The Blockchain Bulletin, Jan 23: Donald Trump Addresses $TRUMP Gain as ‘Peanuts’
Hey folks! After a long hiatus, we are back with a bang! Welcome to the latest edition of The Blockchain Bulletin, your everyday crypto newsletter. Let’s have a quick look at the latest developments that took place over the last 24 hours.
Speaking to reporters after attaining office, President Donald Trump sparked controversy over his opinion on the $TRUMP coin. During the interaction, a reporter asked Trump’s opinion on the meme coin surge, which increased during his inauguration period, to which Trump nonchalantly stated that he had just bought it, but had limited knowledge of it. When the President was informed that the token had made a profit in billions, Trump quipped that the amount was “just peanuts”. This statement raised controversy within the crypto community, highlighting Trump’s insignificance towards the token. On the other hand, TD Cowan, a research analyst stated that $TRUMP would hinder bipartisan agreement on cryptocurrency market structure legislation.
With Trump in office, several changes are expected in the legislative structure. Following this, Coinbase has announced delisting Tether if it is non-compliant with the U.S. Stablecoin Laws. Brian Armstrong, the CEO of Coinbase, emphasized that stablecoin issuers should follow strict rules if such laws are introduced and stated that the USDT would be dropped if it fails to meet the requirements. Notably, the stablecoin, pegged to the U.S. dollar is facing scrutiny over its reserve transparency.
Related: Bank of America Prepares for Crypto Payment Revolution
On the regulation side, with Gary Gensler out of the scene, the U.S. Securities and Exchange Commission (SEC) received meme coin ETFs from REX Shares. The firm, managing over $8B worth of assets filed ETFs for top tokens like DOGE, TRUMP, XRP, SOL, BTC, ETH, and BONK. With DOGE in the list, it underscores the meme coin’s growing prominence, fueled further by its association with the Department of Government Efficiency organization. Further, the DOGE community witnessed a surge in price after the website used the DOGE image as its logo. On the other hand, the Acting Chief of the SEC, Mark Uyeda, launched the Crypto Task Force, an initiative to tackle crypto rules and market challenges.
On the corporate side, South Korea unveiled new FSC rules for corporate investments in cryptocurrencies. This will control stablecoin money and the second-stage development of digital asset regulation. With this initiative, companies can take part in the market while investors would be kept safe with the new rules.
In a twist of events, Telegram announced its exclusive tie-up with The Open Network (TON) for mini-apps, impacting over 950 million users. Further, TON Connect, the network’s wallet connect protocol has been made mandatory for all Telegram mini apps wallet integrations. With this announcement, all the blockchain-integrated applications are required to migrate to the TON network. Failing to do so will hinder the functionalities of blockchain.
Related: HBAR Price Outlook: A Surge or Further Decline Ahead?
On the market front, the Fear and Greed Index pointed to 66, highlighting greed among investors. Following this, Chainlink surged by 48% in 9 days following bullish signals. Forming a cup and handle pattern, LINK is speculated to witness its next hurdle at $28 and a breakout at this point could push it beyond $30.
Also, Jito, the Solana MEV infrastructure set a record by achieving $26.49M in fees on a single day for a $MELANIA transaction. With this record, Jito emerged as the top performer in the Solana network. Amid the achievement, speculation over the CUBA token emerged following a rug pull scandal associated with Solana. The token, linked to the Cuban Ministry of Foreign Affairs X account gained prominence and multiple tokens related to the CUBA theme were released at this time. Following this stint, the public blocked the X account.
