Kategorie: Crypto Markets

• Elon Musk’s tweet has triggered a sharp rally in Peanut the Squirrel (PNUT) memecoin.
• PNUT trading volume has also surged over 150% to $273 million.
• Analysts predict a potential 654% breakout for PNUT.

Elon Musk has once again ignited a crypto market frenzy, this time by reviving interest in an unlikely memecoin, Peanut the Squirrel (PNUT).

A single post on X, formerly Twitter, triggered a sharp rally in the price of the Solana-based token, causing both volume and open interest to surge in a matter of hours.

The coin, previously flying under the radar, soared after Musk made a veiled yet sarcastic remark referencing a controversial incident involving a squirrel named Peanut and a broader jab at US authorities.

The viral tweet by Elon Musk that sent PNUT flying

The sudden spike in PNUT’s price came shortly after Musk posted on X, expressing his frustration that no one from Jeffrey Epstein’s alleged list had been arrested, while also referencing the euthanisation of a squirrel named Peanut.

They arrested (and killed) Peanut, but have not even tried to file charges against anyone on the Epstein client list.

Government is deeply broken. pic.twitter.com/YndRadQUBE

— Elon Musk (@elonmusk) July 8, 2025

His mention of Peanut reignited sympathy and outrage from a previous incident during the Biden presidency, when the squirrel was reportedly taken from its owner and put to sleep, sparking widespread backlash and recurring mentions by Musk.

In his latest post, the Tesla and SpaceX CEO once again used the word “Peanut,” a move that historically precedes market reactions among memecoin enthusiasts.

This particular tweet caused the PNUT token to leap over 10%, peaking at $0.235 before slightly pulling back to around $0.2193.

Peanut the Squirrel (PNUT) volume spikes as traders pile in

Speculative interest exploded shortly after Musk’s post, with PNUT’s daily trading volume surging by over 150% to reach $273 million.

This dramatic increase highlights the strong influence Musk continues to wield over digital assets, especially low-cap, narrative-driven tokens.

Open interest in PNUT futures also rose by 14%, hitting $132 million, suggesting that traders are becoming increasingly bullish about the coin’s short-term trajectory.

The trading frenzy comes despite the fact that PNUT has no formal utility, roadmap, or protocol backing — its popularity rests entirely on its meme appeal and Elon Musk’s unpredictable support.

Analyst predicts massive upside potential for PNUT

At the time of writing, Peanut the Squirrel (PNUT) was trading at $0.2193, reflecting a modest gain of 1.3% over the past 24 hours but still far below its all-time high of $2.44 recorded in November 2024.

The coin’s price has fluctuated within a daily range of $0.2128 to $0.2386, with its seven-day range stretching from $0.2104 to $0.2536.

Despite the recent rally, the token remains down more than 90% from its peak, though it has gained over 580% from its all-time low of $0.03187.

While some observers dismissed the rally as another short-lived meme coin bubble, technical analysts have started taking notice of PNUT’s price action.

Crypto analyst Javon Marks shared his outlook on X, projecting a potential 654% rally that could see the token break out toward a target of $1.7907.

$PNUT (Peanut The Squirrel) can be setting up here to deliver a major continuation within an over 654% uphill run towards the $1.7907 BREAKOUT TARGET which is IN PLAY 🔥! https://t.co/vUkSWC2ftd pic.twitter.com/BgLcjJb805

— JAVON⚡️MARKS (@JavonTM1) July 9, 2025

According to Marks, key indicators suggest that bullish momentum remains intact, setting the stage for further gains if sentiment holds.

This forecast, though speculative, has attracted fresh attention from retail traders eager to ride the next meme coin wave.

The post Elon Musk’s tweet reignites interest in Peanut the Squirrel (PNUT) memecoin appeared first on CoinJournal.

• The move would give digital asset firms access to tax breaks and state funding.
• Dunamu paid ₩24 billion in taxes after losing venture status in 2018.
• Policy is part of President Lee’s pro-crypto economic strategy.

