Weekly Report | The White House will hold its first cryptocurrency summit on March 7; the U.S. SEC announced it has lifted the civil enforcement action against Coinbase; the Chicago Mercantile Exchange plans to launch SOLANA (SOL) futures on March 17
The Ethereum Foundation appoints Hsiao-Wei Wang and Tomasz Stańczak as co-executive directors; Vitalik: Ethereum needs a large number of young people with a cypherpunk vision; Bybit hacker has only 156,000 ETH left unlaundered, remaining funds may be cleared within 3 days.Organizer: Luan Peng, ChainCatcher
"What Important Events Happened This Week (2.24-3.2)"
1、Infini Contract Attacked, Over $49 Million Stolen; Infini Officials Claim Full Compensation
According to Certik Alert monitoring, the Ethereum contract 0x9A79f4105A4e1A050Ba0b42F25351D394fA7E1DC experienced abnormal fund transfers, with the receiving address 0x3ac96134fb0e42a52d33045aee50b89790f05ed0 receiving approximately $49.5 million and converting the funds into the stablecoin Dai. The details indicate that account 0xc49b5e5b9da66b9126c1a62e9761e6b2147de3e1 was hacked, granting address 0x8e9b permission to withdraw all funds. The attacker has converted all funds into 17,696 ETH (worth $49 million). Community feedback regarding the Infini contract led to a response from Infini officials stating that an investigation is underway and that losses will be fully compensated.
2、Solana Co-founder Toly Supports SIMD-0228 Proposal
Solana co-founder Anatoly Yakovenko (Toly) expressed his support for the SIMD-0228 proposal. Previously, Finality Capital Partners partner David Grider argued that the points mentioned in the SIMD-0228 proposal were flawed, claiming that high staking rewards are detrimental to DeFi yields; inflation increases selling pressure and should be judged based on network fees; high staking rewards reduce demand for ETFs; staking returns are not optimized for U.S. taxes like capital gains; higher staking yields do not lead to higher prices; and the related staking formula will optimize the staking ratio to address security issues (which he views as the most significant security risk and flawed approach).
David Grider also stated, "The proposal does raise the right questions. How much inflation is needed? But before making changes, we have other questions to answer. Let's slow down and do more work to understand the impacts." In response, Toly said, "This is crucial; reducing the inflation rate will actually slow the process."
SIMD-0228 introduces a market-driven release mechanism based on staking participation rates. This mechanism uses a static curve to reduce the total issuance rate through the square root coefficient of the staking participation rate.
3、Infini Founder: Personal Private Key Was Not Leaked; Oversight During Permission Transfer
Infini founder Christian tweeted, "A friend joked that I've had it too easy, and I said I've always been ready for the first disaster. I didn't expect that after Bybit, the next incident would be myself. The personal private key was not leaked; it was an oversight during the permission transfer. Ultimately, it's my responsibility, and this has served as a wake-up call. Currently, there are no liquidity issues, and we can fully compensate, and we are tracing the funds."
4、Anti-Musk Protests Erupt Across Multiple U.S. Cities
Anti-Musk protests have erupted across multiple U.S. cities, part of a growing backlash in North America and Europe against Musk's disruptive role in Washington.
Critics of Trump and Musk hope to oppose Musk, the leader of the world's most valuable car manufacturer, by targeting and criticizing Tesla's purchases. Liberal groups have organized anti-Tesla protests for weeks to stir opposition to Musk and motivate Democrats who still feel frustrated after Trump's victory last November.
Federal prosecutors have charged a woman in connection with a series of incidents involving vandalism at Tesla dealerships in Colorado, including throwing Molotov cocktails at vehicles and spray-painting "Nazi Cars" on buildings. Police reported that nine people were detained but did not disclose the charges they face.
Since Trump's inauguration, Tesla's stock price has fallen nearly a third, although it remains above last year's levels. According to Forbes, Musk's current net worth is $359 billion, projected to be $195 billion in 2024.
5、Nearly 15% of Brazilians Would Consider Using Cryptocurrency Instead of Bank Accounts
According to News.bitcoin, a survey by international online research data company YouGov shows that nearly 15% of Brazilians would consider using cryptocurrency instead of their bank accounts. Among respondents, 14.7% are open to this possibility, with 5.7% agreeing to make this decision and 9% leaning towards agreeing. However, over 60% still oppose using cryptocurrency as a substitute for banks: 39.7% strongly disagree, and 21.7% tend to disagree with the idea.
