Welcome to This Week in Crypto, where we bring you the top stories shaking up the world of cryptocurrency. This week, Bitcoin’s network activity is making headlines as daily active addresses approach 1 million for the first time in years. Meanwhile, a Solana memecoin trader turned a $160 investment into an eye-popping $5.6 million with the viral CHILLGUY token. On the global stage, Russia passed a landmark crypto tax law, officially recognizing Bitcoin as property and introducing new regulations for miners and traders. Let’s dive into the details shaping crypto this week!
Quick Look at This Week’s Stories
- Bitcoin’s Network Boom: Daily active addresses are approaching 1 million, marking a major milestone in adoption and signaling growing retail interest.
- Memecoin Mania: A $160 Solana memecoin gamble turns into $5.6 million—but the artist behind the viral meme isn’t chill about its unauthorized use.
- Russia’s New Crypto Laws: New tax laws recognize Bitcoin as property, tax profits, and introduce mining regulations.
Bitcoin Nears 1 Million Daily Active Addresses
Bitcoin’s daily active addresses are approaching 1 million, a milestone not seen since 2019, reflecting significant growth in network activity. This surge indicates increasing retail adoption, with analysts highlighting its potential to stabilize the market. Blockchain expert Anndy Lian explained that the transition from large investors, or whales, to retail participants often reduces market volatility. Blockchain analytics platform IntoTheBlock also noted that the heightened activity, the strongest since 2021, signals a healthier and more robust network.
The rising number of active addresses coincides with Bitcoin’s price movement toward the historic $100,000 mark, which it narrowly missed by $200 on Nov. 22nd. While the price saw a slight correction on Nov. 26 due to long-term holders selling, this activity has not dampened optimism. Over 458,000 investors holding Bitcoin bought above $96,700 indicates plenty of interest despite record-high Bitcoin prices. The growing user base and increased adoption reinforce Bitcoin’s position as a dominant player in the cryptocurrency market.
Solana Trader Turns $160 Into $5.6 Million with Viral Memecoin
A trader on the Solana blockchain turned a $160 investment into $5.6 million by purchasing “Just a chill guy” (CHILLGUY) tokens, a memecoin inspired by a viral internet meme. Blockchain data reveals the trader bought 9.6 million CHILLGUY tokens for 0.50 Solana (about $107) on Nov. 15, followed by another purchase of 2.8 million tokens for 0.246 SOL (around $51). The token’s popularity skyrocketed, reaching a peak market capitalization of $643 million by Nov. 27. The trader initially sold 2.8 million tokens for $35,000 but retains 9.62 million tokens now valued at $5.6 million, showcasing the unpredictable profits possible in the volatile memecoin market.
However, the success of CHILLGUY has sparked controversy. The artist behind the meme, known as PhillipBankss, has publicly criticized the unauthorized use of the character and announced plans to take legal action. The artist claims to hold copyright on the artwork and intends to issue takedown notices against for-profit uses of the character. Critics on social media argue that enforcement may be difficult given the decentralized and anonymous nature of memecoin launches, leaving the future of CHILLGUY’s legality uncertain.
Russia Approves Crypto Tax Law, Recognizes Bitcoin as Property
Russia has taken a big step toward regulating cryptocurrency, officially recognizing digital currencies like Bitcoin as property. This means Bitcoin is now treated similarly to other assets, such as real estate or stocks, in the country’s tax system. A new law imposes a 13%–15% income tax on profits from cryptocurrency sales, but it also offers tax benefits to miners who produce new coins, exempting them from certain taxes. This move comes as Bitcoin hits record highs against Russia’s national currency, the ruble.
While this may seem like a distant development, it’s part of a larger trend of governments around the world adapting to the growing influence of cryptocurrency. For Bitcoin users everywhere, regulations like these could help stabilize the market by offering clearer rules, but they also highlight how crypto is reshaping financial systems worldwide. Whether you’re a miner, a trader, or just curious about crypto, one thing is clear: the world is taking Bitcoin seriously.
