Author: dfmines

A young crypto trader attempted to rug-pull a Solana-based memecoin on a live stream, but the crypto community joined to “teach him a lesson” by sending the token to an $80 million market cap. Related Reading: Bitcoin ‘Parabolic Phase Just Begun’, Is BTC Hitting $100,000 This Week? Solana-Based Memecoin Rug Pulled By 12-Year-Old As the market enters the rally’s second leg, Solana memecoins remain the cycle’s top narrative, and many traders continue to try to find and profit from the next big thing. However, scammers continue to attempt to take advantage of the memecoin frenzy. A Gen Z trader has made the headlights after trying to rug a Solana-based memecoin he created on a live stream. The 12-year-old trader has a crypto-dedicated X account and has previously shared his profits. On Monday, he posted a picture sharing he “just made $2k before school.” The next day, the young trader launched the Gen Z Quant (QUANT) token on the popular Solana-based launchpad, Pump.fun. While the token’s price rose, he expressed surprise before flipping the watchers. According to the on-chain analytics firm Lookonchain, the kid sold all his QUANT holdings, around 51 million tokens. The Gen Z trader got 128 Solana (SOL), worth $30,000, for the tokens, making a $29,600 profit in minutes. After the kid ended the live stream, the crypto community took over the Solana memecoin, sending the price toward the $0.08 mark as “revenge.” The token rose over 77,000% to a market capitalization of $82.3 million in the early hours of Wednesday before retracing toward the $50 million mark. As a result, the Gen Z trader’s holdings would have been worth around $4 million just a few hours after rug-pulling. Some crypto investors considered the takeover a “lesson for all of those who rug.” Meanwhile, others questioned the state of the community for it to be scammed by a child and argued that investors should not abandon the Solana memecoin “to prove a point.” The Rapid Fall Of QUANT Following the rug pull, the kid created another two memecoins, LUCY and SORRY, seemingly poking fun at the crypto community for his QUANT scheme. However, he sold these tokens for 103 SOL, worth $24,000 at the time of the report. The Gen Z trader’s scheme also resulted in several memecoins related to the event. However, some of the tokens were based on the kid and his family, who had their information doxxed online after the incident. Notably, a lucky trader managed to get a 2,141x return on his QUANT investment despite the rug pull. Lookonchain also reported on an investor who spent 2 SOL, valued at $462, to buy 18.89 million QUANT tokens. Related Reading: Aptos Following SUI’s Lead? Analyst Says APT’s ‘Explosive Breakout’ Targets $20 Three hours later, the crypto community had sent the token to its peak, driving his unrealized profits to nearly $1 million. The trader sold 3.71 million QUANT for 116 SOL, worth $27,000, and left 15.18 million QUANT, making an unrealized profit of $962,000 at the time of the report. Despite the takeover, the memecoin’s rally has significantly slowed throughout the day, falling 57% from its peak. As of this writing, the token trades at $0.035, with a market capitalization of $35.11 million. Featured Image from Unsplash.com, Chart from TradingView.com

Some community members advised the artist to just try to get rich from the situation and retire. 

MicroStrategy stock has soared 94% in 2024, fueled by Bitcoin’s rally above $97,000, with $15 billion in unrealized gains.

The South Korean crypto exchange Upbit had temporarily disabled SUI deposits and withdrawals amid the network outage.

Michael Saylor, co-founder and Executive Chairman of Microstrategy, the company that pioneered Bitcoin reserves among institutions, seems to have found an infinite money glitch that turns debt and bitcoin into more money and bitcoin. But what’s the endgame, and is it sustainable? Michael Saylor’s Bitcoin Infinite Money Glitch Criticized Michael Saylor, once a bitcoin critic, […]

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Bitcoin (BTC) achieved a new record high of $94,730, continuing a significant uptrend that began on November 5. Analysts are dubbing this rally the “Trump trade,” as the recent political developments surrounding Donald Trump’s victory have instilled renewed confidence among investors in BTC and the broader crypto market. Analyst Forecasts 42% Increase For BTC Despite the impressive surge, analysts believe Bitcoin’s price discovery is far from complete, indicating substantial potential for further growth.  Among those sharing this bullish sentiment is analyst Ali Martinez, who draws parallels between Bitcoin’s current price movements and those seen in December 2020, before the notable uptrend that ultimately led to an all-time high of $69,000 in 2021. Related Reading: Dogecoin Forms A ‘Nasty Triple Top’: Analyst Reveals What’s Next Martinez notes that the relative strength index (RSI), a key technical indicator used to gauge momentum, is currently mirroring the patterns observed in late 2020. This similarity suggests that the BTC price may be poised for significant upward movements in the coming months.  According to Martinez, if this trend continues, Bitcoin could target the $108,000 mark, followed by a potential correction to around $99,000, before bouncing back to a predicted milestone of $135,000.  This forecast represents an increase of over 42% from current levels, although Martinez did not specify a timeline for these movements, indicating they might occur anywhere between now and the first quarter of 2025. Bitcoin To Reach $1 Million By 2029? In even more optimistic projections, market expert Timothy Peterson, who identifies as a network economist, suggests that Bitcoin’s current bullish trend could persist until November 2025, with ambitious targets set for the future.  In a recent post on X (formerly Twitter), Peterson predicted that Bitcoin could reach $275,000 per coin by Thanksgiving Day 2025. He bases this projection on Metcalfe’s Law, which posits that the value of a network is proportional to the square of its number of users. This indicates that as more individuals adopt Bitcoin, its value is likely to increase significantly. Related Reading: BlackRock Bitcoin ETF Options Surge: December 20 Call Signals BTC Price Target Of $180,000 Looking further ahead, the economist also asserts that the Bitcoin price could achieve the coveted valuation of $1,000,000 per coin by 2029, representing a staggering 954% increase from current levels.  Trading at $94,730 as of this writing, the largest cryptocurrency on the market has seen massive gains in recent weeks, with a 26% and 39% increase in the fourteen and thirty day time frames, respectively.  Furthermore, BTC has reached a market cap valuation of $1.8 trillion, making it one of the most valuable assets in the world, currently ranked 7th, just behind companies such as Nvidia, Microsoft, Google and Amazon. But quite far from the leading asset in this matter which is gold with a market cap of $17 trillion.  Featured image from DALL-E, chart from TradingView.com 

Justin Sun, the founder of TRON, has made headlines by acquiring Maurizio Cattelan’s iconic artwork “Comedian” for $6.2 million at a Sotheby’s auction. In a statement, Sun expressed his excitement, describing the piece as “not just an artwork; it represents a cultural phenomenon that bridges the worlds of art, memes, and the cryptocurrency community.” He […]