According to David Eastman, Managing Director of YouGov's Latin America operations, this should serve as a catalyst for banks to change how they do business with customers. If these customers indeed leave, it will impact the revenue of these financial institutions, cutting into their substantial income in the process.
6、Bybit Hacker Has Only 156,000 ETH Left Unlaundered; Remaining Funds May Be Cleared Within 3 Days
According to on-chain analyst Yu Jin's monitoring, since 3 PM yesterday, the Bybit hacker has resumed laundering activities, having laundered 62,200 ETH (approximately $13.8 million).
Currently, of the 499,000 ETH stolen from Bybit, only 156,000 ETH (approximately $346 million) remains unprocessed.
At the current laundering speed, the remaining stolen funds are expected to be completely cleared within three days.
7、Market News: Nasdaq Has Submitted 19b-4 Application for Grayscale DOT ETF
According to market news, Nasdaq has submitted a 19b-4 application for the Grayscale DOT ETF.
8、Ethereum Foundation Appoints Hsiao-Wei Wang and Tomasz Stańczak as Co-Executive Directors
The Ethereum Foundation announced the appointment of Hsiao-Wei Wang and Tomasz Stańczak as Co-Executive Directors to continue supporting the evolving Ethereum ecosystem. The Ethereum Foundation stated that under the leadership of Hsiao-Wei and Tomasz, it will ensure that Ethereum and its ecosystem can grow while ensuring that this growth promotes the core values of Ethereum, such as open-source, permissionless global collaboration, privacy, and security.
9、Aya Miyaguchi to Transition from Executive Director of Ethereum Foundation to Chair
According to official news, Aya Miyaguchi announced that she will soon conclude her role as Executive Director of the Ethereum Foundation and begin her new role as Chair of the Foundation.
Aya stated that the role of the Ethereum Foundation has never been to control or own all aspects of Ethereum. Instead, its responsibility is to uphold Ethereum's values, ensuring that Ethereum remains resilient, not just as a network but as a broader ecosystem composed of people, ideas, and values, "never to become a product of an organization."
Aya encourages the team to remember a key principle: the Ethereum Foundation must continuously evolve, just as Ethereum itself is a living, dynamic entity. However, it must avoid evolving like a traditional company, as its goal is not for the Foundation to "win"—but for Ethereum to succeed in the long term while adhering to its core values.
10、Michael Saylor: $2.6 Billion Bitcoin Profit Achieved in First Two Months of 2025
Michael Saylor, founder of Strategy (formerly MicroStrategy), stated on the X platform that last year the company achieved $13.1 billion (140,538 BTC) in Bitcoin profits, with $2.6 billion (30,702 BTC) in Bitcoin profits achieved in the first two months of 2025.
Jupiter founder Meow published a lengthy article outlining the future development plans and long-term strategies for the JUP token. Meow proposed a "GOAT framework" (Governance, Transparency, Organic, Collaborative) as the core and announced three key initiatives:
First, an independent auditing agency will be commissioned to conduct a comprehensive audit of the founders, treasury, and tokens, with all results publicly disclosed on the new official website jup.com to enhance transparency. Second, a "Litterbox Trust Fund" will be established, committing to inject 50% of protocol revenue into the fund over the next two years for strategic accumulation of JUP. Finally, Meow proposed a 2030 incentive plan, voluntarily using 280 million JUP held personally for new team incentives, promising not to claim any tokens before 2030, with the final decision on whether to receive 500 million JUP rewards entirely dependent on community voting results regarding his performance.
Jupiter also disclosed three major business pillars: the aggregation trading platform Jup.ag, the community ecosystem Jupiverse, and the cross-chain network Jupnet, emphasizing that it will achieve long-term interest binding for ecosystem participants through token mechanisms. Meow stated that these series of initiatives aim to demonstrate the team's determination to advance together with the community, breaking the short-term profit-seeking inertia in the crypto industry and fully building "the future value network belonging to Jupiverse." Relevant proposals have been submitted for DAO discussion, and final implementation requires community voting approval.
12、Vitalik: Ethereum Needs Many Young People with a Cypherpunk Vision
Ethereum co-founder Vitalik Buterin stated on the X platform, "What Ethereum needs is many young people with a cypherpunk vision. All the OGs are exhausted, and now it's up to the next generation."
13、Zhao Changpeng: Safe's Incident Report Uses Vague Language, Multiple Issues Remain Unexplained
Binance founder Zhao Changpeng stated that he usually does not criticize other industry participants, but the incident report released by Safe uses vague language to obscure the issues. After reading it, there are more questions than answers, and the questions that come to mind include:
--- What does "compromising the Safe {Wallet} developer machine" mean? How did they hack this specific machine? Was it social engineering, a virus, etc.?
