Track market-moving stories before they get noisy

TLDR: A one-of-one DVN configuration on the Kelp rsETH bridge created a single point of failure that attackers exploited. The attacker borrowed 82,650 WETH and 821 wstETH using 89,567 stolen rsETH across eight Aave V3 positions. DeFi United coordinated over $300 million in recovery commitments from Lido, Ethena, Mantle, and other contributors. Aave’s LayerZero OFT adapter was fully refilled across five tranches, restoring 116,131 rsETH backing in full. The April 18, 2026 rsETH incident exposed a critical vulnerability in third-party bridge infrastructure connected to Aave’s markets.

A forged cross-chain message on the Kelp rsETH LayerZero V2 bridge released 116,500 rsETH on Ethereum without any matching burn on Unichain.

The attacker then used those tokens as collateral across Aave V3 positions. A coordinated recovery effort later restored full backing and returned all affected markets to normal.

The Bridge Vulnerability That Triggered the Exploit The Kelp rsETH LayerZero V2 bridge from Unichain to Ethereum relied on a single verifier to sign all inbound cross-chain messages.

That configuration, known as a one-of-one Decentralized Verifier Network, created a single point of failure. When that verifier was targeted by an RPC-poisoning attack, the attacker manipulated its view of the source-chain state entirely.

At 17:35 UTC on April 18, the Ethereum endpoint accepted inbound nonce 308 and released 116,500 rsETH from the RSETH_OFTAdapter.

At that same moment, Unichain’s source endpoint still showed only outbound nonce 307. No burn had occurred on the source chain, yet the Ethereum side processed the message as legitimate.

The root cause was not a flaw in Aave’s smart contracts. Instead, it was the bridge’s reliance on a single verifier and that verifier’s susceptibility to external manipulation. That dependency sat entirely outside the Aave protocol.

How the Attacker Moved Through Aave’s Markets Once the 116,500 rsETH was released, the attacker moved fast. The stolen tokens were dispersed across seven recipient addresses within minutes of the exploit. From there, 89,567 rsETH was deployed across eight Aave V3 positions on Ethereum Core and Arbitrum.

Against that collateral, the attacker borrowed 82,650 WETH and 821 wstETH. Health factors across the eight positions were kept between 1.01 and 1.03, just above liquidation thresholds. That positioning allowed the attacker to hold the borrowed assets while avoiding automatic liquidation.

Aave’s exposure came from rsETH being listed as collateral on its markets under standard overcollateralization terms. That listing created a direct dependency on the bridge’s verification path, infrastructure that Aave does not control.

The Immediate Containment Steps That Followed The Aave Protocol Guardian responded within hours. By 19:00 UTC on April 18, rsETH and wrsETH were frozen across Aave V3, and LTV was set to zero.

On Aave V4, the Kelp Spoke was fully frozen across both WETH and rsETH reserves, and WETH borrowing on the Spoke was deactivated immediately.

Between 18:00 and 19:00 UTC, Kelp paused 43,373 rsETH connected to the exploit. That action prevented further movement of those specific tokens and limited additional damage during the early response window.

Over the following two days, additional protections were layered across the affected markets. WETH was frozen across Ethereum Core, Ethereum Prime, Arbitrum, Base, Mantle, and Linea on April 20.

The Arbitrum Security Council then froze 30,766 ETH linked to the attacker on April 21. By April 23, rsETH reserves were fully paused across multiple deployments, preserving the ability to liquidate attacker positions and recover assets for affected users.

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The race to dominate crypto-native betting platforms is accelerating as the 2026 FIFA World Cup draws closer. Mantle, a blockchain network positioning itself as a bridge between traditional finance and on-chain liquidity, has entered the arena with InsightX—a prediction market it claims is the first built from the ground up with artificial intelligence at its core. The move, detailed in a launch announcement on June 12, underscores how L2 networks are chasing user growth by tying their infrastructure to major cultural events.

Prediction markets have proven to be one of the stickiest use cases in crypto. Platforms like Polymarket attracted billions in volume during the 2024 US election cycle, and sports betting remains a massive offline habit that many in Web3 see as low-hanging fruit for on-chain migration. The World Cup, expected to draw over $100 billion in global wagers across all channels, is a natural target. Mantle’s InsightX aims to differentiate itself by using AI not just for odds-making but for market creation and risk management. The exact mechanics remain vague—the press release does not detail the AI model or data sources—but the framing suggests a product designed to reduce the friction and bias common in human-curated markets.

The Bet on AI as Market Infrastructure Integrating AI into a prediction market goes beyond adding a chatbot. In theory, an AI-native system can continuously synthesize news, sentiment, player stats, and on-chain signals to adjust odds in real time, and even auto-generate event contracts. This could lower the barrier for market proposers and make the platform more responsive. However, the real test will be whether Mantle’s implementation delivers accuracy and user trust. AI models are only as good as their training data, and in high-stakes betting, even a marginal edge in pricing can lead to huge losses for liquidity providers.

This product launch also feeds into a broader narrative of AI infrastructure intersecting with Web3. Across the ecosystem, projects are racing to embed machine learning into everything from decentralized finance to data storage. A recent partnership between UXLINK and Origins Network highlighted the push for scalable AI-driven applications using decentralized computing. Mantle’s move fits that pattern, attempting to deliver a consumer-facing product where AI is the backend differentiator.

The Legal Grey Zone That Can’t Be Ignored Prediction markets operate in a fragile regulatory environment, especially in the United States. The Commodity Futures Trading Commission has repeatedly challenged event contracts, and even successful platforms have faced geofencing requirements or outright bans. The recent legislative battle over a major crypto bill, where banks pushed to kill the measure just days before a Senate vote, shows how quickly the political winds can shift. Mantle has not disclosed whether InsightX will be geo-restricted or how it will handle compliance across jurisdictions.

That silence will worry some potential users. A World Cup prediction market without access to US bettors—or one that launches and then faces enforcement action—would instantly lose the volume that makes these platforms viable. Mantle’s team, which has deep experience in DeFi, likely understands this risk, but the press release steers clear of any mention of licenses, regulatory approvals, or legal strategy. In the absence of clarity, the market’s initial traction may depend more on whether it can operate without interference than on the sophistication of its AI.

Liquidity and Ecosystem Effects Beyond the product itself, InsightX could serve as a liquidity magnet for the Mantle network. Prediction markets require deep order books and a steady stream of bettors and liquidity providers. If the World Cup draws significant activity, it could lift on-chain volume for MNT, the network’s native token, and attract developers to build other applications on Mantle. That is the textbook playbook for an L2: use a flagship dApp to bootstrap a network effect. The risk, however, is that prediction markets are seasonal and event-driven. After the tournament ends, engagement could plummet unless Mantle can extend the use case to politics, entertainment, and niche events.

The broader market for AI-augmented prediction markets is still undefined. No major comparable product exists to benchmark against, so Mantle is essentially building its own category. That carries first-mover advantage but also the burden of educating users and proving that AI-generated markets are more attractive than human-curated ones. Months before the World Cup kicks off, the question is not just whether InsightX works technically, but whether bettors will trust a machine to run their book.

AUTHOR

Max delves deep into the cryptocurrency realm, with a passion for altcoins and NFTs. Convinced of crypto's transformative potential, he envisions a decentralized financial future. Max's background in the financial sector grants him unique insights into global monetary systems. In his leisure, Max embraces the thrill of adventures and is an avid sports enthusiast, finding balance and rejuvenation away from work.

PANews, June 23 – Mantle announced the launch of USPXx, a tokenized product of the Franklin U.S. Equity Index ETF, providing approximately $200 million in U.S. equity exposure accessible through on-chain trading. The token is issued by xStocksFi and is tradable 24/7 on Fluxion Network, a decentralized trading platform within the Mantle ecosystem.

