From BlackRock investing big in Bitcoin to PEPE experiencing surge in holders, here is a 2-minute breakdown of everything important that happened in crypto today.
Here is a meme to sum up today’s market condition (or should we say ‘chaos’?)!
The confusing, chaotic energy of this scene is basically what's been happening in crypto lately with the rise of political meme coins.
These satirical (and promotional) digital currencies inspired by political figures and internet memes have taken center stage this week. Trump’s vocal crypto endorsements over the past months and his $10 million crypto portfolio have given these coins an air of legitimacy.
Just when people thought memecoins couldn’t go further from here in terms of creativity, we got a whole new sub-category based on famous politicians!
But one thing's for sure - this memecoin wave is demanding attention and shaking up the landscape in wild, meme-worthy ways. Whether you find it amusing or baffling, it's impossible to ignore them.
Speaking of shaking things up, let's take a look at some of today's top crypto news stories:
TL;DR:
- Mt. Gox transfers billions in BTC, causing a price dip 😲 But why transfer billions of dollars all of a sudden?
- Solana’s validators get to keep 100% of those priority fees 💰Will it lower Solana's price in the long run?
- BlackRock loads up on more Bitcoin! 🐳 Is the firm getting ready for the bull run?
- Trump's crypto wallet hits $10M 💵 What tokens is he holding and how can we track it?
- PEPE seems to be trending again 🐸 What's pumping this frog-themed memecoin?
Let's dive into these stories!
What’s Causing the Bitcoin Price Dip?
The crypto market experienced a slight FUD as wallets connected to the infamous Mt. Gox bitcoin exchange initiated a series of large transfers totaling over $9 billion worth of BTC.
The substantial movement of over 140,000 bitcoins from Mt. Gox-linked wallets to unknown addresses immediately spooked traders. Bitcoin's price immediately reacted, plunging over 2.3% from around $70,000 down to $67,680 in a matter of hours.
The sell-off highlights the market's lingering concerns over the potential selling pressure from Mt. Gox's remaining bitcoin holdings.
The exchange was once the largest bitcoin trading platform before its catastrophic downfall in 2014 after losing approximately 850,000 BTC in hacks, worth billions at today's prices.
Why is it transferring Bitcoins worth billions of dollars all of a sudden? Read the full story!
Solana's Validators To Get the Whole Pie
Solana just hit the switch on a governance vote that's got the community buzzing.
The decision? Validators get to keep 100% of those priority fees.
Now, this move is a clear break from the old system where half those fees went up in smoke. The idea? Cut out the shady side deals some validators were cutting to skip the transaction line.
With the full fee going to nodes, Solana's aiming for a smoother, more secure ride.
But not everyone is down with removing that burn mechanism. Some are nervous that the supply of SOL could spark a blaze of inflation down the road.
Can it potentially push down Solana's price in the long run? Read the full story!
Wall Street Giant Is Making Big Investment in Bitcoin
BlackRock just revealed it's been loading up on shares of its own Bitcoin ETF, the iShares Bitcoin Trust (IBIT).
But what's got the Wall Street whales taking the BTC plunge? Well, with over $19 billion worth of Bitcoin under its belt, the iShares Bitcoin Trust is a pretty good target.
And with spot Bitcoin ETFs officially holding over 1 million BTC ($68 billion) worldwide, the FOMO seems to be real!
Is the firm getting ready for the bull run? Read the full story!
Trump's Crypto Stash Hits $10M
Donald Trump just hit a crypto milestone!
The former president's digital asset portfolio has cracked above the $10 million mark.
The surge was mostly powered by the MAGA memecoin aptly called TRUMP. The token hit an all-time high of $15.44 on May 29, earning The Donald some serious blockchain bling.
Trump's been feeling pretty crypto-curious lately. Just last week, he gave the nod to crypto companies and the industry as a whole.
The Trump 2024 campaign also wasted no time cashing in on the crypto buzz, launching a donation page to let supporters feed the chest with their digital assets.
What other tokens is he holding? And how can we track his wallet? Read the full story!
And Last But Not Least, Let’s Talk About PEPE!
The frog-inspired PEPE token is hopping to new heights, and traders are piling into the pond.
In the past month alone, the number of daily active PEPE addresses has doubled, skyrocketing by 230%.
While other memecoins are playing catch-up, PEPE is leading the pack.
Now, what's causing PEPE’s price to pump? Read the full story!
And that’s a wrap. We will be back with more updates!
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