--- How did the developer machine access "accounts operated by Bybit"? Did some code get deployed directly from this developer machine to prod?
--- How did they deceive the Ledger verification steps among multiple signers? Was it blind signing? Or did the signers not verify correctly?
--- Is $1.4 billion the largest address managed using Safe? Why didn't they target others?
--- What can other "self-custody, multi-signature" wallet providers and users learn from this?
14、White House to Host First Cryptocurrency Summit on March 7
According to DEGEN NEWS, the White House will host its first cryptocurrency summit on March 7.
ConsenSys founder Joseph Lubin announced on the X platform that ConsenSys has reached a principal agreement with the U.S. SEC to dismiss the securities enforcement case against MetaMask, and the SEC will submit a valid settlement agreement to the court.
Joseph Lubin added that ConsenSys can now focus 100% on rebuilding, and 2025 will be the best year for Ethereum and ConsenSys to date, with the transition to a more decentralized world paradigm accelerating.
16、Trump's New Metaverse and NFT Project Name May Be "Megaverse"
According to information from the U.S. Patent and Trademark Office, Trump's new metaverse and NFT project is rumored to be named "Megaverse."
17、U.S. SEC Announces Civil Enforcement Action Against Coinbase Has Been Lifted
According to market news, the U.S. Securities and Exchange Commission (SEC) announced that it has lifted the civil enforcement action against Coinbase (COIN.O).
This case dates back to June 2023 (two years after Coinbase's IPO), when the SEC sued Coinbase, accusing it of merging the typically separate functions of broker, exchange, and clearinghouse, violating U.S. securities laws.
18、Market News: CME Plans to Launch SOLANA (SOL) Futures on March 17
According to market news, CME plans to launch SOLANA (SOL) futures on March 17.
19、U.S. SEC Qualifies: Memecoins Are Not Securities; Investors Bear Risks
The U.S. SEC's Division of Corporation Finance has released guidance on memecoins, stating that they are not considered securities but are akin to collectibles.
The division believes that the trading of memecoins described in the guidance does not involve the issuance and sale of securities as defined by federal securities laws. Therefore, individuals participating in the issuance and sale of memecoins do not need to register their transactions with the Commission under the Securities Act of 1933, nor do they need to comply with the registration exemptions in the Securities Act. As a result, buyers or holders of memecoins are not protected under federal securities laws.
U.S. SEC Commissioner Caroline A. Crenshaw released "Crypto 2.0: Regulatory Whip," which points out that the enforcement action against Coinbase has damaged the credibility of the SEC's enforcement division, leading people to mistakenly believe that the enforcement division deploys resources based on election cycles or in favor of the wealthy, inviting criticism and sowing seeds of distrust in the government.
The SEC's duty is to do the right thing for investors, issuers, and the capital markets.
"What Exciting Articles Are Worth Reading This Week (2.24-3.2)"
1、Kanye West's Coin Controversy: Attitude Reversal, Suspected Sale of X Account, Another Carefully Planned "Harvest"?
Recently, from publicly resisting meme coin fraud schemes to being exposed for preparing the YZY token, to the suspected sale of his X account, Kanye West's actions are filled with contradictions and doubts. Is he a pawn under celebrity influence or a carefully orchestrated operator? Is the frenzy of speculation in the crypto market being pushed towards a new "harvesting" model?
This article will comprehensively sort out the turmoil surrounding Kanye's coin, revealing a maze of traffic, capital, and the crypto world.
Kanye West (now known as Ye) is a legendary figure crossing the boundaries of music, business, and fashion, having won 24 Grammy Awards and being named one of Time magazine's 100 Most Influential People twice; his music has changed the entire hip-hop industry.
At his peak, Kanye West became the richest Black man in America with a net worth of $6.6 billion. In January of this year, Eton Venture Services confirmed that Ye's net worth still stands at $2.77 billion after evaluating his music copyrights and exclusive ownership of the YEEZY trademark.
On the evening of February 21, the exchange Bybit experienced the largest theft in history, with many institutions and individuals extending a helping hand to help Bybit through this crisis. Although the crisis has been temporarily controlled, the key task ahead is to track and intercept the hacker's funds and recover the stolen assets.
However, in the past two days, the eXch platform has laundered over 29,000 ETH stolen by the Lazarus hacker. This platform has immediately attracted widespread attention in the crypto community, with many users stating that despite being in the industry for years, they had never heard of the eXch project before.
