Schlagwort: blockchain markets

• TST fails to break $0.070 resistance, support at $0.0648.
• VINE eyes $0.0324 support amid potential death cross.
• BROCCOLI’s fate unclear after CTO post sparks selloff.

Three meme tokens—Test Token (TST), Vine (VINE), and Broccoli 714 (BROCCOLI)—have emerged as high-volatility plays this week on BNB Chain, generating a combined $139 million in 24-hour trading volume.

TST, a former tutorial token, has shocked markets by gaining serious traction.

VINE is flashing signs of instability with trading volumes exceeding its market cap, and BROCCOLI has dropped sharply on rumours of a sudden shutdown.

This sudden market shift follows a 21.14% weekly drop in BNB Chain’s overall decentralised exchange activity, even as it remains the third-largest chain by weekly volume.

The surge in meme coin activity may be filling that gap, drawing speculative capital from other ecosystems.

These moves reflect a broader trend where social sentiment, token mechanics, and liquidity dynamics have more immediate impact on price than fundamentals, particularly in meme coin markets.

TST gains momentum

Test Token (TST), originally launched on the four.meme platform as a demonstration project has unexpectedly gained momentum.

Its daily volume rose by nearly 65%, reaching $50.75 million, despite a broader downturn in BNB Chain DEX activity.

The network still ranks third by seven-day DEX volume, behind Solana and Ethereum, with $6.2 billion.

TST has a circulating supply of 900 million tokens, capped at 1 billion, with a fully diluted valuation of $64.5 million.

The token recently tested resistance at $0.070. Analysts are watching key support at $0.0648.

A breakdown may lead to $0.060. If bulls regain strength and break past $0.072, the next resistance lies at $0.0865.

Source: CoinMarketCap

VINE under pressure

Vine (VINE), launched in January 2025, has dropped 7% in the past day.

Its $43.86 million trading volume now exceeds its $35.25 million market cap, pushing the volume-to-market cap ratio to 125.72%.

This suggests speculative churn and a fragile price base.

VINE’s total supply is 1 billion tokens, with a fully diluted valuation of $35.25 million.

Technical charts show a potential death cross forming, which could send the token to support at $0.0324.

Source: CoinMarketCap

A breakdown from there might lead to $0.0287 or $0.0262. If the trend reverses, resistance levels to watch include $0.0389, $0.0424, and $0.0482.

BROCCOLI crashes

BROCCOLI 714 has plunged over 10% following a social media post from an account claiming to be its CTO, alleging that the project will be discontinued.

No official statement has followed, fuelling speculation that the post may be unauthorised.

BROCCOLI launched in February 2025 with a maximum supply of 1 billion tokens and a fully diluted valuation of $27.36 million.

The lack of clarity has driven selling pressure, pushing the token toward its $0.025 support.

Source: CoinMarketCap

If this level fails, the next target is $0.022. If the project team clarifies the situation, recovery toward $0.0292, then $0.032 and $0.034, remains possible.

Volatility reflects shifting sentiment

The divergence across TST, VINE, and BROCCOLI shows how sentiment, not fundamentals, continues to drive meme coin action.

Despite an overall decline in DEX traffic, traders are zeroing in on speculative coins for quick moves.

TST’s unlikely rise, VINE’s imbalance, and BROCCOLI’s panic selling all signal the unpredictability of this corner of the market.

As traders monitor key technical levels, meme coins on BNB Chain remain volatile assets driven by social sentiment, sudden announcements, and liquidity spikes.

With over $139 million moving across just three coins, investors are likely to stay tuned to every shift in these token narratives.

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• A three-year compliance period is proposed for digital asset firms.
• Democrats raise concerns about national security and money laundering.
• Crypto leaders say the US risks falling behind Europe and Asia on regulation.

Coinbase CEO Brian Armstrong has intensified pressure on the US Senate to act on crypto regulation, calling for a debate on the bipartisan GENIUS Act, which aims to establish a national framework for stablecoins.

With more than $1 trillion in stablecoin volume settled monthly and global competitors advancing their regulatory regimes, Armstrong’s urgency comes amid fears that the US may lose its foothold in digital finance.

His call underscores the growing push from crypto leaders for legislation that supports innovation while offering clear rules and consumer protections.

GENIUS Act sets uniform standards for stablecoins

Formally known as the Lummis-Gillibrand Payment Stablecoin Act, the GENIUS Act would mandate all stablecoins be fully backed 1:1 by US dollars, insured bank deposits, or Treasury bills, a move designed to eliminate concerns about solvency and run risk.

Only firms with a national licence would be permitted to issue these tokens, putting an end to the current patchwork of state-by-state regulations.

