Latest news with #Memecoin
Yahoo
5 days ago
- Business
- Yahoo
Solana's SOL Dips 5% Amid Fading Memecoin Trading Activity on Network
Solana (SOL) fell more than 5% over the past 24 hours, rattled by geopolitical tensions and waning memecoin activity on its network. The token dropped from $163.72 to a low of $154.99 as a combination of market uncertainty and declining network revenue put pressure on its price. The decline coincides with a broader crypto market correction triggered by the U.S. Court of International Trade's reversal on Trump's tariff suspension, which reignited trade concerns and spooked investors. Memecoin revenue from the once-popular platform has also nosedived since early April, weakening one of Solana's key transaction drivers. News Background Solana Labs on Friday introduced the Solana AppKit, an open-source React Native toolkit designed to let developers build iOS and Android apps on the Solana blockchain in about 15 minutes. The kit integrates 18+ protocols, including embedded wallets powered by providers like Privy, Dynamic, and Turnkey, and supports Mobile Wallet Adapter for Solana Mobile. It also offers direct swaps and copy trading features, powered by Jupiter Exchange, along with integrations from Raydium and aiming to boost app functionality and user engagement within the Solana ecosystem. Price-ActionTechnical analysis shows SOL forming a double-top pattern near $184.50, breaking below key Fibonacci support levels. The SOL/ETH trading pair also collapsed below a rising wedge, with some analysts warning of a potential 40% drop relative to Ethereum if network activity fails to recover. Standard Chartered added to the caution, suggesting that unless Solana can diversify beyond memecoins, its price could continue to underperform. Meanwhile, long liquidations have increased, contributing to the bearish pressure. Despite these headwinds, some traders remain optimistic, noting that SOL is still within a broader bullish structure if it can hold the $150-$160 support range. A sustained hold at these levels could pave the way for a potential recovery toward $200, though failure to do so may trigger further declines toward lower support zones. Technical Analysis Recap SOL dropped from $163.72 to $154.99, a 5.33% decline over the past 24 hours. Price action highlighted increased volatility, with an overall range of $11.87 (7.24%). A key resistance level was established at $161.84 during a heavy sell-off at 16:00, accompanied by above-average volume (2.52M). Support emerged at $152.37, with high-volume buying (1.81M) at 01:00. The pattern of lower highs and lower lows underscores the ongoing bearish trend. Recovery attempts were modest, with SOL needing to reclaim $157 for short-term momentum. A local bottom formed at $154.37 at 07:17, followed by a small rally to $155.36. Strongest buying pressure was recorded at 07:54 with a volume spike of 10,295 units. Price retraced to $154.97 in the final minutes, suggesting a possible short-term support zone. As traders weigh Solana's next move, the market will be watching closely to see if the token can hold above critical support levels or if bearish momentum will push prices lower. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
23-05-2025
- Entertainment
- Yahoo
Former NBA Star Booed Upon Arrival At Trump's Crypto Dinner
Former NBA star Lamar Odom was booed and heckled Thursday night when he arrived for an ethically dubious dinner President Donald Trump hosted for the top investors in his $TRUMP meme coin. 'Lamar, you're better than this,' someone shouted outside the dinner venue at Trump's luxury golf club in Northern Virginia as Odom moved through a crowd of booing protesters. 'Lamar, what are you doing? Shame on you, Lamar.' Odom, who played in the NBA from 1999 to 2014 and won championships with the Los Angeles Lakers in 2009 and 2010, was among the 220 people deemed a top holder of Trump's meme coin ― a type of cryptocurrency based on an internet joke or public figure ― from April 23 to May 12, earning him an invite to the event billed as 'the most EXCLUSIVE INVITATION in the World.' Odom has been promoting his efforts to get into the event on social media and using his attendance as a platform to boost his own meme coin. 'Thanks to President Trump for supporting the meme philosophy,' Odom posted on social media after the event. Odom is also famous for his televised wedding and marriage to Khloé Kardashian, which ended in divorce in 2016. In 2015, he was hospitalized in a comatose state after he was found unconscious in a Nevada brothel and later sought treatment for addiction. Others in attendance at the dinner included Chinese billionaire Justin Sun, who runs the crypto platform Tron and earned the top spot on the $TRUMP leaderboard by spending more than $40 million on the meme coin. 'I'm very excited to meet him and discuss about crypto's future,' Sun told The New York Times. Korean cryptocurrency executive Sangrok Oh, another attendee, also told the Times he viewed the dinner as a 'fundraiser' for Trump, who he believes will 'always be good to his sponsors.' Media wasn't allowed inside the event, and Trump arrived and left without speaking to the press, but attendees shared with reporters that Trump only spoke for about 15-20 minutes and made minimal contact with the crowd despite billing the dinner as an 'intimate' event. 'He helicoptered in, he helicoptered out. We didn't really get to shake hands with him or anything, but it was a really interesting group of crypto people all in the same room,'a 32-year-old attendee from Texas, who declined to state his name, told NBC News. 'It's about what I expected. I got the chance to be pretty close to the president when he was giving his speech.' Another attendee named Christoph Heuermann posted on Instagram that Trump didn't 'interact with the crowd other than enjoying being celebrated' and claimed that even the top holders of the coin ― whom Trump promised 'an ultra-exclusive private VIP Reception with the President' ― didn't get to 'speak or even shake hands with the president.' 'It was still well worth it to experience the president live and watch his mightily secured arrival and departure,' Heuermann wrote. Trump Will Have 'Intimate' Dinner With Whoever Spends The Most On His Memecoin Trump Hosts Top Crypto Investors As Some Fear He's Putting Personal Profits First Company Boasts Spending Up To $20 Million On Trump Crypto Coin To Buy Influence
Hindustan Times
23-05-2025
- Business
- Hindustan Times
Who is Justin Sun, controversial China born crypto billionaire at Donald Trump's Memecoin Dinner?
