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NewsBriefs - Solana meme coins outpace Ethereum in 2024 gains

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  • Crypto Briefing

    Solana meme coins outpace Ethereum in 2024 gains

    In 2024, Solana-based meme coins have substantially outperformed their Ethereum counterparts, recording average returns of 8,469% versus 962% for Ethereum. This discrepancy underscores a major influx of speculative investment into the Sol relief. Notable crypto tokens like WIF and BONK on Solana have fueled further capital migration and investment due to their substantial rallies. Additionally, the emergence of political meme coins, specifically the MAGA (TRUMP) token, has gained significant attention with a 5,100% increase, spurred by political endorsements and campaign support, reflecting a broader integration of crypto in the upcoming November US elections.

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    • Cointelegraph

      Ether surpasses $3,500 mark amid record futures interest surge

      Ether (ETH) saw a significant 15% price increase from November 20 to November 27, reaching nearly $3,500, coinciding with a surge in Ether futures open interest to a record $22 billion. This growth is attributed not only to bullish sentiment but also to various trading strategies, including hedging and neutral positioning by institutional investors. The Chicago Mercantile Exchange (CME) now holds $2.5 billion of the ETH futures open interest, indicating heightened institutional participation. Despite the increase in open interest and price, the demand for leveraged long positions among retail investors remains low, as evidenced by the neutral perpetual futures funding rate.

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      Cointelegraph

    • The Block

      Ethereum, Cardano, and Solana see gains as capital shifts from Bitcoin, QCP Capital reports

      Capital is shifting from Bitcoin to alternative crypto tokens, notably Ethereum, Cardano, and Solana, according to QCP Capital analysts. This shift is reflected in a 13% increase in the ETH/BTC ratio and corresponding gains of 5%, 9%, and 4% in these tokens respectively over the past 24 hours. Meanwhile, Bitcoin saw a smaller rise of 1.5%. The move highlights a changing market sentiment where funds are rotating into altcoins from Bitcoin.

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      The Block

    • The Block

      Kraken to shut down its NFT marketplace to focus on new projects

      Kraken, a major crypto exchange, is closing its NFT marketplace to reallocate resources to new and undeveloped projects. The marketplace will stop operations on Feb. 27, 2025, after ceasing all listing, bidding, and selling activities on Nov. 27, 2024. Users have been instructed to transfer their NFTs to their Kraken Wallet or another preferred self-custodial wallet.

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      The Block

    • Saturn

      Saturn rolls out first Bitcoin-based AMM on testnet

      Saturn, a peer-to-peer order book built on the Bitcoin network, has introduced the first Bitcoin-based automated market maker (AMM) on testnet, allowing users to experience swaps and liquidity positions directly on Bitcoin's base layer at high speeds. Users must use the Unisat wallet and switch settings to Testnet4 and Taproot (P2TR) address type to participate. The launch promises the same functionalities and speeds as the upcoming mainnet release.

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      Saturn

    • Cointelegraph

      Telegram's crypto holdings exceed $1.3 billion in first half of 2024

      Telegram's crypto holdings have increased significantly from $400 million at the end of 2023 to $1.3 billion in the first half of 2024. This increase is attributed to profits from selling TON tokens and a specific business deal. The instant messaging platform also saw a substantial revenue increase, with $525 million generated in the same period, indicating a 190% increase relative to the previous year. The company's financial stability is also bolstered through extensive holdings of TON tokens amid market fluctuations.

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      Cointelegraph

    • The Block

      Tron purchases $30 million in Trump-backed World Liberty Financial tokens

      Tron founder Justin Sun has invested $30 million in World Liberty Financial tokens, a crypto project endorsed by President-elect Donald Trump. The investment follows the token's lackluster launch and is part of Tron's broader strategy to promote blockchain innovation in the US. Despite concerns over DT Marks DEFI LLC's significant stake in the project, which is connected to the Trump family, Tron remains optimistic about its potential.

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      The Block

    • The Block

      Bernstein expects MicroStrategy to hold 4% of all Bitcoin within a decade

      Bernstein analysts predict that MicroStrategy will grow its Bitcoin holdings from 1.7% to 4% of the circulating supply within ten years, updating their price target for MSTR to $600 by 2025. The analysts attribute this growth to MicroStrategy's aggressive capital scaling and believe that the company's unique Bitcoin treasury model will continue to attract significant global investment. Despite some market fluctuations, the firm's solid investment strategy and extensive acquisitions portray promising growth prospects in the crypto space.