A three-year compliance window would give firms time to adapt, during which digital asset service providers must adjust their systems to align with new standards.

Supporters argue this would not only protect users, but also encourage institutional adoption by setting a clear regulatory perimeter.

Coinbase and other platforms dealing with dollar-pegged tokens such as USDC are expected to benefit if the act becomes law, potentially unlocking broader financial applications such as instant settlement and tokenised payments.

Democrats cite AML, security gaps as concerns

Despite initial bipartisan support, the bill is facing internal hurdles.

Senate Democrats have raised objections around national security, money laundering, and consumer protection, arguing the bill’s current provisions may not go far enough in curbing illicit finance.

This hesitation could delay progress before the August recess, even as Republicans and many industry leaders urge immediate action.

Without a compromise, the bill could stall in committee, leaving stablecoins in continued regulatory limbo.

Armstrong warned on X that the longer the US waits, the more likely it is to fall behind regions like the European Union, which already passed the MiCA framework, and Hong Kong, which plans to finalise its stablecoin rules this year.

Analysts have said this regulatory lag could push innovation offshore, depriving the US of its lead in blockchain-driven finance.

Industry calls the bill a turning point

If passed, the act would give stablecoin firms a green light to operate with confidence, possibly attracting more traditional finance players to the space.

Coinbase’s advocacy, including Armstrong’s direct appeal to lawmakers and other lobbying efforts in Washington, indicates that exchanges see regulatory certainty as key to unlocking the next phase of crypto adoption.

Still, the bill’s path to passage remains uncertain. It requires 60 votes in the Senate to move forward, which means several holdout Democrats would need to be swayed.

With time running out ahead of the August recess, much depends on whether lawmakers can strike a balance between risk mitigation and industry growth.

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• KuCoin released its latest Proof of Reserves report, offering a detailed snapshot of its current digital asset holdings.
• According to the report, KuCoin’s Bitcoin reserve ratio stands at 106%.
• The data indicates that KuCoin holds more BTC than it owes to its customers.

Crypto exchange KuCoin has refuted claims that it lost over 77% of its Bitcoin (BTC) reserves since mid-2023.

In a public statement, the company described the circulating figures as inaccurate and misleading, emphasizing its ongoing commitment to transparency, user security, and responsible reporting in the digital asset space.

The rebuttal comes in response to a report by blockchain analytics platform Onchain School, which alleged that KuCoin’s BTC holdings plunged from 18,300 BTC in June 2023 to approximately 4,100 BTC by April 2025—a sharp decline of nearly 14,200 BTC.

The report cited data from CryptoQuant, attributing the alleged drop to KuCoin’s implementation of mandatory Know Your Customer (KYC) rules last year.

KYC policy blamed for alleged Bitcoin outflows

The central argument in Onchain School’s analysis links KuCoin’s supposed BTC reserve decline to its KYC policy introduced in August 2023.

The new regulation required all users to complete identity verification—a move intended to enhance security and curb criminal activity, including money laundering and terrorism financing.

The analytics firm speculated that the stricter compliance measures led to mass user withdrawals due to privacy concerns.

It also noted that KuCoin’s alleged reserve drop was steeper than similar trends seen across centralized exchanges, suggesting a more acute user response in this case.

However, KuCoin pushed back on these conclusions, saying the figures do not accurately represent the current state of its reserves and warning that such misinformation could damage trust across the broader crypto industry.

KuCoin publishes proof-of-reserves to counter claims

To counter the narrative, KuCoin released its latest Proof of Reserves report—its 30th to date—offering a detailed snapshot of its current digital asset holdings.

According to the report, KuCoin’s Bitcoin reserve ratio stands at 106%, covering approximately 9,751 BTC in user balances and 10,306 BTC in exchange-controlled wallets.

The data indicates that KuCoin holds more BTC than it owes to its customers, reassuring users of the platform’s solvency.

In addition to Bitcoin, the report revealed overcollateralization for other major assets:

• Ethereum (ETH): 116% reserve ratio

• Tether (USDT): 114% reserve ratio

• USD Coin (USDC): 109% reserve ratio

KuCoin stated, “We’re concerned about the spread of false or misleading information by some platforms. Irresponsible reporting misleads users and undermines trust in the crypto ecosystem.”

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• Senate Democrats, led by Sen. Gallego, signaled opposition to advancing the current stablecoin (GENIUS Act) bill.
• Concerns stem from President Trump’s increasing personal financial ties to crypto ventures (memecoin, family-linked stablecoin).
• The legislative stall threatens not only the stablecoin bill but also progress on broader crypto market structure rules.

