The Latest Breaking News from CoinGecko

Brazil has become the first country to approve a spot Solana ETF, leading the U.S., which has yet to approve VanEck's application.

Crypto started collapsing Sunday night following a week of significant news on political and financial trends – the world's top two digital assets are leading the way in the crash, and maximalists are now trying to calm the "perfect storm."

The crypto industry, once an eyesore to many politicians, has now become a central point of discussion among a growing number of 2024 candidates, and it appears PolitiFi memecoins are being affected by the shift.

Bitcoin and Ether, the world's top two digital assets by market cap, led liquidations that passed $260 million in the past 24 hours – prices are sliding, spot BTC ETFs saw negative flows, and the full approval of spot ETH ETFs has apparently been pushed back.

Rep. Lloyd Doggett of Texas became the first House Democrat to publicly call on U.S. President Joe Biden to withdraw from the presidential race, triggering a spike from two memecoins based on Democratic politicians.

The memecoin sector has skyrocketed to the moon in recent months, and while there are tokens that have shown significant growth, others have only resulted in losses – for an industry expert, the proliferation of scam tokens only calls for improved security measures for a promising yet "chaotic" market.

Bitcoin has bounced back above $63,000, but there are still concerns about the MtGox dump starting this week that could push prices down again.

Political finance (PolitiFi), an emerging trend in the broader crypto sector, is taking the memecoin realm by storm, and just a few months before the November elections, PolitiFi memecoins can play a role in the campaigns of the three presidential frontrunners.

Bitcoin has fallen from its glorious days in March when it hit an all-time high above $73,000, and the negative sentiment continues to grow by the day as some crypto users are now picking on the digital asset's weak points.