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      The Block

    • Cointelegraph

      Pump.fun faces criticism over harmful content in livestreams

      Pump.fun, a decentralized platform that enables the creation of Solana-based memecoins, is criticized for harmful and violent content in its livestreams. Reports of users threatening self-harm, violence, and other dangerous acts through the platform have emerged, leading to calls from community members to shut down or heavily moderate the livestream feature. Pump.fun's leader, Alon, defends current moderation practices, citing a significant team of moderators as part of their effort to control the broadcast content.

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      Cointelegraph

    • Bloomberg

      Singapore Gulf Bank looking to raise $50 million and acquire a stablecoin payments firm

      Singapore Gulf Bank is looking to raise at least $50 million to support product development and enhancements to its payment network and plans to acquire a stablecoin payments company by early 2025. The bank, established by the Whampoa Group and licensed in Bahrain, is negotiating with a Middle East sovereign wealth fund among other investors to sell an equity stake of less than 10%. This expansion aligns with broader industry growth, buoyed by anticipated supportive regulations in the US under the incoming administration.

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      Bloomberg

    • The Block

      Hong Kong's ZA Bank introduces retail crypto trading

      ZA Bank, a digital bank in Hong Kong, now allows its users to trade cryptocurrencies directly on its app in HKD and USD, making it the first bank in Asia to offer such services to retail customers. The bank has partnered with local crypto exchange HashKey for the integration of these trading capabilities using the institutional-grade service, HashKey Pro. The initiative aligns with ongoing efforts to expand the Web3 ecosystem and offer diversified financial services.

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      The Block

    • CNBC

      State Street warns Bitcoin rally may create false sense of security for investors

      State Street Global Advisors' strategist George Milling-Stanley cautioned that the recent bitcoin rally could mislead investors into feeling overly secure about their investments. Comparatively, he highlighted gold's stability and reliability, emphasizing that bitcoin, being primarily a return play, lacks the protective qualities of gold. Milling-Stanley's insights came during a period when the SPDR Gold Shares ETF, the world's largest physically backed gold ETF, marked its 20-year anniversary with significant historical growth. Meanwhile, bitcoin has seen considerable gains, reaching new highs post the November elections.

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      CNBC

    • The Block

      Solana ETFs could debut by 2025 as regulatory optimism grows

      The push for Solana exchange-traded funds (ETFs) in the U.S. market gained momentum as Cboe BZX filed four spot Solana ETF applications from VanEck, 21Shares, Bitwise, and Canary Capital. With a shifting regulatory landscape, driven by SEC Chair Gary Gensler's upcoming resignation and a pro-crypto administration taking office, industry leaders express growing optimism for SOL ETF approvals by 2025. Analysts cite the success of spot Bitcoin and Ethereum ETFs as a promising precedent, while Solana’s native token (SOL) has surged, nearing its all-time high, reflecting renewed investor confidence.

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      The Block

    • Cointelegraph

      Solana's SOL hits new all-time high amid Bitcoin rally and memecoin frenzy

      Solana's native token, SOL, reached a new all-time high of $264.50, driven by a Bitcoin rally toward $100,000 and increased interest in memecoins. Solana's market cap remains significantly below that of Ethereum, and with over $6 billion in daily DEX trading, it holds a 45% market share. The network's total value locked has grown substantially, achieving parity with Ethereum's top six layer-2 solutions. Analysts see potential for further SOL price increases, supported by robust onchain activity and a strong bullish sentiment in the futures market.

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      Cointelegraph

    • The Block

      Robinhood executive Dan Gallagher declines potential SEC chair position

      Dan Gallagher, an executive at Robinhood, has declined consideration for the chair of the US Securities and Exchange Commission (SEC), stating his commitment to Robinhood and his intent to work with the incoming administration and the new SEC chair. His decision comes amidst changes in the SEC that could significantly impact the future of crypto regulation.

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      The Block

    • Blockworks

      Solana is an ‘incredible emerging asset and story,’ says Bitwise CEO

      Bitwise has registered a trust in Delaware as a preliminary step towards launching a Solana (SOL) ETF, demonstrating growing interest in spot SOL ETFs. The crypto-focused asset manager's move aligns with a more proactive engagement from the SEC towards spot SOL ETF applications, reflecting a potential shift in regulatory attitudes following SEC chair Gary Gensler's resignation. Bitwise CEO Hunter Horsley highlighted the timing of the US presidential election and a constructive regulatory environment for their filing. Despite Solana not having a regulated futures market, which was previously considered essential for spot crypto ETFs in the US, the landscape appears to be changing.

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