Bybit-backed cross-chain memecoin launchpad Printr raises $4.5 million

Elon Musk’s casual post about his dog sent shockwaves through meme-coin markets on Monday, with FLOKI jumping roughly 27% in minutes.

According to reports, Musk posted “Flōki is back on the job as X CEO!” alongside an AI-made clip showing his Shiba Inu in a suit.

The token’s price moved from about $0.0000657 to roughly $0.0000847, and some sources recorded intraday highs near $0.00009 after traders piled in.

Musk Post Sparks Rally

Based on market coverage, the move was quick and driven by social media momentum. Traders who watch meme tokens said the tweet and the short video triggered a buying wave that pushed prices up by about 20–29% depending on the exchange.

Volume surged at the same time. The overall memecoin market cap rose nearly 6% to close to $64 billion as speculative bets picked up.

Market Activity And Metrics

Activity was heavy across spot and derivatives markets. Reports show derivatives volume spiked roughly 660% to $280 million while open interest climbed about 165% to $37 million.

That kind of move suggests many traders were not only buying the token but also opening leveraged positions. Some exchanges flagged fast order flow and a quick rise in short-term trading volumes. Community Buzz And Immediate Reaction

The Floki project has built a large online community that watches every mention of the name closely. Messages and posts amplified Musk’s share, and that amplification helped fuel the rapid price rise.

But it wasn’t a universal buy signal; certain wallets moved to take profits during the rally. Based on on-chain snapshots, a number of large holders sold small slices as the price spiked. Derivatives Surge Raises Questions

Analysts and market watchers warned that heavy derivatives activity can push prices both ways. When leverage flows into a small market, moves can be magnified.

A rapid inflow of speculative money can lift prices fast, and it can also trigger sharp drops when traders unwind positions.

Several analysts suggested that gains tied to a single social post are fragile without steady buying behind them.Exchange Listings And Liquidity Notes

Liquidity varied between venues. Some smaller platforms showed deeper price swings because their order books are thin. Larger exchanges saw volume rises but less dramatic price gaps.

Based on figures, traders on decentralized platforms captured most of the early moves, while centralized venues absorbed the later orders.

Featured image from Gemini, chart from TradingView

Argo Blockchain’s largest lender, Growler Mining, is taking control of the embattled crypto miner through a debt-for-equity swap that leaves existing shareholders with just a small stake in the company.

The restructuring, filed under the UK Companies Act, reveals that Growler will convert roughly $7.5 million in secured loans and provide new funding in exchange for 87.5% of Argo’s recapitalized equity.

Bondholders of Argo’s $40 million unsecured notes will collectively receive 10%, while current shareholders will retain only 2.5%. The deal, part of a court-supervised restructuring plan dubbed Project Triumph, is designed to prevent insolvency and preserve the miner’s Nasdaq listing.

“Unless the Plan Company [Argo] implements a restructuring of its balance sheet, the Plan Company will be unable to obtain the funding it needs and will be insolvent on both a cash flow basis and a balance sheet basis,” Argo said.

Coinbase Global has struck a deal to acquire Echo, an onchain private investment platform, for $375 million, the Wall Street Journal reported Tuesday, citing company executives.

The WSJ report said Coinbase is using a combination of cash and stocks to fund the acquisition, with details to be revealed later today.

This marks Coinbase's eighth acquisition this year, others including Deribit and LiquiFi. Most recently, the crypto exchange spent $25 million to acquire an NFT to revive the popular crypto podcast UpOnly.

The Block's stock price data shows that Coinbase's stock closed up 2.31% at $343.78 on Monday, while it is up 33% year-to-date. The company holds a market capitalization of $88.3 billion.

The Block has reached out to Coinbase for further information.

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© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

By Elsa Ohlen

The price of Bitcoin fell Tuesday as the cryptocurrency rebound proved short-lived.

Bitcoin fell 2.9% over the past 24 hours to $107,855, according to CoinDesk data. The world's largest crypto is now trading about 14% below its record high hit earlier this month.

Ethereum was down 4.4%, XRP dropped 2.6%, and Solana fell 4.6%. Meanwhile, futures tracking the S&P 500 and Nasdaq fell 0.1% each.

Further pressuring cryptos was an increase in the dollar index, up 0.3% against a weighted basket of other currencies early Tuesday. A stronger dollar typically acts as a headwind for cryptos.

