ROLLUP: Trump's Massive Memecoin | Ethereum Ecosystem Drama | Ross Ulbricht Freed | Phantom Wallet Worth $3B?
This week has been one of the most explosive weeks in recent memory for the crypto space. From presidential memecoins to Ethereum ecosystem drama, the crypto world is buzzing with developments that will likely shape the industry’s trajectory for months to come. Let’s dive into the highlights.
Trump Enters with a Bang
Donald Trump’s return to the Oval Office has been nothing short of headline-grabbing, but his latest move took the crypto world by storm. On inauguration weekend, Trump launched a $50 billion memecoin on Solana, sending the ecosystem into a frenzy. The coin, which skyrocketed from $10 to $72 within hours before settling around $41, brought in billions of dollars and tens of thousands of new users to the Solana network.
Beyond the memecoin, Trump also followed through on his campaign promise to pardon Ross Ulbricht, founder of Silk Road, sparking celebrations across the Bitcoin community. Kraken even sent Ulbricht a $111,111 BTC welcome package to help him restart his life. On the regulatory front, Trump’s administration wasted no time: SEC Chair Gary Gensler has stepped down, and Hester Peirce is leading a new Crypto Task Force aimed at fostering innovation and clarity for the industry.
Ethereum Drama and Vitalik’s "Wartime Mode"
The Ethereum ecosystem has been shaken by leadership tensions within the Ethereum Foundation (EF). Vitalik Buterin announced significant changes to EF’s leadership structure, aiming to improve technical expertise, engagement with the community, and execution speed. However, this process has been contentious, with some community members calling for drastic changes and even targeting EF’s Executive Director, Aya Miyaguchi, with harassment and threats.
Vitalik has responded strongly, defending Aya’s contributions and urging the community to focus on building a positive future. To underscore his commitment to the community, Vitalik changed his profile picture to a Milady NFT and declared himself in "wartime mode," signaling a more aggressive approach to Ethereum’s roadmap. The Ethereum Foundation is doubling down on its mission while fending off criticism—an important moment for the future of Ethereum.
Market Highlights and Movers
This week, the markets saw notable shifts:
- Bitcoin: Up 5%, ending the week at $104,800.
- Ethereum: Down 3%, trading at $3,200.
- Total Crypto Market Cap: Climbed to $3.7 trillion.
Solana has been a standout performer, thanks to Trump’s memecoin. Solana hit a new all-time high of $294.33, bolstered by record-breaking Google search trends and unprecedented retail activity. Meanwhile, BlackRock made headlines with a $600 million Bitcoin purchase, their largest crypto buy to date, signaling growing institutional confidence.
Other Key Developments
- 0x Protocol Upgrade: The OG DeFi builders introduced 0x v2, a full-stack upgrade for crypto trading APIs, focusing on optimal execution routes, regulatory compliance, and advanced monetization tools. If you’re building on-chain, 0x v2 might be your next move.
- USDC Paymaster: Circle launched Paymaster on Arbitrum and Base, enabling users to pay gas fees in USDC, simplifying stablecoin transactions.
- Phantom Wallet Funding: Phantom raised $150 million in a Series C round, bringing its valuation to $3 billion. With plans to expand social discovery features and streamline peer-to-peer payments, Phantom is positioning itself as a leader in wallet innovation.
- SEC’s New Crypto Task Force: Led by Hester Peirce, the SEC’s new task force aims to provide clear regulatory guidance, balance enforcement, and collaborate with lawmakers to support crypto innovation.