š Can Ripple’s RLUSD make waves or just ripples?
Plus: Meet the AI that just turned memes into millionsĀ
GM.Ā Welcome to the crypto citrus grove, where we’re peeling back the layers of market madness to serve you the juiciest news.
š Ripple revealed more details about its upcoming stablecoin, RLUSD.
š¤ An AI pushed the GOAT memecoin’s value soaring.
š News drops: the Italian government might increase the capital tax gains on Bitcoin, World Liberty Financial’s token launch didn’t meet expectations + more
š Market flavor today
Go get your crypto boots, everyone – the bulls have taken over the market ranch! The Fear and Greed Index just shot up to 73, pushing us deeper into “Greed” territory.
Bitcoin’s been holding strong above $66K and even crossed the $67K line, which might be tied to the rising odds of Donald Trump winning the US election. But let’s not get too ahead of ourselves – BTC’s been chilling in this price zone for over six months now (talk about playing hard to get).
Despite the price keeping us guessing, Coinbase analysts are pointing out how much crypto has matured this year: from the smashing success of spot Bitcoin ETFs (ahem, 926.9M inflows in the past two days) to the surge in on-chain activity and trading volumes. We’re talking deeper liquidity, more sophistication, and way more accessibility.
So, stay sharp, crypto cowboys and cowgirls – we’re in for a wild ride out here! š¤ š
š¦ New kid on the block(chain)
Ripple doesn’t wanna keep rippling – they’re tryna make waaveees šš They’re planning to launch a new stablecoin, RLUSD, pegged to the US dollar. Each RLUSD will be backed by USD reserves or short-term cash equivalents, so no Monopoly money bs out here.
Here’s the tea they’ve spilled about it so far, and we, of course, are here to serve it up:
– They’re collaborating with some big industry dogs, like Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish = better global accessibility;
– It’ll be issued under a New York Trust Company Charter = playing by all the strict regulations;
– They’ve promised monthly third-party audits of reserve assets = more transparency.
CEO Brad Garlinghouse says that RLUSD will be a total game changer for payments and DeFi – think faster, cheaper, and less headache-y international transfers.
Stablecoins are basically the bridge between the old yucky traditional finance and crypto. And RLUSD? This bad boy might just be the thing that makes crypto feel, well, a bit more normal for the everyday folks.
š¤ AI meets memecoins
There’s this web dev guy, Andy Ayrey, who decided to do a lil’ experiment with AI and ended up cooking something called Terminal of Truths, an AI agent built using Meta’s Llama 3.1. This thing’s living semi-autonomously – it makes X posts, and Ayrey’s job is to approve them and decide who it interacts with.
The point of this experiment is to study how memes spread and what kind of risks there can be when AI creativity runs wild. For you to understand what this AI is onto, here’s a sneak peek:
These are definitely something, but most of its other posts? Truly diabolical. Like its obsession with something called goatse, which I absolutely won’t explain, but you can look it up on Urban Dictionary.
Now, things got a little serious in July, when this AI got into a convo with venture capitalist Marc Andreessen. The AI posted about needing funds for some self-improvement – its own CPU, AI tunings, and some cash to make more money. Apparently, Andreessen got intrigued by this, so he donated a cutesy little $50K. ToT then said it’d use it for a token launch, setting up a Discord server, and hiring a few humans to help him do so.
Spoiler alert: no token launch ever happened. But someone else did drop a memecoin called Goatseus Maximus (GOAT), tagged the AI in it, and next thing you know, Terminal of Truths is out here promoting it.
Fast forward, and GOAT’s now exploded – up 500% in the last week, with a 24-hour trading volume of $121M and a market cap of $264M. All thanks to an AI posting meme-worthy content.
Looks like Andy’s experiment might be about to give him some serious data to chew on since this AI managed to make such a huge impact on the market.
And now I’m sitting here thinking – should we be throwing up some warning signs here? Maybe not yet… but this feels like the start of something bigger brewing.
š° News drops
š®š¹ The Italian government’s thinking about increasing the capital gains tax on Bitcoin from 26% to 42%. On top of that, theyāre looking to scrap the minimum revenue requirement for their web tax.
š®āšØ The Trump famās World Liberty Financial token sale is off to a rough start, with only 3.9% of its $300M goal met and a website crash to top it off.Ā So far, just 9K wallets hold WLFI, short of the 100K+ signups they were hyping the day before launch.
š£ļø US Senate candidates Elizabeth Warren and John Deaton clashed over crypto policy in their first debate for the Massachusetts seat. Deaton, the Republican, threw shots at Warren for building an “anti-crypto army” while ignoring the issues affecting the middle and working class.
āļø Ireland’s getting ready to tighten up its crypto rules just ahead of the EU’s new laws targeting money laundering and terrorist financing. Finance Minister Jack Chambers is preparing to push through “urgent” updates.
