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Today's Top Crypto Headlines:
Celebrity Memecoin | Altcoin Oversupply | Coinbase Revamp | Musk & CZ: Blockchain for Government and more...
King Fatrick Gil Añasco
January 27, 2025
Good Morning Crypto Enthusiasts!
Glad to have you back for another edition of the UseTheBitcoin.com newsletter.
Dean Norris X Account Hacked: Breaking Bad star Dean Norris’ X account was hacked to promote a memecoin using his image, which briefly hit an $8 million market cap before crashing by 96%.
Altcoin Oversupply Concerns: Analysts warn of an oversupply issue in the altcoin market, with over 36.4 million tokens now in circulation, compared to fewer than 3,000 in 2017-2018.
Coinbase Token Listing Revamp: Coinbase CEO Brian Armstrong proposed overhauling the exchange’s token listing process, citing the difficulty of reviewing nearly a million tokens weekly.
💡Feature of the Day - Musk & CZ: Blockchain for Government: Binance co-founder CZ has urged governments to track public spending on blockchain for greater transparency and accountability. Meanwhile, Elon Musk is reportedly exploring blockchain to reduce US federal spending by up to $6.5 trillion.
All this and more in today’s headlines!
📰 News Highlights:
Breaking Bad star Dean Norris had his X account hacked to promote a memecoin using his likeness, which briefly peaked at a value of over $8 million.
In a video posted on Jan. 26, Norris denied any involvement, calling the memecoin a "complete, fake scam" and criticizing Reddit users for blaming him.
I WAS HACKED!!! ALL A FAKE SCAM!!
THANKS FOR FIXING PROMPTLY INCREDIBLE HOW MANY PEOPOE FELL FOR IT
THANKS ASSHOLES ON REDDIT WHO CALLED ME ALL SORTS OF SHIT FOR SOMETHING I DIDN'T DO. GO FUCK YOURSELVES— Dean Norris (@deanjnorris)
4:00 AM • Jan 26, 2025
The hackers posted a doctored image of Norris endorsing the token and shared manipulated videos to boost credibility.
One of the most believable hackings/scams I’ve seen on here. They had a follow up tweet ready with a photoshopped notepad to “validate” it, had a cameo purchased of Dean Norris saying “Hey it’s me, Dean, it’s January 25th, I’m declaring, it’s real”
— Tyler (@CowboysIn4)
3:45 PM • Jan 26, 2025
Despite the token reaching a peak market cap of $8.43 million, it has since crashed by over 96%.
And another thing, since I don't spend my life on twitter like these other folks, I rarely use it, I didn't know I was hacked until I started getting texts from friends saying its out there. I immediately reported to X and was resolved.
I clicked on a couple accounts accusing me… x.com/i/web/status/1…— Dean Norris (@deanjnorris)
4:27 AM • Jan 26, 2025
Analysts are questioning the future of altcoin seasons due to an oversupply of tokens, with over 36.4 million now in circulation.
Unpopular opinion: There won’t be an alt season!
Today, there are over 36.4 million altcoins, compared to fewer than 3,000 altcoins during the 2017-2018 alt season and even fewer than 500 altcoins in 2013-2014.
With such massive supply, the market have changed significantly.
— Ali (@ali_charts)
12:49 AM • Jan 25, 2025
Crypto analyst Ali Martinez argues that the market has changed significantly compared to previous cycles, with fewer than 3,000 tokens available during the 2017-2018 bull run.
Too many tokens. Infinite more to come. Supply of tokens is greater than demand.
This illustrates why expecting an "alt season" where everything goes up for an extended period of time is misplaced. Alt season will continue to happen, but for shorter spans, from a few days to a… x.com/i/web/status/1…
— Alex Krüger (@krugermacro)
7:13 PM • Jan 24, 2025
Economist Alex Krüger echoed these concerns, stating that the sheer volume of tokens dilutes value and makes sustained rallies unlikely.
The most hated rally of 2025 is likely $ETH.
Nobody expects it, seems like nobody wants it.
But then it comes.
I think that we'll also see real utility coins to take the spotlight as institutional interest continues to grow.
— Michaël van de Poppe (@CryptoMichNL)
8:19 PM • Jan 25, 2025
However, some analysts believe that utility-driven projects like Ethereum could lead the next market rally.
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Coinbase CEO Brian Armstrong has called for a major overhaul of the exchange's token listing process due to the rapid increase in new token creation.
We need to rethink our listing process at @coinbase given there are ~1m tokens a week being created now, and growing. High quality problem to have, but evaluating each one by one is no longer feasible. And regulators need to understand that applying for approval for each one is… x.com/i/web/status/1…
— Brian Armstrong (@brian_armstrong)
1:42 AM • Jan 26, 2025
Armstrong's comments have sparked criticism, with Tron founder Justin Sun accusing Coinbase of unfair listing practices and demanding excessive fees.
A typical example of Coinbase's listing process is Tron, one of the world's top 10 cryptocurrencies, which has been under review for listing on Coinbase for seven years. During this period, TRX's price hit new highs, the U.S. President started buying TRX, and a TRX ETF is nearing… x.com/i/web/status/1…
— H.E. Justin Sun 🍌 (@justinsuntron)
5:50 AM • Jan 26, 2025
Industry voices suggest hiring experienced professionals to streamline the evaluation process.
@coinbase you simply need to hire someone who is in the trenches to your listings team, they can tell you the 10 out of 1M tokens that need to be listed as soon as possible, this is an easily fixable problem my brother!
— Ansem 🧸💸 (@blknoiz06)
7:30 AM • Jan 26, 2025
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💡 Feature of the Day:
Binance co-founder Changpeng Zhao (CZ) has called for governments worldwide to track all public spending on blockchain to ensure transparency and accountability.
Unpopular opinion: 😂
All governments should track all their spending on the blockchain, an immutable public ledger.
It's called "public spending" for a reason.
— CZ 🔶 BNB (@cz_binance)
3:37 PM • Jan 25, 2025
Responding to reports of Elon Musk exploring blockchain for US federal spending, CZ suggested that an immutable ledger could enhance fiscal responsibility and combat inefficiencies.
BREAKING :
ELON MUSK AND D.OG.E IS NOW
EXPLORING BLOCKCHAIN USE IN
US GOVERNMENT EFFICIENCY TO
TRACK ALL THE GOVERNMENT
SPENDING ON A PUBLIC LEDGER.THIS IS MASSIVE !!
— Ash Crypto (@Ashcryptoreal)
5:13 PM • Jan 25, 2025
Proponents argue that blockchain could prevent reckless spending and provide real-time oversight of national budgets.
😂 Crypto Meme of the Day:
Pumps are coming.
— Blacksea (@333blacksea)
1:26 AM • Jan 25, 2025
Meme of the day provided by @333blacksea
And that’s it for this today.
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See you all tomorrow’s edition!
Jonathan Gibson
UseTheBitcoin.com