Happy New Year and welcome to our January 2025 Monthly Crypto Market Recap!

President Donald Trump was inaugurated for his second term on January 20, 2025. Shortly thereafter, he signed executive orders imposing significant tariffs on imports from Canada, Mexico, and China. Specifically, a 25% tariff was placed on most goods from Canada and Mexico, while a 10% tariff was applied to Chinese imports and Canadian energy products. These tariffs are set to take effect on February 4, 2025.

The Federal Reserve paused its series of interest rate cuts, maintaining the federal funds rate at 4.25% to 4.50%. Fed Chair Jerome Powell emphasized a cautious approach, highlighting the need to monitor inflation and labor market data before making further adjustments.

Elsewhere, the People’s Bank of China (PBOC) announced plans to enhance financial support for technological innovation and stimulate consumption to bolster economic growth. The central bank reiterated its commitment to lowering interest rates and reserve requirement ratio for banks “at an appropriate time” to promote growth.

In Crypto, Donald Trump and First Lady Melania Trump each launched their own meme coins, named TRUMP and MELANIA, respectively. These cryptocurrencies quickly gained attention, with TRUMP’s market valuation soaring to over $5 billion within hours of its release. However, the market soon experienced significant volatility; TRUMP’s value peaked at $75.35 on January 19 but declined to around $18 by late January. Similarly, MELANIA saw a rapid rise followed by a sharp decrease in value.

Join us as we delve into the crypto market of December and uncover the catalysts that fueled the month’s leading performers. Get ahead with our comprehensive monthly market recaps at TRHX Research and receive real-time updates from TRHX Pulse. Stay informed and ready to navigate the ever-evolving crypto landscape! 

XDC Network (XDC) ⏶57.50%

XDC Network is a blockchain platform designed for enterprise use, offering high-speed, low-cost, and energy-efficient transactions. Built with a focus on trade finance and institutional applications, XDC has positioned itself as a competitive alternative to Ethereum with its ability to handle up to 2,000 transactions per second at minimal costs. Over the past year, its ecosystem has expanded significantly, attracting developers and users seeking scalable and cost-effective blockchain solutions.

This month, XDC surged to its highest price since June 2022, marking a 427% increase from its lowest level in 2024. The key catalyst behind this rally was the rapid growth of its DeFi ecosystem, with total value locked (TVL) reaching an all-time high of $31.4 million—up from just $3 million a year ago. The rise in TVL highlights increased adoption across protocols like Fathom, XSwap, Wefi, and Prime Staking. Additionally, integrations with projects like PillarX and Globiance have further strengthened XDC’s ecosystem, enhancing its utility and market presence. 

Looking ahead, XDC’s upward momentum could be sustained by potential exchange listings on major platforms such as Binance, OKX, and Coinbase.

Raydium (RAY) ⏶56.43%

Raydium (RAY) is an automated market maker (AMM) and liquidity provider on the Solana blockchain for the Serum decentralized exchange (DEX). The platform’s native token, RAY, serves multiple critical functions within its ecosystem. Token holders can stake their RAY to earn a share of the protocol’s fees. Additionally, staking RAY grants users allocations in Initial DEX Offerings (IDOs), providing an avenue for early investment in emerging projects. Governance is another crucial aspect, with RAY holders having the ability to vote on critical protocol decisions, ensuring a decentralized and community-driven approach to the platform’s development and future direction.

RAY experienced a price surge driven by renewed investor confidence in the Solana ecosystem and the growth of on-chain trading activity. The platform benefited from a broader revival in Solana-based DeFi, with increased liquidity and volume flowing into decentralized exchanges (DEXs) following Solana’s strong performance post-FTX contagion. Additionally, Raydium launched new incentive programs to attract liquidity providers, boosting demand for RAY staking. The resurgence of Initial DEX Offerings (IDOs) on Solana also played a role, as holding and staking RAY is necessary for participation in these early-stage investment opportunities. The combination of ecosystem growth, higher DEX activity and staking incentives fueled RAY’s price momentum during the month.

US Regulatory Benefactors: XRP (XRP) ⏶50.46% ; Lido DAO (LDO) ⏶19.81%

The XRP Ledger is a decentralized, Layer-1 blockchain that is widely used by businesses for efficient tokenization and the exchange of both crypto-native and real-world assets. XRP, the native token, is used for transactions, preventing spam while bridging currencies within the XRP Ledger’s decentralized exchange (DEX). XRP uses the Ripple Protocol Consensus Algorithm, where a group of trusted nodes must reach a supermajority agreement to validate transactions and maintain the integrity of the ledger.

In January 2025, XRP surged amid growing optimism surrounding the incoming Trump administration’s pro-crypto stance. The appointment of crypto-friendly officials, including David Sacks as AI and crypto czar and Paul Atkins as the likely SEC Chair, signaled a regulatory shift favoring digital assets. A key catalyst was Trump’s rumored plan to establish a U.S. strategic reserve prioritizing domestically founded cryptocurrencies such as Ripple’s XRP, Solana, and USD Coin. Potential government endorsement coupled with an end to debanking pressures reinvigorated market confidence, leading to heightened speculation and price appreciation for XRP.

