Welcome back, degens, to The Shib’s The Weekly Meme Digest! Early Disclaimer: This ain’t your grandma’s financial news.
Bored of the same old crypto news? Well, grab your snacks and HODL on tight, because The Weekly Meme Digest is back to rescue you from the mundane! Like the majestic Shiba Inu in our logo, we’re here to deliver the most paw-some stories, with a side of sass. This isn’t your typical crypto snooze-fest, oh no. We’re here to break down the chaos of crypto, blockchain, Web3, and future tech into bite-sized, meme-filled fun—because who said news can’t be spicy? 🌶️🔥
In this edition, we’re serving up a Crypto High Five that’ll leave you laughing, thinking, and maybe even crying a little. From a certain WLFI token tripping on its own shoelaces (hint: someone’s not getting what they want 😂), to NFTs continuing their downward death spiral (pour one out for those JPGs 📉), the blockchain drama is real. And did we mention the SEC is back in the ring for Round Two with Solana? 🥊 Yeah, it’s a fight you won’t want to miss.
But that’s not all! We’ve got Super team pouring crypto dollars into elections, because apparently, who needs healthcare when you can buy a politician? 💸 And just when you thought Bitcoin was chilling, it’s back flirting with new all-time highs. 🚀
Want the deets on this week’s biggest crypto stories? Of course, you do. Dive in, laugh a little, and discover what’s really happening in the crypto world. This edition packs a punch, and trust us—you don’t want to miss out. 👀
Read on, frens, and let’s break down the week’s juiciest stories in our Crypto High Five! 🎉
#5 Trump Can’t Have It All: WLFI Token Takes a Tumble! 😂💸
Well, well, well! It looks like Donald Trump’s latest venture into the wild world of cryptocurrency, the WLFI token, has hit a bit of a snag — like a bad hair day in a windstorm! 🌪️ The launch aimed to rake in a whopping $300 million by selling 20 billion WLFI tokens. So far, they’ve managed to sell a mere 788 million tokens, bringing in just about $11.8 million — yep, that’s less than 4% of the goal. Talk about a financial flop! 🎭💰
According to blockchain data from Etherscan, around 9,050 unique wallet addresses currently hold WLFI. That’s only about 9% of the 100,000 wallets they had planned to lure in. It seems like a lot of folks decided to sit this one out — perhaps they were too busy looking for that golden hair of Trump’s? 🤷♂️💇♂️
The grand sale kicked off on Tuesday with Trump giving it a shout-out in a promotional video on X. But, surprise, surprise! The site couldn’t handle the pressure and kept crashing like a bad reality TV show! 🖥️💥
WLFI a Token for the Elite: Where Trump Gets the Big Slice, and You Get the Crumbs
Now, here’s the kicker: WLFI is a Regulation D token offering, which means only the wealthy elite can jump on this train. If your net worth isn’t over $1 million, sorry, buddy — you’re left watching from the sidelines while the rich kids play. 💸🤑 Retail investors, who usually spice things up, have been left in the dust.
World Liberty Financial is pitching WLFI as a governance token, letting holders vote on the platform’s future. But here’s the catch — there’s no actual platform up and running yet, so good luck voting on… well, nothing! It’s like having a vote for “best non-existent sandwich.” 🍔❌ The team did file for approval with the crypto lending platform Aave, but we all know how slow those approvals can be!
After facing a harsh reality check, the WLFI team had to make some changes. They’ve now cut the percentage of tokens available to the public from 63% to just 35%. And, guess what? Now they say those shiny tokens might not be transferable for an indefinite period, despite earlier promises of a 12-month waiting period. What a plot twist! 📉😱
And let’s not forget — Trump is still set to receive a whopping 22.5 billion WLFI tokens, more than what’s available for the rest of us! All that, along with hefty fees for his star power. Sounds like he’s got the best seat in the house! 🎟️💼
So, while Trump may have the bling and the branding, it seems WLFI is stuck in a bit of a crypto conundrum. Who knew that the “Art of the Deal” could sometimes mean “Oops, we didn’t see that coming!”? 🤔💔 Keep your wallets close, folks; this token ride may be more of a roller coaster than a smooth cruise! 🎢✨
#4 NFT Market Collapse: Is Your Digital Monkey Worth Less Than Your Coffee Now? 🐒💸
Oh, NFTs, how the mighty have fallen. If you’re still clutching onto your digital Bored Ape or that CryptoPunk you overpaid for in 2021, it might be time to start questioning your life choices. The NFT market has been in free fall for months, and September 2024 was no different.
