Crypto Compass by BitcoinWalletSG #106

Hello Fam,

This weekend’s launch of the $TRUMP memecoin sparked massive FOMO across the crypto community, driving the creation of 400,000 new wallets on-chain—a clear signal of the growing allure of digital assets tied to influential figures. Beyond its immediate impact, the $TRUMP token sets a precedent, normalizing the creation of personal or brand-centric tokens and opening the floodgates for anyone to launch their own cryptocurrency.

However, while memecoins offer high-risk, high-reward opportunities, investors must exercise caution. Tokens with no intrinsic value can lead to significant losses, and the euphoria of early gains often leaves latecomers holding the bag. Always evaluate the risks and trade responsibly.

Trump Memecoin Surges to $13.5 Billion Market Cap Amid Exchange Listings

The Official Trump memecoin has soared to an all-time high market cap of $13.5 billion, ranking among the top 20 cryptocurrencies on CoinGecko. The token, listed on Binance and now added to Coinbase's roadmap, reached $67 per token before slightly retreating to $66. However, the fully diluted valuation of $67.5 billion raises concerns as 80% of the supply remains locked, with a $2.7 billion tranche set to unlock in three months. The ability of the memecoin to withstand the looming insider sell pressure will be crucial for sustaining its position in the market.

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States Debate Bitcoin Reserves as Trump Spurs Momentum

Wyoming and Massachusetts are among eight U.S. states now considering legislation to establish Bitcoin reserves, reflecting a growing trend in the aftermath of Donald Trump’s re-election. Wyoming’s proposal limits Bitcoin investments to 3% of state funds, while Massachusetts’ bill allows up to 10%, including other digital assets. These initiatives echo Trump’s federal Bitcoin reserve vision, gaining support from crypto advocates like Coinbase CEO Brian Armstrong, who argues Bitcoin could be as foundational as gold in a digital economy. Nearly one-fifth of U.S. states are set to formally debate the integration of Bitcoin into public funds.

Trump-Linked DeFi Venture Registers Ethereum Domains

World Liberty Financial (WLF), a DeFi platform associated with President-elect Donald Trump, has acquired Ethereum Name Service (ENS) domains, including trumpcoin.eth and barrontrump.eth, fueling speculation of future Trump-themed meme coins. This follows WLF's $48 million Ethereum purchase after launching Trump’s official meme coin, $TRUMP. WLF describes itself as a decentralized platform promoting "liberty and privacy," distancing itself from direct political affiliation despite leveraging the Trump brand. The platform’s governance token, WLFI, launched with strict non-transferable conditions, and WLF has not clarified the purpose of its new Ethereum domains.

Happenings of the week

• Trump’s inauguration expected to shake crypto markets

• Ethereum Foundation sees leadership changes

• Galaxy Digital says 2024 was a tough year for crypto VC markets

• Trump memecoin launch propels Moonshot into top 10 on US Apple App Store

Trump’s Memecoin Fuels Solana Surge and TVL Record

The launch of $TRUMP, the official memecoin tied to incoming U.S. President Donald Trump, has driven a surge in interest for Solana (SOL). The announcement propelled SOL’s price by over 23%, pushing its total value locked (TVL) to a record $12 billion, according to DeFiLlama. This marks Solana’s highest TVL since the FTX collapse, with over 45 million SOL now locked in smart contracts. The memecoin, coordinated by Trump-affiliated CIC Digital LLC, is set to distribute 80% of its supply over three years, further solidifying Solana’s ecosystem growth.

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