PEIPEI, a Chinese version of PEPE, soars 100-fold.

PEIPEI, a Chinese version of PEPE, soars 100-fold.

June 11, 2024

Hot projects + Market overview

I. Mainstream exchange news

  • OKX CEO Star is considering adding timestamps to the address book following customer complaints.
  • Bybit eyes Malaysia and Dubai for its employees as it prepares to launch Chinese user registration.
  • Upbit will support the TRON and Ethereum network's USDT in the Korean won and BTC markets.
  • Bithumb lists memecoin Cat in a Dogs World (MEW) in the Korean won market.
  • Io.net to open the IO token airdrop application on June 11th.
  • ZKX reminds users to claim all ZKX tokens, including trading rewards, before the June 17th snapshot.
  • The US SEC reviews ProShares’ Ethereum spot ETF application.
  • Uniswap Labs hires Coinbase executive as the Chief Legal Officer.
  • UwU Lend, a lending protocol, is suspected of being involved in a $19.3M attack.
  • LayerZero CEO says TGE will take place in the first half of this year.
  • Berachain public testnet bArtio B2 goes live.
  • Aethir Checker Node holders can launch their nodes on June 12th and receive 15% of the total ATH over the next four years.
  • 21Shares's Bitcoin-backed ETP goes live on the London Stock Exchange.

III. Funding news

  • Nexus Labs raised $25M in a Series A round led by Lightspeed Venture Partners and Pantera Capital.
  • Solana's multi-signature protocol Squads raised $10M in a Series A round led by Electric Capital.
  • Bitball, a Web3 sports metaverse platform, has received a strategic investment of $2M, participated by Bitfun Capital.

IV. Regulatory news

  • South Korea's new guidelines classify NFTs as potential virtual or non-virtual assets.
  • South Korea will hand over crypto crimes to prosecutors.

Market Overview

 As the US non-farm employment data surpassed anticipations, BTC failed to break through $72,000 and retreated to $68,000, indicating a potential downward movement.

The market eagerly awaits the US CPI and the Federal Reserve's interest rate decision this week, expected to drive BTC even higher. As the current uptrend remains uncertain, it's a good idea to consider reducing leverage, observing more, and taking fewer actions. Also, wait for the primary uptrend to resume once this pullback wave subsides.

In the short term, the key support levels to monitor are $68,000 and $66,000. 

BTC Spot ETF as of June 10th

Overall Data:

  • Total Net Inflow: $15.65 billion
  • Daily Net Outflow: $349 million
  • Single-Day Turnover: over $472 million
  • Proportion of BTC’s Market Value: 4.47%

Breakdown by ETF:

  • GBTC:
    • Net Asset Value: $19.74 billion
    • Single-Day Net Outflow: $40 million
    • Cumulative Net Outflow: $18 billion
    • Single-Day Turnover: $166 million
  • IBIT:
    • Single-Day Net Inflow: $168 million
    • Other data not available
  • FBTC:
    • Net Asset Value: $12.09 billion
    • Single-Day Net Outflow: $3 million
    • Cumulative Net Inflow: $10 billion
    • Single-Day Turnover: $176 million
  • ARKB
    • Net Asset Value: $3.41 billion
    • Single-Day Net Inflow: $0
    • Cumulative Net Inflow: $3 billion
    • Single-Day Turnover: $51.92 million

Chinese PEPE soars 100-fold

PEIPEI, the Chinese PEPE version, is gaining attention, sparking numerous Chinese memecoins. 

PEIPEI’s market capitalization surpassed $100M at its peak, increasing more than 100 times from an all-time low. The on-chain liquidity of PEIPEI is over $2M, with 24-hour trading volume reaching $18M.

CHRETT, the Chinese counterpart of BRETT, surged significantly after BRETT's market cap briefly exceeded $1.6B. Upon this momentum, CHRETT soared eight-fold from the low point, reaching a market cap of $3.5M, even though still far from BRETT’s peak point.

SPIKE up 50% in a day

Spike the pink dragon, is the first recorded artwork by Matt Furie that predates Hoppy, Pepe, Andy, Brett, Landwolf, and Birddog. A video detailing Spike's origin was released on June 11th, attracting community attention.

SPIKE has a market value of $40M, on-chain liquidity of $808,000, and a trading volume of $13.48M within 24 hours.

LEVER up 13% in a day

OmniZK is a Bitcoin security verification protocol launched by LeverFi (LEVER). It enables developers to create complex, interoperable DeFi applications by transferring complex logic to the EVM network and verifying the results through zkOracles. Recently, LeverFi announced that OmniZK devnet will upgrade to testnet on June 18th. Upon this news, the LEVER token has shown strong performance.

On-chain Daily

  1. BIAO: BIAO is a memecoin on the Ethereum chain, known as the most popular emoji package in China.

Current Price: $0.01

Historical High: $0.144

24-hour Change: +18.6%

Current Market Value: $10.8M

  1. LANDWU: LANDWU is the Chinese version of the character LandWolf from the comic 'Boy’s Club'.

Current Price: $0.0(7)349

Historical High: $0.0(7)461

24-hour Change: +479%

  1. DTJR: DTJR is a memecoin on the Solana chain, featuring Donald Trump Jr.

Current Price: $0.0055

Historical High: $0.00769

24-hour Change: +128%

  1. MAGAA: MAGAA is a memecoin on the Ethereum chain. It has recently drawn attention again because Donald Trump Jr. endorsed it during a promotion on Twitter Space. It is the first politically-themed memecoin to receive such an endorsement. 

Current Price: $0.0385

Historical High: $0.0818

24-hour Change: +1.5%

Current Market Value: $38.4M

  1. BALT: BALT is a memecoin on the Base chain, short for Brett’s cat. It is the head memecoin on the Base chain.

Current Price: $0.00542

Historical High: $0.009

24-hour Change: +24.4%

Current Market Value: $5.4M

  1. CHRETT: CHRETT is a meme coin on Base, an image of the famous meme IP Brett with Chinese characteristics.

Current Price: $0.00492

Historical High: $0.006

24-hour Change: +42%

Current Market Value: $3.7M

Daily Rune Observation

Changes in Gas Fee: The current BTC transaction cost is 30 bytes/satoshi, significantly less than last week's surge often exceeding 70 bytes/satoshi. The decline came as Bitcoin prices fell, calming the Runes market sentiment.

Today's Popular Projects

- UNCOMMON•GOODS: Runes #0, open for minting until the next halving with no quantity limit. Current number of holders is 41,465.

- RUNIC•TAPROOT•WIZARD: Total supply is 100,000, with no pre-reservation, currently minted 71,912 units, 60 in the memory pool, an overall minting progress of 72%. Current number of holders is 1,095.

Top Runes Projects Tracking

- DOG•GO•TO•THE•MOON: Runes #3, also known as the airdrop Runes of Runestone, the current price is 9.7 Sats, down 4.9% in 24 hours, and a current market cap of 9,699 BTC.

- RSIC•GENESIS•RUNE: Runes #8, also the Runes created by the famous inscription mining project RSIC. The current price is 12.73 Sats, down 12.19% in 24 hours, and the current market cap is 2,668 BTC.

- BAMK•OF•NAKAMOTO•DOLLAR: A synthetic dollar protocol based on Bitcoin L1, the current price is 10.49 Sats, up 3.15% in 24 hours, and the current market cap is 2,202 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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