BONK Fest 🎉
Memecoins are stealing the spotlight again, thanks to BONK. a16z backs politicians supporting crypto and AI. AI-powered Instagram backdrop. S&P Global rates stablecoins and GPT-4.5 rumours?
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Meme coins get shoved around for being the market froth.
But every now and then, they have their day in the sun.
Solana's very own meme coin, BONK, has been riding high.
Those who received an airdrop last Christmas are now👇
Over the last 30 days, BONK has skyrocketed by 1255.0%, setting numerous all-time highs.
119.88% price increase in the last 24 hours
170.30% price increase in the past 7 days.
Surpassed FLOKI to become the third-largest "dog-inspired coin" by market cap.
SOL has surged by 37% this month, reaching a current price above $71 - 418% increase compared to one year ago.
BONK jumped 21% after Coinbase announced its listing. After Coinbase's announcement on Tuesday. Then a quick price increase late that day but subsequently faced an 11% dip over the next 24 hours. And then surged again.
The excitement around BONK intensified as Binance declared its listing for trading.
Binance users can trade BONK through multiple spot trading pairs, including BONK/USDT, BONK/FDUSD, and BONK/TRY.
A Holiday Gift That Keeps on Giving
Last Christmas, Solana developers who were part of the LamportDAO community received a special gift—25 billion BONK tokens.
At the time, these tokens were worth around $300, but by the end of the day, their value had more than doubled.
BONK arrived during Solana's crypto winter.
It lifted spirits, benefiting DeFi traders, NFT collectors, and artists. LamportDAO devs received 5% of the total token supply.
Fast forward to today, and those who held onto their 25 billion BONK tokens are now sitting on a goldmine worth over $500,000, thanks to BONK's remarkable price surge.
Around 173 developers received similar BONK airdrops.
What's in it for Saga?
The Solana phone, once struggling to gain traction, is now selling like hotcakes, and it's all thanks to BONK.
Why? Arbitrage traders are chasing a 30 million BONK token airdrop, available to every Saga phone owner.
This unexpected demand is turning Saga phones into a sellout, even with a $599 price tag.
Saga sales exceeded 10 times their previous figures in just 48 hours.
Airdrop Rush: Newcomers have flocked to Saga's Discord server, eager to claim the BONK airdrop by downloading the BONK app from Saga's custom crypto app store.
Now, all future orders would be limited to one mobile device per household👇
Blockgraze, crypto trader.
"The secret is to be an idiot I think."
Blockgraze bet $1,000 on a memecoin called Dogwifhat (WIF) featuring a dog with a beanie.
Blockgraze bought Dogwifhat in November as a fun experiment. A playful gamble turned into something Big.
The $1,000 investment soared to over $100,000.
He's cashed out $25,000 in profits while letting the rest of his gamble ride in his wallet.
"I thought the dog with the hat was very funny and so I bought some."
Memecoins, like Dogwifhat, can start as jokes but end up as serious money-makers eh?
TTD Lobbying 💼
a16z's Unconventional Strategy
Venture capital firm Andreessen Horowitz (a16z) is taking a novel approach to support crypto and AI-friendly regulations: financially supporting politicians who champion these technologies.
Ben Horowitz, co-founder of a16z, announced this lobbying strategy.
They will donate funds to candidates who promote technological progress in crypto and artificial intelligence (AI). This marks a16z's first foray into official political lobbying.
SEC's ETF Stance
Gary Gensler, Chair of the US SEC, has hinted at a change in the SEC's stance on spot Bitcoin ETF proposals.
In an interview, Gensler revealed that the SEC is reviewing "between eight and a dozen filings" for spot Bitcoin ETFs, signalling a potential shift in their approach.
Gensler acknowledged that the SEC had previously denied several spot Bitcoin ETF applications. However, he alluded to recent court rulings, particularly in the District of Columbia, prompting a "new look" at these proposals.
Arthur Hayes All Bullish
Arthur Hayes, former CEO of BitMEX, is confident that Bitcoin and Altcoins are solid investment choices given the current macroeconomic climate.
Hayes believes that the key to success lies in going long on crypto.
The recent Federal Open Market Committee (FOMC) meeting indicated that interest rate hikes would remain frozen, but hints of potential rate cuts in the future, known as a "pivot" in policy, emerged during Chair Jerome Powell's speech and press conference.
As the market debates what could happen at the next FOMC meeting in January, Hayes is convinced that liquidity-sensitive crypto will benefit from a Fed pivot.
Arthur is holding his ground: Prediction of a $1 million Bitcoin price, driven by macroeconomic factors eroding the value of national currencies.
BlackRock will acquire 1 million BTC for their ETF?👇🏻
AI in Instagram
Ever wished you could be on a red carpet, chased by dinosaurs, or surrounded by adorable puppies in your photos?
Yeah? Meta thought so.
So, they introduced Backdrop.
Currently available to users in the United States.
Here's How It Works:
You snap a photo and hit the "Backdrop" button.
Choose from prompts or create your own wild narrative.
Watch your background magically morph into your chosen background
Post your enchanted pic.
Your friends get an easy "Try it" sticker.
The GPT-4.5 Rumour
Is GPT-4.5 coming? Altman's response is a clear and concise "no."
A screenshot claiming "GPT 4.5" with advanced capabilities surfaces on social media(reddit), raising speculation about OpenAI's next move.
Moderators mysteriously remove the Reddit thread, leaving people curious about the authenticity of the "leak."
Bindu Reddy, Abacus.AI CEO, initially shares the "leaked" screenshot but later:
And then, OpenAI's CEO, Sam Altman, confirms the "leak" is indeed fake👇
Gemini is getting a major makeover in terms of affordability.
Alphabet, the parent company of Google, has decided to reduce the price of the Pro model of Gemini by a whopping 25% to 50%, compared to its cost in June.
Gemini made its grand entrance on December 6. The most advanced iteration of Gemini is capable of comprehending and reasoning at a level beyond Google's other technologies.
Read here: Hi Gemini 👋🏻
S&P Global, the old-school credit rating firm, decided to jump into the crypto arena.
Their motive? They wanted to rate stablecoins and share their insights with the world.
Stablecoin Report Cards: S&P introduced a rating system for stablecoins, ranging from one (best) to five (not so great).
S&P's Crypto Scoreboard:
Tether (USDT): Criticised for risky assets and lack of transparency.
USDC, GUSD, USDP: Ranked "strong."
DAI, FRAX: Landed in "constrained" and "weak" categories.
True USD, First Digital USD: Faced issues with collateral and creditworthiness.
S&P gave Tether (USDT), the most popular stablecoin, a low score. They criticised its reliance on risky assets and its lack of transparency regarding custodians and banks. Ouch!
S&P hinted at rating more stablecoins in the future, including decentralised and bank-issued ones.
TTD Surfer 🏄
Coinbase, a popular cryptocurrency exchange, is launching an international spot crypto trading platform for institutional investors.
Investment firm Cyber.Fund, is investing $100 million in projects that combine blockchain technology with AI and the Internet of Things (IoT).
OKX DEX, a decentralised exchange aggregator, has reportedly been exploited for $2.7 million following a suspected private key leak.
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The Token Dispatch is a daily newsletter that takes you on a 4-5 minute drive through the wild west of the Crypto World. Daily in your email inbox @13:00 GMT. Almost always.