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News | Crypto Converter | Crypto Calculators |
Trump memecoins drive Solana to record $3.3B trading volume on Pump.fun |
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Solana's Pump.fun platform hit a record $3.3 billion in weekly trading volume, fueled by a wave of Trump-themed memecoins. Scammers flooded the market with thousands of fake "Trump" tokens, with at least 60 identified as deceptive. Pump.fun faces legal threats and controversy, with concerns over rug pulls, investor losses, and extreme promotional tactics.
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News: Trump memecoins ignite Solana trading frenzy - Solana's Pump.fun memecoin launchpad has witnessed an unprecedented surge in trading volume, reaching an all-time high of $3.3 billion in a single week. This explosion of activity was driven by President Donald Trump's unexpected memecoin launches, TRUMP and MELANIA, which sent traders into a speculative frenzy. On January 23 alone, Pump.fun saw over $544 million in trading volume, smashing its previous daily records, according to Dune Analytics. |
The frenzy began around January 18, when Trump launched his TRUMP memecoin, followed by the MELANIA token just before his January 20 inauguration. The move sparked intense speculation, leading to a flood of imitation tokens attempting to capitalize on the hype. |
Scammers rush to cash in on the Trump crypto craze - The surge in interest also triggered an explosion of counterfeit Trump-themed memecoins. Security firm Blockaid reported that the number of "Trump" tokens nearly doubled from 3,300 to 6,800 within days. At least 60 of these tokens were designed to deceive investors by copying branding, tickers, or descriptions of Trump's official memecoins. |
Despite the chaos, Trump has only acknowledged TRUMP and MELANIA as legitimate tokens. However, traders continued speculating about potential follow-up tokens featuring other family members. |
Pump.fun faces legal scrutiny amid record growth - Pump.fun's meteoric rise has not come without backlash. The launchpad has hosted several high-profile tokens, including a "Barron Trump" memecoin, which briefly surged to a $27 million valuation before crashing below $4 million. |
While Pump.fun's revenue is approaching $500 million, Burwick Law has threatened legal action, alleging that the platform enables rug pulls and manipulative trading practices, leading to devastating investor losses. |
Additionally, Pump.fun was forced to shut down its livestream feature, which had become a hub for outrageous promotional tactics, including reports of self-harm, animal abuse, racial slurs, and explicit content being used to pump token prices. |
What's next for Pump.fun and Trump memecoins? - Despite the legal and ethical concerns, the Trump memecoin phenomenon continues to dominate the market, and Pump.fun remains at the center of the action. Whether Trump's involvement in crypto leads to more official tokens or sparks regulatory scrutiny is yet to be seen, but for now, memecoin speculation is at an all-time high. |
Bitcoin faces critical test as gold outperforms with 20% gains |
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Gold defies market trends, outpacing Bitcoin and S&P 500 in early 2025. Bitcoin-to-gold ratio nears a key breakdown level, raising concerns about BTC's rally. Analysts argue Bitcoin will eventually follow gold's all-time high trajectory.
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News: Bitcoin struggles as gold defies market norms - Bitcoin's price action has taken a backseat as gold continues its strong upward momentum, defying traditional market expectations. According to The Kobeissi Letter, gold's performance in 2025 signals an important shift, with the precious metal rising steadily despite volatility shocks and US dollar strength. |
Data from TradingView shows that BTC/USD has gained 10% year-to-date, while gold (XAU/USD) has climbed half of that in the same period after a 20% surge in 2024. |
Gold's resilience has surprised analysts, particularly given that it has historically moved inversely to the US dollar and US Treasury yields. "Gold prices have risen in a straight-line higher, even as volatility shook the S&P 500. In fact, even as the US dollar hit a new 52-week high and the 10-year note yield broke 4.80%, gold surged," Kobeissi wrote, emphasizing the anomaly in gold's behavior. |
Despite Bitcoin's sluggish performance compared to gold, market observers remain confident that BTC will follow the precious metal's lead. "All things aside, Gold is about to make a new all-time high. Matter of time before Bitcoin follows," stated trader Michaël van de Poppe. |
Bitcoin at a crossroads: Will it follow gold's surge? - One critical factor analysts are watching is the Bitcoin-to-gold ratio, which recently hit an all-time high in December 2024. However, crypto analytics account Northstar warned that a key support level of 34 must hold to prevent Bitcoin's bull run from faltering. |
"Bitcoin should breakout versus gold after this consolidation here, BUT if the ratio falls below 34 the bull run may end," Northstar wrote. |
Market sentiment remains divided, with some analysts predicting Bitcoin will track gold's historic rise, while others worry that if BTC fails to hold critical support, it could signal a deeper correction. The coming weeks will determine whether Bitcoin can regain its momentum or if gold will continue its dominance as the stronger asset in early 2025. |
MOVE surges 12% as Trump-backed firm invests $2M, but bears linger |
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MOVE surged 12% after Trump-backed World Liberty Financial acquired $2M worth of tokens, sparking short-term bullish momentum. Despite the rally, a negative funding rate and rising sell pressure indicate strong bearish sentiment, raising concerns over MOVE's sustainability.