So, what kind of platform is eXch? What role did it play in this incident?
On February 17, the protocol MAITRIX, which supports minting stablecoins using AI tokens, launched its testnet.
The testnet also launched the first AI stablecoin Aethir USD (AUSD), allowing users to mint it using the tokens of the decentralized GPU project Aethir, with each AUSD pegged 1:1 to the U.S. dollar.
Currently, the testnet has opened sections for AUSD minting and staking. According to its official information, within about a week of launch, MAITRIX has attracted over 130,000 registrations, with a TVL of approximately $1.28 million.
Cabal Town is built on Telegram, where users can receive and discuss instant Alpha from their favorite callers and trade directly without leaving the group chat. Established in 2024, Cabal Town announced its participation in the TON Accelerator and began deploying its ecosystem on Telegram in July of the same year. The Cabal Town program just launched on February 1.
In Cabal Town, "Callers" (those sharing Alpha) can create their secret organizations. Users can trade immediately based on the Alpha shared by Callers, and Callers can profit from it. Users can also track Callers' performance to identify those who consistently perform well.
According to Cabal Town's official Twitter, "This is a social trading supercycle. While there is a general consensus that this is a memecoin supercycle, we believe this cycle is the beginning of many social trading supercycles. The rise of Pump.fun has enabled everyone to issue tokens for liquidity and attention, but the standout 'alpha' tokens depend on the 'king makers' behind them—Token Callers.
Every successful memecoin often marks the beginning of a new narrative, with at least one influential "Caller" gathering attention: for example, Murad with $SPX6900 and $GIGA, Ansem with $WIF, Him Gajria with $FARTCOIN—or Musk with $DOGE. The quality of Callers determines the success of a token."
With the election of U.S. President Trump, the stablecoin sector has exploded. In the first few days of Trump's presidency, he issued an executive order promoting the adoption of dollar-backed stablecoins, while Congress is drafting legislation to provide a regulatory framework for stablecoins in the U.S. Major financial companies like PayPal and many crypto enterprises are issuing stablecoins.
According to recent reports from Bloomberg, Reeve Collins, one of the original co-founders of Tether, is launching a yield-generating stablecoin project called Pi Protocol, which will provide holders with potential earnings from tokenized real-world assets.
According to Pi Protocol's official X platform, Pi was originally named TreasuryX and was officially established last year, recently undergoing a rebranding and repositioning. Pi plans to launch its first yield-generating stablecoin USP on Ethereum or Solana in the second half of 2025.
This morning, Bloomberg reported that Citadel Securities, one of the largest market makers globally, plans to enter the cryptocurrency market and is seeking to join the market maker lists of multiple exchanges. The news has sparked widespread attention and discussion in the market. As a top player in the global financial market, how will Citadel Securities' entry change the landscape of the crypto market? What opportunities and challenges will it bring?
This article will explore the significance and potential impact of Citadel Securities' entry into the cryptocurrency market-making field through ten questions and answers.
7、Bear Market? An Overview of Four Reasons for This Market Decline
Just as the aftermath of the Bybit and Infini hacking incidents was being dealt with, the market faced another blow early this morning: as of the time of writing, according to coinglass data, a total of 373,863 people were liquidated globally in the last 24 hours, with a total liquidation amount of $1.405 billion. The exchange with the largest liquidation volume was Bybit, which is also a platform commonly used by institutions.
"I got my peaches out in Georgia"------
If you are a heavy user of Douyin or TikTok, you must have heard this lyric, imagining a summer evening, one hand on the steering wheel, leisurely chasing the sunset.
This scene is perfect for listening to Justin Bieber's "Peaches." Since its release, the song has accumulated over 2.5 billion plays across major music platforms and has achieved quadruple platinum sales certification in the U.S.—which means the value this song can create may exceed $100 million.
You might say, "What does that have to do with me?" It used to have nothing to do with you, but after Aria Protocol puts its copyright on-chain, you and I might have a chance to take a bite of this fruit.
On February 18, the crypto startup Altius announced that it has completed $11 million in funding, led jointly by Founders Fund and Pantera Capital. Notably, Altius's official X account posted its first content just two days before the funding announcement (on February 16), followed by the announcement of the multi-million dollar funding, adding a touch of mystery to it.
With support from well-known venture capital firms like Pantera Capital, what makes Altius stand out?
