<h2>Controversy, Memecoins, and a Clash of Narratives</h2>The euthanasia of Peanut, a pet squirrel owned by Mark Longo, has ignited a whirlwind of controversy, public outrage, and unexpected developments in the crypto world. The incident unfolded on November 1, 2024, when New York's Department of Environmental Conservation (DEC) euthanized Peanut and Longo's raccoon, Fred, citing rabies concerns and wildlife protection laws.&nbsp;Public backlash was swift, with critics accusing the government of overreach. Peanut’s demise resonated beyond animal rights circles, sparking heated debates and even a political response from Vice President-elect JD Vance, who denounced the DEC's actions at a rally.Peanut’s fame on social media, where he amassed over 500,000 followers under the handle @Squirrel_Dad12, amplified the controversy. A tweet from Elon Musk catapulted the issue into the spotlight, driving online discourse and political polarization. Amid this turmoil, the crypto world seized on the story.&nbsp;An anonymous developer launched the&nbsp;<a href="https://coin360.com/coin/peanut-the-squirrel-pnut">PNUT</a> memecoin on the&nbsp;<a href="https://coin360.com/coin/solana-sol">Solana</a> blockchain, inspired by Peanut's tragic fate. The token soared, peaking at $2.47, currently seeing a&nbsp;<a href="https://coin360.com/glossary/market-capitalization">market cap</a> of $1.04 billion and attracting a trading volume of $1.27 billion. While many hailed PNUT’s meteoric rise as a testament to blockchain's responsiveness to cultural moments, Longo publicly decried the token’s creation, calling it a shameless exploitation of his personal tragedy.<figure class="image"><img alt="chart.png" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/chart_2a7fa623bb.png"></figure>Longo threatened legal action against PNUT holders for using Peanut's story without consent, declaring, “The crypto world has taken my tragedy and has profited every which way possible. This is despicable.” Despite his anger, the PNUT community donated $50,000 to support Longo’s new animal sanctuary, P’Nuts Freedom Farm. However, Longo’s decision to&nbsp;<a href="https://x.com/blackho0le/status/1861025112775954878">cash out the tokens</a> and disassociate from the community sparked backlash, with critics accusing him of hypocrisy.In a bid to reclaim Peanut’s legacy, Longo launched his own token, JUSTICE, also on Solana.&nbsp;<a href="https://x.com/Squirrel_Dad12/status/1860856754327740508">Promoted</a> as a movement to fight government overreach and honor Peanut's story, the token initially surged 50,000% in value, hitting a $54.8 million market cap within a day. Yet, the token faced scrutiny over alleged insider trading, with reports indicating that 80% of its supply was controlled by a small group of wallets. JUSTICE’s value has since plummeted to $0.0364, casting doubt on its long-term viability and fueling accusations that the token was a cash grab disguised as activism.<figure class="image"><img alt="dexscreener.com_JUSTICE_SOL_2024-11-27_02-21-42.png" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/dexscreener_com_JUSTICE_SOL_2024_11_27_02_21_42_a408b0b8f0.png"></figure>The ripple effects of this controversy extended beyond Longo’s efforts. The PNUT token, initially bolstered by the viral attention, saw significant declines after Longo’s public disavowal and the emergence of JUSTICE.&nbsp;The broader trend of leveraging viral stories for memecoins has also drawn scrutiny, as similar disputes over intellectual property and personal rights have surfaced. This month, Philip Banks, creator of the Chill Guy meme, announced plans to&nbsp;<a href="https://coin360.com/news/chill-guy-meme-token-legal-threat">take legal action</a> against projects exploiting his artwork, echoing the tension between internet culture and blockchain innovation.As Peanut’s story transitions from a social media phenomenon to a cautionary tale of controversy and opportunism, the saga illustrates the volatile intersection of human narratives, public sentiment, and financial speculation in the digital age.This article has been refined and enhanced by ChatGPT.

