DOGE is now a department

🐶 From memes to meetings: DOGE is now a department

Plus: SBF’s story will hit the big screen

GM. Welcome to the citrus circuit – where crypto is squeezed, stirred, and served with a splash of tangy insight.

🐶 Donald Trump appoints Elon Musk and Vivek Ramaswamy as the leaders of the Department of Government Efficiency (DOGE).

🍊 News drops: LayerZero and PayPal are letting you bridge PYUSD between Ethereum and Solana, a movie about SBF is coming out + more

🍍 Market flavor today

 Crypto Market Cap: $3.02T 1.34% (24H)

  Name
 
Price
24H
7D

Bitcoin BTC
$87,813.64
0.25%
18.50%

Ethereum ETH
$3,173.01
-3.75%
20.76%

BNB BNB
$611.21
-2.88%
5.12%

Solana SOL
$207.58
-3.20%
11.84%

Rev up those engines, crypto people! 🏎️💨 The market is zooming ahead, and it’s pedal to the metal for Bitcoin. The Fear and Greed Index is roaring at 84 – it’s officially time to be extremely greedy. Bitcoin briefly crossed the $90K line on some exchanges last night and is currently cruising over $87K.

Crypto analyst Willy Woo dropped some wisdom about our current rally: when Bitcoin pushes into new all-time highs, there’s no past data to guide the way. Translation? Get ready for some price swings. Using Fibonacci bands and liquidation levels as reference points, we’ve hit the first big target at $88-91K. We’re expecting a bit of a cool-off here before heading toward the next big target: $102K.

Bitcoin ETFs are still tearing up the track – $817.5 million in inflows just yesterday. These funds have accumulated around 1.04M BTC, reaching 95% of Satoshi Nakamoto’s estimated 1.1M BTC holdings. Bloomberg’s Eric Balchunas predicts that Bitcoin ETFs will soon own more Bitcoin than Satoshi himself, with the milestone expected around Thanksgiving 🦃

Ether ETFs aren’t holding back, either. After five consecutive days of net inflows ($135.9M yesterday), their cumulative flows are now showing gains, totaling $94.62M. The last time they hit positive numbers was their launch day in July.

Basically, the crypto market is shifting into high gear, and it’s anyone’s race. Keep your eyes on the road ahead 🏁

🙄 It’s not just a meme, mom

It’s 2013. You’re wearing that galaxy snapback, watching Vines of people doing the Harlem Shake, and singing to What Does the Fox Say. You notice a meme of this cute Shiba Inu with a bunch of random text like much wow such amaze. Haha, funny.

Fast-forward to 2024. An official statement from the President of the United States, Donald J. Trump:

“I am pleased to announce that the Great Elon Musk, working in conjunction with American Patriot Vivek Ramaswamy, will lead the Department of Government Efficiency (‘DOGE’).”

YUP, the DOGE department is now a thing. Honestly, having an official department named after an internet meme might be the most iconic – or idiotic – thing I’ve ever heard. Either way, it’s peak 21st century, baby 😎

So, what’s on their to-do list?

– Cut waste and fraud in government spending, which Trump claims could save trillions;

– Wreck bureaucracy;

– Toss out excess regulations;

– Restructure federal agencies, entrepreneurial-hustle style;

– Keep it all transparent: every move posted online for a thumbs up or down vote.

Yada yada yada, okay, got it. Now, the real deal: both Musk and Ramaswamy are pro-crypto, and DOGE is in the name. C’mon now.

Speaking of which, Dogecoin’s already feeling the love – it shot up by 115.78% in the past week, reaching a market cap of $60 billion. That’s more than Mercedes, Barclays, Nasdaq, 7-Eleven, and Adidas.

What. A. Time. To. Be. Alive. Next up: Program for Empowering People Everywhere (PEPE)? Stay tuned.

📰 News drops

🌉 LayerZero and PayPal teamed up to let you bridge PayPal USD (PYUSD) between Ethereum and Solana. Using LayerZero’s Omnichain Fungible Token (OFT) Standard, PYUSD holders can now zip assets across chains without relying on centralized middlemen.

🚀 Coinbase launched a new benchmark tracking 50+ top cryptos, with a special focus on emerging and crypto-friendly markets. It’s steering clear of big players like the US, UK, and Canada.

🇮🇹 Looks like Italian PM Giorgia Meloni’s team might go for a softer tax hike on crypto trades. We’re probably looking at a 28% tax instead of the 42% that was on the table last month.

⚖️ FTX’s bankruptcy team slapped Binance and its ex-CEO CZ with a lawsuit over a shady transfer scheme that drained over $1.76B from FTX. The deal traces back to a July 2021 buyback agreement with FTX’s Sam Bankman-Fried.

🎬 Speaking of SBF, Apple Studios and A24 are cooking up a feature film on his wild ride from crypto king to convict. Lena Dunham will reportedly write the screenplay. Potential SBF and Caroline Ellison over here? 👇

🍌 Juicy memes