However, the public praise did not have the desired effect, as BTC’s price has dropped from $98,000 to $94,500 since then. 

    Notably, Cramer has had a rollercoaster relationship with Bitcoin. He has gone from skepticism to admitting he was wrong about it and even calling it a technological marvel and that the digital asset is here to stay.

    Not the First

    Interestingly, the crypto community has historically viewed Cramer’s predictions with skepticism. His track record of making predictions that are later proven wrong has led many to consider his views a contrarian indicator. This means that when Cramer makes a prediction, many traders and investors expect the opposite.

    Several instances have occurred where opposite market movements have followed Cramer’s predictions. For example, after he expressed confidence in Bitcoin’s resilience, the crypto’s price unexpectedly dropped below critical thresholds. Similarly, his prediction of a downturn for the pioneer crypto was followed by a surprising 150% rally in 2023.

    Cramer’s latest praise for Bitcoin garnered humorous reactions within the crypto industry, with some traders jokingly regarding his statement as a potential bearish signal. The crypto market is generally impacted by macroeconomics; hence, it is only a coincidence that it moves in the opposite direction each time the TV host mentions it.

    Cramer Not to be Blamed

    The Bitcoin rally has stalled not because of Cramer’s statement but because investors are taking profits from its recent post-election surge, which shot the asset to an over 45% increase. Regarding this, Andre Dragosch, head of research for Europe at Bitwise, said that the Bitcoin rally is expected to take a break in the short term as early investors secure profits.

    Mark Novogratz, CEO of Galaxy Digital, also attributed the stall to excessive leverage in the system. He noted that the crypto community is “levered to the gills,” making a price correction inevitable. Meanwhile, despite the crypto’s recent moves, institutions like MicroStrategy and Metaplanet remain optimistic about its long-term prospects as they add more to their portfolio.

  • Asset Manager WisdomTree Files for XRP ETF

    Asset Manager WisdomTree Files for XRP ETF

    United States exchange-traded funds (ETF) issuer and asset manager WisdomTree has registered with the State of Delaware for a spot XRP ETF. The asset manager has taken the first step, indicating that an official filing with the U.S. Securities and Exchange Commission will come soon.

    Over the past few days, the upsurge in the XRP price has drawn the attention of crypto investors and firms. Many see it as one of the next big players since it ranks as the sixth-largest crypto by market capitalization.

    WisdomTree Join XRP ETF Craze

    According to Fox Business reporter Eleanor Terrett, the asset manager submitted a filing for the XRP fund on Monday. However, it has not revealed where it will be listed or its corresponding ticker.

    The proposed spot XRP ETF would track the price of XRP, the native crypto token of the Ripple payment network. This would allow investors to gain exposure to the crypto without acquiring it directly from the open market.

    WisdomTree is only one of the asset managers aiming for a spot XRP ETF. Asset manager Bitwise opened the door two months ago by registering with Delaware. After that, it filed an S-1 application for the fund with the U.S. SEC.

    The SEC has not reacted to or replied to any filings for a spot XRP ETF. However, with the forthcoming resignation of SEC crypto-pessimistic Chairman Gary Gensler, the asset managers have become even more hopeful that their forms will be attended to if a pro-crypto chair takes on the SEC chairman role.

    Recent ETF Filings

    With the U.S.-approved Bitcoin and Ether ETFs already in operation, asset managers have made moves to establish other crypto ETFs under Donald Trump’s forthcoming administration.

    ETF issuers in America recently filed for a spot Solana ETF, and the SEC has started reviewing the applications. It expects further filings from many more intending issuers. 

    Meanwhile, as a renowned asset manager in the U.S., WisdomTree was also approved to launch its Bitcoin ETF simultaneously with BlackRock and others. While its BTC ETF, BTCW, has not recorded tremendous inflows, it is still active in the market, recording only two outflow days since its launch in January. BTCW has an all-time net inflow of $216.8 million.

  • UK Lady Accidently Loses Ex-Boyfriend’s $784M in Bitcoin

    UK Lady Accidently Loses Ex-Boyfriend’s $784M in Bitcoin

    Halfina Eddy-Evans, a United Kingdom-based resident, has revealed that she mistakenly lost the keys to her ex-boyfriend’s 8,000 BTC worth over $700 million while they were dating.

    Her ex-boyfriend, James Howells, noted that he had mined the BTC himself since 2009 and had forgotten about it, storing the key in a flash drive, an offline storage device that his ex-girlfriend disposed of.

    Over $700 Million in the Dump

    According to a local UK news media, MailOnline, Eddy-Evans claims that Howells asked her to dispose of the flash drive, which she did by taking it to a refuse dump in Wales almost nine to ten years ago.

    “Yes, I threw away his rubbish. He asked me to. The computer part had been disposed of in a black sack along with other unwanted belongings, and he begged me to take it away. I had no idea what was in it, but I reluctantly dropped it off at the local tip on the way home from going on the school run,” she said in an interview.

    She noted that she was only trying to help him run errands and never knew it would end in disaster. Remorsefully, Eddy-Evans said that she wanted Howells to find the flash drive so he could stop reminding her about it.

