Crypto Compass by BitcoinWalletSG #109

Hello Fam,

Solana has become the go-to chain for speculative trading for awhile now, with new tokens launching daily and generating massive trading volumes. While some projects gain traction organically, others serve as short-lived pump-and-dump schemes, allowing insiders to exit with large profits while retail investors are left holding devalued assets.

The memecoin market and speculative tokens can be highly volatile, often benefiting insiders at the expense of retail traders. Always do your own research (DYOR), and avoid FOMO. Protect your capital and trade wisely!

Milei Faces Fraud Charges Over LIBRA Token Crash

Argentine President Javier Milei is facing fraud charges after promoting the LIBRA cryptocurrency, which skyrocketed to a $4 billion market cap before crashing 96% within hours. The lawsuit, filed by political opponents, alleges that LIBRA’s team, led by Kelsier Ventures, orchestrated a scam, with 82% of the supply controlled by a small group. As the token collapsed, the project’s team allegedly cashed out $87 million, prompting Milei to delete his endorsement and claim no involvement. Despite his denial, legal proceedings are moving forward.

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Ethereum Burns & WikiLeaks Donations Signal Protest

A mysterious Ethereum user, “Hu Lezhi,” burned over 500 ETH and sent 591 ETH to WikiLeaks, linking the transactions to allegations of brain-machine interface abuse. On-chain messages claim that Kuande Investment executives are using these technologies to control employees, describing a dystopian loss of free will. The funds sent to WikiLeaks suggest support for whistleblowing, while burning ETH symbolizes resistance. While the claims resemble science fiction, the large-scale financial movements have drawn significant attention in the crypto space.

Bitcoin Transactions Drop to 12-Month Lows

The 7-day moving average of Bitcoin transactions has fallen to 330,000, a 55% decline from peak levels, signaling a shift in network usage. Activity from Bitcoin-based protocols like Runes and Ordinals has dwindled, with Runes generating less than $20,000 in fees over the last month, down from $60 million at launch. Meanwhile, traders are shifting toward Solana for memecoins and Base for AI tokens, raising questions about Bitcoin’s long-term network utilization and fee sustainability as it returns to a primarily monetary transfer role.

Happenings of the week

• Ethereum Devs Clash Over Looming Upgrades

• Coinbase targets USDT with an $86B ‘stretch goal’ for USDC

• Wisconsin goes all-in on BlackRock’s Bitcoin ETF

• NYSE asks SEC to allow staking for Grayscale's Ethereum ETFs

Yuga Labs Sells Meebits NFT Collection to Meebit Company

Yuga Labs has sold the Meebits NFT collection and its intellectual property to Meebit Company (MeebCo), which plans to expand the brand through community engagement, new merchandise, and creative development. Despite the sale, Meebits will maintain a presence in Yuga’s Otherside metaverse. MeebCo has also launched Bits, a rewards system for OpenSea traders, with proceeds split between the team and project expansion. Yuga Labs, now focusing on Bored Ape Yacht Club and Otherside, continues to streamline its portfolio after restructuring in 2023.

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