Latest news with #memecoin
Yahoo
3 days ago
- Business
- Yahoo
PayPal to let U.S. merchants accept payment in more than 100 cryptocurrencies
Fintech giant PayPal launched a new payment option on Monday that will let smaller U.S. merchants accept more than 100 cryptocurrencies, including mainstays like Bitcoin and Ethereum but also zanier options like Trump's memecoin and even the novelty token Fartcoin. Any U.S. business using PayPal's online payments processing platform can opt in, said a spokesperson. PayPal will charge merchants a promotional fee of 0.99% on transactions for the first year and then up the charge to 1.5%, Frank Keller, an executive vice president, told Fortune. Those fees are less than the 1.57% average rate that U.S. businesses paid to credit card companies in 2024, according to the Nilson Report. 'There's a worldview where you can imagine that the world is moving on chain,' said Keller, referring to putting data on blockchains. 'Is that happening overnight? No. Some people say long time periods. Other people say very short time periods. I think we will see movement.' To settle the transactions, PayPal will let users connect existing crypto wallets they own to a checkout page. Depending on a buyer's crypto wallet, PayPal will sell the cryptocurrency on a centralized exchange like Coinbase or a decentralized exchange like Uniswap. The proceeds of that sale will be converted into PayPal's own stablecoin, which will then be converted into U.S. dollars sent back to the merchant. 'Imagine a shopper in Guatemala buying a special gift from a merchant in Oklahoma City,' Alex Chriss, president and CEO of PayPal, said in a statement. 'Using PayPal's open platform, the business can accept crypto for payments.' The move to let customers pay businesses with crypto is PayPal's latest push into digital assets. Among the Fortune 500, the fintech giant has been an early adopter of crypto. In 2020, PayPal said that U.S. users would be able to buy, sell, and hold a select group of cryptocurrencies, including Bitcoin and Ethereum. It then expanded that capacity to Venmo. But during the so-called crypto winter of 2022, PayPal ratcheted down its public rhetoric on crypto. Now, as crypto markets are soaring and President Donald Trump's administration casts a favorable eye on digital assets, it's charging ahead. In September it let businesses buy, hold, and sell crypto from their merchant accounts. And its stablecoin PYUSD, which the company launched in 2023, has increased its market capitalization about 70% since the beginning of the year to about $850 million, according to CoinGecko. PayPal plans to expand the ability for merchants to accept crypto to larger enterprise customers in the U.S. and globally, but a spokesperson declined to provide a timeline. This story was originally featured on
Yahoo
5 days ago
- Business
- Yahoo
LIBRA promoter Davis calls token a ‘memecoin' in updated defence after suspicious transfers surface
The promoter of the controversial LIBRA token, Hayden Mark Davis, has reportedly recharacterised the asset as a speculative 'memecoin' in a recent US court filing. It's a sharp reversal from earlier claims that the token was intended to support Argentine small businesses. The change comes as investigators surface a $500,000 crypto transfer from a Davis-linked wallet made on January 30, during his meeting with President Javier Milei at Argentina's presidential palace. Blockchain data first reported by La Nación shows the funds were sent to US-based exchange Kraken in the form of USDC. A second transfer of $507,000 followed just 42 minutes later via Bitget. The same wallet was previously used to offload millions in MELANIA tokens, another memecoin launched by Davis. More than $3.4 million was moved that day to other wallets, including one controlled by Kelsier Ventures, a firm tied to Davis and his family. Crypto researcher Fernando Molina, who flagged the transactions earlier this month, said the movement of funds, while not conclusive on its own, warrants further scrutiny given the timing and links between wallets. The 30-page legal filing, submitted on July 16 to the US District Court for the Southern District of New York and reported by Clarín, argues that LIBRA lacked investment fundamentals and should be classified as a memecoin — a speculative digital asset with no intrinsic value or investor protections. That position sharply contradicts Davis's earlier messaging, and that of President Milei, who promoted LIBRA on X on February 14 as a vehicle for economic growth before deleting the post hours later. The token crashed more than 97% within hours, erasing billions in market capitalisation. While Argentina's internal investigation into the LIBRA scandal was shut down in May, the case continues abroad. A US court hearing involving Davis and co-defendants Benjamin Chow and Julian Peh is scheduled for August 19. Kyle Baird is DL News' Weekend Editor. Got a tip? Email at kbaird@ 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
Yahoo
7 days ago
- Business
- Yahoo
Pump.fun ICO raises $500m in minutes after quiet token allocation scale-back