    Howells in Search for Drive

    Howells noted that he began searching for the secret keys to the 8,000 lost BTC held in the flash drive after learning that it was worth more than $700 million.

    He has repeatedly asked the local government authorities for permission to search the landfill but has been denied. Thus, he’s willing to sue the Newport City Council as a last resort to obtain permission to search for and retrieve the key. He promised to donate 10% of the BTC to the local area if he recovers it.

    “The treasure is getting more and more valuable by the day, and that isn’t going to stop,” he noted.

    According to the BBC, the landfill has more than 1.4 million tonnes of waste, but Mr Howells says he won’t need to search it so much as he has narrowed the hard drive’s location down to an area of 100,000 tonnes.

    Meanwhile, at the current BTC price of $98,020, the lost tokens are worth more than $784 million.

  • First Time! Solana’s DEX Volume Surpasses $100B in Monthly Trades

    First Time! Solana’s DEX Volume Surpasses $100B in Monthly Trades

    Solana’s decentralized exchange (DEX) trading volume has crossed the $100 billion mark for the first time, signaling a major milestone for the platform.

    According to data from DeFiLlama, the Solana network has recorded a total of $109.8 billion in DEX trade volume through November.

    With a staggering $100 billion in monthly DEX volume, Solana’s record-breaking DEX volume has surpassed Ethereum’s monthly total by nearly 100%, up from $52.5 billion in October.

    Solana’s Explosive Growth

    As of press time, Solana’s price stands at $241.28, reflecting a significant 43% increase over the past month, according to CoinMarketCap data.

    Experts believe that SOL’s price surge and DEX volume growth can be attributed to the rising popularity of memecoins, which has been driven by the launch of innovative platforms like Pump.fun and Raydium DEX. 

    Additional data from DeFiLlama revealed that the two platforms achieved unprecedented success in November, posting record highs in trading volume of $71.5 million and $182 million, respectively.

    Solana’s competitive transaction fees and user-friendly interface have also created an ideal environment for memecoin adoption and growth.

    Last week, on November 19, Solana’s daily transaction fees skyrocketed to $11.84 million, setting a new record.

    This surge, as with its recent DEX volume, was fueled by heightened memecoin activity, contributing to the network’s revenue of $5.92 million. Notably, Raydium, Solana’s leading DEX, experienced substantial fee growth, accumulating $15 million over two consecutive days, with daily revenue reaching approximately $1 million.

    Will Solana’s Recent Gains Spark a Full-Blown Bull Run?

    In October, Geoffrey Kendrick, Global Head of Digital Assets Research at the British multinational bank Standard Chartered, predicted that Solana could outperform Bitcoin and Ethereum and increase by 5X by the end of 2025 if Donald Trump wins the United States presidential election.

    Given the impressive performance of Solana’s network in recent times, it appears that Geoffrey Kendrick’s prediction may indeed materialize, paving the way for a significant bull run in 2025.

    An additional factor that may significantly contribute to the realization of Kendrick’s Solana prediction is the fact that the U.S. Securities and Exchange Commission (SEC) is already processing the S-1 applications that about three US-based asset managers have submitted,  filing for a spot Solana exchange-traded fund (ETF).

  • Michael Saylor Flaunts 100,247% Rise in MSTR, Buoyed by Bitcoin

    Michael Saylor Flaunts 100,247% Rise in MSTR, Buoyed by Bitcoin

    Michael Saylor, the executive chairman of business intelligence company MicroStrategy, has put the company on air as the biggest corporate firm that has journeyed from grass to financial grace, even in the face of market volatility.

    In a recent tweet, the American billionaire entrepreneur flourished MicroStrategy’s rich historic transition from 2002 to date. He stated that on July 3, 2002, the publicly traded company recorded its lowest end-of-day price at $0.42.

    A Journey of Resilience And Grit

    Fast-forward 22 years, and the business intelligence firm records a 100,247% increase in the price of its market stock, which is now $421.88.

    At the time of writing, however, data found on companiesmarketcap.com revealed that $MSTR stock market prices have pumped up once again from $421.88 to $473.83, another 12% increase from the time Michael Saylor made the latest flaunt on X(formerly Twitter).

    Notably, the software company’s stock market value started to appreciate significantly in August 2020, when MicroStrategy became the first publicly traded company in the United States to acquire bitcoin as part of its capital allocation scheme.

    Since then, the publicly traded company has made bitcoin a core reserve asset, acquiring the king crypto as a hedge against the influence and having diversity in its corporate treasury asset.

    Michael Saylor’s Business Model

    Over the past few years, the business intelligence company has been on countless bitcoin purchase sprees, applying Saylor’s unconventional model to bitcoin banking, which he dubbed  “capital market arbitrage,” as a vehicle to making MicroStrategy the world’s leading bitcoin bank.

    The firm has been to the bitcoin market on several occasions recently. MicroStrategy recently announced that it has added 55,500 BTC to its holding, worth $5.4 billion. This brings its total holdings to 386,700 BTC. Interestingly, this portfolio is worth over 1.84% of BTC’s total supply of 21 million coins.