Kraken is in pre-IPO planning, to raise more than $100 million.

Kraken is in pre-IPO planning, to raise more than $100 million.

June 7, 2024

Hot projects + Market overview

I. Mainstream exchange news

  • Bybit will expand to overseas Chinese communities.
  • Kraken is in pre-IPO planning, to raise more than $100 million.
  • Mastercard holders can again buy crypto from Binance.
  • Robinhood to buy crypto exchange Bitstamp for $200 million.
  • Binance unveils its 55th project on Launchpool, users can stake BNB and FDUSD to farm IO tokens.
  • Mask Network launches its staking event, with a prize pool of 40,000 TON and 700,000 RSS3.
  • UniSat’s pizza inscriptions are distributed based on the time of application.
  • Base's TVL hits $7.8 billion, surpassing Optimism to become the second-largest L2 network, behind Arbitrum.
  • The test version of ERC-404 Launchpad has been released.
  • BitMEX co-founder Arthur Hayes says the crypto bull market is on its way, and the G7 meeting next week is worth watching.
  • ProShares applies for a spot ETH ETF before the US SEC.
  • Ethena Labs integrates with Aave to promote the adoption of stablecoin USDe.
  • Wormhole launched the Staking Governance feature. The daily transfer limit from Solana to the EVM chain is 100 million W tokens.
  • European Central Bank (ECB) cuts interest rates by 25 basis points. 
  • friend.tech's daily active users have dropped by 97.4% in May.
  • Magic Eden's iOS mobile wallet has been released.
  • TON ecosystem game Hamster Kombat claims its user base exceeded 100 million.

III. Funding news

  • Stablecoin issuer Mountain Protocol raised $8 million from a Series A round, led by Multicoin Capital.
  • Glacier Network raised $8 million, with a valuation of $100 million.

IV. Regulatory news

  • New York Attorney General Letitia James sues crypto company NovaTech and founders, Cynthia, and Eddy Petion for allegedly being involved in a billion-dollar fraud.
  • The US Securities Association sues the SEC for lack of transparency in enforcement actions.

Market Overview

BTC reached a high of $71,700 before pulling back, currently fluctuating at around $71,000.

With the European Central Bank's interest rate cut of 25 basis points, the possibility of the US Federal Reserve lowering interest rates in September has increased. According to CME Fed Watch, managed by derivatives marketplace, CME Group, the probability of the Federal Reserve holding the interest rate steady in June is 97.6%, and the probability of a 25 basis point rate cut is 2.4%. Meanwhile, CME Fed Watch also noted that the probability of an unchanged interest rate in August is 78.5% while the probability of a 25 basis points rate cut in the same month is 21.1%.

Keep an eye on the $72,000 resistance level, and the release of the US unemployment and non-agricultural employment data on June 7th.

BTC Spot ETF as of June 6th

Overall Data:

  • Total Net Inflow: $15.32 billion
  • Daily Net Inflow: $215 million
  • Single-Day Turnover: over $600 million
  • Proportion of BTC’s Market Value: 4.44%

Breakdown by ETF:

  • GBTC:
    • Net Asset Value: $20.09 billion
    • Single-Day Net Outflow: $38 million
    • Cumulative Net Outflow: $18 billion
    • Single-Day Turnover: $234 million
  • IBIT:
    • Single-Day Net Inflow: $347 million
    • Other data not available
  • FBTC:
    • Net Asset Value: $12.28 billion
    • Single-Day Net Inflow: $3 million
    • Cumulative Net Inflow: $10 billion
    • Single-Day Turnover: $245 million
  • ARKB:
    • Net Asset Value: $3.46 billion
    • Single-Day Net Outflow: $97 million
    • Cumulative Net Inflow: $3 billion
    • Single-Day Turnover: $79.96 million

BRETT's market cap breaks into the top 100

BRETT is a memecoin in the Base ecosystem, featuring a character from Matt Furie's comic Boy's Club. The overall theme of this comic is that Pepe spends the day with three friends, one of whom is Brett. Brett, a frog, is passionate about dance, fashion, and hats.

The on-chain liquidity for the BRETT token is $15.07 million and its market capitalization is $1.46 billion. In the past 24 hours, the BRETT token's transaction volumes reached $156 million, elevating its market cap ranking to 79th.

W up 22% in the past week

On June 6th, Wormhole officially launched its Stake for Governance feature. This requires W token holders to cross-chain their tokens to the EVM chain and stake them to participate in governance decisions.

