2024 saw a lot of big changes in the cryptocurrency space, especially the notable events that shook the community. One of the most notable stories was the explosion of a memecoin called MIRA. The coin reached a market value of $80 million in just one day, after Siqi Chen, a father whose daughter suffered from a rare brain cancer, called for donations for medical research. Although MIRA's price subsequently dropped by 80%, the amount raised far exceeded Chen's initial expectations, reaching over $1 million, while the original goal was $300,000.
This has demonstrated the strength of the community and the potential of memecoins in creating positive impacts, notably a Twitter user who bought and gifted half of the MIRA supply to Chen. This has sparked widespread promotion on social media, increasing the trading volume to 85 million USD, placing MIRA among the smallest yet largest market-cap coins.
Moreover, Ethereum (ETH) still faces many challenges compared to Bitcoin (BTC) and other altcoins like Solana (SOL) and Sui (SUI) over the past 18 months. According to the data, ETH only increased by 88%, compared to 1,040% for SOL and 448% for SUI. The main reason is believed to be the growing interest of institutions in Bitcoin and the frenzy of retail investors in Solana, putting ETH in a difficult position.
However, there are many opinions suggesting that with Donald Trump potentially being re-elected, Ethereum may reverse its fortunes. Trump's administration is expected to be more friendly towards cryptocurrencies. This could benefit Ethereum, a platform that has established its position with DeFi and smart contracts.
Another hot issue is the increasing scrutiny by regulatory bodies, especially the SEC, with allegations of securities violations within the Ethereum ecosystem. This has caused a feeling of 'financial nihilism' among some cryptocurrency investors, leading them to shift towards speculative assets, feeling disappointed with the market. Nevertheless, Ethereum supporters remain confident that this is the future of legitimate decentralized finance.
If Trump's team proposes new suggestions to the SEC, it could create a more favorable environment for DeFi, encouraging innovation and potentially reviving ETH's position in the market. As the legal landscape changes, experts predict that the SEC will adjust its approach, creating legal recognition for cryptocurrencies. This would not only promote the development of Ethereum but also for related projects in the coming years.
