In an eventful day for the cryptocurrency world, several major developments unfolded. Allegations of insider trading have surfaced regarding a Solana-based memecoin associated with Donald Trump, causing a significant stir in the market. The Official Trump (TRUMP) memecoin saw its market cap surge to $42 billion, attracting a wave of retail investors. Onchain analytics firm Bubblemaps identified suspicious activities involving a wallet that purchased and sold vast amounts of TRUMP tokens shortly after its launch. Concerns are mounting over potential market manipulation, given that a significant portion of the token’s supply is controlled by CIC Digital, linked to the Donald Trump Revocable Trust.
In another development, the United States Securities and Exchange Commission (SEC) lodged a lawsuit against Nova Labs, the entity behind the Helium Network. The SEC accuses Nova Labs of selling unregistered securities through their Helium (HNT) cryptocurrency mining devices and falsely claiming partnerships with major corporations. This legal move comes just ahead of the impending departure of the SEC’s chair, Gary Gensler.
Meanwhile, Vitalik Buterin, co-founder of Ethereum, announced significant leadership changes within the Ethereum Foundation. Buterin emphasized the foundation’s ongoing commitment to decentralization and a focus on enhancing technical expertise and fostering better communication within the Ethereum ecosystem. These changes are set to refine the foundation’s structure after a challenging year for the organization.