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Today's Top Crypto Headlines:
Solana Congested | Trump Memecoin Frenzy | Ethereum Funds DeFi and more...
King Fatrick Gil Añasco
January 21, 2025
Good Morning Crypto Enthusiasts!
Glad to have you back for another edition of the UseTheBitcoin.com newsletter.
Solana Transaction Delays: Coinbase users faced Solana transaction delays of up to 15 hours due to a surge in Trump-themed memecoin activity.
📈Technical Analysis Masterclass - The crypto community was left disheartened after Trump’s inauguration, as hopes for a Bitcoin surge were quickly dashed. Watch UseTheBitcoin’s latest Youtube video “How Trump Disappointed Bitcoin Fans!” to prepare for potential corrections or join our Official Telegram Channel for more alpha!
Trump Memecoin Frenzy: The TRUMP token hit an $80 billion market cap before dropping, sparking a search for new Trump-branded memecoins.
💡Feature of the Day - Ethereum Funds DeFi: The Ethereum Foundation allocated $165 million to support DeFi projects after criticism of its lack of involvement.
All this and more in today’s headlines!
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📰 News Highlights:
Coinbase users experienced significant delays in processing Solana transactions, with some reporting up to 15-hour wait times.
Can't I just cancel it @coinbase ?? How can I get my money back it's been over 15 hours @solana
— Nico💀 (@HardForkYou)
2:13 PM • Jan 20, 2025
The congestion stemmed from a surge in activity following the launch of Trump-themed memecoins, TRUMP and MELANIA, on the Solana network.
Coinbase is estimating 100 minutes for processing for USDC receives on Solana
due to the way Solana works, we can be sure this is not from txn landing — but for indexing basic receives on Coinbase indexers
so to be clear, this has nothing to do with the chain (even though… x.com/i/web/status/1…
— mert | helius.dev (@0xMert_)
7:22 PM • Jan 20, 2025
Despite these issues, Coinbase assured users that fiat withdrawals and deposits were unaffected.
@coinbase Team is working hard on scaling our Solana infra now - lots of Solana activity last few days, we were not anticipating this level of surge.
— Brian Armstrong (@brian_armstrong)
2:14 AM • Jan 20, 2025
CEO Brian Armstrong acknowledged the unexpected spike in Solana activity and committed to scaling the exchange's infrastructure to meet demand.
📈Technical Analysis Masterclass:
The Unexpected Twist
No Bitcoin Mention: Despite anticipation, Trump made no reference to Bitcoin or cryptocurrency during the event or his first day in office.
Memecoin Distraction: Instead, Trump launched his own memecoin, TRUMP, causing panic and confusion across the crypto market.
Market Chaos: Investors sold off major assets like Bitcoin, Ethereum, and XRP to jump into the TRUMP coin frenzy, leading to market turbulence.
Melania's Surprise Entry
More Confusion: Shortly after Trump’s move, Melania Trump launched her own memecoin, adding fuel to the chaotic market reaction.
FOMO Frenzy: Investors liquidated more assets to invest in both memecoins, leading to increased market volatility and risk exposure.
The Fallout
Rapid Decline: The initial hype around TRUMP and MELANIA coins faded quickly, with prices plummeting and leaving investors facing losses.
Bitcoin's Setback: After reaching an all-time high of $108,000, Bitcoin dropped to $99,000, reflecting market disappointment and uncertainty.
Community Disillusionment: Optimism turned to caution, with many questioning Bitcoin’s short-term outlook and Trump's commitment to crypto.
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Traders are eagerly searching for the next Trump-branded memecoin after the TRUMP token hit an $80 billion market cap before dropping.
The wallet that is holding 80% of the $TRUMP tokens is now holding $197,000,000 in IVANKA token
Another release coming in the middle of the night?— John Trades MBA (@JPATrades)
4:38 AM • Jan 20, 2025
However, the market is flooded with fake tokens, making it difficult to identify legitimate projects.
the trump family multisig just secured:
worldliberty.eth / trumpcoin.eth
erictrump.eth / barrontrump.ethi have been told by a reliable source both eric and barron's coins are launching today
i will have the info early ➡️ notifs on 🔔
— kook 🏝️ (@KookCapitalLLC)
3:31 PM • Jan 20, 2025
The MELANIA token, officially endorsed by the Trump family, initially reached a $14 billion market cap but later declined to under $6 billion.
Trump Opened the Era of Meme Coins
For retail investors, financial markets have always been about chasing memes. Following trends is nothing new—it’s just how they’ve always operated. Even the decades-long mantra of “invest in the S&P 500” that many followed for their pensions… x.com/i/web/status/1…
— Ki Young Ju (@ki_young_ju)
7:55 AM • Jan 20, 2025
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💡 Feature of the Day:
The Ethereum Foundation announced a $165 million allocation to support the DeFi ecosystem amid criticism of its perceived lack of involvement.
We are indeed currently in the process of large changes to EF leadership structure, which has been ongoing for close to a year. Some of this has already been executed on and made public, and some is still in progress.
What we're trying to achieve is primarily the following… x.com/i/web/status/1…
— vitalik.eth (@VitalikButerin)
3:16 PM • Jan 18, 2025
The funds will be secured in a multisig wallet and deployed to boost DeFi projects.
Ethereum Foundation Treasury Update
The Ethereum Foundation (@ethereumfndn) has set up a new @safe 3-of-5 multisig wallet.
The wallet address is 0x9fC3dc011b461664c835F2527fffb1169b3C213e
An op has been initiated to send 50,000 ETH there, but be patient; due to signing delays,… x.com/i/web/status/1…
— hww.eth (@icebearhww)
6:49 PM • Jan 20, 2025
Critics have accused the Foundation of neglecting DeFi, with concerns over sell pressure affecting Ether prices.
"The EF uses the chain, actually our number 1 use case is dumping ETH"
Actually insane
EF could easily stake ETH and use DeFi to cover most if not all of their internal budget
This is getting extremely tough to defend
— Eric Conner (@econoar)
1:54 AM • Jan 20, 2025
However, supporters commend the Foundation's commitment to creating long-term value rather than focusing on profit.
I’m with Vitalik on this one, even though I think $ETH might underperform. He just chose creating value over making money.
This industry is on the verge of crossing the line into a grifter’s playground under brutal capitalism. Keeping our sanity here is extremely challenging.… x.com/i/web/status/1…
— Ki Young Ju (@ki_young_ju)
8:38 AM • Jan 19, 2025
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See you all tomorrow’s edition!
Jonathan Gibson
UseTheBitcoin.com