Who Set Crypto on Fire 🔥
Solana's meteoric rise past $200, Coinbase's bold move into Solana DeFi, and how Trump's victory just created 408 new DOGE millionaires. Pump.fun's breaking records. Ethereum starts the ride north?
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Sometimes, timing really is everything.
Trump wins the White House, Fed cuts rates by 25bps, and crypto?
Well, it's painting the town green.
Read: Good Morning Trump's USA ☀️
Yes, Bitcoin is hovering around $75K-$76K,
But, who steals the show today? Altcoins.
Nowhere was this more evident than in Solana's explosive performance
SOL smashed through $200 (first time since April.)
Up 22.5% in just three days.
October: 123 million active addresses (highest ever).
Futures open interest? Hit 21.1 million SOL ($4B).
Total Value Locked (TVL) jumped to $6.64 billion (up 370% YTD).
SOL/ETH ratio reached an all-time high of 0.071 - 7.90% up in 24H.
Funding rates remained surprisingly moderate at 0.017% (8-hour).
That's about 1.5% monthly. Usually hits 2.1% during peak FOMO.
Translation? There's still room to run.
Raydium DEX: $30B trading volume last mont, outperforming every major L1 in TVL growth.
The entire Solana ecosystem is on fire
Dogwifhat: +15%
BONK: +18%
Popcat: +20%
Jupiter: +13%
Fees? To no one’s surprise, exceeding the $66 million in March 2024.
Solana fees in October touched $69 million - A record high.
Bitcoin network fees were $47.33 million in October.
Ethereum network fees were $142 million in October.
Solana isn't alone in this revival
Ethereum (ETH) pushed past $2,900.
25% year-to-date gains.
Ethereum L2s are now posting over three times more transaction data daily compared to March.
ETH ETFs? Saw highest inflows in six weeks ($52.3M).
DOGE Millionaires Club Gets Crowded 🐕
Remember when DOGE was just a meme?
Well, someone forgot to tell that to the 408 new millionaires who just joined the club.
The Numbers?
September: 1,009 DOGE millionaires
November: 1,417 millionaires
Growth: 40% in just 40 days
But wait ... how?
Two words: Trump & Elon.
Trump wins the presidency - DOGE jumps from $0.14 to $0.21.
Market cap swells by $8.66B
1,114 wallets holding $1M-$9.99M
273 whales swimming with $10M+
Then Elon drops the bomb: Posts AI-generated image at "Department of Government Efficiency" podium.
Caption: "I am willing to serve" (D.O.G.E. - see what he did there? 😉)
Two perfect catalysts aligned👇🏻
Donald Trump and the 260 pro-crypto candidates that won.
Yeah we have talked about that one enough.
Read: From Crypto With ❤️
Fed's Rate Cut
25 basis points down (4.50%-4.75% range).
CME Group's federal funds futures now show a 66% probability of another rate cut in December. This is exactly the kind of environment where crypto traditionally thrives.
As deVere Group CEO Nigel Green noted, Trump's previous criticisms of the Fed and his preference for even lower rates suggest we might see more aggressive monetary easing ahead.
During his last term, he even floated the idea of negative interest rates – a prospect that would be revolutionary for US monetary policy.
More aggressive monetary easing ahead? deVere Group CEO Nigel Green noted.
"Trump frequently criticised the Fed, particularly under Jerome Powell’s chairmanship, for not lowering interest rates more aggressively. In 2018 and 2019, he repeatedly voiced dissatisfaction, claiming that higher rates were a drag on the US economy and put the country at a competitive disadvantage in international markets."
Traditional markets? The S&P 500 gained 0.59%, the Nasdaq rose 1.33%, and even gold jumped nearly 1% to $2,693 per ounce.
The VIX, Wall Street's fear gauge, dropped 6% to 15.28 points – suggesting investors are getting comfortable with risk again.
Don’t Miss Out on Our Weekly Features
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In The Numbers 🔢
$30.5 million
That's how much revenue Pump.fun generated in October alone.
A record-breaking month.
111% increase from September
Crushed previous ATH of $28.64M (July)
End of two-month downtrend
3.13 million
Total number of tokens launched on Pump.fun.
The platform's growth is mind-boggling.
Started October with 2.2M tokens
Ended November 6 with 3M tokens
36% growth in just one month
But here's the catch – most of these tokens are now down 50%+ from their peaks.
The hype cycle? Still spinning.
Block That Quote 🎙️
America’s largest cryptocurrency exchange, Coinbase.
"This is the first token Coinbase has issued on Solana, and with it, we're excited to bring easy access to BTC"
Why this hits different: Coinbase just dropped cbBTC on Solana with $10M initial deployment. Already seeing adoption from major Solana DeFi players like Jupiter, Meteora, and Kamino.
cbBTC market cap: $1B+ since September launch
Initial deployment: 135 cbBTC ($10M)
The context
Remember soBTC's depeg after FTX's collapse? Coinbase is filling that gap, but they're not alone. They're joining.
Threshold's tBTC
Zeus Network's zBTC
Wormhole's WBTC
The Surfer 🏄
The cryptocurrency market saw an influx of $330 billion, boosting its total market cap to $2.52 trillion from $2.19 trillion. This surge reflects investor optimism tied to Trump's pro-business stance and the Republican Party's generally favourable view of cryptocurrencies.
Polymarket bettors predict that President-elect Donald Trump is more likely to pardon January 6 insurrectionists than Silk Road founder Ross Ulbricht, with the odds showing an 89% chance for the insurrectionists and 83% for Ulbricht. Trump's past pledges to support Ulbricht's release contrast with his focus on pardoning those involved in the Capitol riot.
The US Securities and Exchange Commission (SEC) has filed a motion to dismiss key defenses raised by Kraken in their ongoing legal battle, claiming the exchange had sufficient notice of potential securities law violations.
Kalshi has launched new political betting contracts focused on events surrounding President-elect Donald Trump's administration, including potential impeachment scenarios. This comes after betting activity surged during the recent US elections, with volumes reaching nearly $4 billion.
Jack Dorsey's Block (formerly Square) is shifting its focus towards Bitcoin mining equipment and its self-custody wallet, Bitkey, while discontinuing its Web5 project and reducing investment in the music streaming app Tidal.
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Coinbase launching on Solana is huge—it’s the kind of institutional backing Solana DeFi needed after FTX. Excited to see how this develops.