An initial coin offering, raising $500 million in the time it takes to brew a pot of coffee. You'd think we were back in 2017. token sale sold out in just 12 minutes on Saturday, capping off one of the fastest and largest raises in recent crypto memory. But while the ICO was a technical success, the sale quietly wrapped with 25 billion fewer tokens sold than originally planned. The project had previously said 150 billion PUMP tokens, out of a 330 billion total ICO allocation, would be offered to the public at $0.004 each. That implied a $600 million raise. But the live dashboard confirm just 125 billion tokens were sold, pulling in $500 million — about 83% of the originally stated public allocation. No announcement or explanation was given for the reduction. Chaos, controversy, competition In the past year alone, has generated over $720 million in fees from thousands of rapid-fire token launches, while critics say it profits from speculative churn and leaves retail users holding the bag. Its livestream feature, designed to let creators promote their memecoins in real time, became a magnet for chaos. Users performed stunts, threatened pets, and even staged suicide attempts in a bid to pump their tokens' value. ICO also comes as the memecoin market enters a cooling phase. Since peaking at $127 billion in December, the segment has slumped to $56 billion. The platform has also started losing ground to rising competitor LetsBonk, a newer memecoin generator that now hosts twice as many daily token launches. Still, is pressing ahead with its vision. 'Our plan is to kill Facebook, TikTok, and Twitch. On Solana,' the team wrote earlier this week. Kyle Baird is DL News' Weekend Editor. Got a tip? Email at kbaird@ 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
Yahoo
24-07-2025
- Business
- Yahoo
The SEC Just Got Its Weirdest Crypto ETF Request Yet—And Why This Bloomberg Senior ETF Analyst Thinks It Might Actually Work
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Wall Street's latest crypto experiment just took a significant step forward. Cboe BZX Exchange filed a Form 19b-4 with the Securities and Exchange Commission seeking approval to list the Canary PENGU ETF, a groundbreaking fund that would hold both PENGU memecoin tokens and Pudgy Penguins NFTs. This isn't your typical Bitcoin ETF—it's the first proposed fund to blend memecoins with non-fungible tokens, targeting one of crypto's most beloved penguin Miss: — no wallets, just price speculation and free paper trading to practice different strategies. Grow your IRA or 401(k) with Crypto – . What Makes This ETF Different The Canary PENGU ETF would primarily hold PENGU, the official token of the Pudgy Penguins project, alongside actual Pudgy Penguin NFTs. Think of it as a hybrid investment vehicle where traditional finance meets internet culture, packaged for mainstream investors who want exposure to both a memecoin and the digital collectibles that inspired it. The timing isn't coincidental. PENGU launched in December as the official token of the Pudgy Penguins NFT collection, targeting investors seeking exposure to niche cryptocurrencies beyond Bitcoin and Ethereum. The token created immediate wealth for existing NFT holders, with single Pudgy Penguin NFT owners receiving 1.7 million PENGU tokens worth nearly $52,000 at launch prices. The Numbers Behind the Penguins Current market data reveals both the opportunity and volatility inherent in this space. PENGU trades at approximately $0.01 with daily trading volume exceeding $144 million, while recent 24-hour volume reached $168 million, representing a 75% increase. Meanwhile, Pudgy Penguins NFTs trade at a floor price of 9.38 ETH per piece, up 6% over the past seven days. The broader Pudgy Penguins ecosystem extends beyond digital assets. The project actively develops physical merchandise and games, including Pudgy Toys and Pudgy World, creating new user interaction avenues. This real-world expansion differentiates it from many memecoins that exist purely in digital space. Trending: New to crypto? on Coinbase. The Regulatory Reality Check Here's where things get complex. A 19b-4 filing represents the second step in crypto ETF approval, following the initial S-1 registration. Canary Capital filed the S-1 form in March, and this latest filing moves the process forward—but approval remains far from guaranteed. The SEC's track record with crypto ETFs shows a preference for established assets. Bitcoin and Ethereum ETFs gained approval after years of regulatory back-and-forth, benefiting from their status as relatively mature digital assets. A memecoin-NFT hybrid represents uncharted territory, combining two of crypto's most speculative and culturally-driven sectors. Consider the precedent: Pudgy Penguins launched on Ethereum in July 2021, reaching an all-time high of almost 36.3 ETH during PENGU token anticipation. Yet NFT floor prices dropped almost 50% after the PENGU token launch, illustrating the volatility regulators typically scrutinize. Investment Implications and Risks For retail investors, this ETF proposal highlights crypto's evolution from niche digital currencies to mainstream investment products. Success could open doors for other alternative crypto assets seeking traditional finance exposure. However, several factors warrant caution: Volatility Concerns: Memecoins typically experience extreme price swings driven by social media sentiment rather than fundamental value. Combining this with NFT market volatility creates a potentially explosive mixture for traditional