Author: Stephanie Bedard-Chateauneuf

Memecoins linked to former US President Donald Trump and celebrity Caitlyn Jenner surged on Monday following Trump’s weekend endorsement of cryptocurrency.

Newly minted tokens like MAGA on Ethereum and JENNER on Solana experienced dramatic price increases, with JENNER soaring 500-fold in the last 24 hours.

MAGA Token’s Meteoric Rise

The MAGA token, named after Trump’s “Make America Great Again” slogan, launched less than two weeks ago and has risen 150% in the last 24 hours. Its market value peaked at $300 million on Monday, with over $74 million in trading volume. Variants of MAGA and TRUMP tokens on Solana are also being launched on other blockchains, generating millions in trading volume.

JENNER Token Controversy

The JENNER token, associated with Caitlyn Jenner, saw almost $200 million in trading volume in the last 24 hours. However, there is skepticism about the token’s connection to the real Caitlyn Jenner, despite endorsements on her social media accounts. Jenner has not responded to requests for comment but has cautioned on social media that not all crypto investments are suitable for everyone and that there are inherent risks, including potential loss of value.

Trump’s Influence

Trump’s recent comments have significantly influenced the memecoin rally. Speaking at the Libertarian National Convention on Saturday, he pledged to protect self-custody rights for crypto owners and opposed the creation of a central bank digital currency. His shift from a previously negative stance on crypto to a supportive one has energized the memecoin market.

Political Memecoins

As the US presidential election approaches, political memecoins have become more prevalent. Earlier this year, tokens referencing political figures like US President Joe Biden and Federal Reserve Chair Jerome Powell were launched. On Monday, major political memecoins saw mixed results: Jeo Boden fell 6%, while Doland Tremp gained over 15%.

Controversy and Speculation

Memecoin speculation has its critics, especially regarding tokens with offensive tickers promoting racist and sexist ideas. Several such tokens, particularly on Solana, were launched earlier this year and have drawn significant criticism.

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A 43-year-old software engineer, who previously worked on the BlackBerry in the 2000s and helped develop the Windows Phone app store at Microsoft, has now taken on a new challenge. Despite not having worked in crypto until early 2022, Laver is leading Solana Labs’ effort to revolutionize the crypto experience by integrating blockchain capabilities into a mobile device.

“This has that big, sky’s the limit energy,” Laver said in a rare interview with DL News. “This feels like madness, but at the same time, this feels like the end result.”

The end result is Solana’s second mobile phone, called Chapter 2, set to release in early 2025. With a $500 price tag for preorders, Solana has already secured more than 130,000 preorders, totaling $65 million.

A Bold Bet

This ambitious move is significant for the four-year-old blockchain network, given the heavily regulated mobile phone industry, which is dominated by giants like Apple and Samsung.

Why would Solana, a major player in decentralized finance (DeFi) with a token market cap of $82 billion and a leading brand in crypto, venture into hardware manufacturing?

“It’s a tough, tough ask,” said Chris Lewis, an independent telecoms analyst with over 40 years of experience, in an interview with DL News.

The answer lies in control. Solana aims to free crypto from desktop reliance and the restrictive app platforms of Apple and Google. These Silicon Valley giants have long hindered crypto-friendly mobile developers with high fees and app bans.

In today’s world, where investing, shopping, and banking are increasingly mobile, crypto is still struggling to establish a presence. “We’re used to everyone bringing a laptop to dinner, so you don’t miss a drop or a claim,” said Emmett Hollyer, head of business development and operations at Solana Labs.

Overcoming Past Challenges

Solana isn’t the first to challenge the incumbents. Over the past decade, numerous bespoke crypto phones have entered the market, but none have achieved significant success. Last year, Solana introduced the Android-powered Solana Saga, selling about 20,000 of the $600 handsets, far short of the 50,000 unit goal. In contrast, Apple shipped over 80 million iPhones in the fourth quarter alone.

Despite past setbacks, Solana is betting big on the Chapter 2, hoping to carve out a substantial niche in the mobile market and provide a seamless blockchain experience for its users.

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On Wednesday, the U.S. securities regulator urged lawmakers to reject a proposed bill designed to establish a new legal framework for digital currencies, warning it could undermine existing legal precedents and place capital markets at “immeasurable risk.”

The U.S. House of Representatives is set to consider the Republican-sponsored Financial Innovation and Technology for the 21st Century Act, which aims to clarify the jurisdiction of various agencies over digital assets. Proponents of the bill argue that it will provide regulatory clarity, thereby fostering industry growth.

