Chain Debrief

Shiro Neko Token Launches Today as a Friend of $SHIB Shiro Neko, a new meme token linked to the Shiba Inu ecosystem, is set for a fair launch today. The project has already burned 5.5 billion SHIB tokens and plans to build on Shibarium, adding to its strong ties with the crypto community. With early buzz from 34,000 listeners and upcoming animated content, Shiro Neko aims to make a big impact in the meme token space.

📰 XRP Sheds “Stablecoin” Label and Surpasses Solana’s Market Cap XRP has skyrocketed to become the third-largest cryptocurrency, surpassing Solana and Tether with a $139.7 billion market cap. Its 123% surge to $2.46 follows the resignation of SEC Chair Gary Gensler. Is this the start of a new chapter for XRP? ➡️ Read More: https://pexx.com/chaindebrief/xrp-sheds-stablecoin-label-and-surpasses-solanas-market-cap/

Trump’s Company to Receive $15M After Justin Sun’s Investment in World Liberty Tokens Justin Sun’s $30 million investment in World Liberty Financial has triggered a $15 million payout to Donald Trump’s company, DT Marks DEFI LLC. Sun’s funding helped the token sale surpass the $30 million threshold outlined in World Liberty’s "Gold Paper." Trump, listed as the “Chief Crypto Advocate,” and his sons, serving as “Web3 Ambassadors,” have been promoting the project. Despite criticism from the crypto community, Sun’s move aligns him with Trump, the incoming U.S. president, who is expected to appoint a crypto-friendly SEC chief.

Ripple's XRP Overtakes Solana in Market Cap Ripple's XRP has flipped Solana to claim the fourth spot in cryptocurrency rankings, with a market cap of $122 billion. XRP’s price surged to a seven-year high of $2.19, fueled by significant developments such as ETF filings, partnerships, and product launches. Notable highlights include Ripple's collaboration with Archax to tokenize a $4.77 billion money market fund and reports of its RLUSD stablecoin nearing approval from New York regulators, reflecting growing momentum for the digital asset.

Pump.fun Revenue Plummets 66% After Livestream Ban Pump.fun's weekly revenue fell 66%, from $33.83 million to $11.31 million, after disabling its livestream feature amid reports of harmful content. The platform paused streams indefinitely following backlash over violent and self-harm incidents, prompting calls for better moderation and potential legal scrutiny.

South Korea Delays Crypto Tax Implementation to 2027 South Korea’s Democratic Party (KDP) has agreed to postpone the implementation of the country’s crypto capital gains tax by another two years, pushing the effective date to 2027. Initially planned for 2021, the tax has faced multiple delays due to backlash from crypto stakeholders and concerns over investor impact. Once enacted, the tax will impose a 20% levy on digital asset gains. The KDP previously opposed delays, proposing instead to raise the taxable threshold to $36,000, but has now aligned with the ruling party’s moratorium.

📰 Polymarket, Where You Can Bet on Anything Polymarket has gained attention during the 2024 US Presidential Election, with big investors like "Theo4" earning millions. The platform’s use of USDC ensures stability, while features like closing positions early provide flexibility. However, it faces regulatory challenges, including bans in the US and France. As Polymarket adapts to these hurdles, its future depends on balancing user demand with legal compliance ➡️ Read More: https://pexx.com/chaindebrief/polymarket-where-you-can-bet-on-anything/

Polkadot 2.0 Set for Q1 2025 Launch with Elastic Scaling in Final Testing Phase Parity Technologies has announced that Polkadot 2.0 is scheduled for release in the first quarter of 2025. The upgrade introduces key features such as Agile Coretime, Async Backing, and Elastic Scaling, aiming to enhance the network's flexibility, speed, and scalability. Currently, Elastic Scaling is undergoing final testing before the official launch.

📰 Hyperliquid, the Rising DeFi with $HYPE Token Soaring 260% Hyperliquid has quickly risen in the DeFi space, with its $HYPE token jumping over 250% after launch. With fast transactions, Ethereum compatibility, and unique features like staking and passive income, the platform’s TVL surpassed $171 million. Hyperliquid’s strong community and innovative technology position it to be a major player in DeFi ➡️ Read More: https://pexx.com/chaindebrief/hyperliquid-the-rising-defi-with-hype-token-soaring-260/

Putin Signs Law Recognizing Bitcoin and Crypto as Property in Russia Russian President Vladimir Putin has signed a law officially recognizing Bitcoin and cryptocurrencies as property. The legislation allows their use in foreign trade and legalizes cryptocurrency mining for registered entities. This marks a significant step in integrating digital assets into Russia's economy, with the law taking effect on November 1, 2024.