In fact, NFT sales volume plummeted to about 21.2% last month, leaving many traders wondering if this digital art phase is just another casualty of crypto hype. 📉💀
Remember when NFTs were the hottest thing in crypto? Everyone was talking about how your digital monkey was going to fund your retirement or at least help you buy that Lambo. 🏎️ Fast forward to now, and the once-beloved Bored Ape Yacht Club and CryptoPunks are getting traded like forgotten Beanie Babies at a garage sale. Even Ethereum, the powerhouse blockchain that houses most NFTs, saw its NFT trading volume take a 47.7% nosedive. Ouch. 😬
Here’s the kicker: NFT holders are still pretending everything’s fine despite the market downturn. You know the meme, the one with the dog sitting in a burning room saying, “This is fine”? 🐶🔥 That’s the NFT community right now. They’re still holding onto their JPEGs like they’re gold bars, while the rest of the world looks on in bemusement. The truth is, NFTs went from being hailed as the future of art and ownership to being… well, let’s just say people are starting to realize you can’t pay rent with a cartoon penguin. 🐧🏠
BAYC and CryptoPunks weren’t the only casualties in this digital art massacre. Other collections, like Pudgy Penguins, saw their trading volume drop by a chilling 55.3%. 🥶❄️ The NFT market across key blockchains like Bitcoin, Ethereum, and Solana continued to shrink, proving that even the OGs in the space aren’t immune to the crash. 🚨
But don’t worry! Some collections will always “buck the trend,” like Bitcoin Puppets and NodeMonkes, which saw slight volume increases. The question is: are those just the next to go extinct? 🦖 Or are they the last spark in a dying fire? 🔥
Bottom line: If you’re still betting on NFTs reviving their former glory, you might want to reconsider. It seems like the era of NFTs printing millionaires overnight has come and gone. Maybe it’s time to accept that your overpriced pixelated ape is worth less than a cup of Starbucks now. ☕🐵.
#3 Bitcoin Flirts with New All-Time Highs
Bitcoin is back! After months of volatility and sideways action, Bitcoin has surged to around $68,000, getting dangerously close to its all-time high of around $69,000. The recent surge has been fueled by a number of factors, including the growing excitement around spot Bitcoin ETFs, short liquidations, and renewed confidence in the broader crypto market. 📈
The ETF Hype 🚀
One of the major catalysts behind Bitcoin’s rally is the increasing anticipation around spot Bitcoin ETFs. These investment vehicles are considered the holy grail for crypto adoption because they allow traditional investors to get exposure to Bitcoin without holding the asset. Inflows into these ETFs have driven up demand, increasing the price.
Short Sellers Getting Wrecked 💥
Another key factor pushing Bitcoin upwards is the massive liquidation of short positions. In just 24 hours, over $13.6million worth of short positions were liquidated as Bitcoin’s (BTC) price surged past resistance levels. Every time shorts get squeezed, it acts as rocket fuel for the price, leading to further gains.
The Halving Effect 🪓
Let’s not forget the Bitcoin halving that took place earlier this year, reducing the miner rewards from 6.25 BTC to 3.125 BTC. Historically, Bitcoin halvings have always led to supply shocks and price increases, and this cycle seems no different. With less Bitcoin entering the market, supply constraints are kicking in, pushing prices higher.