South Korea is moving to formally recognise crypto businesses as venture companies, a decision that could give the industry access to tax relief, government-backed loans, and startup funding for the first time.

The Ministry of SMEs and Startups has introduced a proposal to reclassify virtual asset firms, removing them from a list of restricted industries that includes gambling and nightlife.

If passed, the policy would reverse a long-standing rule that has blocked crypto startups from the country’s thriving venture ecosystem.

This legislative push follows years of regulatory exclusion, with one major flashpoint in 2018. Dunamu, the parent company of crypto exchange Upbit, lost its venture status and was forced to pay ₩24 billion ($18 million) in taxes.

Dunamu challenged the decision in court but lost, highlighting the financial consequences of South Korea’s previous stance.

The ministry now says it wants to acknowledge the innovative and entrepreneurial qualities of crypto companies, bringing them in line with other emerging technology sectors.

New law aligns with Seoul’s broader pro-crypto pivot

The proposal marks a significant departure from previous policy. Until now, crypto-related businesses have been grouped with sectors barred from receiving government support.

The proposed revision would remove virtual asset firms from this restricted category, allowing both new and existing startups to register as venture businesses without risking their certification.

The ministry argues that the new framework will expand South Korea’s venture ecosystem and promote growth in the blockchain and crypto industries.

Public feedback on the draft law is being collected until 18 August 2025, signalling the beginning of a formal legislative process.

If enacted, it would enable crypto firms to access the same support tools—such as tax cuts, subsidies, and loan guarantees—that are currently available to other recognised startups.

The change could also benefit companies that already hold venture status and want to expand into crypto, which previously risked losing their designation if they added digital asset operations to their business models.

President Lee’s crypto policies begin taking shape

The venture company proposal is one of several initiatives under President Lee Jae Myung’s new administration. Since taking office last month, Lee has made digital assets a cornerstone of his economic strategy.

His government is supporting the approval of spot Bitcoin exchange-traded funds (ETFs), exploring a won-based stablecoin, and reviewing the ongoing ban on institutional trading of cryptocurrencies.

Major South Korean banks are already responding. Some have filed trademarks for stablecoin products, while others are working on blockchain infrastructure and digital wallet services.

Industry legitimacy and investment may follow

The proposed legal amendment could have wide-reaching effects beyond tax incentives.

Recognising crypto firms as venture companies may lend credibility to an industry that has long operated on the fringes of formal finance in South Korea.

Greater legitimacy could attract institutional investors, encourage new business formation, and reduce compliance-related friction.

It may also align South Korea with other markets advancing similar policies, such as the European Union’s MiCA framework and Japan’s reforms to allow limited crypto fundraising.

With venture-backed crypto projects potentially gaining access to bank loans and innovation grants, the ecosystem may see accelerated development and a stronger foothold in South Korea’s broader tech economy.

Public submissions on the proposal are currently open, with final decisions expected later this year.

The post South Korea’s crypto reform plans offer tax cuts and funding access to companies appeared first on CoinJournal.

• Ripple partners with BNY Mellon to custody RLUSD reserves, aiming to enhance regulatory compliance and institutional trust.
• The move comes amid a surge of corporate and institutional interest in stablecoins, dubbed “stablecoin summer.”
• Ripple has also applied for a US banking charter and Federal Reserve master account to deepen its role in the US financial system.

Ripple has appointed the Bank of New York Mellon (BNY Mellon) as the primary custodian for reserves backing its US dollar-pegged stablecoin, RLUSD.

The partnership, announced Wednesday, aims to strengthen regulatory compliance and institutional credibility for Ripple and its stablecoin product.

BNY Mellon, the oldest bank in the United States and a major provider of financial services to institutional clients, will facilitate the movement of reserve assets and cash to support RLUSD conversions.

The arrangement marks a significant development in Ripple’s stablecoin strategy, which launched in December 2024.

“As primary custodian, we are thrilled to support the growth and adoption of RLUSD,” said Emily Portney, global head of asset servicing at BNY. “We are proud to be working closely with Ripple to continue propelling the future of the financial system.”