Sei Network Launches MemeLabs: Free Meme-to-NFT Minting Sei Network introduces MemeLabs, a platform allowing users to create and mint memes as free NFTs on its blockchain. Combining meme culture with blockchain technology, MemeLabs leverages Sei's high-speed infrastructure for seamless, cost-effective minting.

Justin Sun Eats $6.2M Banana Artwork Crypto entrepreneur Justin Sun consumed the banana from Maurizio Cattelan's $6.2M artwork "Comedian," purchased at auction. His act merges conceptual art with digital culture, sparking discussions on value, ownership, and the intersection of art and cryptocurrency.

Indonesia’s Crypto Transactions Skyrocket by 350% in 2024 Indonesia’s crypto transactions soared to 475 trillion rupiah ($30 billion) in 2024, a 350% increase from $6.5 billion in 2023, with 21 million traders solidifying the nation’s global crypto leadership. Dominated by young traders aged 18-30, who prefer assets like Solana, Ethereum, Tether (USDT), and Bitcoin, the market reflects Indonesia’s rank as a top crypto adopter. As new regulations aligning crypto with traditional financial products take effect on January 12, 2025, the country aims to bolster market stability and investor protection.

📰 Ethereum Co-Founder Moves 20,000 ETH to Kraken, What's Next? Jeffrey Wilcke, one of Ethereum’s co-founders, drew attention after transferring 19,990 ETH worth $72.56 million to Kraken, according to Arkham data. This move sparked discussions in the crypto community. Known for co-creating Go Ethereum, Wilcke has been less active in recent years but continues to manage his crypto portfolio carefully. However, with this recent transfer to Kraken, the big question remains: what is he planning to do? ➡️ Read More: https://pexx.com/chaindebrief/ethereum-co-founder-moves-20000-eth-to-kraken-what-the-next/

AI Sector Tokens Surge, Led by $VIRTUAL, $GRASS, $FET, $TAO, $RENDER, $SPEC, and $TAI AI-related cryptocurrencies are rallying, with tokens like $TAO, $RENDER, and $FET seeing significant gains. The AI sector's market cap has risen 130% in five months, reflecting growing investor interest. Other notable tokens, including $VIRTUAL, $GRASS, and $SPEC, are also gaining momentum.

Virtuals Protocol Hits $1B Market Cap Amid AI Token Bull Run Virtuals Protocol (VIRTUAL) surged 25%, crossing $1 billion in market cap during the ongoing AI crypto rally. Other tokens, including $LUNA and $AIXBT, are also seeing increased interest, highlighting the growing demand for AI-focused digital assets.

Hong Kong Proposes Crypto Tax Exemptions to Compete with Singapore Hong Kong is advancing its financial hub status by proposing tax exemptions on cryptocurrency gains, private credit, and other assets to attract global asset managers. This six-week consultation aims to rival Singapore's tax-friendly structures, like its variable capital companies. Deloitte China highlights that Hong Kong family offices allocate up to 20% of portfolios to digital assets, showcasing the growing crypto sector. Amid competition, Hong Kong’s tax initiative aligns with global trends to attract capital and strengthen its position as a leading financial and crypto hub.

Bitcoin Miners Approach $40B Amid Rising Difficulty Bitcoin miners are closing in on a $40 billion market cap, doubling in seven months as Bitcoin approaches six-figure highs. Rising hashrate above 700 EH/s drives a fifth mining difficulty increase. Companies like MARA leverage Bitcoin reserves, while IREN pivots to AI, adapting to post-halving challenges.

Stablecoin Usage Projected to Reach 10% of U.S. M2 Transactions Analysts from Standard Chartered and Zodia Markets predict stablecoins could account for 10% of U.S. M2 and foreign exchange transactions, up from the current 1%, driven by regulatory clarity expected under the Trump administration. Stablecoins, with a market cap now at $190 billion, are gaining popularity in emerging markets like Brazil, Nigeria, and India for uses like cross-border payments, payroll, and remittances. USDT dominates the market with 73%, followed by USDC at 21%.

Ethereum Co-Founder Moves 20,000 ETH to Kraken Ethereum co-founder Jeffrey Wilcke moved 20,000 ETH worth $72 million to Kraken on November 28, adding to over $147 million transferred this year. Along with similar moves by the Ethereum Foundation and Vitalik Buterin, these transfers have sparked concerns, especially as Ethereum lags behind Bitcoin and Solana, with a 2024 return of 51.5% compared to the market average of 109%.