Meme It: Bitcoin Climbing Back to Glory
This moment is prime meme material. Picture Bitcoin dusting itself off after months of struggle, eyeing the $69K mark like a prizefighter ready for the knockout punch. Or maybe even a “Bitcoin to the Moon” rocket taking off, fueled by ETF hype and short liquidations. 🚀🌕
Is Bitcoin on track for a new all-time high, or will it hit resistance and fall back into volatility? Only time will tell, but for now, traders and HODLers alike are enjoying the ride!
Disclaimer: This meme is for entertainment purposes only and should not be taken seriously! It’s not financial advice, legal guidance, or a blueprint for life success. If you’re basing any important decisions on this meme, we applaud your sense of humor but strongly suggest you reconsider. 🧐
Remember, memes are here to make you laugh, not to lead you astray. For actual advice, consult a real professional (and maybe leave the memes to us). Use responsibly, have fun, and don’t sue us if your life doesn’t turn into a viral meme itself! 😂
#2 Crypto Super PACs Drop $1.3M on Midterms: Forget Healthcare, Let’s Talk Blockchain💸!
Well, butter my biscuit and call me Satoshi, the crypto political circus is in full swing! Crypto Super PACs have dropped a cool $1.3 million on House candidates like they’re bidding on a rare Bored Ape.
Fairshake, the PAC with more money than sense (apparently), is showering Democrats with love (read: cash), while Defend American Jobs is backing up the GOP wagon. Because nothing says “fiscal responsibility” like throwing crypto at politicians. 🤷♀️
According to some juicy Oct. 17 filings (because who doesn’t love reading FEC documents?), two major crypto Super PACs—Fairshake and Defend American Jobs—are playing both sides of the political fence. They’re spending big bucks on both Democratic and Republican candidates for the U.S. House of Representatives, because, why choose sides when you can just hedge? 🤷♂️
The Fairshake PAC, which is apparently trying to sound noble but instead evokes images of a questionable smoothie shop, has dropped over $900,000 to boost Democratic Rep. Thomas Suozzi in New York and another $60,000 on Rep. Yadira Caraveo in Colorado. Defend American Jobs, Fairshake’s not-so-secret Republican cousin, threw $107,000 each at GOP Reps. French Hill (the guy gunning for full control of the Financial Service Committee), Andy Barr, and Bill Huizenga. All of this is to make sure the candidates you’ve probably never heard of have enough money to blitz you with attack ads. 🎯
It’s a crypto-eat-crypto world out there, folks. Millions of dollars are flowing into the election, all while the average person is trying to figure out if their shitcoins are going to zero. Is this the future of democracy we envisioned? One where politicians are bought and paid for with magic internet money? 🔮
This election is shaping up to be a real doozy. Will crypto become the new kingmaker? Will we see a Bitcoin-standard government? Will Shiba Inu become legal tender? Okay, maybe not that last one. But at this point, anything seems possible. 🚀
Do you think we should vote for President like they are on American Idol?
— Dr. Seymour Memes ™ 🤡 (@DrSeymourMemes) October 19, 2024
Phone lines are open for 30 minutes after the last debate and the winner will be known right away!..
Seems pretty efficient and fair to me.
What do you think? pic.twitter.com/sL6OG3M9nd
It’s looking like this election is a stress test for democracy. Can it withstand the influx of crypto cash? Or will we all end up holding the bag? 💰 Stay tuned, folks. This is gonna be a wild ride. 🎢
Disclaimer: This article is satire and may contain traces of truth. Don’t base your voting decisions on memes or shitcoins. Please. Your future self will thank you. 🙏
#1 SEC vs. Solana: Round Two… FIGHT! 🥊
Looks like hopium dealers are out of luck this week! 🍀 The drama between the SEC and everyone’s favorite surfer dude blockchain, Solana (SOL), just took a turn spicier than a kimchi kimbap 🌶️🍙.
Remember that summer fling where everyone thought the SEC was cooling off on SOL and other altcoins? 😎 Yeah, turns out that rumor was about as real as Satoshi’s Twitter account. 👻
The feds just doubled down on their lawsuit against Binance, claiming the exchange violated securities laws by letting users trade SOL (and a bunch of its buddies) 🧑🤝🧑. Apparently, that amended complaint in July was just a wardrobe change, not a surrender flag 🏳️.