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Franklin Templeton’s USPX ETF is no longer confined to brokerage accounts and traditional exchanges. Through a new listing on Mantle, the asset manager’s exposure is now accessible as a tokenized representation on an Ethereum layer-2 network, as announced in the original report. The listing, executed via the xStocks platform under the ticker USPXx, marks one of the earliest instances of a major traditional ETF moving on-chain through an Ethereum L2 specifically positioned for institutional distribution.

Mantle has carved out a niche as a network that bridges traditional capital markets and on-chain liquidity, rather than competing as a general-purpose rollup. The decision to host a Franklin Templeton product reinforces that identity. For xStocks, which specializes in tokenized equities and funds, bringing a well-known issuer’s ETF onto Mantle is a proof point that regulated financial products can sit on public blockchain infrastructure without sacrificing compliance or investor familiarity. The move comes at a time when tokenization volumes are accelerating. Just weeks ago, the tokenization of real-world assets crossed $20 billion on-chain, with major institutions settling live transactions against tokenized Treasuries.

Why a Layer-2 Play Matters Ethereum mainnet remains the most secure and decentralized smart contract platform, but gas costs have long made frequent trading or small-position exposure to tokenized funds impractical. Layer-2 rollups like Mantle solve that by compressing transactions and settling batches on Ethereum, driving fees down while retaining the underlying security guarantees. That cost structure makes on-chain ETFs viable for a broader range of users, not just whales. Mantle’s approach is specifically tuned for institutional and distribution-layer use cases: the chain offers native yield on bridged assets and an ecosystem fund designed to bootstrap liquidity for high-quality RWA products.

The USPXx listing demonstrates that ETF issuers are no longer waiting for a perfect regulatory wrapper. Instead, they are working with crypto-native infrastructure to make existing fund exposure tradeable on-chain under existing frameworks. Franklin Templeton is not new to digital assets—the firm runs a spot Bitcoin ETF and has explored tokenized money market funds. Extending that strategy to an equity or blended ETF through an Ethereum L2 signals that institutional comfort with public blockchains is maturing rapidly.

What’s Still Unclear While the listing is a milestone, several uncertainties remain. Liquidity depth for tokenized ETF shares is still thin compared to centralized exchange and brokerage order books. The on-chain version of USPX may trade at a premium or discount to its net asset value if sufficient arbitrageurs do not step in early. Mantle and xStocks will need to demonstrate that market makers can support tight spreads, otherwise the product risks becoming a novelty rather than a liquid alternative.

Regulatory treatment of tokenized funds also sits in a gray zone. The USPXx token likely represents a beneficial ownership claim on the underlying ETF, structured to comply with securities laws in the jurisdictions where it is offered. How regulators view the secondary trading of that token on decentralized venues or through permissionless wallets is still being tested. Recent pushback from banking interests against crypto legislation, as seen in the Senate, underscores that the path for on-chain financial products is not settled.

For Mantle, the timing works in its favor. As TradFi asset managers search for scalable on-chain distribution, networks that can prove low-cost, secure, and institutionally friendly infrastructure are likely to capture early RWA flows. The USPXx listing is not just a product launch—it is a bet that the next wave of ETF distribution will run through Ethereum rollups, not just traditional platforms.

AUTHOR

Max delves deep into the cryptocurrency realm, with a passion for altcoins and NFTs. Convinced of crypto's transformative potential, he envisions a decentralized financial future. Max's background in the financial sector grants him unique insights into global monetary systems. In his leisure, Max embraces the thrill of adventures and is an avid sports enthusiast, finding balance and rejuvenation away from work.

Binance, one of the leading crypto exchanges (CEXs) has dropped big news. Apparently, it is listing Ethena USDe (USDE), a stablecoin that is growing fast in the crypto arena. Trading of the token opens today, September 9, 2025. Spot trading pairs USDE/USDC and USDE/USDT are expected to go live at 12:00 (UTC). So, why are traders closely keeping an eye on this USDe stablecoin listing?

A Smooth Ethena USDe (USDE), Launch With Zero Fees According to Binance’s announcement, Users are allowed to start depositing Ethena USDe (USDE) into their Binance accounts, ahead of the launch. Binance listed USDE without charging a fee, making the launch completely free. Withdrawals are expected to open a day later on September 10, although the leading crypto exchange noted the time may change, as it depends on network conditions.

Binance will list Ethena USDe (USDe).

More information 👉 https://t.co/xUrY0OAhLc pic.twitter.com/otHEZ4yHus

— Binance (@binance) September 9, 2025

What Makes USDe Stablecoin Stand Out USDE is not just a mere stablecoin. It is the largest-backed crypto asset that is not tied directly to any fiat reserves. With a circulating supply of around $12 billion,  it is backed by a mix of delta-hedged cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and standard stablecoins.

With this model, USDE has managed to rise, becoming the third-largest USD-denominated digital asset in history. Ethena, its parent protocol, now boasts over $14 billion in total value locked (TVL), and has become a central player in top  DeFi platforms and centralized exchanges.

Rewards for Holding USDE on Binance Users holding at least 0.01 USDE are eligible for a rewards program, a strategy Binance is using to encourage adoption. Every day, rewards will be calculated across Futures, Funding, Margin, and Spot accounts and paid out directly. To begin with, all rewards in September will be distributed as a lump sum at the end of the month. Thereafter, payouts will switch to weekly, starting in October.

Why Traders Are Watching Ethena USDe Binance Listing The listing of Ethena USDe (USDE) on Binance is drawing attention for good reasons. Compared to other stablecoins in history, the token has experienced quick growth. By arriving on one of the most trusted exchanges, it gains a massive new audience. For traders and investors, the  USDE listing is not just another token listing, but an opportunity to get hold of one of the most talked-about crypto projects in DeFi right now.

Final Thoughts Will Ethena USDe keep building the momentum? While that question remains open, it is clear that its influence in the stablecoin market is only set to grow, with the backing of Binance.

Frequently Asked Questions (FAQs)

It’s a non-fiat backed stablecoin supported by BTC, ETH, and stablecoins, with over $12B in supply.

Trading opens on September 9, 2025, at 12:00 (UTC) with USDE/USDC and USDE/USDT pairs.

Yes. Holding at least 0.01 USDE earns rewards, with payouts starting September and weekly from October.

Key Takeaways Why is USDe still a risk despite the isolated Binance de-peg? The isolated de-peg triggered a broader contagion and can still happen without proper risk management. 

Will the industry learn from Friday’s flash crash? It was a necessary stress test, sparking discussion among crypto leaders on the way forward. 

OKX founder Star Xu has called for a reassessment of some of the risks that triggered the crypto crash on 10 October.

In a statement, Xu singled out Ethena’s USDe, adding that its de-pegging risk can cause market-wide contagion like the Friday bloodbath. As a result, it should be treated as a ‘tokenized hedge fund,’ not a stablecoin. 

“It’s important to remind the market that USDe should not be viewed as a 1:1 pegged stablecoin — it’s a tokenized hedge fund.”

Although he is an early investor in Ethena, Xu believes that USDe isn’t designed to hold a hard peg to USD. Hence, robust risk controls are needed, or else everything could go bust in minutes.

“Treating USDe as a simple 1:1 stable asset could introduce systemic risks to the entire crypto industry in the future.”

Source: X A painful lesson for leveraged traders Xu’s statement was a response to a report by Ethena founder Guy Young. According to Young, last Friday’s USDe price dislocation was “not a true de-peg,” but an isolated case in Binance. 

USDe is designed to track the U.S dollar. However, it de-pegged and dropped by 35% on the Binance exchange and took a while before regaining the peg. 

