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- 11/25/24: The Pump.Fun Dumpster Fire đđŠđ
11/25/24: The Pump.Fun Dumpster Fire đđŠđ
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Top News
Pump.Fun faces backlash over harmful livestream content
Cantor Fitzgerald acquires 5% stake in Tether worth over $600M
MicroStrategy buys another $5.4B Bitcoin
Specsâ Insights
1. Pump.Fun faces backlash over harmful livestream content
𧔠20+ pumpfun streamers who took things too far đ§”
coin 1: $NAZI đ€Šââïž
â dumpy.fun (@dumpydotfun)
9:36 AM âą Nov 25, 2024
ââȘ-âȘ â Pump.Fun is officially a real-life black mirror episode
The livestream meta on Pump.Fun has gone completely off the rails, with memecoin creators performing increasingly dangerous, NSFW, and outright illegal stunts. Just to give you a taste of how far things have gone:
Pump.Funâs founder, Alon, insists theyâre actively moderating illicit content, claiming their team is working âaround the clock,â but the cracks are showing. Theyâre clearly struggling to keep up with the platformâs viral growth.
The root problem here isnât Pump.Fun itselfâitâs human nature. People are willing to do anything for money, whether itâs on Pump.Fun or elsewhere on the internet. What weâre seeing is an unfiltered, raw look into the desperation and poverty that drives people to these extremes.
Whateverâs happening needs to stop, but itâs a delicate balancing act between enforcing moderation and preserving free speechâwhile doing so in a scalable and objective way.
What did I tell you guys? Crypto is the garden of Eden, and memecoins are the forbidden fruit.
2. Cantor Fitzgerald acquires 5% stake in Tether worth over $600M
Cantor Fitzgerald is buying 5% of Tether for $600M.
Cantor gets a stake in one of the most profitable companies, while Tether gains regulatory protection.
Cantor CEO @howardlutnick, is Trumpâs pick for Commerce Secretary.
Somewhere, @Bitfinexed is crying.
Bullish for Bitcoin.
â Wayne Vaughan (@WayneVaughan)
2:38 PM âą Nov 24, 2024
ââȘ-âȘ â Tether Just Got a Whole Lot More Legit
Cantor Fitzgerald just acquired a strategic 5% stake in Tether, worth over $600M.
Itâs a brilliant move because, in simple terms, Cantor gets a slice of one of the most profitable companies, while Tether gains regulatory protection. Remember, Trump picked Howard LutnickâCantorâs CEOâfor Commerce Secretary, making this a clear political power play.
On top of that, Lutnick is planning a $2B Bitcoin-backed lending program, aiming to make BTC the collateral of choice for institutions. With Cantor already holding most of Tetherâs reserves, this partnership signals even stronger ties between TradFi and cryptoâand a potential regulatory shield for Tether.
Bitcoin-backed loans are inching closer to becoming âsafe collateral.â If this plays out, the floodgates of institutional money could open wider than ever.
Bullish for Bitcoin. Bullish for Tether. Puts pressure on Circle.
3. MicroStrategy buys another $5.4B Bitcoin
MicroStrategy has acquired 55,500 BTC for ~$5.4 billion at ~$97,862 per #bitcoin and has achieved BTC Yield of 35.2% QTD and 59.3% YTD. As of 11/24/2024, we hodl 386,700 $BTC acquired for ~$21.9 billion at ~$56,761 per bitcoin. $MSTR
â Michael SaylorâĄïž (@saylor)
1:04 PM âą Nov 25, 2024
ââȘ-âȘ â ââȘ-âȘ â Microstrategyâs biggest Bitcoin buy yet.
Michael Saylor just added another 55,500 BTC to MicroStrategyâs balance sheet for $5.4 billion, bringing their total holdings to 386,700 BTCâacquired for $21.9 billion at an average price of $56,761 per Bitcoin.
To put MicroStrategyâs insane levels of conviction into perspective, theyâve purchased $12B Bitcoin this month (so far), 1.6x more than all of the Bitcoin ETFs combined.
Analysts now predict MicroStrategy could own 4% of the worldâs BTC supply by 2033. Bernstein even raised its MSTR price target to $600, calling it a âBitcoin magnetâ attracting global capital.
Saylor isnât just buying Bitcoinâheâs rewriting the rules of corporate treasury management and inspiring companies worldwide to do the same.
Love him or hate him, Saylorâs conviction is undeniable.
Everything Else
đ Market Snapshot
âïž Crypto & DeFi
Solana hits $100B in monthly DEX volume for first time
Phantom overtakes Coinbase in App Store amid memecoin craze
Coinbase sponsors LA Clippers in new NBA deal
Circle launches USDC on Aptos with Stripe support
Sky Mavis cuts 21% of workforce amid restructuring
Dogecoin jumps after Elon Musk hints at X payments integration
Bitcoin to hit $140K according to to of AIs managing $30M fund
Coin Center warns surveillance rules could push crypto investors abroad
đŠ Wall Street & VC
Bitcoin ETFs lead $3.1B weekly crypto inflow record
CBOE announces December launch of Bitcoin ETF index options
Cantor Fitzgerald plans $2B Bitcoin lending program with Tether
Coatue exec co-founds $500M venture firm
Aethir announces $100M ecosystem fund focused on AI projects
Monad launches Ethereum-compatible layer 1 testnet
đïž Legal & Regulatory
CFPB to regulate digital wallets like banks, excluding crypto
Dan Gallagher, Robinhood exec, rules out leading the SEC
SEC Democrat resignations leave Republicans in control by February
Kelly Loeffler expected to join Trump cabinet as Agriculture Secretary
Trump picks pro-crypto Scott Bessent as Treasury Secretary
O.XYZ faces internal turmoil over misrepresentation claims
DOJ charges five in âScattered Spiderâ crypto phishing case
đ Rest Of The World
Hong Kongâs ZA Bank lets users trade crypto with fiat on banking app
Polymarket blocks French traders amid gambling inquiry
đŒïž NFTs & Metaverse
Magic Eden sets token airdrop date with $562M pre-market value
Robinhood to list Solana memecoin Dogwifhat $WIF