So, what’s the big deal this time? In a dramatic plot twist that only the U.S. SEC could dream up 🎬, the agency filed new paperwork, and guess what? They’re still arguing that Solana is part of a sneaky, unregistered securities offering. 🤫 According to the new, juiced-up complaint, the SEC believes that the Solana Foundation practically waved a flag saying, “Come invest in us and watch us moon! 🌕”—thus turning SOL into, you guessed it, an illegal security. 🚫
They even threw in some spicy language 🌶️ about how Solana’s ecosystem would benefit from U.S. exchanges listing SOL, leading to profits for holders. Because clearly, nobody in crypto would ever expect to make a profit, right? 🙄
Back in July, when the SEC dropped hints that they might soften their stance on “third party crypto assets,” some crypto legal eagles 🦅 got their hopes up. Maybe they thought, the SEC had finally realized that chasing after every token with a lawsuit was like trying to stop a tidal wave with a sponge 🧽.
LOL, nope. The SEC didn’t just keep its foot on the gas—it added turbo 🏎️💨. Now, not only is the SEC keeping Solana, Cardano, and Polygon in their crosshairs 🎯, but they’re also slapping Binance on the wrist for allowing trades in these tokens. Because apparently, nothing says “protecting investors” like stopping them from doing what they want with their money. 💸
So, what does this mean for Solana? Well, it’s not great 😬. The SEC is basically arguing that Binance shouldn’t have let people trade SOL. Which begs the question: if exchanges can’t list altcoins, what’s the point of even having them? 🤔 Are we heading towards a crypto dystopia where only Bitcoin and Ethereum are allowed to exist? 😱
And what about the presidential election? Both Harris and Trump are promising to be crypto-friendly. 🗳️ But can they really rein in the SEC? Or is this just political posturing? Are we all just pawns in a larger game of regulatory chess? ♟️
After hearing that the @SECGov got away with filing late, I thought this modified meme was quite fitting today.
— 🇨🇦 🇲🇾 604XRP (@604XRP) October 18, 2024
If you feel the same way as an #xrp holder, or even a #crypto holder in general, or HATE the people below, like and retweet the F out of this! pic.twitter.com/IXwIQuiNaz
The future of altcoins hangs in the balance ⚖️. Will Solana survive the SEC’s onslaught? Will other altcoins be next? Will the crypto market ever recover from this regulatory beatdown? Only time will tell. ⏳ In the meantime, grab your popcorn 🍿 and watch the legal drama unfold.
Stay tuned, folks—this saga is far from over. Until then, hold onto your ledgers, and don’t forget: just because it’s decentralized doesn’t mean the SEC won’t find you. 🔍
Disclaimer: This article is satire. No, the SEC won’t stop coming for your altcoins just because you HODL hard. Please consult actual legal advice if you’re worried about your tokens being labeled as “securities.”
When you're at a party and no one is talking about crypto pic.twitter.com/sQ7XUOPnNK
— naiive (@naiivememe) October 19, 2024
Lol. @ShytoshiKusama, this one is still funny. #SHIBARMY pic.twitter.com/pUSN3zhK26
— No (@mad2big) October 10, 2024
Well, That’s a Wrap, Folks! 🎬
And just like that, we’ve reached the end of another spicy edition of The Weekly Meme Digest! 🍕🎉 We’ll be back next week to sprinkle more meme magic on your crypto chaos.
Thanks for joining us on this rollercoaster of news, jokes, and deep (okay, maybe shallow) thoughts. We couldn’t do this without you, and we’re already counting down the days until next weekend’s edition.
🤷♀️ See you next week, degens! 🚀
Before you disappear into the cryptoverse, a friendly reminder:
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Until next week, stay curious, stay informed, and most importantly, stay meme-ful!
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Thanks for sticking with us, degens! 🚀 Until next time, may your portfolios be moon-bound and your memes forever dank. 🌕
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Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