The aftermath? Collateral swiftly fell below risk levels, triggering an escalated bloodbath for leveraged traders. It was a painful lesson on thin order books and microstructure. A whopping $19 billion worth of positions were wiped out in minutes – The largest in history, dwarfing the FTX collapse and the Covid events. 

Altcoins dropped by over 90% and access to Binance fluctuated, blocking market makers (MM) from coming to the rescue (bringing liquidity to solve the depeg). 

Haseeb Qureshi, Partner at VC Dragonfly, described the situation better. He equated it to a fire breakout, with MMs as firefighters. 

“It’s like a fire broke out on Binance, but all of the roads were blocked and firefighters couldn’t make their way in. This caused a wildfire to break out on Binance, but pretty much everywhere else.”

On-chain venues like Hyperliquid reacted with ruthless efficiency via auto-deleveraging (ADL). Positions were forcefully closed at punitive rates to ensure the platform is free from debt. 

At the time of writing, Binance had repaid over $280M to victims during the USDe de-peg. Especially traders that had coin margins (Who set USDe, and other coins as collateral).  

That being said, ENA recovered by over 10% like the rest of the market, with key players betting on further recovery. However, the overall market sentiment was still red at press time – A sign of short-term market caution. 

Source: Santiment

Rubio: US and Iran to continue technical consultations at the end of this month

Multiple foreign media outlets reported on the 24th that US Secretary of State Rubio said technical teams from the United States and Iran will hold further talks in Switzerland by the end of June. (Xinhua News Agency)

5 hours ago

Over the past 24 hours, total crypto market liquidations hit $606 million, with more than 130,000 traders liquidated.

According to Coinglass data, the global cryptocurrency market recorded $606 million in liquidations over the past 24 hours, including $542 million in long-position liquidations and $68.22 million in short-position liquidations. A total of 135,785 traders worldwide were liquidated in the same period, with the largest single liquidation order occurring on Binance’s BTCUSDT trading pair, valued at $12.0111 million.

5 hours ago

Bitcoin falls below $60,000

According to HTX market data, Bitcoin has fallen below $60,000, with a 4.3% drop in the past 24 hours.

5 hours ago

US Treasury Secretary: AI boom may boost productivity and help curb inflation.

US Treasury Secretary Bessent told CNBC in an interview that he hopes the Federal Reserve will remain "open-minded" about the inflation pattern after the reversal of Iran-related energy price hikes. Bessent noted that the U.S. could enter an economic environment marked by high GDP growth without a corresponding rise in traditional inflation. He cited that in the 1990s, Alan Greenspan foresaw that office modernization and the internet could drive non-inflationary growth, and allowed the economy to keep expanding. Bessent believes the U.S. has a strong chance of seeing a similar scenario again. When asked whether the Fed still needs to worry about potential inflation and whether interest rate cuts are possible this year or next, Bessent declined to comment. However, he argued that it is necessary to stay open-minded about the price or inflation impacts from the Iran conflict, and monitor inflation performance after those effects subside. Bessent also said an open mind is needed, as the AI boom could boost productivity and deliver disinflationary effects, helping inflation return to the Fed’s target level. He added that he believes Kevin Warsh will choose the optimal path that meets both the Fed’s inflation and growth mandates. Bessent also noted that Warsh previously took a hawkish stance on inflation.

5 hours ago

US stocks' intraday storage sector sees broad declines, with Western Digital and Seagate Technology both falling over 4%.

According to Bitget data, during U.S. stock trading hours, the storage sector saw broad declines: Western Digital (WDC) fell 4.47%, Seagate Technology (STX) dropped 4.17%, SanDisk (SNDK) declined 2.31%, and Micron Technology (MU) edged down 0.96%. Most optical communication concept stocks rose, with Corning (GLW) leading the gains at 9.75%, followed by Ciena (CIEN) up 3.24%, Coherent (COHR) rising 2.93%, Lumentum (LITE) gaining 2.61%, and Nokia (NOK) advancing 1.82%. Additionally, Marvell Technology (MRVL) fell 2.59% and Applied Optoelectronics (AAOI) declined 1.90%.

5 hours ago

During intraday trading in U.S. stocks, crypto-related concept stocks fell broadly, with MSTR dropping more than 7%.

According to Bitget market data, the three major U.S. stock indexes rose broadly: the Dow Jones Industrial Average gained 0.94%, the S&P 500 increased 0.60%, and the Nasdaq rose 0.63%. Crypto-related stocks fell across the board, with declines as follows: Strategy (MSTR) down 7.33%; Circle (CRCL) down 4.35%; Bitmine (BMNR) down 3.97%; Coinbase (COIN) down 3.73%; Robinhood (HOOD) down 3.70%; Gemini (GEMI) down 3.27%; Bullish (BLSH) down 3.25%; Sharplink (SBET) down 3.19%.

5 hours ago

The synthetic stablecoin’s market capitalization has shed over $5 billion in just three and a half weeks.

Ethena Labs’ synthetic dollar-pegged token Ethena USDe (USDE) has lost over $5 billion of its market capitalization since the Oct. 10 market crash, after the asset experienced a major stress test.

Before the “Black Friday” flash crash — which wiped out over $19 billion in leveraged positions across the market, becoming the largest liquidation event in crypto to date — USDE’s market cap stood above $14.6 billion.

Ethen USDe's market cap fell sharply by about $2 billion on Oct. 10-11 as investors rushed to redeem their USDE, exchanging their tokens for the underlying collateral. According to Ethena Labs’ documentation, each USDE redemption burns the returned USDE, which can reduce the overall token supply, and thus the market capitalization.

As Blockworks analysts noted in an Oct. 15 Ethena governance forum post, “approximately $1.9 billion in USDe redemptions were processed between the 10th and the 11th of October.” The analysts added that the large redemption volume was processed quickly, noting Ethena’s mechanism showed “extreme resilience”:

“While it [redemption volume] was for $1.6B in a single day and $1.9B in the two days before and after the crash, it is likely realistic to consider that the bulk of this redemption happened in less than a few hours.”Ethena USDe lost another $3 billion in market cap over the rest of October, reaching about $9.2 billion at press time.

Ethena USDe market cap in October. Source: CoinGeckoThe Binance Flash-Crash The nearly 40% drop in market cap is the sharpest one since Ethena USDe’s launch in late 2023. While it’s hard to say what the exact reasons for the massive redemptions are, the token did come under increased scrutiny after Oct. 10, when its price on crypto's largest centralized exchange (CEX) Binance briefly plunged to about $0.65.

As The Defiant reported earlier, USDE's dramatic price crash below $1 on Binance — which didn’t occur on other platforms — led to a wave of liquidations on the CEX, resulting in widespread criticism of Binance’s pricing oracle setup. Notably, on Curve Finance and other decentralized protocols, USDE’s price stayed close to its $1 peg during the market volatility.

In a blog post on Oct. 12, Binance distanced itself from those accusations, saying instead that the exchange’s core futures and spot matching engines and API trading “remained operational” during the crash.

Sam MacPherson, CEO and co-founder of Phoenix Labs, suggested in an X post on Nov. 2 that part of USDe’s decline could also be linked to excessive leverage, noting that the token had become “over-leveraged at 15 billion.”

“As I said the more organic size for USDe is around 6-7b and so when the market turns it was always going to reflexively drop to the organic size," MacPherson wrote.

The Defiant reached out to Ethena Labs for comment on the shift, but hasn’t heard back by press time.

As The Defiant reported earlier, in late September, USDE deposits on Binance surged to reach $735 million just a day after the CEX began offering 12% APR on USDE via its Binance Earn product.

Wed 07 Jan 2026 ▪ 5 min read ▪ by Mikaia A.

