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- Cuba's Memecoin Scandal: Three Coins Rugged in 24 Hours
Cuba's Memecoin Scandal: Three Coins Rugged in 24 Hours
News on the Blockchain
January 21, 2025
News on the Blockchain, January 21st, 2025
Confidence in Knowledge. Not Financial Advice.
🌍 Daily Crypto Market Overview
Global Stats:
Cryptocurrencies: 9.74M+
Exchanges: 777
Market Cap: $3.51T (+0.09%)
24h Volume: $321.15B (-5.41%)
Bitcoin Dominance: 57.55%
Ethereum Dominance: 11.17%
ETH Gas Price: 14.63 Gwei
Fear & Greed Index: 59 (Neutral)
🪙 Top 5 Cryptocurrencies by Market Cap:
Name | Price | 24h Change | Market Cap | 24h Volume |
|---|---|---|---|---|
Bitcoin (BTC) | $102,191.78 | +0.20% | $2.02T | $124.57B |
Ethereum (ETH) | $3,248.78 | -0.56% | $391.48B | $49.06B |
Tether (USDT) | $0.9988 | +0.02% | $138.26B | $257.30B |
BNB (BNB) | $679.97 | -1.08% | $97.92B | $2.71B |
Solana (SOL) | $237.27 | -2.04% | $115.45B | $19.81B |
💹 Market Highlights:
Total DeFi Volume: $18.09B (5.63% of total volume)
Stablecoins Volume: $298.06B (92.81% of total volume)
Coin with Highest % Change: MELANIA (+60.59%)
🚀 Trending on DexScan:
LORENZO/SOL (+9564%)
CONSUELA/WETH (+103%)
AIB/SOL (+3835%)
IVANKA/SOL (+958%)
CUBA/SOL (+969%)
📈 Preview On Today’s News:
- Cuba's Memecoin Scandal: Three Coins Rugged in 24 Hours
- U.S. President's $59B Crypto Portfolio Reshapes Financial Policies
- Circle CEO Predicts Pro-Crypto Executive Order Under Trump
Keep reading below for more!
Today’s News:
1)
Cuba's Memecoin Scandal: Three Coins Rugged in 24 Hours
Cuba launched and subsequently rug-pulled three Solana-based memecoins—CUBA, CUBA 2.0, and JUSTICE FOR CUBA—within a 24-hour span. The first memecoin, CUBA, surged to a $30 million market cap before liquidity was drained, leaving investors at a loss. These coins, introduced via Pump.fun, drew criticism from the crypto community and highlighted the risks of unregulated meme tokens. The Cuban Ministry of Foreign Affairs' official X account, which announced the launches, was later suspected of being hacked, further deepening the controversy.
Cuba's memecoins, including CUBA with a $30M market cap, were rug-pulled within 24 hours, leading to significant losses for investors.
Suspected hacking of Cuba's official X account has sparked concerns about security and due diligence in crypto initiatives.
2)
U.S. President's $59B Crypto Portfolio Reshapes Financial Policies
Over 90% of the U.S. President's $59 billion net worth is now in cryptocurrencies, marking a pivotal shift in financial and political strategies. This adoption signals the growing influence of digital assets, potentially driving pro-crypto regulations and reshaping fiat systems. Additionally, innovative ideas such as citizen token airdrops could foster stronger public engagement and redefine wealth distribution, though concerns about conflicts of interest emphasize the need for transparency.
Over 90% of the U.S. President’s $59 billion portfolio is in cryptocurrencies, signaling a shift in political and financial strategies, with potential impacts on regulatory policies and fiat systems.
Citizen token airdrops and blockchain adoption could enhance public engagement, though transparency concerns highlight the need for disclosure and oversight.
3)
Circle CEO Predicts Pro-Crypto Executive Order Under Trump
Jeremy Allaire, CEO of Circle, anticipates that former President Donald Trump, if re-elected, could issue an executive order easing digital asset custody regulations for banks. Allaire criticized the SEC's SAB 121 framework for hindering crypto adoption by financial institutions, calling it punitive. While Trump has not publicly addressed crypto during his previous presidency, Circle has supported his administration financially, including a $1 million USDC donation for his inauguration.
Jeremy Allaire expects Trump may introduce a pro-crypto executive order, addressing barriers like the SEC’s restrictive SAB 121 framework.
Circle contributed $1 million in USDC to Trump’s administration, reflecting its hopes for a favorable regulatory environment under his leadership.
Disclaimer:
The information provided in this newsletter is based on our data findings and opinions. It is intended for informational purposes only and should not be considered financial advice. Cryptocurrency investments carry significant risk, and it is important to conduct your own research and consult with a qualified financial advisor before making any investment decisions. We are not responsible for any financial losses or gains you may incur as a result of using this information.
