Market update

Cointree Crypto Market Update - January 22nd 2025

Market report for traders

🔮 BTC and altcoins

Over the last 7 days, Bitcoin ends at AU$163,223 moving +8.26% at the time of writing. Meanwhile, Ethereum ends at AU$5,300 moving +1.54% week-on-week. On the Altcoin side, Solana +31.75%, Cardano +4.52%, and XRP +16.84% change.

🗞 What’s happening in the news?

🇺🇸 Dogecoin Logo Appears on “Department of Government Efficiency” Website

The newly formed Department of Government Efficiency (DOGE) — officially established by President Donald Trump via executive order — has showcased Dogecoin’s iconic Shiba Inu on its government .gov site. This department was co-led (until recently) by Elon Musk and biotech entrepreneur Vivek Ramaswamy, who is reportedly considering a run for governor of Ohio.

The official adoption of a memecoin logo by a government department highlights just how quickly crypto culture is seeping the United States following Trump’s inauguration.

👩‍⚖️ DOGE Department Slapped With Multiple Lawsuits

The US Department of Government Efficiency (DOGE) may be real, but it’s certainly not operating free of challenges. Several watchdogs, including Citizens for Responsibility and Ethics, have filed lawsuits alleging that DOGE is:

Violating Federal Advisory Committee Act (FACA) rules, meant to ensure transparency and public input.
Acting outside of congressional oversight, raising constitutional questions.
Led by “unelected billionaires,” which critics argue sidesteps essential democratic checks.

Litigants want the courts to force DOGE to meet legal standards for record retention and balanced representation. These cases could set a precedent for how future government-affiliated “entrepreneurial” departments operate.

🥷 Fake TRUMP and MELANIA Tokens Attract Over AU$7.34 Million

Meanwhile, opportunistic token creators launched a barrage of imitation TRUMP and MELANIA coins on the Solana network around President Trump’s inauguration. According to Cointelegraph:

61 tokens directly mimicked the “official” branding.
They collectively pulled in over AU$7.34 million from 12,641 wallets within 24 hours.
“Trump”-named malicious tokens nearly doubled on the official TRUMP token’s launch day.

Investors should exercise caution: Many of these memecoins lack liquidity and may be classic “rug pulls.” It’s a sobering reminder: Not all tokens bearing big names or flashy logos are legitimate. Always do your own research and verify authenticity before diving in.

📖 What we’ve been reading

Toncoin becomes Telegram’s only accepted crypto for app services

Telegram will exclusively support Toncoin and the TON network for its apps and services following a new partnership.

Mark Cuban Mulls Memecoin to Pay US debt

Billionaire Mark Cuban said that if people want to gamble on memecoins, they could do it and “make a dent” in the US debt.

Ross Ulbricht Pardon Odds Surge to 95% on Polymarket

Polymarket now predicts a 95% chance that U.S. President Donald Trump would pardon Ross Ulbricht, the creator of Silk Road, in his first week in office.