The total value of the cryptocurrency market is now down to about $3.6 trillion. "The bulls failed to push the market above the recent highs of $3.95 trillion, and we are seeing the formation of an active short-term downtrend," noted FxPro analyst Alex Kuptsikevich. "This will be confirmed if the next local low is $3.35 trillion."

Over the past year, the crypto market capitalization soared past the $4 trillion mark, helped by the Trump administration's crypto-friendly policies, increased institutional demand, and efforts to provide clarity on regulation for the asset class.

Write to Elsa Ohlen at elsa.ohlen@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

In almost three months, Elon Musk’s SpaceX has carried out a massive Bitcoin transfer worth about $268 million, pushing rumors about corporate Bitcoin holdings back into the spotlight.

The bc1qq and bc1qj7 addresses, which are both still inactive as of press time, received 1,187 and 1,208 Bitcoin, respectively, according to blockchain data. Concerns have been raised by this abrupt transfer regarding whether SpaceX is reorganizing its cryptocurrency holdings, getting ready for institutional custody or implementing a liquidity adjustment plan.

Moving in July

Notably, a similar movement took place in July 2025, when Arkham Intelligence subsequently identified the funds as being in Coinbase Prime Custody. This suggests that the recent round of transfers might be a normal internal shuffle rather than a sale or acquisition. Nevertheless, the move’s scope and timing are certainly raising questions. Chart by TradingView">

The price of Bitcoin, which is currently trading close to $107,800, dropped more than 2.5% in the past day, indicating general market trepidation. The 200-day moving average, or black line, is once more just above the asset and is frequently seen as a crucial barrier between bullish and bearish momentum.

If Coinbase Prime or another institutional custodian is involved in SpaceX’s transfer, it may indicate treasury management preparations, perhaps connected to larger corporate financing or portfolio optimization. In contrast, if this activity indicates a possible liquidation, the market may experience short-term volatility because algorithmic trading reactions are frequently triggered by significant movements from well-known entities.

Maintaining market influence

To allay concerns about a dump, on-chain data currently indicates no immediate selling activity connected to the destination addresses. To keep an eye out for any further transfers toward exchange-linked addresses, traders will be closely monitoring these wallets.

With institutional activity increasing and Bitcoin consolidating following its most recent decline, SpaceX’s $268 million transfer serves as a reminder of how deeply corporate players are now ingrained in the cryptocurrency ecosystem and how their actions still have the power to influence markets.

The U.S. government shutdown, now stretching into its fourth week, might finally see a resolution. According to Trumps advisors Kevin Hassett, the shutdown is could end this week, clearing the way for pending crypto decisions like the XRP ETF ruling.

Trump Advisor Signals End Of U.S. Government Shutdown

On Monday, White House economic adviser Kevin Hassett told in an interview that the budget impasse which Republicans have called the “Schumer shutdown,” could end this week, pointing to Senate Democratic Leader Chuck Schumer as key to a resolution.​​

Hassett pointed to moderate Democrats as the key to reopening the government, saying once federal agencies are back in normal order, policy discussions can resume in their usual way. 

If the stalemate continues, he warned the administration may pursue “stronger measures” to move things forward.

Analysts see these signals as a hint that a short-term funding deal could come before the November fiscal deadlines, which markets may view as bullish for risk assets, including cryptocurrencies.

Shutdown Halts SEC Reviews — Including XRP ETF

The shutdown has brought most U.S. federal regulatory agencies, including the Securities and Exchange Commission (SEC), to a near standstill, delaying approvals for multiple crypto ETF filings. 

If a resolution comes this week, the SEC can resume its work, likely prioritizing pending applications such as XRP-linked ETFs that have been waiting for procedural review.

Among these filings are ETFs from major players like Grayscale, Bitwise, CoinShares, and Wisdom. Their XRP-focused products are now expected to be evaluated by the SEC between October 18 and 25, 2025, once operations fully restart.

Crypto CEOs to Meet U.S. Senators on October 22

Despite recent delays, a behind-closed-doors roundtable is scheduled for October 22, where top crypto leaders from Coinbase, Ripple, and Circle will meet U.S. Senators to discuss the proposed crypto market structure bill. 

Meanwhile, the discussion could play a key role in shaping future digital asset regulations.

As of now, the crypto market is showing some weakness, with total capitalization down about 3% at $3.64 trillion. Bitcoin is holding steady near $108,000, while XRP has dropped nearly 2.4%, trading around $2.41.