The cryptocurrency landscape was buzzing over the weekend with notable events including the surge of the TRUMP token, the introduction of Tornado Cash on the MegaETH testnet, and an impressive victory for a solo Bitcoin miner.
TRUMP Token Rallies Following Presidential Endorsement
The Official Trump (TRUMP) memecoin experienced a remarkable rally after U.S. President Donald Trump declared it “SO COOL” on social media, causing its value to jump over 12% to $12.25 within just 40 minutes. Trump’s enthusiastic endorsement—”I LOVE $TRUMP — SO COOL!!! The Greatest of them all!!!!!!!”—was posted on Truth Social, sending nearly $250 million into the TRUMP token’s market cap of $2.5 billion.
Despite this surge, the token later fell to $11.38 about 90 minutes after the initial spike, and currently trades around $11.82. While the TRUMP token is the 53rd largest by market cap, it garnered significant attention, leading to it being the eighth most-traded token within a 24-hour period, amassing $1.4 billion in trading volume.
However, the buzz wasn’t all positive; some traders faced losses, as highlighted by blockchain analytics firm Lookonchain, which observed that a significant investor lost $207,000 on a recent trade.
Tornado Cash Launches on MegaETH Testnet
In another development, the crypto privacy mixer Tornado Cash has gone live on the MegaETH testnet—a new Ethereum layer 2 blockchain aimed at tackling Ethereum’s scalability challenges. A developer known as GUNBOATs showcased the integration via a terminal interface, marking a pivotal moment for Tornado Cash shortly after it was removed from the U.S. Treasury’s sanctions list.
This development aligns with a trend of regulatory shifts favoring cryptocurrency privacy solutions, as evidenced by a recent U.S. appeals court ruling against sanctions on Tornado Cash’s smart contracts. MegaETH promises “unparalleled performance” with fast block times and high transaction throughput.
Solo Bitcoin Miner Hits Jackpot with $266K Reward
In a remarkable feat, a solo Bitcoin miner reportedly using a rig with less than 1 terahash per second (TH/s) successfully solved a block and received a reward of $266,552. The miner earned a total of 3.15 Bitcoin for solving block 888,989, a noteworthy accomplishment considering the extremely low hashrate of the mining equipment involved.
The event is a stark reminder of the unpredictable and often favorable outcomes in the world of cryptocurrency mining, especially in cases where thin margins exist.
IMF Clarifies Stance on Bitcoin
On a separate note, the International Monetary Fund (IMF) recently mentioned Bitcoin in its seventh edition of the “Integrated Balance of Payments and International Investment Position Manual.” However, contrary to various reports, the IMF did not classify Bitcoin as “digital gold.” Instead, it categorized Bitcoin as a “medium of exchange” and acknowledged that many digital assets are designed to function as a “store of value.”
The misinterpretation has sparked discussions within the cryptocurrency community, emphasizing the challenges of accurately conveying regulatory perspectives.
Other Notable News
Additionally, Tether is reportedly collaborating with a Big Four accounting firm to perform a comprehensive audit of its asset reserves. Meanwhile, Pakistan’s Crypto Council is exploring innovative ways to utilize excess energy for Bitcoin mining as it seeks to position the country as a crypto-friendly hub.
Overall, the weekend’s events spotlight the dynamic nature of the cryptocurrency market, showcasing both the potential for significant gains and the necessity for cautious navigation of this evolving landscape.