Summarize this article with:

Stablecoins are proliferating. Almost every week, a new initiative arises in the crypto-sphere. Their promise? Stability backed by the US dollar, but blockchain-style. While the United States multiplies economic fronts, these digital tokens backed by (more or less) solid reserves present themselves as the new guardians of digital financial balance. And what if, behind this explosion of stablecoins, there was a geopolitical asset? Or, to put it more bluntly: are stablecoins a golden parachute for the dollar?

In brief JupUSD is backed 90% by the BUIDL fund via USDtb, and 10% in USDC. Jupiter unifies its crypto products around a native stablecoin usable everywhere on Solana. Ethena Labs orchestrates the JupUSD reserve, with transparent management and traceable on-chain flows. The approach appeals to institutions and traders: a home stablecoin becomes a strategic liquidity lever. JupUSD: the Trojan horse of the dollar in the DeFi universe Jupiter, one of the DeFi locomotives on Solana, has just pulled out JupUSD, a native stablecoin of its ecosystem. The main ingredient of this new recipe? BlackRock’s BUIDL fund, via the USDtb stablecoin. 90% of JupUSD’s reserves are backed by this regulated asset, the rest being in USDC to guarantee immediate liquidity via Meteora.

The JupUSD token was designed as an SPL token, Solana’s native standard, with a clear intention: “to unify the user experience” across all bricks of the Jupiter ecosystem. From perpetuals to market prediction, including mobile and limit orders, everything aligns around the home digital dollar.

Transparency? It materializes through institutional custody ensured by Porto (via Anchorage Digital), with multiple audits before launch. Jupiter emphasizes this point:

JupUSD was designed with a security-centered approach. This implies institutional-level self-custody ensured via Porto by Anchorage Digital. Furthermore, the source code is fully open source, with three independent audits conducted by Offside Labs, Guardian Audits, and Pashov Audit Group before launch.

Ethena Labs: the craftsman of the JupUSD stablecoin mechanisms Behind the facade of JupUSD lies Ethena Labs, a discreet but strategic player. They orchestrate reserve operations, flow management, and asset allocation. Their expertise has already been proven with USDe and USDtb. For JupUSD, Ethena uses distinct and public on-chain addresses, ensuring traceability of operations.

The goal is clear: to create a stable token that is resilient, flexible, and productive. Thanks to Jupiter Lend, users can deposit their JupUSD and receive jlJupUSD, a token offering unique promotional rewards, in addition to classical lending gains. This strategy incentivizes long-term holding and strengthens liquidity.

Ethena doesn’t hide its ambitions:

We believe that JupUSD will demonstrate how protocols, by mastering the economics of their stablecoin integrations, can: 1. make their products more efficient, 2. increase the value redistributed to their ecosystem and their users. 

Crypto and digital dollar: towards a backstage war of stablecoins? The multiplication of so-called “native” stablecoins seems to be turning into a global strategy. MetaMask, Klarna, SoFi, Hyperliquid… all want their own dollar-parity token. Why rely on a USDT or USDC when you can hold the key to your own liquidity?

At Jupiter, the narrative is clear: it is about unifying dollar liquidity across the entire infrastructure. Result: 500 million dollars in USDC will gradually migrate to JupUSD, notably in the Jupiter Perps pool.

And this trend appeals beyond individual traders. Institutions can strike or buy JupUSD at any time via single transactions on Solana, with capacities published in advance.

The current dynamic shows that every DeFi player wants to control their flows, margins, and currency. Decentralization no longer excludes hyper-integration. Perhaps this is the real turning point of the crypto industry: no longer depending on the stablecoin “sacred cows.”

Some key figures and facts 90% of JupUSD reserves are in USDtb, backed by BlackRock’s BUIDL fund; 500 million dollars of USDC are in the process of being converted to JupUSD; JUP, Jupiter’s native token, soared 18% in one week; JupUSD is an SPL token, natively compatible with the entire Solana ecosystem; The global stablecoin market is worth about 308 billion dollars. As the year closes, USD1, the stablecoin supported by Donald Trump, surpasses 3 billion dollars in market capitalization. Another piece in the American digital monetary puzzle. While the world wonders who will dominate the next era of the crypto-dollar, some have already placed their tokens.

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Mikaia A.

La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

Summarize this article with:

On January 6, 2026, Kraken formalized a major partnership with Ethena Labs. The American exchange becomes one of the institutional custodians of assets backed by USDe, the synthetic dollar that rose to be among the three largest stablecoins in the world. This selection, validated by the Ethena Risk Committee (ERC), marks a decisive step in the institutionalization strategy of the DeFi protocol.

Why this partnership is significant USDe is not a classic stablecoin. Unlike USDT or USDC backed by fiat reserves, it is based on a delta-neutral strategy combining long positions on crypto assets (ETH, BTC, stETH) and equivalent short positions on derivatives markets. This complex architecture requires custody infrastructure adapted to intensive operational flows.

Kraken Custody meets these requirements. Operated by Kraken Financial, a special purpose depository institution (SPDI) chartered bank of Wyoming, the service offers cold storage with total asset segregation. Funds held for Ethena are kept one to one, in isolated vaults protected from custodian bankruptcy risk – a crucial requirement for DeFi protocols managing several billion dollars.

Guy Young, founder of Ethena, explained the logic of this choice in the official statement: Kraken’s selection reflects the Risk Committee’s commitment to evolving USDe on infrastructures meeting institutional expectations. The depth of the US regulatory framework, operational controls, and Kraken’s security architecture correspond to the standards defined by the protocol.

A rigorous selection by the Risk Committee The Ethena Risk Committee is an independent body elected by the DAO governance. Its role: to assess and validate every decision likely to affect the protocol’s risk profile. For January 2026, its members notably include Blockworks Advisory, Kairos Research, Llama Risk, and Steakhouse Financial.

To integrate new custodians, the committee applies a 50-criteria evaluation process structured in three areas. Security and custody operations account for 40% of the final score, with a minimum of 8/10. Operational capacity represents 30% (minimum 7/10). Protocol requirements complete the evaluation at 30% (threshold 8/10). Any candidate with a history of customer fund losses or availability under 99.9% is automatically excluded.

Kraken thus joins Copper and Ceffu, Ethena’s historic custodians specialized in off-exchange settlement of derivative positions. Unlike them, Kraken will focus on custody of reserve stablecoins: USDT, USDC, PYUSD, USDtb, and yield-bearing tokens deployed on Aave.

Kraken Custody’s security architecture Kraken’s value proposition is based on multiple layers of protection. The infrastructure combines hardware security modules (HSM) and multi-party computation (MPC) for managing private keys. The internal cybersecurity teams oversee the entire system.

Gurpreet Oberoi, head of Kraken Institutional, highlighted that this partnership demonstrates the exchange’s ability to manage complex institutional workflows while maintaining high standards of security and compliance. Kraken Financial’s regulated structure offers institutional clients an environment comparable to traditional finance standards.

The service currently supports over 200 digital assets and targets a wide range of institutional clients: listed companies, venture capital funds, asset managers, and hedge funds. In 2025, Kraken expanded its geographic coverage to the UK, Australia, and the European Economic Area through obtaining a MiCA license from the Central Bank of Ireland.

Enhanced transparency starting January 2026 The agreement foresees Kraken Custody’s participation in Ethena’s transparency mechanisms. Practically, this translates to monthly signed attestations and weekly Proof of Reserves reports published as of January 2026.

This requirement is part of a broader trend. Since the passage of the GENIUS Act in July 2025 in the United States, stablecoin issuers face increased obligations regarding reserves, audits, and financial integrity. Although USDe is a synthetic dollar and not a fiat-backed stablecoin (thus technically outside the direct scope of the law), Ethena voluntarily adopts these good practices to reassure institutional investors.