The path forward for landmark stablecoin legislation in the US Senate has hit a significant snag, as key Democratic lawmakers express reservations linked directly to President Donald Trump’s growing personal and financial connections within the cryptocurrency industry.

What was recently seen as a bipartisan effort now faces political headwinds, potentially delaying not only stablecoin rules but also broader market structure legislation for the digital asset sector.

Over the weekend, a group of nine Senate Democrats, led by Senator Ruben Gallego of Arizona, signaled they would oppose advancing the current version of the main stablecoin bill, known as the Guiding and Establishing National Innovation for US Stablecoins of 2025 (GENIUS Act).

Their unified stance raises immediate procedural hurdles, as Senate rules typically require 60 votes to overcome filibusters and move legislation forward. Gallego, notably elected with substantial backing ($10 million) from the crypto-focused super PAC Fairshake, now leads the charge expressing concerns.

While the senators’ public statement cited the need for stronger provisions on critical issues like anti-money laundering, national security, and consumer protection, sources suggest deeper concerns related to President Trump’s potential personal financial gains from the crypto space are driving the hesitation.

In a report, CoinDesk confirmed that Senate Minority Leader Chuck Schumer had privately urged Democrats to withhold support during a caucus meeting last week, predating Gallego’s public announcement. Axios first reported this internal division.

Trump’s crypto ventures raise red flags

Two recent developments appear to have particularly crystallized Democratic concerns. First, President Trump announced plans for a dinner exclusively for top holders of his own branded memecoin.

Second, Abu Dhabi investment firm MGX announced its intention to utilize USD1 – a stablecoin associated with World Liberty Financial, a firm backed by the Trump family – for a significant investment into the cryptocurrency exchange Binance.

As USA Today noted, these ventures suggest Trump could personally profit to the tune of hundreds of millions of dollars from activities potentially legitimized or facilitated by the proposed legislation.

President Trump, during a weekend interview on Meet the Press, denied seeking personal profit from his crypto initiatives.

“I’m not profiting from anything,” he asserted. “All I’m doing is, I started this long before the election. I want crypto. I think crypto’s important because if we don’t do it, China’s going to… But I want crypto because a lot of people, you know millions of people want it.”

Legislative momentum hits a wall

This emerging conflict threatens to derail the momentum not only for the stablecoin bill but also for much-anticipated market structure legislation.

Industry stakeholders have long sought clarity on how the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) should oversee the broader digital asset market.

One individual working closely with lawmakers told CoinDesk that while the stablecoin bill might eventually pass, the current delay could jeopardize its progress, which in turn would almost certainly stall any movement on the more comprehensive market structure bill.

Concerns about the potential duration of this legislative slowdown and what concessions might be needed to appease Democrats are growing.

Senator Elizabeth Warren, a leading Democrat on the Senate Banking Committee and a prominent crypto skeptic, was unequivocal. Referring to the MGX deal involving the Trump family-linked stablecoin (publicly shared by Eric Trump), she posted on Bluesky that the Senate should reject any bill that would “facilitate this kind of corruption.”

Warren, along with Senator Jeffrey Merkley, subsequently sent a letter Monday urging the U.S. Office of Government Ethics to investigate the MGX transaction.

The resistance isn’t confined to the Senate. Representative Maxine Waters, the top Democrat on the House Financial Services Committee, informed the committee’s chair on Monday that she would block efforts to hold a joint hearing with the House Agriculture Committee aimed at addressing market structure legislation.

Politics vs. policy: industry urges action

Financial policy analyst Jaret Seiberg of TD Cowen characterized much of the current impasse as “politics.”

In a note to clients, he observed that Trump’s personal stake makes it politically difficult for Democrats to support legislation regulating his family’s interests.

Despite this, Seiberg predicts the stablecoin bill will likely still pass the Senate eventually, albeit perhaps not this week, given the crypto industry’s significant lobbying power and resources.

“It is hard for us to see why the Democrats would take on that fight when they can leverage significant concessions from the GOP on the stablecoin bill,” he reasoned.

The crypto industry itself appears alarmed by the sudden halt in momentum.

A joint statement released Monday by leaders of the Blockchain Association, the Crypto Council for Innovation, and the Digital Chamber urged Senators to proceed with debate on the GENIUS Act, arguing a clear regulatory framework is vital for stablecoin adoption and maintaining “dollar dominance in the digital economy.”

The National Venture Capital Association echoed this call, emphasizing the need for clear rules to foster innovation and support US leadership in financial technology.

While the senators withholding support stated they “recognize that the absence of regulation leaves consumers unprotected,” their current stance, driven by concerns over presidential conflicts of interest, has undeniably pumped the brakes on crypto legislation in Washington.

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