Institutional interest signals “Stablecoin Summer”

The collaboration between Ripple and BNY Mellon reflects a broader trend of traditional financial institutions entering the stablecoin space.

This wave of engagement, dubbed “stablecoin summer” by CNBC, is gaining momentum amid shifting regulatory dynamics in the US.

The Trump administration is rolling back restrictive crypto policies from the Biden era, while the Senate recently passed the GENIUS Act to set guardrails for US dollar-pegged stablecoins.

This regulatory clarity is attracting major corporate players. Amazon and Walmart are said to be exploring stablecoin initiatives, while companies such as Uber, Apple, and Airbnb are also reportedly assessing similar possibilities.

Stablecoins, which are digital tokens pegged to assets like the US dollar, aim to combine the speed and efficiency of blockchain networks with the price stability of fiat currencies.

Their growing appeal among institutions underscores their perceived utility in modernizing financial infrastructure.

Ripple Eyes US banking charter, federal reserve access

In addition to securing BNY Mellon as a custodian, Ripple recently applied for a US national banking charter and a Federal Reserve master account.

If approved, this would enable Ripple to hold RLUSD reserves directly with the central bank and integrate more deeply into the US payments system.

Ripple, founded 13 years ago, is best known for its cross-border payments platform serving banks, payment providers, and other financial institutions.

While its operations are largely international, the RLUSD launch represents a strategic move to expand its US footprint.

BNY Mellon’s involvement in crypto dates back to 2021, when it established a digital assets unit focused on servicing bitcoin and other cryptocurrencies.

The bank’s custodial partnership with Ripple is its latest step in supporting the broader digital assets ecosystem.

The post BNY Mellon to custody Ripple’s stablecoin reserves appeared first on CoinJournal.

• Ripple applies for US banking licence, deepening regulatory alignment.
• CEO Garlinghouse is involved in shaping the Senate CLARITY Act on crypto.
• Traders are closely watching for a breakout above $2.3531 to confirm bullish continuation.

XRP is gaining momentum, holding firm around $2.33 after rising nearly 3% over the past 24 hours.

 

The renewed optimism comes amid broader crypto market recovery, but XRP appears to be outperforming as regulatory clarity aligns with growing institutional interest.

Ripple’s move to apply for a US banking licence and CEO Brad Garlinghouse’s growing role in shaping national crypto policy have also contributed to market sentiment.

Garlinghouse is reportedly involved in discussions around the Senate’s CLARITY Act, a proposed bill that aims to establish a regulatory framework for digital assets in the United States.

XRP technicals show an upward bias toward $2.40

XRP/USD is currently trading inside an ascending channel, with both the 50 and 200 exponential moving averages (EMAs) showing bullish alignment.

The 50 EMA is near $2.29, while the 200 EMA sits around $2.25.

The crossover between these two averages suggests a shift in market structure from neutral to bullish.

The price is making higher highs and higher lows, with candles consolidating along the midline of the channel.

The next significant resistance level is $2.3531.

A confirmed close above that mark could open the door to $2.38 and eventually $2.40, a psychological barrier.

Relative Strength Index (RSI) is approaching overbought levels, currently near 68, indicating some consolidation may occur before further upside.

XRP trade setup hinges on breakout confirmation or support retest

Traders are closely watching for a breakout above $2.3531 to confirm bullish continuation.

A clean break and close above this resistance would signal potential for a push to $2.38 and possibly $2.40.

The price structure remains supportive of this scenario, with gradually increasing volume and technical indicators showing positive momentum.

Alternatively, if XRP fails to break above $2.35 and prints a bearish reversal signal, such as a shooting star or long upper wick, traders may look for re-entry around $2.30.

This level is aligned with the 50 EMA and the lower boundary of the current channel, providing a potential support zone.

In either case, XRP’s technical setup offers clearly defined entry and exit levels for traders responding to short-term price action.

Outlook turns bullish as regulatory hurdles ease

XRP’s recent strength comes as the broader crypto market rebounds from macroeconomic pressures earlier this year.

While other assets are still regaining footing, XRP’s position has been bolstered by decisive legal victories, active policy involvement, and an improving technical structure.