The protocol also demonstrated the robustness of its infrastructure during the Bybit hack in February 2025. Approximately 30 million dollars of latent gains were exposed on the exchange at the time of the incident. Thanks to the separation between custody (handled by Copper) and trading, no reserve assets were compromised. Only unsettled P&L required handling, with no impact on users.

Context: USDe facing a turbulent period This infrastructure strengthening comes as USDe goes through a correction phase. After peaking at nearly 15 billion dollars in TVL in October 2025 – making Ethena the fastest protocol in history to reach 10 billion capitalization for a stablecoin – metrics have significantly declined.

In January 2026, TVL dropped back to around 6.5 billion dollars, a 55% decrease over three months. Capital outflows exceeded 8 billion dollars during this period, reflecting an allocation adjustment amid less favorable funding rates and increased competition with other protocols like Sky ex MakerDAO.

USDe’s capitalization remains around 6.47 billion dollars, maintaining its position as the third-largest stablecoin globally behind Tether (USDT) and Circle (USDC). The ENA token shows marked volatility with a price fluctuating around $0.18 to $0.22.

What this means for users For holders of USDe and sUSDe (the staked version generating yield), adding Kraken as custodian brings several concrete guarantees.

Diversification of counterparty risks reduces exposure to a potential default of a single custodian. Kraken Financial’s bankruptcy-remote structure means Ethena’s assets are legally protected from the exchange’s creditors in case of distress.

Frequency of attestations (weekly for Proof of Reserves) allows near real-time monitoring of the adequacy between circulating USDe and reserve assets. This visibility is essential for a synthetic stablecoin whose hedging mechanism relies on derivative instruments.

Finally, Kraken Financial’s American regulatory anchoring can facilitate USDe’s access to certain institutional markets still hesitant about offshore or unregulated custody solutions.

What is Ethena's USDe? USDe is a synthetic dollar built on Ethereum. Unlike traditional stablecoins backed by fiat reserves, it maintains its peg through a delta-neutral strategy combining long crypto asset positions and short derivative contracts.

Why did Ethena choose Kraken Custody? The Ethena Risk Committee selected Kraken after an evaluation based on 50 criteria covering security, operational capabilities, and protocol requirements. Kraken Financial’s regulated structure (Wyoming chartered bank) and its segregated cold storage architecture meet the sought institutional standards.

What are the risks of USDe? The main risks include volatility of funding rates in derivative markets, counterparty risk on exchanges used for hedging, and potential vulnerabilities of smart contracts. Ethena’s reserve fund aims to absorb periods of negative funding.

Is USDe affected by the GENIUS Act? USDe, as a synthetic dollar not backed by fiat reserves, does not fall directly within the scope of the GENIUS Act which targets payment stablecoins. However, Ethena voluntarily adopts transparency practices aligned with these standards.

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Panama City, Panama--(Newsfile Corp. - January 30, 2026) - HTX, a leading global cryptocurrency exchange, today announced the listing of USDe (Ethena USDe), a widely adopted synthetic dollar stable, which further expands the platform's robust stablecoin offerings. USDe/USDT spot trading and USDe/USDT (10X) isolated margin trading is now available to users on HTX.

USDe is a synthetic dollar stablecoin issued by Ethena, designed to provide a decentralized and scalable alternative to traditional flat-backed stablecoins. It maintains its 1:1 peg to the U.S. dollar through a unique mechanism combining ETH staking yields and delta-neutral hedging strategies.

About HTX

Founded in 2013, HTX has evolved from a virtual asset exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, research, investments, incubation, and other businesses.

As a world-leading gateway to Web3, HTX harbors global capabilities that enable it to provide users with safe and reliable services. Adhering to the growth strategy of "Global Expansion, Thriving Ecosystem, Wealth Effect, Security & Compliance," HTX is dedicated to providing quality services and values to virtual asset enthusiasts worldwide.

To learn more about HTX, please visit https://www.htx.com/ or HTX Square. For further inquiries, please contact [email protected].

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Thu 05 Feb 2026 ▪ 5 min read ▪ by Mikaia A.

Summarize this article with:

The hemorrhage hasn’t stopped bleeding in the crypto universe. It marks an era where every pause seems to announce a new bleeding. The rebounds are there, yes, but they hardly last more than the flap of a nervous market’s wings. And for a few days now, another ailment gnaws at the beast: ETF withdrawals. These investment vehicles, once seen as the golden bridge to institutional adoption, have become the valves of massive disengagement. Bitcoin staggers, crypto investors lose hope, and liquidations make a comeback through the front door.

In brief Bitcoin ETFs lost $2.9 billion in 12 days, a sign of institutional disfavor. Crypto traders liquidate massively, unable to sustain highly leveraged positions. Binance is blamed after bugs amplified the October 10, 2025 crash. Technical levels alert: critical thresholds broken, retreat target toward $68,000. Crypto ETFs: From Adoption Dream to Stress Machine Long awaited as the Grail, spot Bitcoin ETFs today reveal themselves as a ruthless mirror of institutional sentiment. Since mid-January, cumulative outflows have exceeded $2.9 billion. This phenomenon coincides with a brutal 26% correction in BTC price. The rejection at $98,000, then the slide toward $70,000, ended the beautiful illusion of a solid upward trend.

Asset managers no longer want to wait. After a technical rebound where $561 million briefly flowed into ETFs, the trend reversal was immediate. Fidelity, Ark, Grayscale: all suffered withdrawals amounting to several hundred million within just a few hours.

And the bleeding continues. Even BlackRock, perceived as the “rock” of Wall Street crypto, could not stop the momentum. As James Seyffart (@JSeyff) highlights:

Bitcoin ETF holders are recording their biggest losses since the launch of these funds in January 2024, due to the collapse of bitcoin’s price.

These figures sound like a signal of lasting disconnection. ETFs are no longer trust relays but direct witnesses of a market that withdraws—methodically.

Behind the Liquidations: Excessive Leverage and Lack of Safety Net The October 10, 2025 event is still fresh in everyone’s memory. A black day, when $19 billion went up in smoke, due to an infernal sequence: rumors, technical bugs, macroeconomic panic. Some tried to reduce the cause to a simple “depeg” of USDe on Binance.

A too comfortable explanation for Haseeb Qureshi, partner at Dragonfly, who dismantles this simplistic version in a viral thread:

The price of USDe only diverged on Binance, it did not diverge on other platforms. Yet, the liquidation spiral affected the entire market. So, if USDe’s “depeg” did not spread to the entire market, it cannot explain why each platform experienced massive wipeouts.

The problem lies elsewhere: in poorly calibrated leverage, and a liquidation architecture that prefers to avoid losses rather than ensure stability. Market makers, deprived of real-time data due to API outages, couldn’t rebalance their books. Result: automatic liquidations chained losses one after another.

Without TradFi-type protection (circuit breakers), the crypto market found itself without a parachute.

Bitcoin and Technical Levels: Is the Compass Broken? Bitcoin is looking for a base, a solid foundation. And technical analysts all watch the same number: $68,400. This is the level of the 200-week moving average, a sacred reference for long-cycle traders. But here too, signals are blurred. Since November, BTC has lost its 50w and 100w MAs, two key thresholds. And the specter of a drop to $58,200 resurfaces.

ETFs increase the pressure. Seeing prices drift toward these fragile zones, desks switch to “sell the rip” mode. They liquidate on rebounds rather than buy on pullbacks. Even options confirm this distrust: delta skew rose to 13%, reflecting strong demand for puts and distrust of any immediate rebound.

The mechanism is ruthless: when ETFs become fast-exit tools, they worsen each fall. Entry points become capitulation zones.

