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Whimsical tokens inspired by internet culture, are skyrocketing to multimillion-dollar valuations almost overnight
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“We Are So Back”
Bitcoin’s relentless climb continues. On Wednesday, the flagship cryptocurrency shattered its previous records, surging past $90,000. Donald Trump’s crypto-friendly rhetoric—including promises to establish a U.S. strategic bitcoin reserve—has electrified markets, sending digital assets into a frenzy. BlackRock’s iShares Bitcoin Trust ETF surged to $34.3 billion in assets, overtaking its gold counterpart, the $33 billion iShares Gold Trust, after drawing a record $1.1 billion in inflows on Thursday, according to Bloomberg.
The rally extended beyond bitcoin. Solana’s SOL briefly joined the $100 billion market cap club alongside bitcoin, ether and tether, reaching $215 per token.
Naturally, the rich get richer. Forbes estimates that the top 11 crypto billionaires—whose fortunes are heavily tied to liquid tokens and equities—have collectively added $38 billion to their net worths this year. A staggering 63% of those gains, or $24 billion, materialized after September 1, as markets began betting on Trump’s victory.
Memes And Millions
Welcome to crypto’s latest bubble—and perhaps its silliest yet. Meme coins, whimsical tokens inspired by internet culture, are skyrocketing to multimillion-dollar valuations almost overnight. Such is the demand that Coinbase, the nation’s largest crypto exchange, announced the listing of two popular meme coins this week: one featuring a dog in a knitted hat and another tied to the infamous “Pepe the Frog” cartoon. Before dismissing this as another absurd crypto fad, consider the staggering numbers: every day, 40,000 to 50,000 new meme coins are minted, according to Estonia-based blockchain consultancy BDC. Nearly 13 million of these coins hit the market just this year.
The risks are obvious—most meme coins collapse into worthlessness within minutes, and many are outright pump-and-dump schemes. Yet a growing legion of young traders is embracing the chaos, channeling their financial nihilism into this booming—if perilous—$100 billion market. Read more.
Sources: Forbes Digital Assets, CoinGecko. Prices as of 2:38 p.m. on November 15, 2024.
FBI Raids Polymarket Founder’s Home
Federal agents stormed the Soho apartment of Polymarket founder and CEO Shayne Coplan, 26, early Wednesday morning, mere days after his platform correctly forecasted Trump’s election victory ahead of national polls.
The raid is part of a criminal investigation by the FBI and the U.S. Attorney’s Office for the Southern District of New York, according to an anonymous source cited by the New York Times. At issue: allegations that Coplan operated Polymarket as an unlicensed commodities exchange, violating its 2022 settlement with the Commodity Futures Trading Commission (CFTC). That agreement barred Polymarket from offering services to U.S.-based users. Agents seized Coplan’s electronic devices, including his phone.
In a post on X, Coplan said the Biden administration was making “a last-ditch effort to go after companies they deem to be associated with political opponents.”
Elsewhere
18 States Sue SEC, Gensler For ‘Regulatory Overreach’ On Crypto [The Hill]
Trump Eyes Pro-Crypto Candidates For Key Federal Financial Agencies [The Washington Post]
How Crypto Enthusiasts Hijacked A Dog Mayor Competition [The New York Times]
