Crypto’s Big Week: XRP, Bitcoin ETFs, Solana, and More Shine
The crypto market buzzes with new listings, record transactions, major investments, and promising regulatory changes.
Nov 29, 2024
XRP Ledger is now on Dexscreener, enabling tracking and trading of XRP memecoins.
Bitcoin ETFs see $438M in outflows, but BlackRock’s IBIT bucks the trend with $267.8M inflows.
Solana hits record-breaking 54M daily transactions; Base Network surges 30x growth.
This Thanksgiving week brought a whirlwind of developments for the crypto world, with XRP, Bitcoin ETFs, Solana, and more making headlines. The XRP Ledger (XRPL) gained a significant boost as it was listed on Dexscreener, a popular platform for decentralized trading insights. This addition simplifies tracking and trading XRP memecoins, opening new doors for traders.
Meanwhile, the broader crypto market faced turbulence as spot Bitcoin ETFs experienced $438 million in outflows, breaking their streak of consistent inflows. Notable players like Bitwise’s BITB and Grayscale’s GBTC saw significant withdrawals, though BlackRock’s IBIT stood out with $267.8 million in inflows. Despite these fluctuations, Bitcoin trading volume reached $5.6 billion, even as its price dipped to $94,500.
In an unexpected revelation, former U.S. President Donald Trump reportedly holds $5.4 million in crypto, predominantly Ethereum. Additionally, Tron founder Justin Sun made waves by investing $30 million in World Liberty Financial, a decentralized finance project tied to Trump’s family.
Globally, Morocco took a progressive step by drafting legislation to regulate and legalize cryptocurrency, a sharp turnaround from its 2017 ban. The central bank is concurrently exploring a central bank digital currency (CBDC), signaling the nation’s openness to blockchain innovation.
Solana delivered bullish news with a staggering 54 million daily transactions, marking a new record. Coinbase’s Base network also impressed, achieving 9.1 million daily transactions—a 30x growth since January 2024. This rapid increase highlights the growing adoption of Layer 2 solutions.
Elsewhere, Avalanche launched its most significant testnet upgrade yet, Avalanche9000. This upgrade promises lower deployment costs for developers and up to $40 million in rewards. Chainlink continued to assert its dominance in DeFi with a report showcasing its role in driving tokenized assets such as real estate and Ethereum ETFs.
On the infrastructure side, Phantom expanded its support to Coinbase’s Layer 2 network, Base, enhancing its ecosystem compatibility. The daily transaction count on Base also reached an all-time high of 9.1 million.
However, not all news was positive. The livestream feature on Pump dot fun was temporarily deactivated following backlash over controversial streams. The platform plans to reinstate the feature once its moderation systems are upgraded to handle increased activity.
This week proved that while the crypto market may experience dips, innovation and adoption continue to surge across the board, signaling a promising future for blockchain technology.