Key Landmarks to Understand the Current Spiral $70,539: Bitcoin price at the time of writing; $2.9 billion: cumulative withdrawals of spot BTC ETFs over 12 days; $3.25 billion: recent futures Bitcoin position liquidations; 13%: BTC options skew, indicating strong pessimism; $68,400: 200-week EMA level, last technical bastion. Most cryptocurrencies are currently in the red, and the charts look like a stormy sea. Yet, another crypto asset class is experiencing record growth: stablecoins. These digital tokens, backed by fiat currencies, have just reached a historic trading volume of $10 trillion. As often in storms, the most stable shelters attract the crowds.

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La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose

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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

PANews reported on June 10 that OSL Global, the global trading platform under the OSL Group, announced the official launch of trading pairs for Ethena USDe (USDe) today. Users can now trade USDe/USD, USDe/USDT, and USDe/USDGO through over-the-counter (OTC) transactions, and deposits and withdrawals on the Ethereum network are now open.

USDe is a decentralized, crypto-native synthetic US dollar asset. Instead of relying on traditional fiat currency or bank deposits for value backing, this asset maintains a 1:1 peg to the US dollar through a "Delta-neutral" mechanism.

Not Dogecoin, 4 Meme Coins To Go Flying 50X In July

A recent assassination attempt on former United States President Donald Trump during an election rally in western Pennsylvania has sent shockwaves through both political and financial spheres. The incident, which occurred on Saturday, involved a bullet grazing the upper part of Trump’s right ear. Despite the violence, Trump, known for his pro-crypto stance had a positive ripple effect on the crypto market, while Politifi Tokens showcased strong momentum.

Following the news, the Bitcoin price saw a near 2% increase, surpassing the $60,000 threshold after a week-long slump. Concurrently, the global cryptocurrency market capitalization escalated by 3% to stabilize at $2.33 trillion, with a significant 24-hour trading volume of $61.2 billion. 

Amidst this political turmoil, Politifi Tokens provide a fresh buying opportunity. Trump’s speech at the upcoming Bitcoin 2024 conference is now expected to have a more profound impact on the market.

Also Read: Will Donald Trump Attack Set the Stage for Next Bitcoin Bull Run?

Politifi Tokens- MAGA (TRUMP) The MAGA (TRUMP) cryptocurrency, also known as MAGA Memecoin, is a satirical token inspired by former U.S. President Donald Trump’s famous campaign slogan, “Make America Great Again.” 

MAGA (TRUMP)| Tradingview Amid the recent market upswing, the TRUMP price correction bottomed at $5 and rebounded utilizing an ascending trendline in daily charts. The dynamic support intact since March 2024 prevents the asset from a major correction and provides suitable accumulation points.

The bullish turnaround uplifted the MAGA Coin to $9.37 registering an 87% growth, while the market cap stands at $458.1 Million.

The rising price recently breached the downsloping trendline signaling the end-of-correction trend. The post-breakout rally can bolster buyers to rechallenge the high of $17.8.

Also Read: How Trump Meme Coins Reacted With Donald Trump Joining Bitcoin Conference?

Doland Tremp (TREMP) Doland Tremp (TREMP) is a meme coin that playfully references former U.S. President Donald Trump. This cryptocurrency is unique as it operates within the Solana blockchain ecosystem, emphasizing both humor and satire in its branding and operations.

Doland Tremp (TREMP)| Tradingview Over the past four months, the TREMP coin has witnessed a steady uptrend under the influence of a rising channel pattern. In theory, the technical setup drives a series of higher high and low formations resonating within two trendlines offering dynamic resistance and support.

On July 8th, this memecoin rebounded from the lower trendline elevating its value 56% to trade at $0.49 currently, while the market cap surged to $47.7 Million.

If the pattern holds true, the TREMP coin rises 320% to hit the upper boundary of the channel around $2.

Also Read: Trump Vs Biden Election Outcome Unlikely To Deter Bipartisan Support For Crypto

Super Trump (STRUMP) Super Trump (STRUMP) is a cryptocurrency designed to honor the political legacy of Donald Trump, promoting principles such as limited government and free-market economics through a decentralized platform.

Super Trump (STRUMP)| Tradingview Amid the June market correction, the STRUMP price showcased a sharp downfall from $0.031 to $0.0079 registering a loss of 74.6%. However, the pullback developed a well-known bullish continuation pattern called a flag. This chart setup offers counter-trend moves for buyers to recuperate its bullish momentum.

In the last 48 hours, the Super Trump token is up 48% and trades at $0.0121, while the market cap jumped to $28.19 Million.

This bullish recovery pierced the flag pattern resistance providing buyers with suitable support to resume a bullish rally.

Key Takeaway Following the recent attack on former U.S. President Donald Trump, the cryptocurrency market has seen a noticeable surge. Bitcoin has successfully reclaimed the $60k mark, and the majority of major altcoins are continuing their relief rally. Amidst this upward trend, Politifi Tokens have gained significant momentum, showing double-digit gains in the last 24 hours and attracting momentum buyers to the market.

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Recent reports claim that Robert F. Kennedy Jr. will drop out of the US presidential race on Friday. The rumors have made PolitiFi tokens rise over 15% on the last day. While tokens inspired by RFK Jr. have plunged, Trump-themed memecoins took the lead with a 40% surge.

RFK Jr. To Dropout Of The Presidential Race During this cycle, memecoins have been at the front of the industry, becoming the largest narrative of the first two quarters. Due to the sector’s nature, crypto investors have immortalized the current event through these tokens, including the upcoming November US presidential elections.

A candidate’s crypto stance has become a key factor for voters after the Biden administration’s crackdown on the industry. As a result, pro-crypto candidates have received significant support from the community.

Robert F. Kennedy Jr. was among the first to share his industry-friendly approach throughout his campaign, endorsing Bitcoin and blockchain technology. However, recent reports claim the Independent candidate will drop out of the race on Friday.

According to ABC News, sources close to Kennedy claim that the presidential candidate will endorse former US president Donald Trump after dropping out. Trump embraced the industry this year and later started accepting donations of different cryptocurrencies.

Per the report, “One possible scenario being discussed is for Kennedy to appear on stage with Trump at an event in Phoenix on Friday.” Sources familiar to both candidates cautioned that nothing is finalized and “Kennedy’s thinking could always change.”

Nonetheless, the news comes days after the Independent candidate revealed he would not endorse US VP and Democratic candidate Kamala Harris.

Trump Memecoins Take The PolitiFi Lead PolitiFi tokens surged 15.5% in the last 24 hours, with the price of memecoins inspired by the former US president taking the lead. As the rumors of RFK Jr. endorsement hit, online reports revealed the republican candidate’s chances of winning the election rose again.

According to Polymarket’s 2024 Presidential Election Forecast, Trump’s chances rose to 54% after the news, with a 7% lead against Kamala Harris’ chances. Following the news, the largest Trump-themed token, MAGA (TRUMP), saw a massive increase.

TRUMP’s price has taken a hit since the end of July when it was trading above the $6 mark. The memecoin retraced below the $3 support zone following the August market crashes, registering a 41.5% drop in the last 30 days.

However, TRUMP skyrocketed 55.6% toward the $4.14 mark on Thursday. As of this writing the token is trading at $3.7, a 40% increase in the last 24 hours. Other memecoins inspired by the former US president also saw a significant surge.

After the news, Doland Tremp (TREMP), Super Trump (STRUMP), and MAGA Hat (MAGA) rose 16%, 25%, and 23% respectively. Meanwhile, the KAMA and KEIDY memecoins registered a 30% and 57% price drop in the last 24 hours.

MAGA (TRUMP) performance in the three-day chart. Source: TRUMPUSDT on Tradingview Featured Image from Unsplash.com, Chart from TradingView.com

Following the second Donald Trump assassination attempt, the former president reassured his supporters that he was “safe and well.” The FBI responded to the incident at West Palm Beach, Florida, where Trump was enjoying golfing at the Trump International Golf Club. A suspect has already been arrested and is in custody. 