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News: MOVE rallies on Trump-linked acquisition but faces bearish risks - MOVE, the Layer-2 (L2) token, soared 12% in the last 24 hours, securing its position as the market's top gainer. This rally came after World Liberty Financial, a DeFi platform backed by the Trump family, acquired $2 million worth of MOVE tokens on Tuesday. |
According to Arkham Intelligence, the purchase was completed in multiple transactions during early US trading hours. Shortly after, crypto analyst DB reported that Movement—the blockchain network behind MOVE—is in discussions with Elon Musk's Department of Government Efficiency (D.O.G.E.). |
However, the Movement's co-founder, Rushi Manche, has clarified that the project has had no formal discussions with DOGE. "Hectic morning as usual and appreciate all the support from everyone. (I) want to clarify that nothing from the movement labs offices or growth team have crossed DOGE's desks — all crypto is very early stage across the board and policy is still an ongoing discussion throughout the entire administration," Manche wrote on X. |
MOVE rallies, but bearish sentiment looms - Despite MOVE's recent gains, on-chain data suggests that its rally may be short-lived, with bearish sentiment still dominant. One key concern is the sharp decline in MOVE's funding rate, which fell to -0.084%—its lowest since January 7. |
A negative funding rate means that short traders are paying long traders, indicating strong bearish sentiment despite the rally. This suggests that the surge in MOVE's price may be a result of short squeezes rather than genuine organic demand. |
Additionally, profit-taking is accelerating, as MOVE has seen $19 million in outflows over the past four days, according to Coinglass data. On Wednesday alone, MOVE's spot market recorded $440,470 in outflows, signaling that traders are selling their tokens to lock in profits. |
MOVE price prediction: Breakout or breakdown? - If the current selling pressure continues, MOVE risks dropping to $0.71. A failure to hold that support level could push the token further down to $0.55. |
On the flip side, if real demand for MOVE spikes, the token could break above $0.87 and potentially rally toward $1.08. |
Hong Kong SFC issues first crypto licenses of 2025, expanding market regulation |
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The Hong Kong Securities and Futures Commission (SFC) has issued its first two crypto trading platform licenses of 2025, bringing the total to seven since mid-2024. The new licenses were granted to PantherTrade and YAX, reinforcing Hong Kong's regulatory push for digital asset platforms.
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News: Hong Kong grants two new crypto exchange licenses - Hong Kong's Securities and Futures Commission (SFC) has started 2025 by issuing two new operational licenses for cryptocurrency trading platforms. This latest move brings the total number of approved platforms to seven since the regulator launched its licensing initiative in mid-2024. |
On January 27, the SFC officially approved PantherTrade and YAX, allowing them to operate under Hong Kong's Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). Both entities are now authorized to provide virtual asset trading services within the regulated framework. |
This development comes as part of Hong Kong's commitment to strengthening oversight of the cryptocurrency market while fostering a compliant trading environment. The SFC's licensing initiative aims to balance innovation with investor protection by enforcing strict Know Your Customer (KYC) compliance, asset security measures, and cybersecurity protocols. |
Regulatory expansion amid delays - The new approvals follow Hong Kong's previous announcement that 11 crypto service providers would receive licenses before the end of 2024. However, only seven have been approved so far, highlighting delays in the review process. |
SFC CEO Julia Leung previously emphasized that the commission has been conducting on-site inspections to assess firms' regulatory compliance before granting approvals. These inspections focus on client asset protection, transaction monitoring, and cybersecurity safeguards to prevent illicit activities. |
In December 2024, the SFC approved four other virtual asset trading platforms, including HKbitEX, Accumulus, DFX Labs, and EX.IO. According to Eric Yip, the SFC's Executive Director of Intermediaries, the regulatory body aims to strike a balance between investor protection and fostering crypto market innovation. |
What's next for Hong Kong's crypto industry? - With the latest approvals, a total of 10 crypto exchanges have formally registered under AMLO since 2020, enabling them to operate as legally recognized virtual asset trading platforms. |
Currently, only four cryptocurrencies—Bitcoin (BTC), Ether (ETH), Avalanche (AVAX), and Chainlink (LINK)—are legally available for trading in Hong Kong. Industry experts anticipate that more assets may be approved in the future as regulations evolve and investor demand grows. |
The SFC's proactive approach signals Hong Kong's intent to remain a leading crypto-friendly financial hub, potentially attracting more institutional players to the city's regulated crypto market in 2025. |
