Breaking Crypto Stories

Here are the top stories today:

• Trump Meme Coin Massacre: Tokens Plummet 50% After Us Election Victory

• Bitcoin Open Interest Tops Chart After Hitting $75K ‘Sweet Spot’

• Wintermute Proposes Fee Switch for Ethena’s sENA Holders

• Trump Victory: What His Presidency Could Mean for the Future of Crypto

• Polymarket Whales Cash In: Big Bets on Trump’s Victory Yield Millions in Profits

Question of the Day

Will Trump deliver on his crypto promises?

🩸Trump Meme Coin Massacre: Tokens Plummet 50% After Us Election Victory

Following Trump’s election victory, Donald Trump-themed meme coins plummeted by over 50%, contrasting with a broader crypto market surge and Bitcoin’s new all-time high.

• Leading Trump-themed tokens like MAGA (TRUMP) and Dark MAGA (DMAGA) dropped significantly, with losses exceeding 50% post-election.

• While Trump tokens tanked, major cryptocurrencies like Bitcoin and Ether surged, with Bitcoin reaching a new record high of $76,228.

• In contrast to Trump-themed tokens, popular meme coins such as Dogecoin and Shiba Inu saw gains, highlighting diverse reactions within the meme coin space.

🍬Bitcoin Open Interest Tops Chart After Hitting $75K ‘Sweet Spot’

Bitcoin Open Interest hit a record $45.4 billion as Bitcoin reached $75,000, signaling strong market momentum and suggesting further upside potential.

• Bitcoin Open Interest reached an all-time high of $45.4 billion following Trump’s election victory, reflecting high activity in derivatives markets.

• Analysts like Peter Brandt see Bitcoin in a “sweet spot” within the bull cycle, with projections hinting at potential peaks between $130K and $150K next year.

• Despite the price surge, Bitcoin’s MVRV ratio remains below peak levels, indicating that Bitcoin may still have room to grow without being overvalued.

💵Wintermute Proposes Fee Switch for Ethena’s sENA Holders

Wintermute proposed enabling a fee switch for Ethena's staked token, sENA, to align it with the protocol’s revenue, addressing a disconnect between sENA holders and Ethena's growth.

• Wintermute’s proposal aims to link sENA holders to Ethena’s revenue by activating a fee switch that allocates part of the protocol’s earnings to staked governance tokens.

• While the proposal suggests revenue allocation, it lacks details on the exact percentage and fee mechanism, asking Ethena’s committee to optimize based on market conditions and USDe’s supply growth.

• Wintermute also urged the Ethena Foundation to disclose historical revenue allocation to ensure alignment with protocol interests and confirm governance control over future revenue distribution.

🏆️Trump Victory: What His Presidency Could Mean for the Future of Crypto

A Trump victory could reshape the crypto landscape with deregulation, potential tax incentives, and heightened market volatility.

• Trump's return could bring favorable policies for crypto businesses, reducing regulatory barriers and offering tax benefits.

• His unpredictable policy changes might lead to sudden shifts in the crypto market, impacting investor sentiment and stability.

• While some pro-crypto policies may be advanced, a divided approach among officials could keep the regulatory environment uncertain.

🐋 Polymarket Whales Cash In: Big Bets on Trump’s Victory Yield Millions in Profits

Polymarket whales have reaped millions from betting on Trump’s victory, with five major players controlling over half of his "Yes" shares, highlighting the significant influence of crypto whales in political betting.

• Five major Polymarket investors control more than 50% of Trump’s "Yes" shares, with individual profits reaching over $20 million.

• With over $81 million wagered, crypto whales are reshaping the political betting scene, impacting market trends and smaller investors.

• The whales’ actions serve as a cautionary tale, emphasizing both the lucrative potential and high risks of crypto-based political betting.

ICYMI:

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• Binance Legal Team Files Motion to Dismiss SEC’s Latest Crypto Allegations

• Swift, UBS, and Chainlink Run Tokenized Fund Settlement Pilot

• Investing in Blockchain Stocks: A Guide

• Top Blockchain Programming Languages to Learn

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