The incident happens just two months after another assassination attempt on Trump’s life during a rally in Pennsylvania. Like the first time, Trump emerged strong, reassuring his supporters that “Nothing will slow me down. I will NEVER SURRENDER! I will always love you for supporting me.” So, how are PolitiFi tokens doing after this?

Second Donald Trump Assassination Impacts Crypto Tokens Following the incident, Trump-based crypto tokens dropped in price. Even after showing strength, the token price remained in the negative, signaling that maybe the assassination attempts are an omen to his presidential bid come November. Can MAGA, TRUMP, and TREMP recover, and when will they recover?

Maga Hat (MAGA) Maga Hat is the second largest Trump-based token by market cap. Trading at $0.00006116, MAGA price took a 7.2% hit in the aftermath of the new Donald Trump assassination attempt, bringing it to a total of 32.5% loss in the last 7 days. 

Nevertheless, the MAGA price chart shows relatively strong support at around $0.046, which has held the price up before. MAGA has a current market cap of $25 million and is only up 73% from its all-time low price. This presents a potential opportunity for investors to jump while it’s around the bottom.

MAGA (TRUMP) MAGA, the largest Trump meme coin, has taken a 12.2% hit. The price is sitting at $2.12 down from an all-time high price of $17.07, almost 87% down. Nevertheless, the earliest investors are still 184X in profit.

 

The TRUMP price chart shows the asset may continue dropping to find support at $1.2 before attempting a bounce. Below that, MAGA could drop to $0.40-$0.70, where there is relatively a stronger resistance-turned-support.

Doland Tremp (TREMP) Doland Tremp, with a small market cap of $12 million, shows promise for recovery. This is the third largest Trump parody coin by market cap, and at the current price of $0.1231, it has dropped only 2.9% over the past 24 hours.

Additionally, the price is hovering around a zone of strong support, tested three times over the last one month. 

Although all of the tokens have fair chances of recovery, TREMP price has the highest chance of recovering sooner. If it bounces from this level, it may find resistance around $0.20 before surging higher to $0.55 and finally $0.8. 

Conclusion Donald Trump assassination has affected crypto prices today mainly because of his recent pro-crypto stance. A win for Trump in the upcoming elections would be a win for the crypto industry. Donald Trump remains unshaken as the planned launch of his new crypto project, World Liberty Financial (WLFI), remains as scheduled.

This Meme Coin Jumped 227% Following Elon Musk’s Trump Rally Talk

Doland Tremp coin rises 17%; FreeDum Fighters poised to explode next

5 Altcoins That Could Skyrocket If Trump Wins

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Just hours away from the US presidential elections, PolitiFi tokens have seen a remarkable boost. The sector has experienced a nearly 10% surge in the last 24 hours, with Trump-themed memecoins leading the way. Following the recent performance, some investors forecast a massive rally for these tokens in the coming days.

Trump-Themed Memecoins See 30% Jump The PolitiFi sector gained popularity after several memecoins inspired by US politicians registered a massive performance earlier this year. Some tokens had their market capitalization break above the $100 million mark, with a couple still holding the feat.

Memecoins inspired by the former US President and Republican candidate Donald J. Trump have led the sector throughout his presidential campaign. The tokens recorded massive rallies this year, hitting their peak during Q2.

Cryptocurrencies like MAGA (TRUMP) and Doland Tremp (TREMP) hit the $17 and $1.5 marks, respectively, as their all-time high (ATH), fueled by Trump’s crypto-friendly statements. However, most of these cryptocurrencies have retraced significantly since June, pulling back over 70% in most cases.

Now that the elections are just hours away, the PolitiFi sector is soaring again, surging around 10% in the last 24 hours, while the crypto market sees a 1.5% retrace. Memecoins themed after Trump held their lead, registering green performance during the past day.

TRUMP has seen a 26% surge in the last 24 hours, trading above the $3.8 range. Meanwhile, MAGA Hat (MAGA) records a 32.6% price jump in the same timeframe, nearing a $90 million market cap earlier today.

MAGA’s daily trading activity has also increased nearly 30%, registering a $41.7 million trading volume on the last day.

PolitiFi Tokens In The Hands Of The Election The sector’s rally is seemingly fueled by the anticipation surrounding the elections. Notably, volatility is forecasted to peak in the following days as speculation about the election’s outcome increases.

Some investors believe the PolitiFi token’s rally will continue in the following days, with Trump-themed memecoins expected to skyrocket in case of Trump’s victory.

Just 10 hours before the election, the Republican candidate’s winning odds are considerably higher than the Democratic nominee, Kamala Harris. Polymarket’s live forecast shows that Trump leads the prediction market with a 15% gap.

Trump’s winning odds 10 hours before the presidential elections. Source: Polymarket Following the presidential debate, the former president lost ground to the US Vice President in early September. At the time, the Democratic nominee surpassed Trump’s winning odds by 4%. However, these have seen a significant retrace in the last month.

The Republican candidate regained his lead in October, recording a considerable 33% gap between his winning odds and Harris’. By the end of the month, Trump led the predictions market with a 66% chance of winning, which has now retraced to 57%.

Amid Trump’s winning odds, the memecoins inspired by the US VP have recorded a considerable decrease in the past day. Kamala Horris (KAMA), the largest Harris-inspired token, retraced nearly 25% in the last 24 hours, seeing a 34% decrease in daily trading activity.

TRUMP’s performance in the three-day chart. Source: TRUMPUSDT on TradingView Featured Image from Unsplash.com, Chart from TradingView.com

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In a recent report by Reuters, speculation has emerged regarding the possibility of President Joe Biden withdrawing from the race for the White House, leading to a surge in interest around the newly created Kamala Horris (KAMA) meme coin. 

These developments have sparked intrigue in political circles and garnered attention within the cryptocurrency industry.

Biden’s Successor?  According to seven senior sources from the Biden campaign, the White House, and the Democratic National Committee, discussions are underway about Vice President Kamala Harris potentially replacing President Biden as the Democratic nominee if he chooses not to pursue reelection. 

This scenario would involve Harris inheriting the funds and campaign infrastructure established by the Biden campaign. With her high name recognition and favorable polling among Democrats, Harris is considered a strong alternative candidate.

The cryptocurrency market has also reacted to these speculations, with traders on the crypto-based prediction platform Polymarket witnessing a significant increase in the odds of VP Harris becoming the Democratic nominee. 

VP Harris’ chances, according to crypto investors. Source: Polymarket The trading of stocks indicating a “yes” answer to Harris receiving the nomination jumped from as high as 43%, approaching Biden’s numbers, which amount to a 45% chance, according to voters, of completing the race to the White House.

Kamala Horris Skyrockets Amidst Political Buzz CoinGecko data further reveals the impact of these developments on the meme coin market. The Kamala Horris meme coin experienced an astronomical surge, soaring over 174% in the past 24 hours and an astonishing 1659% over the past two weeks. 

Its trading price peaked at $0.01561, reflecting the growing interest and uncertainty surrounding the potential shift in the upcoming presidential election.

KAMA price performance over the past month. Source: CoinGecko In contrast, CoinGecko shows that Donald Trump’s parody meme coin, Doland Tremp (TREMP), faced a decline of over 43% in the past seven days, currently trading at $0.4868. However, TREMP still boasts a substantial market cap of $48 million, surpassing other political meme coins in the crypto space. 

Conversely, President Biden’s parody meme coin, Jeo Boden (BODEN), witnessed a surge of over 22% in the past hour alone, demonstrating the frenzy among crypto investors in response to the evolving political landscape. 

