This Week in Crypto: Binance Adds Meme Coin, Pi Network Launches DEX, Grayscale Updates List of Investments
The crypto world continues to see notable events this week, including the launch of a new DEX from Pi Network, Binance supporting a new meme token, and Grayscale updating its list of potential cryptocurrencies.
Pi Network Launches Decentralized Exchange (DEX)
This week, Pi Network announced PiDaoSwap, a community-driven decentralized exchange (DEX) that aims to address the issue of Pi Coin price manipulation. PiDaoSwap provides a transparent and fair trading mechanism that helps stabilize the value of Pi Coin.
Pi Network VietNames' announcement said: "When completed, Pi price will reflect real value and will no longer be manipulated by external exchanges."
Notably, Pi Network has integrated Telegram’s crypto wallet, potentially opening up access to over 1 billion users. However, questions about Pi Network’s decentralization have yet to be fully resolved.
Trump Media Partners with Crypto.com
This week also saw the announcement of a partnership between Trump Media and Crypto.com, opening up the possibility of ETFs based on Cronos, Bitcoin, and other crypto assets. The partnership sent the price of the Cronos (CRO) token up nearly 20%.
However, concerns about possible token manipulation by Crypto.com persist, with blockchain investigator ZachXBT warning of dubious practices. However, the SEC’s investigation into Crypto.com has ended without any legal action.
GameStop Adds Bitcoin as a Reserve Asset
GameStop has also updated its investment policy, adding Bitcoin to its reserves. The announcement sent GameStop shares up 12%, but Bitcoin prices were largely unchanged. Analyst Mati Greenspan said the lack of details on the amount of Bitcoin GameStop purchased led to a muted market reaction.
Grayscale Updates Crypto Investment List
Grayscale has added three new altcoins to its top 20 list, including Maple Finance (SYRUP), Geodnet (GEOD), and Story Protocol (IP). The move reflects Grayscale's strategy of diversifying its holdings and looking for assets with high growth potential. It also removed three altcoins, Akash Network (AKT), Arweave (AR), and Jupiter (JUP).
Binance Lists Studio Ghibli-Inspired Meme Coin
A new meme coin craze has emerged this week, with Studio Ghibli-themed tokens like Ghiblification and GhibliCZ. Binance has been quick to jump on the bandwagon, accelerating the trading of these coins in the community. However, many analysts warn of the risk of a bubble in the meme coin market.
Nevertheless, Binance’s entry into the trend shows how major exchanges are leveraging trending narratives to attract trading volume.
The growth of DeFi and meme coins continues to attract attention, but at the same time, it poses challenges to the sustainability and listing standards of major exchanges.