Bitcoin Nears $82,000 and Dog Meme Coins Gain Triple-Digits

Bitcoin Nears $82,000 and Dog Meme Coins Gain Triple-Digits

Bitcoin surged to almost $82,000 as bullish sentiment swept through markets, triggered by Trump’s presidential win and renewed optimism in crypto. With high weekend trading volumes and rising futures premiums, traders are betting on further gains, aiming for the $100,000. Dogecoin also rose, flipping XRP and stablecoin USDC, powered by Elon Musk’s recent endorsements.

Meanwhile, Bitcoin ETFs received $1.3 billion in inflows on Thursday, breaking previous records, with traders anticipating additional support from pro-Bitcoin policies once Trump takes office in January. However, the big stars were altcoins like Neiro, DOGE, and other dog-related tokens that saw triple-digit gains in the last seven days, as meme coin interest rose.

Specifically, Neiro gained 101.2%, followed by Dogecoin at 100.3% as top dog-themed coins leaders, while the Elon Musk-inspired Department Of Government Efficiency (DOGE) increased by 276.8%.

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Polymarket Hints at Token Airdrop for Users

Decentralized prediction market Polymarket is rumored to be preparing a token airdrop, offering potential future rewards for users reinvesting their winnings. This news comes after a record election cycle, which brought billions of dollars in trading volume to the platform. Traders noted hints from Polymarket suggesting users could benefit from upcoming drops.

Polymarket has previously considered a $50 million raise to support token issuance but held off due to regulatory uncertainty. With 235 million users in October alone, an airdrop could add considerable value. The timing of this potential airdrop could be advantageous as Polymarket strengthens its position in decentralized prediction markets as interest is starting to wind down post-election.

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Ethereum’s ENS to Launch Layer-2 “Namechain”

The Ethereum Name Service (ENS) will launch its own layer-2 blockchain called “Namechain” in 2025, using zero-knowledge rollups to scale ENS domains efficiently. This move aims to lower gas fees and improve transaction speed while preserving Ethereum’s security features, creating a more accessible platform for users.

ENS plans to deploy the rollup on an existing zkEVM chain, though it is still finalizing the choice. Namechain is a major upgrade under the ENSv2 project, which includes a full protocol re-architecture. As other projects, such as Uniswap and Kraken, launch Layer 2s, ENS advertises itself to meet the growing demand for low-cost, high-security blockchain naming services.

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Cardano Soars as Founder Seeks Trump Influence

Cardano’s ADA token jumped 33%, hitting a seven-month high after founder Charles Hoskinson announced plans to advocate for crypto regulation in Trump’s administration. Hoskinson intends to work closely with lawmakers in Washington, D.C. His statement signals a broader strategy to position Cardano and its eco-related projects as key players in shaping US crypto policy.

Hoskinson, known for his Ethereum co-founding role, is also exploring a shift for Cardano as a Bitcoin L2. This would enable Cardano to use Bitcoin’s security and liquidity while expanding its staking rewards program for Cardano’s stake pool operators. Cardano’s network expansion plans indicate that Hoskinson sees a unique opportunity for Cardano to become a bridge between blockchains.

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Data of the Day

BlackRock’s iShares Bitcoin ETF (IBIT) recently surpassed its iShares Gold ETF (IAU) in assets, holding $33.17 billion compared to IAU’s $32.9 billion.

This highlights rising institutional interest in Bitcoin, fueled by Trump’s win and recent Fed rate cuts, with $25.5 billion pouring into Bitcoin ETFs since January. The SEC’s recent approval of crypto options trading for Bitcoin ETFs has further spurred demand.

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More Breaking News

• Solana's price hit $212, reaching a $100 billion market cap and nearing its 2021 all-time high of $260 while testing a key resistance level.
• Stacks founder Muneeb Ali anticipates a December launch for sBTC, aimed at expanding DeFi on Bitcoin’s base layer.
• OpenSea’s upcoming V2 redesign teases an XP points system for traders, hinting at potential retroactive airdrop and other rewards.
• The SEC has delayed decisions on NYSE’s request to list options on Ethereum ETFs to allow for additional analysis.
• Tether entered the oil market, trading 670,000 barrels of crude valued at $45 million as it expanded into commodities.
• JPMorgan analysts retained an Overweight rating on Jack Dorsey's Block, citing 19% YoY growth in Q3 gross profit, led by Cash App and Square.

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