The crypto market was in the red at the start of last week as several reports indicated that the world could head to recession in the coming days. The downtrend gave well-known crypto hater Peter Schiff something to talk about. In his X account, Schiff urged Bitcoin holders to sell off their positions, claiming that the coin could hit $30,000 before the end of that week. He added that most Bitcoin investors were holding onto false hopes that BTC would rally over the coming months.
But Bitcoin didn’t reach $30,000 as Schiff had predicted. Instead, it reached $49,597 and then reversed to $58,980 as of this writing.
As Schiff sold fear to investors, a group of Bitcoin faithful led by MicroStrategy CEO Michael Saylor urged X users holding BTC not to sell their coins. Saylor shared an image of Bitcoin with the caption “Believe in Bitcoin.”
Kamala Harris’ Running Mate Pick Upsets Crypto Enthusiasts
On Tuesday, the United States Vice President Kamala Harris announced Minnesota Governor Tim Walz as her running mate. Her pick disappointed many crypto bettors who favored Pennsylvania Governor Josh Shapiro. According to data from decentralized betting website Polymarket, Shapiro had a 97% chance of being picked by Kamala, while Walz had 3%.
Kamala’s decision caused some volatility in the market. However, Bitcoin and top altcoins stabilized on Wednesday, with Bitcoin crossing $60,000. Solana also saw significant gains. Meanwhile, Ethereum struggled to recover losses despite spot Ethereum ETFs hitting the market.
X user @SolanaLegend claimed that SOL would surpass ETH in this bull run. He predicted that Solana would peak at $1,000 in 2025.
Trump’s Sons Set to Launch a Crypto Project Soon
One of the biggest stories over the last seven days came from Donald Trump’s family. The former US President’s sons, Donald Trump Jr. and Eric Trump, hinted at a “big announcement” that would shake up the decentralized finance sector and crypto at large.
Their X post prompted discussion within the crypto wall. Popular investigator Coffeezilla told his followers not to be too excited, arguing that Eric and his brother might launch a project that could put investors into massive losses.
Trump-Inspired Meme Coins Plummet Significantly
As the conversation around Trump’s family went on, anonymous developers launched several tokens inspired by the former US President, each claiming to be the official project of Trump’s sons. The first coin to be launched was DJT, which quickly hit a market cap of $56 million before plummeting to $1.2 million a few hours later after its developer failed to prove their connection to Trump’s sons.
After DJT collapsed, The “Restore the Republic” token entered the market, with several crypto influencers on X claiming it was Trump’s sons’ actual project. The coin attained a $107 million market cap before collapsing by 95% after Eric Trump tweeted that it was a scam.
The significant drop left many in losses. According to a screenshot shared by crypto fan and X user @Realtombibiyan, one Restore the Republic investor lost over $890,000 within four hours.
Most of the Trump-themed tokens launched last week rug-pulled investors, according to Bubblemaps.
Pump.fun Removes Creator Charges
On Friday, Pump.fun, a platform that allows anyone to launch tokens on Solana, announced on X that it had removed the charges required to facilitate token launches. Per the post, any creator whose token completes its bonding curve will be rewarded 0.5 SOL.
Some meme coin traders were excited about the new changes, arguing that the SOL reward would motivate the token creators to keep working on their projects rather than dumping their holdings for quick profits like it has been since Pump.fun’s launch in January 2024.
But not everyone supports the idea. Meme coin trader Capo argued that the removal of charges would only promote rug pulls. Another meme coin trader, Anon, claimed that this was the start of the downfall of Pump.fun.
The CEO of trading firm Yogurtverse was also not bullish on changes on Pump.fun. @Yogurt.eth expects more rug pulls on the Solana blockchain following the fee removal.