Additionally, speculation around a spot XRP exchange-traded fund (ETF) drove renewed institutional interest and market excitement. Major financial players, including Grayscale, CoinShares, and Purpose Investments, made moves toward launching an XRP ETF, signaling growing confidence in its regulatory clarity and investment potential. The New York Stock Exchange (NYSE) filed a 19b-4 form to list and trade the Grayscale XRP Trust, a key step toward ETF conversion. Meanwhile, Purpose Investments, managing $23 billion in assets, submitted a preliminary prospectus to Canadian regulators for what could be the world’s first XRP spot ETF.

Next, Lido DAO is a decentralized autonomous organization (DAO) which provides staking infrastructure for multiple blockchain networks. Most notably, the platform provides a liquid staking solution for Ethereum, allowing users to stake their ETH and receive stETH tokens in exchange, which represent the user’s staked ETH and staking rewards. LDO benefited significantly from Trump family’s World Liberty Financial (WLFI) staking 14,701.58 ETH (~$49M) through Lido. This large-scale staking event highlights the continued dominance of liquid staking solutions and strengthens Lido’s position as the leading decentralized staking provider. The substantial inflow of ETH into Lido boosts its total value locked, increasing protocol revenue and governance influence. Additionally, high-profile institutional adoption reinforces LDO’s long-term utility and credibility, contributing to positive market sentiment and price appreciation. This has fueled speculation that LDO could receive favorable regulatory treatment similar to XRP, potentially including tax cuts on LDO trading. If realized, such a policy shift would make LDO more attractive to investors, further increasing adoption and contributing to price appreciation.

Mantra (OM) ⏶57.13%

MANTRA, a layer-1 blockchain focused on tokenizing real-world assets (RWA), has been making significant strides in integrating traditional finance with blockchain technology. Positioned as a key player in the Middle East, MANTRA has been actively working with major real estate developers and institutional partners to bring real estate, commodities, and financial assets on-chain. With its mainnet launch in October 2024 and a growing presence in the RWA sector, MANTRA’s ecosystem continues to gain traction.

This month, MANTRA announced a major partnership with UAE-based real estate conglomerate DAMAC Group to tokenize at least $1 billion worth of the firm’s assets in early 2025. The move will allow investors to access DAMAC’s diverse portfolio, which includes real estate developments, hospitality, and data centers. By bringing these assets on-chain, MANTRA aims to streamline investment processes, improve transparency, and unlock liquidity in traditionally illiquid markets. The announcement has driven further interest in the project, with $OM’s market capitalization surging nearly 200% in the past three months, reaching $3.6 billion.

Looking ahead, further details on the specific assets being tokenized are expected in the coming weeks, alongside additional RWA initiatives. MANTRA had previously secured a $500 million tokenization deal with Dubai-based MAG Group, reinforcing its strategic focus on the Middle East’s real estate sector. 

Gate (GT) ⏶44.32%

Gate.io is a global crypto exchange which has launched GateChain, a public blockchain that facilitates digital asset transfers, and claims to be “dedicated to asset safety”. The network’s native token is GateToken (GT), which is used to pay transaction fees, but users can also stake it to validate transactions and secure the network in exchange for rewards.

Gate emerged as one of the main beneficiaries of the Trump-inspired meme coin frenzy, being among the first exchanges to list both TRUMP and MELANIA tokens. As excitement surged around these politically themed assets, trading volumes skyrocketed, with Gate securing a notable share of the market. The exchange’s early adoption strategy allowed it to capitalize on the hype, attracting new users and boosting platform liquidity. With TRUMP and MELANIA gaining traction across major platforms, Gate’s strategic positioning helped solidify its status as a go-to exchange for trending meme coins, driving increased engagement and trading activity.

DeXe (DEXE) ⏶40.73%

DeXe Protocol, a decentralised autonomous organisation (DAO) and asset management platform, has seen strong momentum this month, driven by increased staking participation and major protocol developments. The protocol recently surpassed $1 billion in Total Value Locked (TVL), marking a significant milestone in its growth. Additionally, DeXe’s DAO treasury has expanded to $752 million, reinforcing institutional confidence in its ecosystem.

The primary catalyst for $DEXE’s price surge this month has been the rapid adoption of its staking program. Across various tiers, over 11.3 million $DEXE tokens (~$214 million) have been locked, with yields ranging from 10% to 127%. The addition of 48.5 million $DEXE tokens to the treasury has also strengthened staking rewards, making participation more attractive. Further fueling bullish sentiment was the announcement of DeXe’s 2025 roadmap, which includes the launch of DeXe Protocol on Ethereum, treasury locking mechanisms, and staking support for its DAO. The number of token holders has also steadily increased, now exceeding 2,521.

Looking ahead, DeXe’s integration with Ethereum and its focus on expanding DAO governance could drive further adoption. 

