China is back in the crypto game, a new dog plays the same old memecoin trick, and which coin has stolen the show this altcoin season? These stories and more, this week in crypto.
New 4th Largest Crypto
Solana’s SOL token surpassed Ripple’s XRP and Binance’s BNB to become the fourth-largest cryptocurrency globally. Driven by a thriving DeFi ecosystem and the rise of meme coins on the Solana network, most notably Bonk, SOL’s price climbed to a 20-month high. Solana’s total locked value exceeded $1 billion, and its daily stablecoin transfer volume also skyrocketed by 600%, surpassing both Ethereum and Tron.
China Changes Stance On Crypto
China is quietly flipping its policies on crypto, as the Ministry of Industry published a document saying it will place great importance on the development of the crypto industry in the future. Despite the Chinese crypto trading ban introduced in 2021, the country now pushes ahead with NFTs and blockchain-based decentralized applications, marking a complete U-turn in policy.
National TV Ad for Bitcoin ETF
Bitwise Asset Management unveiled its first commercial for a spot bitcoin ETF that is featured across major TV outlets, including CNBC and Fox Business Network. The commercial features Jonathan Goldsmith, the actor renowned for his familiar role as The Most Interesting Man in the World. In it he draws a parallel between the iconic character and the intriguing nature of Bitcoin.
Rush for Inscriptions Cloggs Blockchains
The latest trend to inscribe everything, from profile pictures to memecoins on blockchains, has led to major blockchain networks struggling recently. Over the past week Arbitrum, Avalanche, Cronos and The Open Network have all experienced partial or full outages due to the increased number of inscriptions. Users are spamming tiny mints repeatedly because of the lower cost of minting on these chains.
Coinbase Secures License in France
Cryptocurrency exchange Coinbase has secured registration with the French markets regulator, as it seeks to expand globally. France’s AMF watchdog has given Coinbase a virtual asset service provider approval, a green light for the company to operate digital currency services in the country. Registration will allow Coinbase to offer retail, institutional and ecosystem products to users in France.
Hong Kong Considers Spot Crypto ETF
Hong Kong regulators are open to considering spot crypto ETF applications following expectations that the SEC might soon approve spot bitcoin ETFs in the US. The SFC’s rule update in October widened investor access to spot crypto and ETF investments, and is now ready to accept applications, acknowledging the rapid evolution of virtual assets into mainstream finance.
Sam Altman Promotes Worldcoin Project
OpenAI’s ex-CEO Sam Altman has restated his concept for the crypto project Worldcoin, following reports the company is seeking $50 million in funding. Worldcoin aims to create a global network onto which more than 2 million people have already had their irises scanned in exchange for a digital ID and free tokens.
New Dog, Old Tricks
Similar to prior crypto bull runs, a new dog-themed memecoin has emerged. Just like Shiba-Inu and Dogecoin before it, the value of the newest memecoin Bonk, a new Shiba Inu-themed Solana token, has rapidly increased due to the excitement of Solana’s Saga phone owners being able to claim BONK tokens for free. As Bonk’s hype has waned, another Solana-based memecoin, Dogwifhat, has also surged by 1000% in a month.
That’s what’s happened this week in crypto, see you next week.