Cathie Wood Dismisses Trump Token, Focuses on Bitcoin, Ether, and Solana
ARK Invest CEO Cathie Wood has stated that she will not invest in the Trump token due to its lack of utility. Instead, she remains focused on the “big three” cryptocurrencies—Bitcoin, Ethereum, and Solana.
Memecoin ETFs Gaining Momentum Under New SEC Leadership
The first memecoin-based ETFs, including those for TRUMP, DOGE, and BONK, are becoming more likely under the guidance of newly appointed SEC acting Chair Mark Uyeda. These developments follow increased retail interest in memecoins like the Trump token. Industry experts believe this shift could bring more liquidity and mainstream acceptance to the memecoin sector.
Cathie Wood Critiques Trump Token’s Lack of Utility
In a recent interview, Cathie Wood criticized the Trump token, launched in conjunction with Donald Trump’s inauguration as the 47th U.S. president, for its limited utility. She noted speculation that owning the token might include perks like meeting Trump but emphasized that its functionality as a memecoin offers little to serious investors.
Wood also likened the memecoin trend to the 2017 ICO boom, highlighting parallels between speculative investments in both waves.
Ethereum Expansion Speculated for Trump Family
Joseph Lubin, Ethereum co-founder, speculated that the Trump family might leverage Ethereum for significant business ventures, potentially launching Ethereum-based projects as part of their increasing involvement in the cryptocurrency space.
Tornado Cash Sanctions Overturned in Landmark Case
In a groundbreaking decision, a U.S. court reversed sanctions on the Tornado Cash protocol, signaling potential regulatory leniency for privacy-focused crypto technologies. The ruling marks a pivotal moment for blockchain innovation and privacy-preserving tools.
Phemex Halts Withdrawals Amid Suspicious Outflows
Phemex exchange paused withdrawals following the detection of nearly $30 million in suspicious transactions. Blockchain security firms identified unusual activity across multiple chains, prompting the exchange to take precautionary measures.
DeFi Market Overview
The DeFi market witnessed significant gains this week, with the Official Trump (TRUMP) token skyrocketing by over 429%, becoming the top performer among the 100 largest cryptocurrencies. Total value locked in DeFi continues to grow, signaling strong momentum in the sector.
Stay tuned for more updates on the evolving cryptocurrency and decentralized finance landscape.