Robot holds glowing PNUT token; squirrel scampers on branch

Robot holds glowing PNUT token; squirrel scampers on branch_11zon.webp

Peanut the Squirrel: Owner Sparks Crypto Frenzy

<h2>Justin Sun Backs Trump’s Blockchain Vision</h2>World Liberty Financial, the Trump family’s ambitious cryptocurrency initiative, has secured a monumental&nbsp;<a href="https://www.coindesk.com/business/2024/11/25/trumps-sluggish-de-fi-project-gets-a-big-boost-from-justin-suns-30-m-token-purchase">$30 million investment</a> from Justin Sun, the founder of the&nbsp;<a href="https://coin360.com/coin/tron-trx">Tron</a> blockchain. This development is a significant milestone in the ongoing merger of traditional finance with blockchain technology.&nbsp;Sun’s backing not only reinforces the credibility of the Trump-backed project but also positions Tron as a key player in the transformation of financial services. With a focus on leveraging blockchain to enhance cross-border payments and improve financial accessibility for the unbanked, this collaboration underscores the growing potential of decentralized systems in reshaping global finance.The timing of this announcement coincides with Donald Trump’s return to the U.S. presidency, a development that has reignited optimism about cryptocurrency adoption in the country. Trump’s campaign promises to establish the U.S. as a hub for blockchain innovation appear to be taking shape, with World Liberty Financial playing a central role in his vision. His administration’s push to eliminate regulatory roadblocks, coupled with Sun’s financial commitment, could accelerate the development of a more crypto-friendly ecosystem.Sun’s Tron network, celebrated for its efficient, low-cost transaction capabilities, offers a powerful technological foundation for World Liberty Financial to scale its offerings. By integrating Tron’s blockchain, the initiative aims to streamline transaction costs, facilitate international transfers, and address long-standing financial inclusion challenges. The partnership highlights the strategic alignment between Sun’s global blockchain ambitions and Trump’s goal of enhancing American leadership in the digital asset space.This collaboration also signifies the strengthening bond between politics and cryptocurrency. Sun’s involvement brings not only substantial funding but also a layer of institutional credibility to the Trump family’s blockchain endeavors. As regulatory clarity improves and political backing for digital currencies gains momentum, initiatives like World Liberty Financial could set the stage for increased adoption and investment in blockchain technologies across the United States.The $30 million investment marks more than just financial support—it signals the dawn of a new era where traditional powerhouses and blockchain innovators join forces to redefine finance. The Trump-Sun collaboration may well be the catalyst for a broader institutional embrace of cryptocurrency, paving the way for a more inclusive and efficient financial system.This article has been refined and enhanced by ChatGPT.

Robot builds blockchain wall, pastel blocks under soft sky

Robot builds blockchain wall, pastel blocks under soft sky_11zon.webp

Trump’s Crypto Venture Gets a $30M Boost from Justin Sun

<h2>WisdomTree Files for XRP ETF as Crypto Market Expands</h2>WisdomTree has&nbsp;<a href="https://icis.corp.delaware.gov/eCorp/EntitySearch/NameSearch.aspx">filed</a> to create a trust for a proposed&nbsp;<a href="https://coin360.com/coin/xrp-xrp">XRP</a> exchange-traded fund (ETF) in Delaware, marking a notable expansion in the crypto ETF market beyond&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a> and&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ethereum</a>. This preliminary filing is part of a trend among asset managers, including Bitwise and Canary Capital, as they seek to launch XRP ETFs. XRP, ranked sixth by&nbsp;<a href="https://coin360.com/glossary/market-capitalization">market capitalization</a>, will be the index for WisdomTree's ETF, though details on the exchange and ticker are not yet provided. With SEC Chair Gary Gensler expected to resign, the future of XRP ETFs may see a more favorable regulatory environment.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Hashdex Advances Nasdaq Crypto Index ETF&nbsp;</h2>Hashdex has submitted its second amended application for the Nasdaq Crypto Index US ETF, signaling progress with the SEC towards a diversified cryptocurrency index fund. Initially, the ETF will include Bitcoin and&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ether</a> but may expand to encompass additional digital currencies. Industry analysts view crypto index ETFs as the next significant trend following recent&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">BTC</a> and&nbsp;<a href="https://coin360.com/coin/ethereum-eth">ETH</a> ETFs. SEC Chair Gary Gensler will depart in January 2025, coinciding with Donald Trump’s presidency. Other asset managers, including Franklin Templeton and Grayscale, are also exploring crypto index ETF opportunities, with Grayscale’s fund including a broader range of alternative cryptocurrencies.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Dogecoin ETP Launches Amid Foundation’s Push for Decentralized Payment Expansion</h2><a href="https://coin360.com/glossary/decentralised-finance">DeFi</a> Technologies’ Valour launched the first&nbsp;<a href="https://coin360.com/coin/dogecoin-doge">Dogecoin</a> ETP on Sweden's Spotlight Stock Market with a 1.9% management fee, providing simplified investment access as Dogecoin hit a three-year high amid Elon Musk’s endorsements. Concurrently, the Dogecoin Foundation seeks major donors to fund its “Dogebox” initiative for decentralized payment infrastructure, aiming to onboard a million grassroots retailers by 2025. Open interest in Dogecoin options surged past $4 billion, reflecting growing speculative activity. The Foundation’s roadmap focuses on developer growth, commerce integration, and scalability, with substantial progress achieved but scalability still a work in progress.This article has been refined and enhanced by ChatGPT.