Crypto billionaire and entrepreneur Justin Sun was one of the high profile attendees of lavish dinner hosted by US president Donald Trump on Thursday to felicitate top 220 holders of his Memecoin. Top 25 holders were invited to a special before-dinner reception with the president and also chosen as 'eligible' for a tour of the White House. Justin Sun, the China-born founder of the Tron blockchain, participated in the dinner while he is fighting a market manipulation case in the US. As Trump left the event, Justin Sun was introduced as a speaker by Bill Zanker, who helped organise the dinner. The billionaire, now holding the citizenship of Saint Kitts and Nevis, claims to be one of the top holder of Trump's Memecoin. He is known for purchasing an art piece with a banana taped to a wall for $6.2 million and eating the fruit later. The controversial billionaire was sued by the US Securities and Exchange Commission in 2023 for allegedly manipulating markets by offering the sale of unregistered securities through companies he owns and controls – the Tron Foundation, BitTorrent Foundation Ltd., and Rainberry Inc. He also paid celebrities for undisclosed promotions. The crypto billionaire has also invested a total of $75 million in WLFI, the token of World Liberty Financial, another crypto project linked to Trump and his family members. As an adviser to the project, his early investment is believed to have helped Trump start the project. At the dinner,Sun called for the crypto industry to back Trump and his initiatives. He had expressed great enthusiasm in attending Trump's dinner and thanked the Republican for his 'unwavering support' to the industry. Amid Sun's camaraderie with Trump, the US SEC is looking to pause the case after former chairman Gary Gensler left the agency, reported Bloomberg. The move is one of the noteworthy legal developments after Trump assumed power for a second term on January 20. Trump's dinner gala was slammed by Democrats as Senators Elizabeth Warren and Adam Schiff demanded a federal ethics investigation. They called the event a 'pay to play' scheme of 'corruption and foreign influence,' as many holders of Trump's Memecoin are believed to be from outside the US. The White House has defended the event saying Trump was attending the event in his 'personal time' outside official duties. The administration also claimed that it has nothing to do with Trump's Memecoin.
Hindustan Times
23-05-2025
- Business
- Hindustan Times
Donald Trump's dinner for memecoin holders gets ‘shame, stop crypto corruption!' chants
President Donald Trump on Thursday hosted an exclusive dinner for hundreds of top investors of his 'memecoin' cryptocurrency at his golf club outside of Washington, with protesters yelling 'shame' at the guests. Trump flew in to attend the gala and meet the 220 biggest purchasers of his $TRUMP memecoin. Citing an event website, news agency AFP reported that the top 25 investors were to get a private session with Trump beforehand and a tour of the White House. The President had announced the launch of his crypto just three days before his inauguration in January, resulting in a quick surge in his net worth and prompting ethical questions at the same time. On Thursday, the White House dismissed any concerns over ethics and insisted that Trump was attending the dinner in his "personal time". Ahead of the exclusive gala for memecoin investors, Trump took to his Truth Social network and posted, "Heading to the Crypto Dinner in Loudon County, Virginia, in a little while. The U.S.A. is DOMINATING in Crypto, Bitcoin, etc., and we are going to keep it that way!" Meanwhile, around 100 protesters were heard screaming "Shame!" and "I hope you choke on your dinner!" within the range of the security checkpoint at Trump's golf club as guests arrived for the event. They also held up signs like "America is not for sale" and "Memecoin grifters go to jail" at the venue. The demonstrators were protesting against alleged crypto corruption. Some other signs also read "no kings" and "stop crypto corruption". Democrats decry memecoin investor dinner Democrats also criticised Trump's gala for his memecoin investors, describing it as an "orgy of corruption". Senator Elizabeth Warren slammed him for "using the presidency of the United States to make himself richer through crypto". Senator Richard Blumenthal of Connecticut, during an interview earlier this month, referred to the dinner and said, "In effect he is putting a 'For Sale' sign on the White House lawn." Holders of the Trump memecoin had to register on an online leaderboard to qualify for the dinner. The leaderboard tracked their average holdings over a period of three weeks. Following this, the top 220 holders of $TRUMP memecoin got invited, of which the top 25 were called for a special pre-dinner reception with the President. According to a Bloomberg report, memecoin's market cap reached nearly $15 billion soon after its launch in January. However, it has since taken a sharp dive to about $2.9 billion. The announcement of the dinner gala at Trump's golf club modestly boosted the memcoin's price. Fight Fight Fight LLC and CIC Digital LLC, an affiliate of The Trump, share 80 per cent of the memecoin's total supply. The Trump family has expanded its network of crypto businesses. Last year, Trump, along with his sons Donald Jr and Eric Trump, launched World Liberty Financial. The venture has raised more than $550 million.
