Here’s what happened in crypto today

Here’s what happened in crypto today

Today in crypto, Google search volumes for crypto-related terms surge amid TRUMP memecoin rally, insider trading allegations have emerged around US President-elect Donald Trump’s Solana-based memecoin, and the US Securities and Exchange Commission has filed a lawsuit against Nova Labs.Google search volume for crypto-related terms spikes amid TRUMP rallyGoogle search volumes for crypto-related terms surged amid a memecoin frenzy driven by the launch of United States President-elect Donald Trump's Official TRUMP memecoin.Out of a scale of 100, with 100 being the highest search volume, both terms surged to 100 on Jan. 19.The President-elect of the United States will assume office on January 20, 2025, with many crypto industry executives expecting a friendlier regulatory climate under the incoming administration.Many analysts and crypto industry executives view Trump's memecoin launch as a signal that the crypto industry will reach new heights under the incoming President.Others have characterized the memecoin launch as a political “grift” that will likely plummet in value, following the trajectory of many other celebrity memecoins.Insider trading allegations surface as TRUMP memecoin floods Solana DEXsSuspicious trading activity has emerged around US President-elect Donald Trump’s Solana-based Official Trump (TRUMP) memecoin as its market cap soared to $42 billion, drawing a frenzy of retail investors.On Jan. 18, Bubblemaps, an onchain analytics firm, investigated a crypto wallet funded with $1 million four hours before the TRUMP token’s launch. Onchain data reveals that the wallet purchased $5.9 million worth of TRUMP tokens in the first minute of its launch and later sold $20 million while retaining $96 million in tokens. TRUMP tokens were then routed through a wallet and distributed to 10 other wallets, now actively selling on Solana decentralized exchanges (DEXs). This pattern of trade has raised concerns about potential market manipulation as the TRUMP memecoin continues to dominate headlines.Preetam Rao, CEO of QuillAudits, a Web3 security company, expressed concerns about the TRUMP token’s allocation structure and purpose. “Eighty percent of the supply is locked for CIC Digital, a company owned by the Donald Trump Revocable Trust. This is the same entity that launched Trump NFT Trading Cards three years ago. The website says it’s ‘not an investment but a show of support,’” Rao said.Rao noted that the top 10 holders own 89.06% of the supply, and there’s no clarity on the liquidity pool burn status. “Interestingly, the token was launched in an Asian morning time zone. It feels like this is just a way for Trump to make money,” he said.He told Cointelegraph:“We can see some insider traders involved, but I feel if the US government is supporting projects to set a roadmap for innovation in the country. Maybe it’s a rug pull, but it lays the foundation for innovation”SEC sues Nova Labs over alleged unregistered crypto securities offeringsThe United States Securities and Exchange Commission (SEC) has filed a lawsuit against Nova Labs, the firm behind the open-source Helium Network, just days before SEC chair and known crypto critic Gary Gensler steps down as chair on Jan. 20.The SEC alleges that the company sold unregistered investment products, including those that mine cryptocurrency and a program that allowed users to trade their personal data for crypto assets.In a statement on Jan. 17, the SEC alleged that Nova Labs sold unregistered securities by offering electronic devices called “Hotspots,” which mine the company’s cryptocurrency, Helium (HNT), as well as a program called “Discovery Mapping,” where users could trade their private data for crypto.Meanwhile, the SEC also accused Nova Labs of making false claims to potential investors, saying major companies like micro-mobility company Lime, food and beverage giant Nestlé, and cloud computing software firm Salesforce were using or depending on its wireless network, when they allegedly were not.

Cointelegraph