From Elon's AI triggering a shitcoin storm to DZ Bank launching crypto custody, here is a 2-minute breakdown of things that happened in crypto today.
There's never a dull day in crypto. Elon Musk recently made waves that triggered the usual memecoin mania, with fortunes made and lost overnight.
CoinMarketCap is here today to dive into that story along with the top crypto news.
But first, here is a TLDR of today’s stories:
- US lawmaker proposes slashing SEC Chair Gary Gensler's salary to $1
- Elon's new AI chatbot led to a memecoin frenzy, with some scoring big gains and others getting rug-pulled.
- Kraken looks to build its own layer 2 network by partnering with blockchain companies.
- Germany's third-largest bank launched a crypto custody platform.
- Ava Labs laid off 12% of its staff.
Now let's into the stories!
Gensler’s Salary to $1
In the latest chapter of ‘We Are Sick of Gensler,’ a US lawmaker proposed slashing the SEC Chair's massive $300k+ (estimated) salary down to a single buck. Cue the sad trombone.
While likely just political theater, it shows some politicians are still mad about crypto oversight.
The symbolic proposal underscores ongoing tensions over crypto regulation. Read the full story!
Elon Triggers Memecoin Mania
Elon recently announced a new AI chatbot to challenge ChatGPT, aptly named after a sci-fi book series. This prompted a memecoin frenzy. Who could've predicted that?
Some traders scored big gains quickly, while others got "rug pulled" as usual in these hype cycles. Some of these tokens even reached over $1 million market cap.
Seriously, we need new hobbies in crypto besides chasing shitcoins. But hey, it's never a dull day in this industry!
Find out which of these tokens offered big gains to investors before the inevitable rug pull!
And that brings us to our Word of the Day!
It’s ‘Rug Pull’!
So what is a rug pull?
You know that feeling when you're standing on a nice rug and suddenly whoosh - someone yanks it right out from under your feet? Of course, you don’t!
But that's what a rug pull is in crypto (figuratively speaking).
Shady developers create a hot new token (most times following some trend), talk it up, get people to invest their hard-earned money, and then suddenly cash out all their tokens, leaving investors high and dry. The crypto rug has been pulled!
The tricky thing is you never really know if or when the rug will get pulled. The project might seem totally legit and then bam! Your tokens are worthless overnight.
But how exactly do developers pull this off? And how can you recognize them? Read more!
Now back to our daily stories!
Kraken Goes Buidl Mode
Kraken is reportedly looking to build its own layer 2 network by partnering with blockchain companies. Following similar moves of its competitor, it shows exchanges are now doubling as blockchain builders.
What's next, crypto banks? crypto VC funds? Hey, diversification is good and allows for vertical integration. It just proves that the crypto ecosystem grows even through bear markets.
Will this incentivize Kraken users in some manner? Maybe in the form of an airdrop? Read the full story!
German Bank Embraces Crypto
Germany's third-largest bank just launched a crypto custody platform, joining the growing list of European banks warming up to digital assets.
This move could signal a major shift in acceptance, especially with more German banks now seeking crypto licenses from regulators. The blockchain train is leaving the station it seems. Find out what other German banks are interested in crypto!
Layoffs Continue
Ava Labs laid off around 12% of its staff, claiming it's just "streamlining" operations. But employees were caught off guard, suggesting the crypto winter is still causing pain in the industry.
On the bright side, smaller teams can be more nimble…? Trying to find a silver lining here.
Guess what the CEO said?
Read the full story!
That wraps up the key headlines today. Stay tuned for more crypto insights!
