• Specs News
  • Posts
  • 11/25/24: The Pump.Fun Dumpster Fire 💊🏩🚀

11/25/24: The Pump.Fun Dumpster Fire 💊🏩🚀

Today’s issue is brought to you by Safe — the world’s leading smart account provider on EVM, securing $100B+ in assets (including Vitalik’s).

Top News

  1. Pump.Fun faces backlash over harmful livestream content

  2. Cantor Fitzgerald acquires 5% stake in Tether worth over $600M

  3. MicroStrategy buys another $5.4B Bitcoin

Specs’ Insights

1. Pump.Fun faces backlash over harmful livestream content

⌐â—Ș-â—Ș → 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.Fun’s founder, Alon, insists they’re actively moderating illicit content, claiming their team is working “around the clock,” but the cracks are showing. They’re clearly struggling to keep up with the platform’s viral growth.

The root problem here isn’t Pump.Fun itself—it’s human nature. People are willing to do anything for money, whether it’s on Pump.Fun or elsewhere on the internet. What we’re seeing is an unfiltered, raw look into the desperation and poverty that drives people to these extremes.

Whatever’s happening needs to stop, but it’s a delicate balancing act between enforcing moderation and preserving free speech—while 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

⌐â—Ș-â—Ș → Tether Just Got a Whole Lot More Legit

Cantor Fitzgerald just acquired a strategic 5% stake in Tether, worth over $600M.

It’s 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 Lutnick—Cantor’s CEO—for 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 Tether’s reserves, this partnership signals even stronger ties between TradFi and crypto—and a potential regulatory shield for Tether.

Bitcoin-backed loans are inching closer to becoming “safe collateral.” 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

⌐â—Ș-â—Ș → ⌐â—Ș-â—Ș → Microstrategy’s biggest Bitcoin buy yet.

Michael Saylor just added another 55,500 BTC to MicroStrategy’s balance sheet for $5.4 billion, bringing their total holdings to 386,700 BTC—acquired for $21.9 billion at an average price of $56,761 per Bitcoin.

To put MicroStrategy’s insane levels of conviction into perspective, they’ve 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 world’s BTC supply by 2033. Bernstein even raised its MSTR price target to $600, calling it a “Bitcoin magnet” attracting global capital.

Saylor isn’t just buying Bitcoin—he’s rewriting the rules of corporate treasury management and inspiring companies worldwide to do the same.

Love him or hate him, Saylor’s conviction is undeniable.

Everything Else

📈 Market Snapshot

  • Bitcoin → $95,316.37 â–Œ 1.61% (24h)

  • Ethereum → $3,407.13 â–Č 2.67% (24h)

  • Solana → $239.22 â–Œ 3.11% (24h)

  • Ethereum hits $3,500, reaching a four-month high

⛓ 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

🏩 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

đŸ›ïž 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 ‘Scattered Spider’ crypto phishing case

🌎 Rest Of The World

đŸ–Œïž NFTs & Metaverse

  • Magic Eden sets token airdrop date with $562M pre-market value

  • Robinhood to list Solana memecoin Dogwifhat $WIF

Join Our Community!

Designed to make you a better crypto investor, builder, and operator.

💬 Chat with Valko and other experts
📚 Access additional hand-curated resources
😊 Make friends, share memes, have fun