The digital asset landscape was reshaped this week by a series of high-profile events, including a presidential pardon for Binance founder Changpeng Zhao that sent the exchange's native token soaring. Simultaneously, Dogecoin is taking a significant step toward mainstream financial markets, while other major tokens like XRP face renewed selling pressure.
Key Takeaways
- Binance founder Changpeng Zhao has reportedly received a full presidential pardon, causing the BNB token to jump over 5%.
- A firm affiliated with the Dogecoin Foundation is preparing to go public, planning to use DOGE as its primary treasury asset.
- XRP's price has declined more than 2.5%, erasing recent gains and returning to a bearish outlook.
- The Shiba Inu community has been alerted to an active phishing scam involving a fake website designed to drain user wallets.
- Bitcoin is posting significant gains as traditional safe-haven assets like gold experience a sharp downturn.
Binance Founder Changpeng Zhao Receives Presidential Pardon
In a move that sent ripples through the cryptocurrency industry, Binance founder Changpeng 'CZ' Zhao was granted a full pardon by U.S. President Donald Trump on Wednesday, October 23, 2025. The news was first reported by The Wall Street Journal, citing sources familiar with the decision.
The development followed earlier speculation about a potential pardon. Fox Business had previously reported that Binance was close to securing such a resolution. Zhao himself had confirmed during a podcast appearance this year that his legal team had submitted an application for a pardon.
Market Responds Immediately to Pardon News
The market's reaction was swift and decisive. Binance's native cryptocurrency, BNB, surged by 5.1% shortly after the reports surfaced. According to market data, the token reached an intraday high of $1,138, reflecting strong investor optimism following the announcement.
Background on the Situation
The pardon resolves a period of significant legal and regulatory uncertainty for both Zhao and Binance, one of the world's largest cryptocurrency exchanges. Such high-level resolutions often have a profound impact on market sentiment, signaling a potential shift in the regulatory environment for digital assets.
Dogecoin Treasury Moves Toward Public Trading
In another major development for the cryptocurrency space, the Dogecoin Treasury is set to become a publicly traded entity in the United States within the next few weeks. This move is seen as a pivotal step in legitimizing Dogecoin beyond its origins as a 'meme coin' and could pave the way for wider institutional adoption.
Courtney, a representative from the Dogecoin Foundation, confirmed the development on the social media platform X. The foundation celebrated the milestone, emphasizing its positive implications for retail holders of DOGE.
CleanCore Solutions to Adopt DOGE as Primary Reserve
The public listing is tied to the firm CleanCore Solutions, which recently announced it was establishing a Dogecoin treasury through a $175,000,420 private placement. The company has stated its intention to use the proceeds to adopt Dogecoin as its primary treasury reserve asset.
This strategy is reminiscent of MicroStrategy's approach to Bitcoin accumulation, but applied to a meme coin. By going public, the firm will be able to raise additional capital by selling stock, which can then be used to purchase more DOGE. This could potentially reduce the circulating supply of the token over time, impacting its market dynamics.
Market Volatility Hits XRP and Shiba Inu
While some corners of the market celebrated, others faced significant headwinds. The price of XRP experienced a sharp reversal, erasing most of its gains from earlier in the week. The token fell by more than 2.5% in 24 hours, dropping to a trading price of approximately $2.1842.
The decline pushed XRP below key technical support levels, raising concerns about a potential further downturn. The sell-off occurred after a failed attempt to push above the $2.60 mark, a level near its 50-day moving average. This price rejection suggests that bearish sentiment is strengthening and sellers are regaining control.
Urgent Security Alert for SHIB Holders
The Shiba Inu community, often referred to as the 'SHIB Army', issued an urgent security warning about an active phishing scam. A malicious website has been created to impersonate the official Shiba Inu platform, aiming to drain the wallets of unsuspecting token holders.
Details of the Phishing Scam
The fraudulent website uses several tactics to appear legitimate, including:
- Promoting fake offers like a "Cross-Chain Swap Live!" event.
- Featuring wallet connection interfaces that mimic real platforms.
- Making false claims about partnerships and presale bonuses.
Scammers are also reportedly impersonating members of the Shiba Inu development team and official support staff to build trust. Once a user connects their wallet to the fake site, it can authorize unauthorized transactions and steal their assets. The Shiba Inu team has reiterated the address of its official website to help users avoid the scam.
Bitcoin Gains Momentum as Gold Falters
In the broader market, a significant divergence is emerging between digital and traditional assets. Bitcoin is on track for its largest gain since April 22, a day when the BTC/XAUT pair jumped 11%. This strong performance comes after a period of relatively quiet price action for the leading cryptocurrency.
"The dynamic between Bitcoin and gold is shifting. While gold has performed well for much of the year, recent price action suggests investors may be rotating capital into digital assets."
In stark contrast, precious metals are facing intense selling pressure. Both gold and silver recorded their largest intraday price drops in years this past Tuesday. Some analysts believe the trade into physical gold had become overcrowded, pointing to viral videos of long lines of people waiting to buy gold bars in Sydney, Australia, as a sign of peak enthusiasm.
This rotation highlights a growing debate among investors about the true nature of 'safe-haven' assets in the modern economy, with Bitcoin increasingly being considered a viable alternative to traditional stores of value like gold.