Altius is not a traditional single public chain project; it is committed to reshaping the execution layer by independently designing a modular solution that allows for a plug-and-play "central kitchen" execution layer, enabling seamless integration with any public chain adopting VM mechanisms, significantly enhancing the performance of blockchain networks.
10、Pump's Bullet Hits the Bullseye; Is Solana's Story Over?
Just now, pump.fun co-founder Alon announced that the official X account of pump.fun was hacked and a scam token "PUMP" was released, reminding users to be aware of risks.
As the most active meme coin launch platform in the Solana ecosystem, Pump.fun became a wealth creation myth for retail investors with its "internal incubation + external explosion" dual-phase mechanism. Tokens first accumulate liquidity through the Bonding Curve mechanism on the platform, and when trading volume exceeds the $69,000 threshold, they automatically migrate to the leading DEX Raydium to establish a liquidity pool, completing the closed loop from project launch to market speculation. This intricately designed rule set operated frantically in 2024:
From April 1 of last year to now, tokens launched by Pump.fun contributed $346 billion in trading volume to Raydium, accounting for half of the total flow of that DEX, while the platform's accumulated fees of $197 million included $104 million from pump.fun's transactions.
11、PvP Temporarily Ends; Is Capital Preservation Arbitrage the Current Priority?
A new consensus is increasingly strong: the PvP era has temporarily ended.
Pump.fun's revenue in the past 24 hours has dropped over 90% compared to the historical peak of $15.38 million on January 25. The celebrity coin craze has become the last push of the accelerator before the memecoin racing car goes out of control. The Libra incident may mark the end of the memecoin era; the key is that the player mentality has changed, and the small players can no longer "P."
As a result, Bitcoin has returned to the $8,000 range, and altcoins have collectively plummeted. As the saying goes, ambitious aspirations have temporarily ended, and capital preservation has become the current priority. This statement is particularly fitting for the current investment strategy in the crypto market. If the bull market's rising phase is characterized by chasing hot money, the downward trend sees investors favoring more stable yield products and prudent hedging strategies.
Although DeFi veteran Andre Cronje believes that those participating in memecoins are a group completely uninterested in DeFi or even blockchain, thus memecoins have not stolen any attention, after the end of PvP, funds are indeed seeking other high-yield opportunities, and DeFi is beginning to show signs of recovery.
Sonic has achieved a rapid increase in on-chain TVL from $0 to approximately $700 million in just two months since its launch at the end of December last year. Its ecological DEX project Shadow Exchange has rapidly attracted capital through high annualized mining, with token prices soaring from a few dollars to hundreds of dollars.
Launching high APY DeFi arbitrage has almost become one of the strategies for new public chains recently. According to Defillama data, besides Sonic, emerging high-performance public chains focused on DeFi, such as Berachain, Sei, and Soneium, have seen an increase in TVL during the overall market downturn in the past week, thanks to high-yield accumulation strategies. Additionally, yield-generating products from protocols like Pendle and Morpho are also in high demand.
12、Multiple Perspectives | Leadership Change Aya Miyaguchi: Can Ethereum Regain Market Confidence?
On February 25, the Ethereum Foundation (EF) welcomed a significant personnel change: Aya Miyaguchi will transition from Executive Director to Chair, and the leadership structure of the Foundation will also undergo changes.
According to MAX KORDEK, Chair of the Onchain Foundation, as the new Chair, Aya will be responsible for preparing, presiding over, leading, and ultimately signing all resolutions of the Foundation's committee meetings.
These meetings cover all important matters of the Foundation, including:
- Overall work reports from the Chair, Vice Chair, and Executive Director
- Risk assessments (reviewing and updating the Foundation's risk assessment chart)
- Financial matters (current holdings and expenditure, token liquidation plans, investment strategies, etc.)
- Legal matters (mainly the approval of legal contracts and agreements)
As an important figure in the Ethereum Foundation, can Aya Miyaguchi help Ethereum regain market confidence? This has become a topic of concern in the industry.
ChainCatcher has compiled multiple perspectives from crypto KOLs and collected evaluations from Aya's colleagues regarding her promotion for readers' reference.
In the largest theft case in history, Bybit was hacked for $1.5 billion, and the ultimate issue surprisingly appeared in Safe, the most trusted in Ethereum? Safe ultimately failed to live up to its name.
As the largest smart account ecosystem on EVM, Safe manages over 8 million smart wallets, storing hundreds of billions of dollars in crypto assets, with over 200 projects built on its foundation. Many DAOs, foundations, and large NFT projects regard it as a "vault" type of underlying custody solution. If such top-tier security infrastructure can also be compromised, where does crypto security go from here?