Ripple’s alignment with US regulatory frameworks and ongoing efforts to engage with lawmakers place it at the centre of evolving crypto legislation.

As Ripple continues to push for institutional adoption, the combination of legal clarity, policy engagement, and technical momentum could support further growth for XRP in the weeks ahead.

The post XRP price forecast as coins surges 2.19% to $2.33 appeared first on CoinJournal.

• Solana’s network activity hit a record 15.39 million addresses.
• SEC fast-tracks SOL ETF filings after SSK ETF launch.
• SOL nears key $160 resistance amid strong technical setup.

Solana (SOL) has seen an impressive 45.6% surge over the past three months, driven by record-breaking network activity and growing optimism around a potential exchange-traded fund (ETF) approval in the United States.

Notably, the price hike has brought SOL closer to the key resistance zone around $160, raising hopes of a breakout as momentum builds from both technical and fundamental fronts.

Daily activity on the Solana Network hits record highs

Solana’s network has witnessed a sharp increase in usage over the past few weeks, with Daily Active Addresses (DAA) soaring to a historic peak of 15.39 million.

This surge in on-chain engagement reflects rising demand for the platform’s decentralised applications and staking services, especially at a time when other blockchain networks have shown stagnation.

In the first week of July, activity briefly dropped below 5 million, only to rebound to 14.63 million by July 7, signalling strong underlying user interest and a resilient ecosystem.

Such consistent growth in user activity is often a precursor to sustained price appreciation, particularly when it coincides with positive market sentiment.

Solana ETF speculation adds to bullish momentum

Speculation around the approval of a Solana ETF has intensified after the US Securities and Exchange Commission (SEC) asked fund issuers to update and resubmit their applications by the end of July.

While the SEC has until October 10 to reach a final decision, sources close to the matter have suggested that the timeline could accelerate following the surprise launch of the SSK ETF — the first Solana staking fund to go live in the US.

The SSK ETF, launched by REX Shares and Osprey, drew $12 million in inflows on its first day and recorded $33 million in trading volume, adding urgency to the SEC’s response timeline.

Analysts believe that the existence of a live Solana-based ETF has pressured the SEC to avoid giving one fund a competitive edge, as it did in the case of Bitcoin and Ethereum ETF approvals.

This regulatory backdrop has contributed to renewed bullishness in the Solana market, even though approval is not yet guaranteed.

Investor behaviour signals quiet accumulation

Exchange data also supports the bullish setup, with net outflows from centralised platforms increasing steadily in recent weeks.

This trend usually indicates that investors are moving their holdings into cold storage or decentralised wallets, a common signal of accumulation by long-term holders.

Moreover, despite low or negative funding rates, which show a lack of aggressive long positions, the market has remained firm — a setup that could lead to a short squeeze if SOL breaks higher.

With funding rates staying flat and volume holding above $4.5 billion daily, momentum could shift quickly if key resistance levels are cleared.

Technical analysis points to a breakout attempt

On the charts, Solana (SOL) is rounding off a classic cup-and-handle pattern, which is typically a bullish continuation signal when followed by a breakout above the upper handle.

Currently, SOL is hovering just under the critical resistance zone between $159 and $163.82, levels that align with key moving averages and Fibonacci retracements.

At the time of writing, Solana was trading at $150.76, slightly below the $159 barrier that has capped its rallies for several weeks.

The price stability above $150, despite volatile market conditions, shows strong buying pressure and investor confidence, even as leveraged traders remain on the sidelines.

While the Moving Average Convergence/Divergence (MACD) shows momentum tapering off, it remains near the zero line, indicating a potential trend reversal if upward pressure continues.

The Relative Strength Index (RSI) sits close to 50, revealing investor indecision but also suggesting room for a significant move in either direction.

A clean breakout above $159 would likely confirm the cup-and-handle formation and open the door to higher targets, with $194.25 and $215 as the next major price zones to watch.

The post Solana price jumps 45% as network activity soars: can SOL breach $160? appeared first on CoinJournal.