#Sony's Blockchain Efforts Face Obstacles#

Sony's blockchain subsidiary recently launched the mainnet of its Ethereum Layer 2 Soneium, aimed at serving content creators and their communities. However, the move has been met with strong opposition related to memecoins. Analysts believe that Sony's blockchain launch is facing a memecoin backlash, possibly due to the higher popularity and hype surrounding memecoins, while Sony's blockchain project appears more conservative and less attractive. In addition, analysts have been reassessing Trump's inauguration strategy, as his pro-crypto campaign promises have raised higher expectations, while the typically slow-paced political machinery in Washington has brought reality into play. As inauguration day approaches, the appeal of sell-the-news is diminishing. Bitwise CIO Matt Hougan said that companies like MicroStrategy buying Bitcoin are a "massive trend that has been overlooked," and as reputational risk decreases and new FASB accounting rules come into play, the number of corporate holders "is about to explode."