14、Creating Nearly 30 Million Tokens in Two Years, Crypto is a Huge "Token Factory"
Exit or wait for a turnaround? Where should the first shot of reform be fired?
With the previous Kaito Yaps craze, the potential of the points market has been revalidated, and this field still holds enormous development space. Meanwhile, as a rising star in the points trading market, Rumpel officially debuted in September 2024.
Rumpel is a tokenization protocol for loyalty points, providing secondary market liquidity and price discovery for off-chain loyalty points, bringing new opportunities for point holders, traders, airdrop hunters, and point issuers. As of now, Rumpel's protocol scale has surpassed $29.29 million, with a total market value of loyalty tokens reaching $277,421.
Rumpel has completed a round of financing, with participation from institutions like Dragonfly, Robot Ventures, and Variant Fund, and has also attracted three executives from EigenLayer: the COO, Engineering Director, and Research Director. What charm does Rumpel possess?
16、Established Exchanges Frequently Seek "Sellouts"; Crypto Industry Faces M&A Wave
Amid the crypto market crash, some established exchanges are beginning to seek "sellouts."
Today, according to CoinDesk, the crypto derivatives platform BitMEX, founded by Arthur Hayes, is seeking a sale.
Not long ago, Kraken and Coinbase were also reported to be competing to acquire another major crypto derivatives trading platform, Deribit. According to insiders, this acquisition deal may have already been signed, with the acquisition amount potentially reaching $5 billion, setting a record for the largest acquisition in crypto history.
Additionally, the crypto brokerage FalconX is also expanding its derivatives business through the acquisition of the crypto derivatives startup Arbelos Markets.
Not only in the crypto derivatives market, but the entire crypto market may be facing a wave of mergers and acquisitions.
In the declining crypto market, not only are products for earning interest on deposits and holding USDC more popular, but fixed-rate lending protocol products are also gaining market favor.
On February 25, the fixed-rate lending platform Tenor announced the completion of a $2.5 million seed round of financing, led by Cherry Crypto, with participation from Coinbase Ventures and developers from Curved Ventures, Moonwell, and Etherfi.
Unlike mainstream lending protocols like Aave and Compound, Tenor aims to create a lending product with fixed-rate protocols.
18、Jack Ma's Close Friend Releases NFT; What is the 33 SOL Paradise Worth?
As the market sinks into garbage time, an NFT project begins to break through.
According to OKX NFT market data, the total trading volume of this NFT reached 11,260 SOL, approximately $1.57 million, within one day of launching on the secondary market; its classic version floor price rose from the public sale price of 7.9 SOL to 33 SOL, while the minimum bid for the legendary version reached an astonishing 456 SOL.
According to RootData, Paradise NFT is a limited collection of 8,888 items on the Solana network, offering legendary and classic versions. They aim to create a Web3 utopia—"Peach Blossom Source," uniting 8,888 members to mine Web3. Holders will receive benefits through airdrops. The artwork is produced by Artic Studios, known for collaborating with artists like Juice WRLD and brands like NIKE and SONY.
19、GTE: MegaETH's DEX Competing with Hyperliquid | Early Stage Project Focus
The MegaETH ecological community stated, "If people like Hyperliquid with four validators, they might enjoy GTE with only one validator."
20、Memecoin Retreat Myth: P Players Either Transition or Roll Up
The summer of memecoins is being declared over.
From the collapse of the Trump family's $TRUMP to the exposure of the $Libra scam supported by the Argentine president, Solana, which viewed memecoins as the core driving force of on-chain trading, has seen its on-chain trading volume halved and the number of newly launched tokens drop by 70%. The leading memecoins have dropped over 70% since the beginning of the year… Various signs indicate that the nearly $60 billion bubble of memecoins is beginning to show cracks.
Investors like Bitwise CIO Matt Hougan, Dragonfly Managing Partner Haseeb Qureshi, and Castle Island Ventures Partner Nic Carter have recently expressed bearish views on the future of memecoins.
"I still can't lie flat; I have to do something," Philo stated in an interview with ChainCatcher. Philo, who identifies as a P player, recently publicly declared his successful exit, liquidating all memecoin assets. However, during the time he should have been lying flat, he couldn't. Philo told ChainCatcher reporters that his next decision is to start a business to build a platform for shorting memecoins.
This decision means Philo is leaving the identity of "P player" and achieving an identity transformation. Philo's transformation is a microcosm of the thousands of P players in the context of the sudden cooling of the memecoin market.
