Weekly Recap: Trump Establishes U.S. Bitcoin Reserve, NFT Trading Volume Plunges 63% Since Dec

Welcome to the latest edition of ChainPlay's Newsletter, where we dive into the week's most exciting and innovative crypto news.

ChainPlay.gg provides the latest updates, trends, and insights in the crypto market. Stay informed about key developments, investments, and growth across the industry.

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Crypto Adoption 

Trump Establishes U.S. Bitcoin Reserve, Declares Nation a ‘Bitcoin Superpower’

WASHINGTON, March 7 (Reuters) – President Donald Trump has signed an executive order creating a U.S. Strategic Bitcoin Reserve using cryptocurrency seized by the government, a move aimed at solidifying America’s position in the digital asset space. While the order does not authorize new Bitcoin purchases, the announcement briefly sent prices down 5% to $85,000 before recovering.

The decision was unveiled ahead of a White House crypto summit, where Trump declared the U.S. a “Bitcoin superpower” and pledged to lead the global digital asset industry. Joined by executives such as the Winklevoss twins and Coinbase CEO Brian Armstrong, he framed the initiative as a landmark step for financial innovation.

The reserve, managed under White House crypto czar David Sacks, will store forfeited Bitcoin, with future acquisitions subject to budget-neutral strategies. A separate "U.S. Digital Asset Stockpile" will hold other seized cryptocurrencies. While supporters argue the reserve could benefit taxpayers, critics dismiss it as largely symbolic and raise concerns over potential conflicts of interest due to Trump’s family ties to crypto ventures.

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GameFi

Ethereum Card Game 'Parallel' Expands to Mobile as Champion Wins $100K

Ethereum-based trading card game Parallel held its first-ever Parallel League Championship in Las Vegas, where professional Hearthstone player Jaromír "Jarla" Vyskočil claimed victory and a $100,000 prize. The tournament, featuring 16 top players and a $250,000 prize pool, followed a six-month qualification process.

During the event, Parallel Studios unveiled plans to launch a mobile version of the game on March 18 for iOS and Android. Additionally, the studio revealed Parallel: Sanctuary, a third-person extraction shooter built on Coinbase’s Base network.

The competition saw Jarla dominate the finals with a clean sweep against Colombian player Zeliaser. Meanwhile, Parallel Studios committed $1 million in prize money for the next season, with $2 million planned for 2026.

Solana Game Nyan Heroes Announces Largest Airdrop Ahead of Playtest

Solana-based hero shooter Nyan Heroes has unveiled its biggest token airdrop yet, distributing 6.7 million NYAN tokens (worth nearly $200,000) during its upcoming Playtest 4 event from March 26 to April 13. The airdrop marks a 34% increase from the previous round, with the top-ranked player set to receive 250,000 tokens.

Designed by former EVE Online economy director Asimakis Reppas, the reward system includes three tiers and bonuses for Genesis NFT holders. Players can earn points through in-game missions and web-based tasks like account linking and referrals.

Playtest 4 will introduce a new pilot, Coco, and his mech Guardian Gizmo, along with a competitive Fishball mode and a Tokyo-inspired map. The game will also return to the Epic Games Store this month.

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MemeCoin

Solana Leads On-Chain Volume Despite 60% Drop Amid Memecoin Crash

Solana maintained its position as the top blockchain for monthly on-chain trading volume in February, recording $102.4 billion—despite a 60% decline from January's $260 billion. The drop was driven by a sharp decline in memecoin trading following the LIBRA token collapse.

Memecoins accounted for nearly 97% of Solana's February volume, down from 79% in January. The crash was triggered by Argentine President Javier Milei’s endorsement of LIBRA on Feb. 14, which briefly pushed its market cap to $4.5 billion before plummeting 95% within two days. Allegations of insider trading further rattled the market.

While overall on-chain trading volume fell by nearly $200 billion, Binance Smart Chain (BSC) was the only major blockchain to maintain stability. However, Ethereum has now overtaken Solana in March, ending its five-month lead.

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NFT

NFT Trading Volume Plunges 63% Since December

The NFT market has suffered a sharp decline, with trading volumes dropping 63% since December, according to DappRadar. Despite a late-2024 rebound, total NFT trading volume fell from $1.36 billion in December to lower levels in January and February, coinciding with a broader crypto downturn.

Analyst Sara Gherghelas attributes the slump to the correlation between NFT valuations and crypto prices. While overall decentralized app activity declined, NFT platform engagement rose 6% in February, driven by AI-powered assets.

In 2024, NFTs recorded their worst year since 2020, with $13.7 billion in trading volume—far below the $57.2 billion peak in 2022. Profile picture NFTs led February's market with $243 million in sales, while gaming and sports NFTs followed.

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ChainPlay team