Unraveling the Crypto Web: Trump’s Mysterious Memecoin Surge and Wyoming’s Secret Bitcoin Plot!

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In the world of cryptocurrency today, two major developments have captured attention. Crypto traders experienced significant gains as a new Solana-based memecoin, Official Trump (TRUMP), ignited market enthusiasm. Announced by US President-elect Donald Trump just ahead of his inauguration, the token’s market capitalization rapidly approached $9 billion, eclipsing other popular memecoins such as Pepe and Bonk. Trump promoted the coin on social media platforms, linking it to his non-fungible token ventures. High-profile trades followed, with one individual turning a $1 million investment into more than $2 million within minutes, while another transformed $1.1 million into $70 million in less than four hours.

Simultaneously, Wyoming has introduced legislation proposing a Strategic Bitcoin Reserve. Spearheaded by Senator Cynthia Lummis, the bill, if enacted, would permit a segment of Wyoming’s state funds to be invested in Bitcoin. The proposal aims to enhance the diversification of state investments, though it limits Bitcoin holdings to no more than 3% of each applicable fund.


In related regulatory news, the U.S. Securities and Exchange Commission (SEC) has charged the Digital Currency Group and former Genesis CEO Soichoro “Michael” Moro with misleading investors regarding the financial status of Genesis following the collapse of Three Arrows Capital. Both parties have agreed to pay a combined $38.5 million in civil penalties without admitting or denying any wrongdoing under the Securities Act of 1933. This development is part of the ongoing legal challenges faced by Genesis, which filed for Chapter 11 bankruptcy protection in January 2023.