On May 16, 2025, the cryptocurrency market saw Bitcoin maintain a price above $100,000 for an entire week, marking a historic milestone. Join the MevX blog as we review the key developments from the past 24 hours through this daily market recap.
Quick Market Recap: Top News in the Last 24 Hours
- Coinbase Faces Cyberattack
- Coinbase confirmed a data breach involving user information due to a group of bribed employees.
- Hackers demanded a $20 million ransom in Bitcoin, threatening to leak the data.
- CEO Brian Armstrong stated the company would not pay the ransom and offered a $20 million reward for information leading to the perpetrators’ capture.
- MetaMask Considers Launching MASK Token
- MetaMask’s co-founder hinted at the potential launch of a MASK token, emphasizing that any announcement would appear directly in the wallet.
- While no official confirmation has been made, the increasingly favorable U.S. regulatory environment has prompted the project to reconsider the idea.
- Ukraine Builds National Bitcoin Reserve Fund
- Ukraine is finalizing a draft bill to establish a national Bitcoin reserve fund, collaborating with Binance to diversify its reserves alongside gold and foreign currencies.
- The bill is set to be presented to Parliament soon, but faces legal hurdles. Binance is supporting the initiative with technical and legal assistance.
- Metaplanet Reports Strong Profit Growth Driven by Bitcoin
- Metaplanet recorded $6 million in revenue in Q1 2025, with 88% derived from its Bitcoin strategy. Profits rose by 11%, net assets nearly tripled, and its stock surged over 70%.
- The company has accumulated 6,976 BTC, surpassing El Salvador, achieving 68% of its annual target and attracting six times more shareholders.
Top Memecoins in the Last 24 Hours
- JUSTICE FOR TRUMP ($8647)
- Launched on Solana, $8647 capitalizes on controversy surrounding an Instagram photo by former FBI Director James Comey, featuring seashells arranged as “86 47,” which the community interpreted as a call for violence against President Trump.
- Polycule ($PCULE)
- The utility token of the Polycule project was launched via Believe, focusing on automated trading bots for Polymarket, a leading decentralized prediction market platform. Though not officially affiliated, Polymarket CEO Shayne Coplan expressed support by liking the project’s tweet.
- XBT ($XBT)
- A Solana-based memecoin, promotes the message “1 $XBT = 1 $BTC,” referencing Bitcoin’s ISO 4217 code and emphasizing its “supranational” role. Beyond a typical memecoin, $XBT carries symbolic value tied to Bitcoin’s core principles as a global asset.
- Fleet ($FLEETS)
- The token powering on-chain social media. It empowers users to tokenize their moments, be it photos, videos, or other content, and monetize them on the blockchain.
Market Trends
- Bitcoin held above $100,000 for the first time for a full week, reinforcing confidence in the asset, with the total crypto market cap reaching $3.32 trillion. The Fear & Greed Index stood at 69, indicating optimistic sentiment.
- The memecoin market saw a clear shift: Pump.fun’s market share dropped significantly from over 98% to 57.5%, while platforms like LetsBonk and Believe are gaining ground.
- Solana remains the leading blockchain for memecoin trends, with trading volume surging due to innovative projects and unique narratives.
- Binance Alpha Airdrop for Nexpace ($NXPC) led to a 90% price surge, attracting fresh capital.
May 16, 2025, marked a turning point for Bitcoin and the dominance of memecoins on Believe, alongside significant developments from MetaMask, Ukraine, and Coinbase.
Stay tuned with MevX for the latest updates from the crypto world!
