Market Update
I’m sorry, truly. But Donald Pump is the most newsworthy thing in the market right now. The short version is that via X he announced a memecoin launch ($TRUMP) that skyrocketed to a market cap in excess of $80bn, yes you read that right.
Market caps can be calculated in a couple of ways, is it total tokens multiplied by the price or total circulating tokens multiplied by the price that you prefer? Either way, a couple days out from inauguration launching a memecoin has to be one of the craziest moves of the century.
Interestingly, onchain data points to the total market cap of crypto not growing by nearly the value of Trump’s new coin, turns out everybody just rotated capital from other tokens into the latest hot topic. The price is down over 50% from it’s high of $70 with people already claiming they’ve been rugged by the President of the United States…and it’s only Day 1 of the presidency.
BTC broke it’s all time high crossing US$109k for the first time in history before quickly retreating.
We’re now in a world where POTUS openly owns and endorses crypto. Hold on tight…
Crypto News
Ethereum Foundation Moves $165M in ETH to Participate in DeFi
The Ethereum Foundation is moving $165.3 million to a new wallet to participate in the DeFi ecosystem in a bid to potentially grow its treasury. The Foundation is exploring DeFi participation to grow its treasury after a 39% decline in less than three years, while holding a significant portion of its assets in ether. The ether allocation comes amidst leadership changes aimed at improving technical expertise, communication, and support for app builders.
MicroStrategy Acquires Another 11,000 bitcoin for $1.1 Billion
Corporate bitcoin holder MicroStrategy acquired an additional 11,000 BTC for approximately $1.1 billion. The company now holds 461,000 BTC, worth over $48 billion. MicroStrategy’s total holdings were bought at an average price of $63,610 per bitcoin, a total cost of around $29.3 billion. To put this in perspective, MicroStrategy holds more than 2% of bitcoin’s total 21 million supply.
Solana's Daily Fees Hit Record High as Trump & Melania Memecoins Boost Network Volume
Solana’s network fees hit a record high, reaching a peak of $33.2 million in total fees, amid a large volume of trading activity surrounding memecoins, notably those linked to the U.S. President-Elect Donald Trump. Trump’s memecoin catapulted Solana activity to match 10% of Nasdaq’s daily volume—recording $16.87 billion on Jan.17, $28.28 billion on Jan.18, and $27 billion on Jan.19.
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