Despite its uncertain future in the U.S. Senate, the legislation comes at a time when the U.S. Securities and Exchange Commission (SEC) is expected to approve applications for spot ether exchange-traded funds, marking a surprising boost for the crypto industry.

SEC Chair Gary Gensler expressed strong opposition to the bill, stating that it “would create new regulatory gaps and undermine decades of precedent regarding the oversight of investment contracts, putting investors and capital markets at immeasurable risk.”

The bill has garnered support from crypto advocates and industry groups, who view Gensler’s SEC as a barrier to broader digital asset adoption. Gensler, however, has consistently argued that cryptocurrencies should be regulated under the same laws as other assets, citing numerous high-profile prosecutions, fraud cases, bankruptcies, and failures within the sector.

In his statement on Wednesday, Gensler highlighted that under the proposed bill, investment contracts recorded on a blockchain would no longer be classified as securities, thereby stripping investors of protections afforded by securities laws. Additionally, he criticized the provision allowing issuers of crypto investment contracts to self-certify their products as digital commodities not subject to SEC oversight, giving the agency only 60 days to challenge such certifications.

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Exodus, a leading developer of cryptocurrency wallets, has secured approval for listing its common stock on the NYSE American exchange, marking a significant milestone for the company. The stock, identified by the ticker symbol EXOD, is slated to commence trading on May 9.

JP Richardson, CEO and Co-founder of Exodus, expressed enthusiasm about the listing, emphasizing its potential to enhance long-term value for shareholders by bolstering the company’s presence within the investor community and augmenting liquidity. The NYSE American, formerly known as the American Stock Exchange (AMEX), caters to companies with smaller market capitalization compared to its parent exchange, the NYSE.

Exodus’ EXOD stock is currently listed on the OTCQX market, and the approval for listing on the NYSE American represents an “uplisting” of its stocks. The company clarified that existing stockholders need not take any action prior to the listing.

Established in 2015, Exodus Movement specializes in developing self-custodial wallet services for various cryptocurrencies, including bitcoin, ether, and others. Notably, the company’s EXOD security tokens, which serve as digital representations of Class A EXOD common shares, have been tokenized on the Algorand blockchain, offering users the ability to manage them on Exodus wallets. This initiative positions Exodus as the sole entity in the United States to have its common stock tokenized on the blockchain.

In its preliminary review for the first quarter of 2024, Exodus reported a revenue of $29.1 million, marking a remarkable 118% increase compared to the same period last year. Additionally, the company boasted approximately 1.69 million monthly active users during the first quarter, underscoring its growing market presence and user engagement.

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As the crypto market experienced a bearish correction, experts forecasted a subsequent bullish phase. Now, with the market correction underway, leading asset Bitcoin has surpassed $63,000, signaling a resurgence in momentum for other coins.

Among these coins, Bitgert exchange has stood out, demonstrating resilience during bearish phases and steadily gaining traction. Leveraging its layer 1 technology, Bitgert has captured the attention of the crypto market, attracting a growing number of investors.

So, what factors are driving the potential price surge for Bitgert?

Bitgert: Pioneering Layer 1 Chain Project

Bitgert distinguishes itself as a layer 1 chain crypto project with unparalleled transaction speed and cost-effective gas fee structures. Its innovative use of the Proof of Authority Model (POA) ensures seamless user experiences, scalability, and blockchain security, positioning it ahead of top cryptocurrencies like Ethereum, Tron, and Cardano.

Operating on a dual network, Bitgert offers diverse capabilities, including a Bitgert exchange, trading fee CEX, payment gateway, p2p exchange, and startup studio. The startup studio initiative empowers new ventures, facilitating fundraising through public and private sales. Furthermore, Bitgert’s integration with the Ethereum virtual machine provides developers with opportunities to host projects and build dApps.

With a robust community of over 600,000 members, Bitgert has fostered widespread adoption and collaborations across social media platforms. Strategic marketing initiatives, promotions, and engagement efforts have sustained Bitgert’s growth, even during bearish market conditions.

The Scarcity Effect: Transforming the Ecosystem with BRISE Coin

The native token of Bitgert, BRISE coin, has demonstrated strong performance since its inception. With returns exceeding 40,000%, BRISE coin sets itself apart by implementing a burning model, where 12% of each transaction is burnt. This mechanism enhances scarcity and drives demand within the growing ecosystem.

Technical indicators for Bitgert coin are favorable, with RSI and moving convergence signaling potential growth of over 5000% in its price. This projected surge presents promising opportunities for new investors, entrepreneurs, and traders, marking a significant development in the crypto landscape.

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