Chinese Meme Coin 'Laozi' Surpasses $4 Million in Market Cap Shortly

On February 27th, LayerZero Labs co-founder and CEO Bryan Pellegrino took to social media to announce: “As promised, all remaining STG held by the DAO has been burned. The redemption contract remains open to all. STG has now been rebranded as ZRO.”

On February 27th, Wikipedia co-founder Jimmy Wales shared a post on social media, stating: “Anyone who thinks Bitcoin will go to zero is probably mistaken. Its design is robust enough that it will continue to exist unless there’s an unforeseen cryptographic collapse or a surprise 51% attack — and even if those scenarios unfold, I believe it could persist through a fork.” However, Bitcoin might drop to a price point where only enthusiasts use it for casual purposes. Since it’s a total failure as a currency or store of value, it will never be the dominant currency of the future. For that reason, I recommend pegging its 2050 price target to below $10,000 in today’s dollars — and potentially much lower than that.

February 27th, per Cointelegraph, a bipartisan group of U.S. House lawmakers has introduced legislation to block prosecution of software developers who do not hold or control other people’s cryptocurrency. In a Thursday announcement, Representatives Scott Fitzgerald, Ben Cline, and Zoe Lofgren said they are backing the *Promoting Innovation in Blockchain Development Act*—a measure aiming to clarify how federal criminal cases involving blockchain developers are handled. The bill will clarify that the 1960 Travel Rule (part of U.S. federal law banning illegal money transmission businesses) applies only to entities that control other people’s digital assets. At least two crypto advocacy groups have publicly endorsed the bill: the Blockchain Association called it a “critical step” to support U.S.-based developers, while the DeFi Education Fund has backed lawsuits filed by developers like Roman Storm of Samourai Wallet.

**February 27 (Bloomberg) — JPMorgan said Wednesday the crypto market could still get a significant boost in the second half of 2024 if U.S. lawmakers pass comprehensive market structure legislation by mid-year, even as current sentiment remains subdued.** **In a research report, the bank noted the potential legislation would reshape market structure by: providing regulatory clarity, ending “enforcement-led regulation,” advancing tokenization, and driving greater institutional participation.** This rewrite aligns with U.S. news style: - Uses a concise lead (time + source + core claim) - Replaces wordy phrases (e.g., “referred to...as follows” → “noted...would reshape”) - Adopts financial industry common terms (e.g., “advancing tokenization” instead of “promoting”) - Keeps the tone direct and scannable, typical of American news briefs.

Feb. 27 — Per Onchain Lens monitoring, a BitGo wallet that previously received TRUMP meme coin tokens has transferred 5 million TRUMP (valued at ~$17.3M) to Binance over the past 9 hours. The team is expected to continue depositing additional tokens.

On February 27, Goldman Sachs noted that despite NVIDIA (NVDA.O) posting 73% year-over-year revenue growth and upbeat AI business guidance, the chipmaker’s shares dropped 5.5% following its earnings report—dragging down the semiconductor sector and the S&P 500. Analysts said this reflects a “sell-the-news” dynamic, profit-taking, and worries over the sustainability of AI capital spending by hyperscale cloud providers. While 2026 AI spending is seen rising 62% (down from 73% projected for 2025), supply-demand imbalances and a strong balance sheet could still lift expectations. Current data center demand and memory supply constraints back NVIDIA, with the market now shifting focus to 2027, when capital spending may peak. (FX675)