TL:DR; Within 24 hours of its launch, TRUMP’s price went through the roof at $30, and its market cap soared to roughly $6 billion, according to the two biggest crypto data aggregators. The question now arises whether the newly launched token associated with the president-elect has the legs to become the largest in its field. The cryptocurrency world still finds ways to surprise even the most experienced market participants, and the past 24 hours have only gone to prove that narrative. Who could have expected that the upcoming US president would announce its official meme coin? Especially one who used to blast the market in the past and called BTC a scam. Nevertheless, that happened , and Donald J. Trump announced the OFFICIAL TRUMP (TRUMP) meme coin on Friday evening. Needless to say, the token took the market by storm, skyrocketing to a market cap of nearly $6 billion (as of now), which put it in the top 30 largest assets by that metric. Within the span of 24 hours alone, TRUMP’s trading volumes shot up to almost $10 billion on CMC and over $11 billion on CG. It has also impacted the network it is based on, as Solana’s native token registered a fresh peak of $270 today after gaining 30% daily at one point. TRUMP is now the fourth-largest meme coin, surpassing the likes of BONK, WIF, and PENGU in a day. It trails only to DOGE, SHIB, and PEPE. The frog-based meme coin is not that far away, with a market cap of $7.6 billion. Can TRUMP surpass all three and reign supreme across the meme coin field? ChatGPT believes it has the legs to do it, given the high-profile endorsement it already has from Donald Trump. If more people of a similar caliber join the pack, OFFICIAL TRUMP could fly further. Although the tokenomics raised some concerns among investors since the biggest portion is held by the creators and CIC Digital, ChatGPT actually believes that this is a bullish factor for TRUMP: “Strategic Tokenomics: With a total supply of 1 billion tokens and 200 million available initially, the structured release schedule aims to maintain scarcity and drive demand. Additionally, 80% of the supply is held by CIC Digital LLC, subject to a three-year lock-up period, preventing immediate large-scale sell-offs.” Still, there are some challenges ahead of the newly launched asset. It fights an uphill battle against Dogecoin and Shiba Inu to some extent since both assets have existed for years. In fact, DOGE is the OG meme coin and serves as the market maker and leader. Taking it down from its throne is a lot harder to do than it sounds, ChatGPT added. The post Is OFFICIAL TRUMP (TRUMP) Poised to Become the Top Meme Coin? ChatGPT Explains appeared first on CryptoPotato .
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NFTs Endure One of Their Weakest Years Since 2020 in Trading and Sales
The non-fungible token (NFT) market appears to have lost out on significant gains in the past year despite a broader rally in the digital asset industry. In fact, the NFT market faced its weakest performance since 2020 in the year 2024. NFTs Face Major Setbacks in 2024 According to DappRadar’s latest edition of ‘Dapp Industry Report,’ despite an initial boost in trading volumes, reaching $5.3 billion in the first quarter, the NFT market struggled to maintain this momentum. By the third quarter, volumes had dropped dramatically to $1.5 billion, though there was a partial recovery to $2.6 billion in the fourth quarter. This volatility was accompanied by a decline in sales numbers compared to 2023, suggesting that NFTs were sold at higher prices, likely due to rising token values like ETH. Overall, the year ended with a 19% reduction in trading volume and an 18% decrease in sales. “NFTs had one of their weakest years since 2020 in both trading volume and sales count. Perhaps 2024 helped us realize that NFTs don’t need to be expensive to prove their importance in the broader Web3 ecosystem.” Interestingly, the gaming sector has emerged as the dominant force in NFT sales, as indicated by the leading collections in terms of sales count. This trend highlighted the growing integration of NFTs in the gaming industry, where they facilitate true ownership of digital assets and promote player-driven economies. Blur vs OpenSea Blur held its position as the leading NFT marketplace for most of 2024, except during the third quarter. By the fourth quarter, Blur and OpenSea were closely matched in market share. Blur’s rise was fueled by its strategic airdrop campaigns and a zero-fee trading policy that attracted cost-sensitive traders. OpenSea, however, had a challenging year. The US Securities and Exchange Commission (SEC) issued a Wells Notice to OpenSea in August 2024, raising concerns about unregistered securities. This regulatory pressure, coupled with a declining market and intense competition, prompted OpenSea to announce significant layoffs in November, reducing its workforce by 56%. The company is now focusing on “OpenSea 2.0” to regain its competitive edge, with indications of a potential token launch. Meanwhile, Magic Eden outpaced OpenSea in performance. Initially a Solana-focused platform, Magic Eden expanded to support Ethereum, Polygon, Bitcoin, and newer networks like Base and Arbitrum. On December 10, 2024, Magic Eden launched its ME token and conducted a $700 million airdrop to strengthen its ecosystem. The post NFTs Endure One of Their Weakest Years Since 2020 in Trading and Sales appeared first on CryptoPotato . Crypto Potato
US Banking Regulator FDIC Hits Bank With $20,448,000 Penalty – About a Quarter of the Lender’s Total Assets
The Federal Deposit Insurance Corporation (FDIC) is penalizing a Weir, Kansas-based bank with a monetary fine equal to over a quarter of the lender’s total assets. The US banking regulator says it has determined that CBW Bank failed to maintain an “adequate Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) compliance program” and is consequently imposing a fine of $20.448 million over the violations which occurred between December of 2018 and August of 2021. “During the Review Period, Respondent [CBW Bank] also (1) failed to file hundreds of suspicious activity reports (SARs), (2) lacked an appropriate risk-based customer due diligence process, and (3) maintained an inadequate due diligence program for FFI correspondent accounts.” According to the FDIC, CBW Bank’s laxity with regard to measures aimed at fighting money laundering and terrorism financing helped in generating a significant portion of its income. “Due to the [Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) compliance] failures described above, Respondent [CBW Bank] earned millions in fee income that it otherwise would not have earned if it had maintained an adequate AML/CFT compliance program.” According to the FDIC, most of CBW Bank’s earnings came from offering “fee-based correspondent banking services for foreign financial institutions (FFIs)” located in Africa, Central and South America, Europe and the Middle East. Following the imposition of the civil money penalty (CMP), CBW Bank has filed a complaint against the FDIC in court. CBW Bank says , “The penalty sought by the FDIC, is unreasonable and unprecedented for a bank of this size, complexity, and supervisory history. There is no justifiable basis for any CMP, let alone for one of this magnitude given the conduct at issue in this case.” Per the US banking industry information platform, BankRegData, CBW Bank has total assets of $73.665 million. Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post US Banking Regulator FDIC Hits Bank With $20,448,000 Penalty – About a Quarter of the Lender’s Total Assets appeared first on The Daily Hodl . Crypto Potato