Nevertheless, BODEN experienced a 71% price drop in the past week, with its current trading price at $0.04533.

Ultimately, these developments hold implications for the political arena and the broader crypto industry. Former President Trump’s pro-crypto stance and emphasis on innovation have been juxtaposed with the regulatory challenges faced during the Biden administration. 

The lack of a clear regulatory framework and enforcement actions brought by the US Securities and Exchange Commission (SEC) over the past years has raised concerns among industry participants, who argue that such actions may hinder growth and innovation in the nascent crypto space.

The daily chart shows that BTC’s price is trending downward. Source: BTCUSD on TradingView.com Meanwhile, Bitcoin (BTC), the leading cryptocurrency in the market, continues to exert its influence on the sentiment of top cryptocurrencies. Over the past 24 hours, BTC has experienced a modest decline of 3.4%, bringing its current value to $60,220.

Featured image from DALL-E, chart from TradingView.com 

The cryptocurrency sphere introduces specialized tokens reflecting the ongoing US Presidential race. Notable among these are JEO BODEN (BODEN), Maga (MAGA), Super Trump (STRUMP), and Doland Tremp (TREMP). These coins are uniquely positioned altcoins to buy poised to capitalize on the current political fervor, offering promising investment avenues as the election draws near.

1. Altcoins to Buy – Jeo Boden (BODEN)  Jeo Boden (BODEN), a cryptocurrency initiative built on the Solana meme coin, playfully alludes to President Biden with its vibrant, meme-centric approach. The coin’s website, which humorously employs Comic Sans, is awash with amusing memes, adding to its satirical charm.

Since its introduction, BODEN has seen a notable increase of 10%, fueled by the buzz surrounding the forthcoming U.S. Presidential elections and the growing popularity of meme tokens. 

Jeo Boden price chart Jeo Boden value has risen by 5% in the past day, trading at $0.0349. Among the top Prime PolitiFi Altcoins recommended as the U.S. election approaches, it ranks 2570th on CoinMarketCap with a market cap of $23 million.

2. Maga (MAGA) Maga (MAGA), a cryptocurrency linked to the MAGA movement, currently holds the 218th position in global crypto rankings. It boasts a market capitalization of approximately $228 million. The trading landscape has fluctuated over the past week as investors adjust their strategies. 

The trend for MAGA has recently turned bearish, although its price has exceeded $5. Currently, it is priced at $5.22, marking a 2% decline in the last 24 hours. Since its debut, MAGA price has skyrocketed by 31,405%, making it a prominent choice among politically-themed altcoins as the U.S. election approaches.

4. 5th Scape (5SCAPE) 5th scape offers innovations in both augmented reality (AR) and virtual reality (VR). Its goal is to completely rethink VR and AR technologies for optimal usability. 5thscape believes that everyone should have access to virtual reality, regardless of experience level. Its aim is to bring together the most intelligent people in the field. Furthermore, the company intends to produce AR gaming chairs and VR headsets. All of this will give 5th scape a monopoly on the market. The presale for 5th scape is almost complete. It has already raised $6,033,618. Its current price is $0.00327.

Buy Now

3. Super Trump (STRUMP) Super Trump (STRUMP), a cryptocurrency that aligns with former President Donald Trump’s ideals of minimal governmental oversight and strong economic liberty, has introduced itself into the market. This token, influenced by the 45th U.S. President, integrates political advocacy with technological innovation in blockchain.

STRUMP operates on a network with a massive supply of 2.6 billion coins. A portion of each transaction fee is allocated to a wallet dedicated to Donald Trump. The funds are also used for various purposes, including enhancing liquidity, burning tokens, and covering operational expenditures such as promotions and exchanges.

Offering a transaction volume of roughly $5 million over the last 24 hours and a market capitalization of $16 million, STRUMP currently trades at $0.009206, reflecting a 2% increase. 

Positioned at number 819 on CoinMarketCap, the coin has experienced a staggering growth of 2546% over recent years. As the U.S. election approaches, STRUMP emerges as a leading political finance cryptocurrency, with potential forecasts suggesting further significant gains.

4. Doland Tremp (TREMP) Doland Tremp (TREMP), a cryptocurrency themed around political satire, is making waves on the Solana blockchain. This meme coin, often likened to the BODEN token, uses humor related to Donald Trump to engage its community. Recently, TREMP saw a dramatic surge of 258%, though it has since pulled back by 9% today.

TREMP price chart Currently, TREMP is trading at $0.4413, with a daily trading volume of $6.77 million. Despite today’s decline, its market capitalization stands strong at $43 million, placing it 2585th on CoinMarketCap. For those tracking meme coins, catching the next move of TREMP could yield significant returns.

Bottom Line As the election excitement builds, these politically themed cryptocurrencies might present lucrative opportunities. Each offers a unique take on the merging paths of politics and digital currency investments.

Following the assassination attempt involving former President Donald Trump at a campaign rally in Pennsylvania, the Jeo Boden (BODEN)and Kamala Horris (KAMA) meme coins experienced significant price declines.

The tokens, which parody the names of President Joe Biden and Vice President Kamala Harris, went in the opposite direction price-wise compared to Trump meme coins.

BODEN plummeted by over 18% from its peak price after news that Trump was shot. According to CoinGecko data, the token’s price dropped from around $0.12 to $0.03 as investors fled the Biden-themed asset.

The PoliFi (political finance) sector has also seen a significant decline, with the CoinStats PoliFi index contracting by 11% in the last 24 hours. This downturn aligns with the approaching elections in the United States.

Traders and investors in the PoliFi space have shifted their focus to platforms like Polymarket, where the “Yes” shares in a contract asking if Biden will drop out of the race have topped 60%.

Over the past 14 days, BODEN has plummeted by more than 35%. This steep drop in BODEN’s price reflects the growing uncertainty surrounding Biden’s future as the Democratic nominee for the 2024 presidential election.

Election jitters: Kamala Horris (KAMA) meme coin dips 27% The KAMA meme coin surged in value following Biden’s lackluster debate performance. It has seen a 27% dip in the past 24 hours and a 36% decline over the past seven days.

Fundamental analysis shows that KAMA’s price has been influenced by growing doubts about President Biden’s re-election viability and the increasing chances of Vice President Kamala Harris becoming the Democratic nominee.

However, attention has now shifted to the TRUMP token, which boasts a larger market capitalization and higher trading volume than KAMA.

At the time of writing, Kamala Horris is trading at $0.0056, with a 24-hour trading volume of $1.4 million.

The volatility in the BODEN and KAMA tokens highlights the close correlation between political events and the performance of meme coins tied to specific candidates or political figures.

As the election approaches, the price trajectory of these tokens is likely to continue reflecting the shifting political landscape.

In the wake of President Joe Biden’s COVID-19 diagnosis, meme coins inspired by potential presidential successors have surged, while Biden-themed Jeo Boden (CRYPTO: BODEN) is down significantly.

Also Read: Solana Up 7% And Could Get To 50% Of Ethereum’s Valuation As ‘Most Liquid Election Proxy In Crypto,’ Trader Says

Why It Matters: The recent rally in meme coins inspired by potential Biden successors comes in the context of increasing speculation about the Democratic nominee for the 2024 Presidential election.

Amid rising political tensions as the election approaches, Polymarket revealed changing odds regarding Biden’s potential withdrawal from the race. Political analyst Mark Halperin also noted that Biden plans to announce withdrawal from nomination as early as Sunday.

These reports were based on insights from several top Democrats and close allies urging Biden to consider stepping down.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next:

Biden-Inspired ‘Jeo Boden’ Meme Coin May Become ‘First Popular Meme To Die’ After 95% Drop From Its Highs, Says Trader This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image: Shutterstock

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