Floki DAO approves burning over 15.2 billion FLOKI.

Floki DAO approves burning over 15.2 billion FLOKI.

May 16, 2024

Hot projects + Market overview

I. Mainstream exchange news

  • Binance introduces spot trading with trailing features.
  • Binance starts migrating assets from BNB Beacon Chain to BNB Smart.
  • Robinhood Crypto launches staking services in Europe and plans to introduce localized apps.
  • Binance supports Lisk (LSK) smart contract swap.
  • Binance completes the integration of USDC on the Base network and opens the deposit service.
  • Lightning Labs plans to launch a stablecoin on Bitcoin.
  • P2E game Nyan Heroes to conduct NYAN token's TGE on May 21st.
  • Blast announces an airdrop commencing on June 26th.
  • Floki DAO approves burning over 15.2 billion FLOKI.
  • Entangle's rewards plan incentivizes users to stake NGL and earn points via eBridge.
  • Sei's V2 upgrade rolls out in three stages to implement highly efficient EVM parallelism.
  • pSTAKE Finance launches a Bitcoin liquidity staking solution.
  • IOTA 2.0 public testnet launches, introducing PoS mechanism.

III. Funding news

  • Chainstack, a web3 infrastructure firm, raises $6 million from VCs including SBI Ven Capital.
  • DeFi protocol Shogun raises $6.9 million in seed funds, and the token is estimated to be worth $69 million.
  • TrueBridge's blockchain fund, TrueBridge Blockchain I, raises $62 million.
  • Onchain order book project Spark completes $1.5 million pre-seed round investment.
  • Humanity Protocol secures $30M funding, valued at $1B, participated by Animoca Brands.
  • Crypto trading company Raven, by ex-Wintermute staff, completes a $2.7 million seed round, led by Hack VC.
  • Blockchain game CROSS THE AGES secures a $3.5 million equity investment led by Animoca Brands.

IV. Regulatory news

  • Hong Kong Monetary Authority will likely provide details of the digital RMB in Hong Kong as early as May 17th.
  • US Fed Governor Bowman said all states and the federal government need to coordinate on stablecoins.

Market overview

The US Department of Labor recorded a slightly lower Consumer Price Index (CPI) of 0.3% in April compared to its expectations of 0.4%. Meanwhile, the nominal annual CPI was 3.4%, in line with expectations. The annual core CPI, which excludes volatile energy and food prices, fell back to 3.6%, in line with expectations but falling to the lowest point since April 2021. The US CPI data triggered expectations of a hike in interest rates by the Federal Reserve in September and December, causing BTC to surge by 7.5% and reach a top of $66,666. A sustained value above $65,000 could suggest bullish activity, and surpassing $68,000 might demonstrate an upward trend. The market movement following this BTC breakout remains under scrutiny.

BTC Spot ETF

Data as of May 15th shows a net inflow of $12.15 billion in the BTC ETFs, which translates to a daily net inflow of $302 million, and a single-day turnover of $1.5 billion. ETF net assets constitute 4.24% of BTC's market value. The primary observations are:

GBTC: The single-day net inflow was $27 million, with a cumulative net outflow of $18 billion, a daily transaction volume of $476 million, and a current net assets value of $19.09 billion.

IBIT: No new data available.

FBTC: The single-day inflow was $131 million, with a cumulative net inflow of $8 billion, a daily transaction volume of $644 million, and a current net assets value of $10.28 billion.

ARKB: The single-day net inflow was $39 million, with a cumulative net inflow of $2 billion, a daily transaction volume of $150 million, and a current net assets value of $3.05 billion.

Memecoin season

The rise of BTC saw most mainstream coins, including VC-led tokens, remain stagnant or increase modestly, showing no capital inflow. Meanwhile, notable memecoins surged, indicating that memecoin narratives are gradually gaining user acceptance. 

Popular projects include:

MUMU soars 85% within 24 hours

MUMU is a cattle-themed memecoin, with a current market value of $3.173 million, and an on-chain liquidity of $855,000.

PUPS is up 60% in 24 hours

PUPS was initially a critical project in the Rune ecosystem spotlight. However, attention surged once a portion of the liquidity was moved to Solana. PUPS has been mentioned many times by Ansem. After a more than 80% drop from its peak, the market has recently picked up steam resulting in a considerable rebound.

PAJAMAS soars 40% in a day

On May 22, 2005, Steve Chen, co-founder of YouTube, became the first person to upload a cat video to YouTube. The 30-second video, titled Pajamas and Nick Drake, features his pet playing with a rope. This event holds significance. Currently, the token's market cap is $24.07 million, and the liquidity on-chain reached $772,000.

PEOPLE soars 37% in one day

The US presidential election is entering a heated phase. Donald Trump agreed on May 15th to hold two election debates with Joe Biden in June and September, respectively. PEOPLE, conceptually linked to the election, has recently seen a rebound of 135% from the bottom.

CWIF soars 33% in one day

CWIF is a copycat of WIF, with the IP image changed to a cat. CWIF has 136,000 followers on Twitter. The CWIF token has a market cap of $26.8 million, and the on-chain liquidity has reached $2.06 million. Currently, it has not been listed on any mainstream exchanges.

On-chain Daily

1. JOE: JOE is an established memecoin project, represented by a Jelly Bean emoji. Its overall style is somewhat cultish and bears similarities to Milady and $bitcoin.

Current price: 0.0143 USDT

Historical high: 0.034 USDT

24-hour change: +13%

Current market cap: $14.3M

2. reee: reee is a memecoin on the Solana network. It gained market attention when Bome's founder Darkfarm shouted out on X.

Current price: 0.00136 USDT

Historical high: 0.00523 USDT

24-hour change: +804%

Current market cap: $1.3M

3. CATOUR: CATOUR is a memecoin on Solana. Its IP is a cat that travels around the world taking selfies.

Current price: 0.00185 USDT

Historical high: 0.00311 USDT

6-hour change: +23%

Token went live at 5/15 17:00 UTC

Current market cap: $1.7M

4. SELFIE: SELFIE is a memecoin on the Solana network. Its IP is a Shiba Inu taking a selfie. It was taken over by the community on May 14th.

Current price: 0.019 USDT

Historical high: 0.035 USDT

24-hour change: +4%

Current market cap: $19M

5. BRIUN: BRUIN is a memecoin on Base. It is a spoof of Brian Armstrong, the founder of Coinbase.

Current price: 0.00329 USDT

Historical high: 0.00422 USDT

24-hour change: +82%

Current market cap: $3M

6. CHOMP: CHOMP is a memecoin on Base, represented by a fierce orange guinea pig.

Current price: 0.0498 USDT

Historical high: 0.157 USDT

24-hour increase: +11.3%

Current market cap: $4.6M

The content above is neither a recommendation for investment and trading strategies nor does it constitute an investment offer, solicitation, or recommendation of any product or service. The content is for informational sharing purposes only. Anyone who makes or changes the investment decision based on the content shall undertake the result or loss by himself/herself.

The content of this document has been translated into different languages and shared throughout different platforms. In case of any discrepancy or inconsistency between different posts caused by mistranslations, the English version on our official website shall prevail.

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