Yahoo
23-05-2025
- Business
- Yahoo
Protesters Yell ‘Shame!' at Guests of Trump's Memecoin Dinner
(Bloomberg) -- Top holders of Donald Trump's memecoin and other guests were greeted by protesters as they arrived for a dinner with the president at his golf club outside of Washington on Thursday, a day which saw Bitcoin extend its record high amid optimism about US government support for the crypto industry. NY Private School Pleads for Donors to Stay Open After Declaring Bankruptcy Can Frank Gehry's 'Grand LA' Make Downtown Feel Like a Neighborhood? Chicago's O'Hare Airport Seeks Up to $4.3 Billion of Muni Debt NYC's War on Trash Gets a Glam Squad NJ Transit Makes Deal With Engineers, Ending Three-Day Strike Chinese crypto entrepreneur Justin Sun, who is working to resolve a regulatory case in the US, posted a photo on X showing him on his way to the dinner. Trump announced his own departure to the event on Truth Social, saying 'The U.S.A. is DOMINATING in Crypto, Bitcoin, etc., and we are going to keep it that way!' Guests arriving for the event, which included retired NBA player Lamar Odom, were greeted outside the Trump National Golf Club near Washington by about 100 protesters within earshot of the security checkpoint where they emerged from their vehicles. Protesters screamed 'Shame!' and 'I hope you choke on your dinner!' and held signs with messages like 'America is not for sale' and 'Memecoin grifters go to jail.' Inside the event, large placards saying 'Fight Fight Fight' adorned every table, an homage to the name of the company that launched the $Trump memecoin, according to photos taken inside that were seen by Bloomberg. Gift bags containing black hats and plaques, both reading 'Fight Fight Fight,' were on the chairs. On the menu was a field-green salad, filet mignon and pan-seared halibut along with garlic mashed potatoes and a vegetable medley. The gathering has faced criticism from Democrats including Senators Elizabeth Warren of Massachusetts and Adam Schiff of California, who cited conflicts of interest, and the potential of selling access to the president, particularly to people from foreign countries. 'In effect he is putting a 'For Sale' sign on the White House lawn,' Senator Richard Blumenthal of Connecticut said in an interview on May 9. 'The dinner crystallized and heightened concerns that we had even before the dinner was announced.' On Thursday, Blumenthal participated in a press call to discuss what was described as 'unprecedented presidential crypto corruption.' To qualify for the dinner, holders of Trump memecoin had to register on an online leaderboard, which tracked their average holdings over three weeks. The top 220 holders got invited, while the top 25 were also invited to a special before-dinner reception with the president. More than half of the top holders used foreign exchanges that say they ban US users, suggesting that many of the purchasers are based outside the US, Bloomberg analysis found. One guest is Morten Christensen, who lives in Mexico and runs which tracks token giveaways. He managed to snag a seat at the dinner at a total cost of only about $1,200. In a speech at the dinner, Trump repeated his pledge to make the US the world's crypto capital, according to Christensen. 'We've got some of the smartest minds anywhere in the world right here in this room and you believe in the whole crypto thing, and a lot of people are starting to believe in it,' Trump said in the speech, parts of which were posted on X by attendees. After Trump left, Sun was introduced as a speaker by Bill Zanker, who helped organize the dinner. In a short address, Sun said the industry should get behind Trump as crypto operators have been struggling with regulatory challenges for a decade, according to Christensen. Sun also posed for pictures with attendees. Over the last few years, Trump turned from being a crypto skeptic to the industry's biggest champion. After launching four collections of nonfungible tokens, Trump started his second presidential term by appointing crypto-friendly agency heads and establishing a strategic Bitcoin reserve. Trump's family has also expanded its network of crypto businesses. Last year, Trump and his sons launched World Liberty Financial, which has raised more than $500 million. Two of his sons also got involved in a Bitcoin mining venture. Trump-related entities also issued the Trump memecoin days before inauguration. The memecoin's market cap reached nearly $15 billion soon after its January launch, but then dropped sharply, to about $2.9 billion currently, according to data tracker The announcement of the dinner for memecoin holders modestly boosted the coin's price. Fight Fight Fight LLC and CIC Digital LLC, an affiliate of The Trump Organization, share 80% of the total memecoin supply. Bitcoin was trading at $111,593 — just below its all-time high — at 8:47 a.m. in Singapore on Friday. --With assistance from Helena Cheng and Muyao Shen. (Updates with comments from dinner, Bitcoin price) Why Apple Still Hasn't Cracked AI Inside the First Stargate AI Data Center How Coach Handbags Became a Gen Z Status Symbol Anthropic Is Trying to Win the AI Race Without Losing Its Soul Microsoft's CEO on How AI Will Remake Every Company, Including His ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