Humanoid cubic robot interacts crypto ETF dashboard, vibrant gridscape background

Humanoid cubic robot interacts crypto ETF dashboard, vibrant gridscape background_11zon.webp

Institutional Backing: XRP ETF Filed, Dogecoin ETP Launched, Crypto Index ETFs on the Rise

<h2>Binance Glitch Sparks Widespread Reaction</h2><a href="https://coin360.com/coin/wrapped-bitcoin-wbtc">Wrapped Bitcoin</a> (<a href="https://coin360.com/coin/wrapped-bitcoin-wbtc">WBTC</a>) experienced a dramatic flash crash on November 23, 2024, plunging to an astonishing $5,200 on&nbsp;<a href="https://coin360.com/review/binance">Binance</a> before rebounding swiftly. The anomaly, attributed to a technical malfunction within Binance’s trading system, left other exchanges unaffected, affirming its isolation to Binance’s infrastructure.&nbsp;Starting the day near $98,000, WBTC recovered to close at approximately $97,000, showcasing the fleeting nature of the incident while restoring market confidence. The rapid price correction highlighted both the inherent volatility of digital assets and the resilience of the broader crypto ecosystem.<figure class="image"><img alt="wbtc chart.png" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/wbtc_chart_2efd906fee.png"><figcaption>WBTC chart on Binance. Source: TradingView</figcaption></figure>The crash coincided with&nbsp;<a href="https://coin360.com/review/coinbase">Coinbase</a>’s announcement to&nbsp;<a href="https://twitter.com/CoinbaseAssets/status/1858921827159945638">delist WBTC</a>, effective December 19, 2024, fueling uncertainty around the asset. Coinbase framed the decision as part of its periodic asset review process to ensure compliance with listing standards. However, BiT Global, WBTC’s custodian, accused Coinbase of promoting its rival product, cbBTC, introduced in September 2024.&nbsp;This sparked market speculation about potential conflicts of interest, intensifying scrutiny around WBTC's custodial transition to a multi-jurisdictional model spanning the United States, Hong Kong, and Singapore. Adding to the turmoil,&nbsp;<a href="https://coin360.com/coin/maker-mkr">MakerDAO</a> voted to remove WBTC as a collateral asset, signaling eroding confidence within key segments of the crypto community.Amid the turbulence, Bitcoin itself continued a meteoric rise, driven by diminished exchange reserves and significant institutional inflows. November 2024 marked a record monthly gain of over 40%, with Bitcoin prices climbing past $99,000. Analysts projected further growth, citing Bitcoin's halving cycle and dwindling supply as key drivers of future price surges, potentially exceeding $180,000 by 2025.&nbsp;<figure class="image"><img alt="chart (1).png" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/chart_1_83fd208770.png"></figure>The week of November 18–22 alone saw $2.42 billion in inflows into U.S. spot Bitcoin ETFs, marking the fourth-largest inflows in history. Conversely, China-based ETFs reported substantial outflows, reflecting economic headwinds in the region and contrasting global market sentiment.The flash crash underscored the critical need for robust risk management strategies in crypto trading. Experts emphasized employing tools like stop-loss orders, diversification, and limit orders to mitigate losses in volatile markets. Additionally, the event spotlighted the vulnerabilities of centralized exchanges, stressing the importance of reliable trading infrastructure to support the rapidly evolving digital asset landscape.As the market looks ahead, Bitcoin’s decreasing supply and sustained demand are expected to intensify price volatility and growth. Analysts predict a potential supply shock, with exchange reserves continuing to dwindle, setting the stage for Bitcoin to surpass $100,000 in the near term.&nbsp;On a lighter note, as Pizza Day 2025 approaches, the projected opportunity cost of the infamous 10,000&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">BTC</a> pizza purchase could soar to an estimated $2 billion, offering a stark reminder of Bitcoin's extraordinary ascent.This article has been refined and enhanced by ChatGPT.