Back in March, during the Wormhole airdrop, each of the 1,081 users in the Monad community received 8,000 tokens. After Wormhole announced a staking option, an AMA session featured speakers from Wormhole, Monad, and the Tally staking platform. Community users have since then anticipated that staking W tokens could yield airdrops from Monad, which is seen as a project with potential. 

W price has increased by 12% in the past 24 hours, bringing its market capitalization rank to 84th at $1.26 billion.

ANDY is up 23% in a single day

ANDY also features a character from Matt Furie's 2005 comic Boy's Club. It belongs to the PEPE series hype target.

The ANDY token has hit a historical high recently, with a market cap reaching $278 million, on-chain liquidity of $5.5 million, and a trading volume of $15.52 million in the last 24 hours. 

Memecoins related to PEPE constantly hitting new highs indicate that the liquidity of on-chain memecoins has greatly improved, and the market's money-making effect has quickly increased.

On-chain Daily

  1. RYU: RYU, the Ethereum-based memecoin features an image of a dragon and can be used in the OMIKAMI project. It's a Japanese dog memecoin aiming for a transformation into an AI-enabled borrowed currency and has also launched its own Telegram robot to generate AI text and images.

Current Coin Price: $0.0(7)225

Historical High: Not Given

24-hour Change: +103%

Current Market Value: $22.5M

  1. GME: GME is an Ethereum-based memecoin, the concept coin of GameStop. Due to Roaring Kitty's upcoming live broadcast on YouTube channel and recent screenshots on Reddit showing that the total value of his GME stocks and option positions has reached about $586 million, it has once again caught the market's attention.

Current Coin Price: $0.0(4)695

Historical High: $0.0(4)803

24-hour Change: +136%

Current Market Value: $28M

  1. KITTY: KITTY is a memecoin on the Solana chain, initially issued by Pump Fun and taken over by the community on April 6th. The recent increase is due to the Roaring Kitty concept coin.

Current Coin Price: $0.0035

Historical High: $0.0053

24-hour Change: +356%

Current Market Value: $26.4M

  1. FATHER: A Solana-based meme coin, the concept is NVIDIA founder Jensen Huang signing a fan's chest at the Taipei International Computer Expo (COMPUTEX), which is seen as a classic meme. The term "Father" is derived from the surge in NVIDIA's stock, which has benefited many people, leading to the phrase "Jensen Huang is everyone's father."

Current Coin Price: $0.00511

Historical High: $0.01

6-hour Change: +55%

Token Launch Time: 6/6 17:00 UTC

Current Market Value: $4.8M

  1. CHRETT: CHRETT is a memecoin on the Base chain. It’s the Chinese version of Brett.

Current Coin Price: $0.00169

Historical High: $0.00515

24-hour Change: +148%

Current Market Value: $1.2M

  1. CHOMP: CHOMP is a memecoin on the Base chain, featuring an image of an aggressive orange guinea pig.

Current Coin Price: $0.29

Historical High: $0.33

24-hour Change: +51%

Current Market Value: $27M

Daily Rune Observation

Gas Fee Changes: The current BTC transaction fee is 34 bytes/Satoshi, with a 24-hour drop of 50%. Recent gas fees have all fallen to at least 30 bytes/Satoshi.

Today's Popular Projects

RE•TARD•FINANCE: Total supply 20,000, current minted number 20,000, overall minting progress 36%, holding addresses 219. Project party @tard_fi

BITMAP•EMPORIUM: Total supply 20,000, reserved 20%, current minted number 9,873, internal pool 37, overall minting progress 67%, holding addresses 378

BITCORN•FARMERS: Total supply 20,000, current minted number 15,790, internal pool 294, overall minting progress 76%, holding addresses 275

Top Runes projects tracking

DOG•GO•TO•THE•MOON: Rune #3, also known as the airdrop rune of Runestone, current price 11.05 Sats, 24-hour drop 14.7%, current market value 11,049 BTC

RSIC•GENESIS•RUNE: Rune #8, also the rune created by the famous inscription mining project RSIC. Current price 15.8 Sats, 24-hour drop 6.5%, current market value 3,312 BTC

PUPS•WORLD•PEACE: Rune #13, also issued on the Solana chain, has been mentioned several times by the all-chain call king Ansem. Current price 275.8 Sats, 24-hour drop 13.5%, current market value 2,758 BTC

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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