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President Donald Trump’s Strategic Bitcoin Reserve, funded by seized assets, could alleviate approximately $18 billion in sell-side pressure, according to Coinbase's Conor Grogan. However, bitcoin's price fell 5% to $85,798 following the announcement. The reserve aims to hold bitcoin as a store of value, with the US government currently possessing around 198,109 bitcoin, 122 million USDT, and 56,035 ethereum.
Robinhood holds nearly $10 billion in Dogecoin, raising concerns about market stability due to its significant centralized holdings, which account for one-third of the total circulating supply. The memecoin's popularity surged with social media attention, particularly from Elon Musk, but its price has remained stagnant recently amid bearish market sentiment. Discussions in the U.S. Senate have also highlighted Dogecoin's cultural impact, with Senator Joni Ernst using a Doge-themed visual during a speech.
Elon Musk's influence on meme coins continues as CumRocket (CUMMIES) surged 429% following his recent post featuring the token. The price spike reflects Musk's history of impacting crypto markets, reminiscent of past fluctuations tied to his social media activity. Notably, FTX co-founder Sam Bankman-Fried was linked to a significant CumRocket purchase in 2021.
Solana's layer-2 network, Sonic, plans to airdrop SONIC tokens to TikTok users participating in its social media blockchain game, SonicX. With over 2 million users onboarded without the need for external wallets or gas fees, Sonic aims to leverage TikTok's vast audience, which is projected to exceed 2 billion by 2029. However, similar projects have seen a significant drop in user activity following token distributions, raising concerns about the sustainability of such initiatives.
Conor Grogan
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Trump's bitcoin reserve aims to ease market pressure but price drops
08:50 07.03.2025
Robinhood's Dogecoin Holdings Raise Concerns Over Market Stability
United States Dollar
Robinhood Markets, Inc.
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Joni Ernst
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Conor Grogan
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12:16 10.01.2025
Elon Musk Influences Surge of CumRocket and Other Meme Coins
21:53 03.01.2025
solana layer two sonic airdrops tokens to tiktok users for gaming
20:12 23.12.2024
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