Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Today in crypto, a savvy memecoin trader made an over 2,100-fold return on investment in just three hours despite trading a scam token that turned out to be a rug pull, MicroStrategy’s Michael Saylor will pitch Microsoft on why it should buy Bitcoin, and Coinbase is delisting Wrapped Bitcoin.
Savvy memecoin trader makes $988,000 in 3 hours despite rug pull
A savvy trader made an over 2,100-fold return on investment in just three hours despite trading a scam token that turned out to be a rug pull — a scam where developers abandon a project and steal investor funds.
A memecoin trader netted nearly $1 million worth of profit in just three hours from an initial investment of only 2 Solana SOL$234.21 tokens worth around $460, according to a Nov. 20 X post from onchain intelligence firm Lookonchain:
“This guy made $988K with only 2 $SOL($462) in just 3 hours, a 2,141x return! He spent 2 $SOL($462) to buy 18.89M $Quant and sold 3.71M $Quant for 116 $SOL($27K), leaving 15.18M $Quant($962K).”
The trader was dealing in the newly created Gen Z Quant (QUANT) memecoin, a token created through Solana’s memecoin launchpad, Pump.fun, which subsequently turned out to be a fraudulent cryptocurrency.
Despite being known for extreme volatility and a lack of fundamental utility, memecoins like QUANT continue to attract traders seeking quick gains. Instances of traders becoming millionaires through memecoins are not uncommon. In May, a Pepe PEPE$0.00001958trader turned $3,000 into $46 million in a month, capitalizing on the frog-themed memecoins price rally.
Michael Saylor to pitch Microsoft board on buying Bitcoin
Bitcoin bull and MicroStrategy Chairman Michael Saylor says he has agreed to give a three-minute pitch to Microsoft’s board of directors about why the tech giant should invest in Bitcoin BTC$93,706.
“The activist that put that proposal together contacted me to present to the board, and I agreed to provide a three-minute presentation — that’s all you’re allowed — and I’m going to present it to the board of directors,” Saylor said in a Nov. 19 X live stream.
Saylor said he proposed meeting with Microsoft CEO Satya Nadella “in confidence” to discuss the topic, but that offer was rejected, so he will be “putting together the three-minute proposal for Microsoft […], and we’ll send it to the board.”
In October, Microsoft disclosed that one of its voting items for December will be about whether it should assess an investment into Bitcoin.
It comes after a push from the conservative think tank, the National Center for Public Policy Research (NCPPR), who said MicroStrategy outperformed Microsoft by over 300% this year from its Bitcoin buying “despite doing a fraction of the business.”
Coinbase to delist wBTC in December
Coinbase will delist Wrapped Bitcoin (wBTC) in December after a recent review indicated an undisclosed failure to meet the exchange’s listing standards. Market trades have already been discontinued and only limit orders will be fulfilled going forward.
Per Coinbase:
“We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on our most recent review, Coinbase will suspend trading for wBTC (wBTC) on December 19, 2024, on or around 12pm ET.”
Coinbase assured users their funds were safe and that wBTC withdrawals would remain available.
“regret and are surprised” by the decision, adding that they “urge Coinbase to reconsider.”
To read article in Arabic, please visit the website Crypto Mena
Risk Disclaimer
Although Sponsored Trading can be profitable, it is associated with a significant risk of losing your investment. The risks will increase when trading on margin companies. Traders must exercise due diligence and be careful when making their trading decisions. It is the sole responsibility of the Trader to learn and acquire the knowledge and experience required to use the Trading Platform and anything that will be required to trade properl