investors unaccustomed to crypto's boom-bust cycles. Regulatory Uncertainty: Even if approved, this ETF would face ongoing regulatory scrutiny. Any negative developments in memecoin or NFT regulations could impact fund performance or viability. Market Maturity: Unlike Bitcoin or Ethereum, PENGU lacks the institutional adoption and use cases that traditionally support long-term value. The token's primary utility stems from its connection to a specific NFT community and cultural Bigger Picture This filing represents more than one company's ambitious product launch. It signals institutional finance's growing comfort with crypto's cultural elements—the memes, communities, and digital collectibles that drive much of the sector's innovation and enthusiasm. Success could validate the investment thesis that internet culture and community-driven assets deserve traditional finance recognition. Failure might reinforce regulatory hesitancy around speculative crypto products, potentially slowing similar innovations. For investors watching this space, the key question isn't whether Pudgy Penguins will succeed, but whether Wall Street is ready to embrace crypto's most culturally-driven elements. The answer will likely determine not just this ETF's fate, but the future of how traditional finance interacts with internet culture. The penguins may be cute, but the implications are serious. This filing represents a test case for how far mainstream finance is willing to wade into crypto's cultural waters—and whether regulations can keep pace with innovation that blends investment vehicles with internet memes. Read Next: Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — Image: Shutterstock This article The SEC Just Got Its Weirdest Crypto ETF Request Yet—And Why This Bloomberg Senior ETF Analyst Thinks It Might Actually Work originally appeared on
Yahoo
20-07-2025
- Business
- Yahoo
How Elon Musk Caused This Squirrel Memecoin To Spike With An Epstein Rant
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Tesla (NASDAQ:TSLA) CEO Elon Musk is once again sending ripples through the cryptocurrency market with his tweets. The billionaire has sent Peanut the Squirrel, a Solana memecoin inspired by a pet squirrel, which went viral after it was euthanized by the state of New York, soaring with a Tuesday rant. The rant came in response to the government's continued failure to release the alleged "Epstein list." The Epstein list is a purported compilation of famous persons who were co-conspirators in Epstein's sex crimes in the custody of the government, per conspiracy theorists. Don't Miss: — no wallets, just price speculation and free paper trading to practice different strategies. Grow your IRA or 401(k) with Crypto – . "They arrested (and killed) Peanut, but have not even tried to file charges against anyone on the Epstein client list," Musk said on X. "Government is deeply broken." The remark was accompanied by a "The Office" meme that expanded on these views. "More squirrels and raccoons have been arrested than anyone on Epstein's client list," the caption read. Within minutes of Musk's post, PNUT's price spiked by 5% from $0.22 to $0.23. The token's trading volume also surged about 100% from around $100 million to over $200 million. At last look, the token is trading at $0.24, continuing the Musk-led rally after a brief correction. Trending: New to crypto? on Coinbase. Recurring Antics The PNUT rally is the latest in a long line of incidents where Musk's online antics have sparked speculative cryptocurrency activity. In May, Musk changed his profile name to "gorklon rust," a mashup of references parodying xAI's Grok chatbot, while also changing his profile picture to funkier version of Grok's profile picture, sparking significant rallies in "Gork'-themed memecoins. Before gorklon rust, it was "Harry Bōlz," in February, in a juvenile attempt to get mainstream news anchors to say the name out loud. In late December and early January, it was "Kekius Maximus." But Musk is perhaps best known for his advocacy of Dogecoin. The memecoin's 15,500% run to its all-time high of $0.73 in 2021 is widely attributed to his vocal Manipulation Concerns Musk's antics have sparked market manipulation concerns over the years, as resulting market rallies are often followed by equally violent market crashes. And in 2022, a group of investors attempted to cash in on these concerns, filing a lawsuit against Musk and Tesla that alleged that they had manipulated the price of Dogecoin for their profit. But a federal judge dismissed the lawsuit in 2024, ruling that Musk's statements supporting the memecoin were "aspirational and puffery, not factual," adding that 'no reasonable investor could rely upon them.' Musk, for his part, has said people should only invest in memecoins for fun, likening it to a casino. "It's like a casino," he said in a February episode of the "Joe Rogan Experience" podcast. "If you expect to win in a casino, you are being a fool. So if you expect to win at memecoins, you are being foolish. You are not going to win at memecoins. Don't sink your life savings into a memecoin." Read Next: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Here's , starting today. Image: Shutterstock This article How Elon Musk Caused This Squirrel Memecoin To Spike With An Epstein Rant originally appeared on