Robot balances on collapsing platforms in a pastel trading floor 

Robot balances on collapsing platforms in a pastel trading floor_11zon.webp

WBTC Recovers After Flash Crash Sends Ripples Through Crypto Market

<h2>Livestream Chaos Exposes Memecoin Risks</h2>Pump.fun, a decentralized&nbsp;<a href="https://coin360.com/coin/solana-sol">Solana</a>-based launchpad for meme coins, has become the center of a heated controversy after its livestream feature broadcasted shocking incidents that rattled the crypto community. Among the disturbing scenes were a user threatening suicide over unmet token&nbsp;<a href="https://coin360.com/glossary/market-capitalization">market cap</a> goals, a child making violent threats tied to token price fluctuations, and an individual reportedly firing a gun whenever their token’s value increased.&nbsp;The chaos led outraged community members to label the livestream a “pipeline of felonies,” with many demanding the feature be disabled until effective moderation tools are implemented.Prominent figures on X (formerly Twitter) highlighted the alarming broadcasts, urging Pump.fun to take immediate action. A safety project manager from&nbsp;<a href="https://coin360.com/nft/0xbd3531da5cf5857e7cfaa92426877b022e612cf8">Pudgy Penguins</a> called the situation “<a href="https://twitter.com/beausecurity/status/1860859118124138610">out of control</a>,” advocating for a temporary shutdown of the livestream until robust safeguards are in place.&nbsp;Alon, the platform’s pseudonymous leader, defended its 24/7 moderation system, emphasizing that a dedicated team of moderators and engineers is actively scaling oversight tools.&nbsp;<div class="raw-html-embed"><blockquote class="twitter-tweet">with the live streaming meta on in full force there have been many people that came forward with some very legitimate concerns regarding what content that is allowed on the platform let me make it abundantly clear: we actively moderate illicit content on the site. that includes…— alon (@a1lon9) <a href="https://twitter.com/a1lon9/status/1860036153249787911?ref_src=twsrc%5Etfw">November 22, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>However, critics remain unconvinced, pointing to the platform’s perceived lack of transparency and demanding quicker, more decisive measures to prevent further harm.Later on, Pump.fun announced to <a href="https://pump.fun/docs/moderation-message">indefinitely suspend</a> its livestream feature due to community backlash over harmful content. The platform claims that it aims to implement stronger safeguards and moderation infrastructure for user safety. The pause will remain until adequate measures are established to manage increased activity effectively.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Memecoins’ Widespread Decline and Misleading Promotions</h2>While Pump.fun battles its moderation crisis, the broader memecoin market faces its own reckoning. Research shows that two-thirds of memecoins launched on platforms like Pump.fun have become worthless, with 86% losing over 90% of their value within three months. Astonishingly, 99.99% of memecoins failed to achieve a market cap exceeding $1 million, underscoring the market’s extreme volatility.A recent&nbsp;<a href="https://x.com/keto_studio/status/1860928407288340549">Coinwire report</a> revealed that influencer involvement exacerbates the problem. Of influencers promoting memecoins on X, 76% endorsed projects that are now defunct. Larger influencers with over 200,000 followers performed particularly poorly, delivering 39% negative returns within a week and 89% within three months. Smaller influencers, those with under 50,000 followers, fared better, achieving 25% positive returns in a week and 141% over three months.&nbsp;<div class="raw-html-embed"><blockquote class="twitter-tweet">Paid KOLs: How Twitter Influencers Promote Dead Tokens and Profit While You Lose 1/ The hype around memecoins hides a harsh reality: 76% of influencers promote dead tokens, and 86% of memecoins lose 90% of their value in just 3 months. Let's dive into the data. 2/ It… <a href="https://t.co/CCy6Tnc7pt">pic.twitter.com/CCy6Tnc7pt</a>— Keto (@keto_studio) <a href="https://twitter.com/keto_studio/status/1860928407288340549?ref_src=twsrc%5Etfw">November 25, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>Financial incentives play a significant role, as influencers earned an average of $399 per promotional tweet, with some posts reaching over 15,000 views. Critics argue that many prioritize personal profit over the legitimacy of the projects they promote, leaving inexperienced investors to bear the brunt of the fallout.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Investors Bear the Brunt of Memecoin Failures</h2>The financial and emotional toll of these failures is devastating. Reports from individual investors reveal harrowing stories of losses, such as one person who lost $45,000 and others who saw their life savings wiped out. Some turned to debt to sustain speculative trading driven by influencer promotions and celebrity endorsements. Public complaints on social media highlight the psychological strain, with many admitting to deep regret over their investments.Even as the broader crypto market added $1 trillion in capitalization over the past 30 days, memecoins remain a cautionary tale of extreme volatility. While projects like Pump.fun aim to capitalize on the hype, the combination of inadequate moderation, rampant speculation, and a lack of accountability has left a trail of financial ruin and shaken investor confidence in the meme-driven sector.This article has been refined and enhanced by ChatGPT.

