Crypto News This Week: Luigi, Meme Coins, and Major Developments

This week has brought some significant shifts in the world of cryptocurrency. From unexpected meme coin surges to notable announcements in the blockchain space, the crypto world has been buzzing with activity. A surprising headline involved Luigi Mangione, whose recent murder charges have sparked a surge in meme coin trading. Meanwhile, other major news stories like Floki’s new debit card launch and Trump’s bold crypto statements are also making waves. Let’s take a closer look at this week’s biggest stories.

1) Luigi Mangione Meme Coins Surge Amid Murder Charges

In a shocking twist, Luigi Mangione has found himself at the center of a major news story after being charged with the murder of UnitedHealthcare CEO Brian Thompson. The tragic shooting in New York City has stirred controversy, but it’s also led to a surge in meme coin trading. Enthusiasts are spending millions on coins themed around Mangione and the incident, with names like “Free Luigi Mangione” and “Justice for Luigi Mangione” flooding crypto platforms.

On Monday, a coin named Luigi was launched, coinciding with Mangione’s murder charges. The coin briefly reached a market capitalization of over $76 million, a remarkable achievement for a meme coin. While some crypto traders may see this as an opportunity for quick profits, others view it as an unfortunate consequence of the meme coin craze.

This trend underscores the power of internet culture in the crypto world. Meme coins have gained attention for their humor, but now they are being used to respond to real-world events—whether tragic or controversial. The question remains whether these meme coins, especially Luigi-related ones, can maintain their value as the legal proceedings unfold.

2) Grass Epoch 4 Ending Soon – Airdrop Opportunity

In other crypto news, the popular decentralized finance (DeFi) project Grass is entering a new phase. The 4th epoch of its airdrop is set to end on December 16. If you’ve been farming Grass tokens, make sure you’ve met the minimum requirement of 100 hours of uptime. This ensures that you can make the most of your farming efforts.

Don’t worry if you haven’t hit the 100-hour mark yet, as Grass’ 5th epoch will soon begin, continuing the airdrop streak. This offers another chance for users to farm and earn tokens, keeping the momentum going in the world of DeFi. Grass has been popular among crypto users for offering farming opportunities that yield rewards, and with the end of epoch 4, many are preparing for the next phase.

3) ‘Chill Guy’ Solana Meme Coin Takes a Hit

A bizarre turn of events hit the Solana-based meme coin, CHILLGUY, this week. The token had been surging after its creator, Philip Banks, supposedly gave the green light for licensing his intellectual property, which was behind the “Just a Chill Guy” meme. Banks had originally threatened legal action over the use of his artwork, but after a supposed agreement was made, the token’s value jumped by over 22%.

However, the situation took a dramatic turn when it was revealed that the peace treaty was fake, spread by hackers. Banks’ account was hacked, and fake posts emerged, including claims that Banks was launching his own competing Chill Guy coin. The hack caused confusion and led to a dramatic drop in CHILLGUY’s value.

This event serves as a reminder of the volatility and risks within the meme coin market, where anything—from hacks to fake news—can have an immediate impact on prices. It also highlights the ongoing tension between meme coin creators and the artists whose work inspires them.

Check out this Chillguy airdrop with Binance

4) Floki’s Debit Card Launches Across 31 European Countries

In a more positive update, the Floki team announced the launch of a debit card that allows users to pay with cryptocurrency. This card is now available in 31 European countries, including France, Germany, and Spain. Both physical and virtual cards will allow users to pay with a range of cryptocurrencies, including Bitcoin, Ethereum, Solana, and stablecoins like USDT and USDC.

The card offers zero transaction fees and no exchange rate fees, making it an attractive option for those looking to use crypto in everyday transactions. For a one-time fee of €32 for the physical card, or €10 for the virtual card, users can top up using Floki’s native token or other popular cryptocurrencies. This move solidifies Floki’s commitment to making crypto more accessible for users in Europe and beyond.

5) Trump’s Bold Statements on Cryptocurrency

Former U.S. President Donald Trump made waves this week with his bold statements about cryptocurrency. In a conversation with CNBC’s Jim Cramer, Trump stated that he plans to “do something great with crypto” if he is elected president again. His comments have fueled speculation that he may create a strategic reserve of Bitcoin, an idea that could further impact the market.

Since Trump’s victory in the 2024 election, Bitcoin has surged past the $100,000 mark, and altcoins (like PEPE) made new all-time highs. His administration is expected to prioritize cryptocurrency, with pro-crypto advisors like billionaire David Sacks playing a key role. Sacks, who has been a vocal advocate for Bitcoin since 2013, is now overseeing crypto policy as part of Trump’s campaign.

Trump’s embrace of cryptocurrency has been met with mixed reactions. Supporters argue that his policies could position the U.S. as a global leader in the crypto space, while critics fear it could exacerbate wealth inequality. Regardless of the opinions, Trump’s remarks have sparked renewed interest in Bitcoin, and the potential for further price increases is now a hot topic among crypto traders.

Trump’s wallet has been on a shopping spree, including buying AAVE which sends the token to new highs.

6) Bitcoin Proxy MicroStrategy to Join the Nasdaq 100

MicroStrategy, a company known for its large Bitcoin holdings, is set to join the Nasdaq 100 index. This move is expected to boost demand for the company’s stock, which has been closely tied to Bitcoin’s price. As a high-beta play on Bitcoin, MicroStrategy’s addition to the Nasdaq 100 means that major ETFs like the Invesco QQQ Trust will automatically purchase its shares, potentially driving up the price further.

MicroStrategy’s stock has already seen a massive increase, rising more than sixfold this year. This is impressive compared to Bitcoin’s nearly 140% gain in the same period. The move to the Nasdaq 100 is expected to solidify MicroStrategy’s position as a key player in the crypto investment space. The change will take effect on December 23, and investors are eagerly awaiting its impact on both the stock and crypto markets.

7) A Bitcoin Pioneer Sentenced To 2 Years In Prison

In a significant legal development, Frank Richard Ahlgren III, an early Bitcoin investor, was sentenced to two years in prison for tax evasion. Ahlgren had been concealing his capital gains from Bitcoin sales and falsifying tax returns in the process. His actions marked the first criminal prosecution in the United States focused entirely on tax evasion related to cryptocurrencies.

Ahlgren’s case highlights the increasing scrutiny of cryptocurrency transactions by tax authorities. After buying 1,366 BTC in 2015, Ahlgren sold 640 of them for $3.7 million in 2017. However, he failed to report the gains accurately, using techniques such as multiple wallets, in-person cash exchanges, and mixers to hide the transactions. Despite his efforts, Ahlgren was eventually caught and sentenced, sending a strong message about the importance of compliance in the crypto space.

Conclusion

This week has seen a mix of news that showcases both the excitement and the risks within the cryptocurrency space. From the unexpected surge of meme coins like Luigi following the charges against Mangione, to the challenges faced by Solana-based CHILLGUY, the crypto world remains unpredictable. However, there are also positive developments, such as Floki’s debit card launch, Trump’s bold statements on crypto, MicroStrategy’s inclusion in the Nasdaq 100, and the legal consequences for tax evasion in the crypto market.

As always, the cryptocurrency market is constantly evolving, and those who stay informed are best positioned to navigate the ups and downs. Whether you’re watching meme coins, exploring new DeFi opportunities, or following high-profile figures like Trump, it’s clear that crypto is more dynamic than ever. Keep an eye on the latest updates, as the next big development could be just around the corner.

If you enjoyed this blog, you may want to check our other crypto news updates.

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