• Specs News
  • Posts
  • 12/31/24: It's Going To Zero 🔥🇨🇭🐧

12/31/24: It's Going To Zero 🔥🇨🇭🐧

Author

Valko
December 31, 2024

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. Siqi Chen's $ZERO token sparks backlash, promises refunds for investors

  2. Swiss initiative to include Bitcoin in the constitution gathers signatures

  3. NFT collector sells 5 Pudgy Penguins for $175, raising tax loss questions

Specs’ Insights

1. Siqi Chen's $ZERO token sparks backlash, promises refunds for investors

⌐◪-◪ → Siqi Chen just rugged, but was it intentional?

Siqi Chen, known for raising millions for children’s cancer research with $MIRA, is under fire for his latest token experiment.

He launched $ZERO as a test token with a clear warning in its description: “this is going to zero … do not buy it.” But instead of deterring buyers, it attracted them in droves.

Caught off guard, Chen panic-sold 40% of the supply, making about 444 SOL. He then bought back in with all the profits and burned everything to prove he didn’t profit.

He’s apologized publicly, calling it a learning experience, but skeptics, including ZachXBT, are questioning his transparency and motives — saying he used the exact same excuse a few days ago.

What do you think, was Siqi truly just experimenting with $ZERO or did he let his greed get the best of him?

Let me know in Specs.Chat!

2. Swiss initiative to include Bitcoin in the constitution gathers signatures

⌐◪-◪ → Switzerland loves Bitcoin

Switzerland is taking its love for Bitcoin to the next level.

A new initiative to embed Bitcoin into the constitution has begun collecting signatures.

The goal? Add Bitcoin to the Swiss National Bank’s reserves and solidify its role in the national financial framework.

They need 100,000 signatures by June 2026 to trigger a referendum.

Or as Obama put it, “everybody’s walking around with a Swiss bank account in their pocket.”

3. NFT collector sells 5 Pudgy Penguins for $175, raising tax loss questions

⌐◪-◪ → Fat finger or attempted tax evasion?

Someone just sold five Pudgy Penguins NFTs for $175—a shocking drop from the $116,970 value they should have fetched in ETH.

Was this an epic fat finger moment or a clever tax-loss harvesting trick?

Some speculate the seller transferred the NFTs to another wallet they secretly control to claim the loss on taxes.

Let me know what you think in Specs.Chat!

Everything Else

📈 Market Snapshot

  • Bitcoin → $95,235.38 ▲ 4.22% (24h)

  • Ethereum → $3,410.90 ▲ 3.19% (24h)

  • XRP → $2.12 ▲ 5.48% (24h)

  • Solana → $197.35 ▲ 5.90% (24h)

  • BNB → $711.97 ▲ 3.37% (24h)

  • $AI16Z memecoin surpasses $2B market cap

  • $PEPE hits $9B as Elon Musk changes profile pic to Pepe

  • AI agent coins surge, with many coins up 20-50%

⛓️ Crypto & DeFi

🏦 Wall Street & VC

🏛️ Legal & Regulatory

  • Judge pushes CFTC trial with Gemini to January 21st

🌎 Rest Of The World

  • Moonpay secures MiCA approval ahead of EU expansion

  • Ripple token sees more volume than Bitcoin in South Korea

  • MiCA impacts USDT and EU crypto regulations

  • Montenegro extradites Terraform Labs co-founder Do Kwon

🖼️ NFTs & Metaverse

  • CryptoPunks named Decrypt’s 2024 NFT project of the year

  • AIXBT gets investment from Quantum Cat’s treasury

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