A robot at a control panel symbolizing [instability] in memecoins

A robot at a control panel symbolizing [instability] in memecoins_11zon.webp

Pump.fun Suspends Livestreams Indefinitely, Under Fire for Alleged Harmful Content and Mismanagement

Bitcoin gradually bled down to $20,000 yesterday with the release of earnings reports for tech giants such as META, AAPL, and AMZN. Today, however, we got a bounce up to $20,500 as SPX makes another attempt to break through 3,870.

Meanwhile, DXY is gradually rising and maintaining its bullish structure, and in order for Bitcoin to make another attempt at breaking $21,000 DXY will need to move downward.

<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Coin360_36_c92d49e11a.png" alt="Coin360 (36).png" />

<h2 id="top-altcoin-gainers-and-losers">Top altcoin gainers and losers</h2>

<h3 id="gainers">Gainers</h3>

<ul>
<li><a href="https://coin360.com/coin/osmosis-osmo" target="_blank">Osmosis OSMO</a> (+19.47%)</li>
<li><a href="https://coin360.com/coin/terra-classic-usd-ustc" target="_blank">Terra Classic USD USTC</a> (+13.34%)</li>
<li><a href="https://coin360.com/coin/dogecoin-doge" target="_blank">Dogecoin DOGE</a> (+10.19%)</li>
</ul>

<h3 id="losers">Losers</h3>

<ul>
<li><a href="https://coin360.com/coin/toncoin-toncoin" target="_blank">Toncoin TON</a> (-24.37%)</li>
<li><a href="https://coin360.com/coin/aptos-apt" target="_blank">Aptos APT</a> (-11.13%)</li>
<li><a href="https://coin360.com/coin/wemix-wemix" target="_blank">WEMIX WEMIX</a> (-10.42%)</li>
</ul>

<h2 id="bitcoin-technical-analysis">Bitcoin Technical Analysis</h2>

<a href="https://coin360.com/coin/bitcoin-btc" target="_blank">Bitcoin price</a> was able to bounce back from the previous demand zone, as highlighted on the chart below. Currently, BTC price appears to be relying on SPX to break through the resistance.

Despite the current uptrend, Bitcoin looks overbought on multiple timeframes and it is unlikely that this bounce from $20,000 will last much longer.

On the downside, if we lose $20,275 on our daily close, $19,600 will be the next point of interest.

<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/BTC_28_2cac941885.png" alt="BTC28.png" />

<h2 id="ethereum-technical-analysis">Ethereum Technical Analysis</h2>

The <a href="https://coin360.com/coin/ethereum-eth" target="_blank">price of ETH</a> broke down from yesterday&rsquo;s tight range and is making another attempt to reclaim it. Bulls will want to see multiple hourly closes above $1,530 or a test and break of $1,560 otherwise this will end up being another sell-the-rally instance that will trap more buyers before further downside.

<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/eth28_abde23f8e6.png" alt="eth28.png" />

<h2 id="coin360-daily-digest">Coin360 Daily Digest</h2>

Here&rsquo;s a rundown of the major crypto market news from today.

<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/dailydigestoct28_8573afbf86.jpg" alt="dailydigestoct28.jpg" />

For more daily updates and news, follow us on <a href="https://twitter.com/COIN360com" target="_blank">Twitter</a>.

Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.

BTC tests $20,000 after tech earnings slump

Top altcoin gainers and losers

Gainers

Losers

Bitcoin Technical Analysis

Ethereum Technical Analysis

Coin360 Daily Digest

Latest News @Coin360

Peanut the Squirrel: Owner Sparks Crypto Frenzy

Trump’s Crypto Venture Gets a $30M Boost from Justin Sun

Institutional Backing: XRP ETF Filed, Dogecoin ETP Launched, Crypto Index ETFs on the Rise

WBTC Recovers After Flash Crash Sends Ripples Through Crypto Market

Pump.fun Suspends Livestreams Indefinitely, Under Fire for Alleged Harmful Content and Mismanagement