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More stories from the crypto ecosystem |
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Did you know? |
The first Bitcoin-backed loan was introduced in 2013 by BTCJam, a peer-to-peer lending platform, which allowed users to borrow money using Bitcoin as collateral. This marked one of the first integrations of cryptocurrency into traditional financial services, paving the way for later developments in decentralized finance (DeFi). The first major music festival to accept cryptocurrency for tickets and merchandise was Tomorrowland in 2018, which partnered with BTC and ETH payments for a range of festival services. This event marked the growing intersection of cryptocurrency and entertainment, demonstrating the potential of blockchain technology to revolutionize ticketing and merchandise in the music industry. The first-ever NFT ticketing system was introduced in 2021for live events, allowing fans to purchase NFT tickets for concerts and festivals. These digital tickets were backed by blockchain, providing verifiable ownership and access, while also allowing fans to resell tickets securely on secondary markets.
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Top 3 coins of the day |
dogwifhat (WIF) |
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Key points: |
At press time, WIF was trading at $1.31, reflecting a 24.69% increase over the last 24 hours. It was the biggest gainer and the second most trending cryptocurrency, according to CoinMarketCap.
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What you should know: |
WIF experienced a significant price surge over the past 24 hours, driven by high trading volumes and increased market interest. The daily chart highlighted a notable rebound from the recent downtrend, with the price breaking above the 9-day Simple Moving Average (SMA), indicating a potential bullish shift in momentum. The On-Balance Volume (OBV) showed a sharp rise, signaling a strong accumulation phase as buyers dominated the market. This upward move in OBV aligns with the increasing trading volume, adding to the bullish sentiment. Immediate resistance is observed near the $1.37 level, coinciding with the peak of recent price action. A successful breach above this level could open the door to further gains. On the downside, support lies around $1.00, which aligns with the consolidation zone from earlier sessions. Traders should monitor the OBV trend closely for signs of sustained accumulation, as well as the SMA for potential shifts in momentum. A break above resistance could signal a continuation of the upward trend, while rejection at higher levels may lead to consolidation. |
Movement (MOVE) |
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Key points: |
At press time, MOVE was trading at $0.79, reflecting a 10.56% increase over the last 24 hours. It was the second biggest gainer and the third most trending cryptocurrency, according to CoinMarketCap.
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What you should know: |
MOVE recently encountered a notable price increase, with its price rising by 10.56%. The Bollinger Bands indicated increased volatility, as the price touched the upper band, suggesting strong bullish momentum. The Relative Strength Index (RSI) approached overbought territory, reflecting heightened buying pressure. Trading volume also surged, indicating increased market participation. Immediate support is identified around $0.71, aligning with the lower Bollinger Band. Resistance is observed near $0.88, corresponding to the recent high. Traders should monitor the RSI for potential overbought conditions and observe the Bollinger Bands for signs of continued volatility. A break above the resistance level could signal further gains, while a decline below support may indicate a potential reversal. |
Raydium (RAY) |
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Key points: |
At press time, RAY was trading at $6.47, reflecting a 9.23% decrease over the last 24 hours. It was the second biggest loser, according to CoinMarketCap's data.
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What you should know: |
Raydium's recent price activity highlighted growing bearish sentiment, with the token retreating toward the lower Bollinger Band. This downward movement suggested increased volatility in the market, amplified by the sharp decline in the last 24 hours. The Chaikin Money Flow (CMF) indicator underscored a capital outflow, signaling that sellers dominated the market. Interestingly, trading volume also spiked during the downturn, hinting at heightened investor engagement, either from profit-taking or panic selling. The $6.00 support level is a critical zone to watch, as a breach below it could lead to a steeper descent, potentially fueling a short-term bearish cascade. On the flip side, reclaiming the $7.50 resistance level could reintroduce bullish momentum, especially if the CMF begins to recover into positive territory. For traders, this price activity may reflect an opportunity to gauge whether the market is poised for a short-term bounce or a continued slide. Keep an eye on market sentiment and external developments, which could heavily influence RAY's trajectory in the coming days. |
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