Stay ahead of the curve with News You May Have Missed This Week!
In this edition, we’re bringing you the top stories that flew under the radar. Catch up in minutes and stay informed with the stories that matter most.
Argentina President Milei Distances Himself from LIBRA Memecoin After 90% Crash
Argentinian President Javier Milei is backtracking on his endorsement of the Solana-based LIBRA memecoin after its market cap plummeted from $4.5 billion to $200 million within hours.
- Milei had promoted the token on his official X account, claiming it aimed to support Argentina’s economy by funding small businesses.
- However, on-chain data revealed that insiders cashed out $107 million shortly after launch, triggering accusations of a rug pull. Following the crash, Milei deleted his post and stated he was “not aware of the details.”
Analytics firm Bubblemaps found that 83% of LIBRA’s supply was concentrated in a small cluster of wallets, which fueled concerns over manipulation.
Meanwhile, KIP Protocol, a web3 firm associated with the project, denied profiting from the sell-off and insisted it still plans to use the funds as originally intended.
The token’s market cap now stands at $232 million, down 95% from its peak.
Bitcoin Network Activity Drops to 12-Month Lows as Transactions Fall 55%
Bitcoin’s network transactions have hit a 12-month low, with the 7-day moving average dropping to 330,000—a 55% decline from the peak of 730,000.
- The slowdown comes as speculative interest shifts toward other blockchain ecosystems, particularly Solana for memecoins and Base for AI-related tokens.
Transaction fees have stabilized at around $500,000 per month, reflecting lower network congestion.
Protocols like Runes and Ordinals, which previously drove Bitcoin network activity, now account for just 1% of transactions.
- Fee generation from Runes has plummeted from $60 million at launch to under $20,000 in the last month.
Bybit Removed from French Blacklist, Seeks MiCA License for EU Expansion
Bybit has been removed from France’s Autorité des Marchés Financiers (AMF) blacklist, marking a regulatory win for the cryptocurrency exchange. The platform had been blacklisted since May 2022 for noncompliance but no longer appears on the AMF’s list of unauthorized firms.
CEO Ben Zhou said on X:
Bybit recently exited the French market due to increasing regulatory scrutiny but is now seeking a Markets in Crypto-Assets Regulation (MiCA) license to operate legally across the European Union.
Cardano’s ADA Rallied 11% on Grayscale ETF Filing
Cardano’s ADA surged 11% between June 11 and 12 after Grayscale Investments applied to list the first-ever spot ADA exchange-traded fund (ETF) on the New York Stock Exchange. The move outshined Bitcoin and Ether, with ADA reaching $0.80 despite still being down 36% from its December peak.
However, approval remains uncertain as the CME has yet to list ADA futures—a key factor in previous spot ETF approvals for Bitcoin and Ether.
Elon Musk’s Name Change Triggers 127% Surge in HARRYBOLZ Token
Elon Musk’s decision to change his X profile name to “Harry Bōlz” sent the illiquid HARRYBOLZ token soaring 127% against SOL. Despite having no known connection to Musk, the token saw its market capitalization climb to $17.35 million, with a 24-hour trading volume of just over $4 million, according to Gecko Terminal.
Blockchain analytics firm Lookonchain reported that a wallet named “LeBron” profited $1 million from the sudden price spike.
This article is published on BitPinas: Crypto News You May Have Missed This Week | Feb. 15, 2025
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