Jupiter (JUP) ⏶34.32% 

Jupiter is the largest decentralised exchange (DEX) aggregator on Solana. Over the past year, it has grown to become the second-largest Solana-based DeFi protocol, boasting over $2.7 billion in deposits. Now, Jupiter is expanding beyond Solana with Jupnet, a new omnichain network designed to unify liquidity and trading across multiple blockchains.

This month, Jupiter’s Catstanbul 2025 event introduced several major catalysts for JUP. The platform announced a structured buyback plan, committing 50% of protocol fee revenue to repurchasing JUP from the market while maintaining the other 50% for growth and operations. This move, coupled with the burning of 3 billion JUP tokens (~$3.6 billion), triggered a 40% rally in JUP’s price. Additionally, Jupiter acquired a majority stake in Moonshot, a rapidly growing memecoin launchpad that surged in popularity after hosting Trump’s official memecoin. These developments reinforced Jupiter’s long-term vision of strengthening its ecosystem while reducing JUP’s circulating supply.

Looking ahead, the launch of Jupnet will be a key driver for Jupiter’s expansion, allowing it to integrate liquidity across multiple chains while mitigating issues like MEV and network congestion. The acquisition of Moonshot provides a foothold in the fast-growing memecoin sector, which continues to attract retail and institutional interest. 

KuCoin (KCS) ⏶33.25% 

KuCoin, one of the largest global cryptocurrency exchanges, faced a major regulatory setback this month, agreeing to a $297.4 million settlement for operating without proper licenses. The case, brought against Seychelles-based Peken Global Ltd in a U.S. federal court, included penalties for inadequate anti-money laundering controls and facilitating billions in suspicious transactions. As part of the settlement, KuCoin’s founders stepped down, and the exchange is now barred from serving U.S. users for at least two years. Despite these regulatory hurdles, KuCoin has signaled its intent to strengthen compliance under new CEO BC Wong, with plans for a potential U.S. re-entry in the future.

Surprisingly, KuCoin’s native token, KCS, surged 10% following the announcement, reaching $14.6—its highest price since March 2024. The rally appears to be driven by market confidence in KuCoin’s long-term stability, as well as reduced uncertainty now that the settlement terms are clear. The recent launch of KuCoin Pay, a new payment solution aimed at integrating crypto into retail commerce, has also contributed to the bullish momentum. 

Looking forward, KuCoin’s focus on expanding its global footprint, improving compliance, and driving mainstream crypto adoption through KuCoin Pay could support further growth. The exchange remains one of the top trading platforms, and with its 37 million-strong user base, KuCoin’s ability to adapt and innovate may help sustain KCS’s price momentum despite regulatory challenges. 

Monero (XMR) ⏶19.80%

Monero was launched in 2014 with a simple goal: allow transactions to take place privately and with anonymity. Even though it’s commonly thought that BTC can conceal a person’s identity, it’s often easy to trace payments back to their original source because blockchains are transparent. On the other hand, XMR is designed to obscure senders and recipients alike through the use of advanced cryptography. 

XMR saw increased discussions around its role as a true decentralized and private alternative to Bitcoin, with some community members arguing that Bitcoin has become compromised by institutional influence. Privacy advocates pushed the narrative that Monero’s financial anonymity is more crucial than ever, especially amid growing regulatory scrutiny. While Binance’s monitoring tag on XMR created short-term bearish pressure, the belief in Monero as a hedge against surveillance and centralized control fueled long-term confidence among privacy-focused investors. 

This narrative is fueling speculation that XMR could absorb demand from users disillusioned by Bitcoin’s growing integration into traditional finance. As regulatory crackdowns on self-custody and transaction privacy continue, Monero’s appeal as an independent financial system outside institutional control is emerging as a strong bullish catalyst.

Closing Remarks

In January, the cryptocurrency market exhibited notable volatility. However, potential catalysts could drive BTC higher in the near term. For ETH, the anticipated Dencun upgrade, expected in the first quarter of 2025, aims to introduce proto-danksharding (EIP-4844). This enhancement is designed to significantly reduce Layer 2 transaction fees and improve Ethereum’s scalability. A successful rollout could be bullish for ETH and Layer 2 tokens.

Challenges persist in the cryptocurrency market, particularly concerning inflation indicators such as the Consumer Price Index and Producer Price Index. Inflation metrics are pivotal in determining inflation trends. Lower inflation could bolster risk-on assets like cryptocurrencies, as it may lead to more accommodative monetary policies. Conversely, persistent inflation might prompt the Federal Reserve to adopt hawkish policies, potentially exerting downward pressure on the crypto market.  

As we approach the end of the year, we are closely monitoring these developments and hopeful for what the market may lead us going forward. Stay informed by following our in-depth analyses of the crypto landscape through TRHX Research and the TRHX Pulse Newsletter, where we will provide the latest updates.

Disclaimer

This publication is provided for informational and entertainment purposes only. Nothing contained in this publication constitutes financial advice, trading advice, or any other advice, nor does it constitute an offer to buy or sell securities or any other assets or participate in any particular trading strategy. This publication does not take into account your personal investment objectives, financial situation, or needs. TRHX does not warrant that the information provided in this publication is up-to-date or accurate. 

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