NOT jumps 62% from recent low

May 28, 2024

Hot projects + Market overview

I. Mainstream exchange news

• OKX DEX has integrated with Ring Protocol.

II. Mainstream projects and trending events

• Fantom is launching Meme Season on June 1st, with a prize pool of 1 million sFTMx.
• Stablecoin issuing company, Agora, is launching AUSD on Ethereum in June.
• Solana community passes a proposal to allocate 100% of the priority fee to validators.
• Sei v2 opens access to developers and early adopters.
• Floki launches a Telegram trading bot, with 50% of trading fees being used to buy back FLOKI.
• Ethena's May USDe custody proof shows 2.673 billion USDe supply and $2.677 billion custodial assets.
• Taiko, an Ethereum Layer 2 network, is live on the mainnet, and its token will launch soon.
• SSV.Network expansion roadmap shows a phased reduction in hardware requirements by 75% ~ 90% next year.

III. Funding news

• Blockchain node management platform NodeOps completes a $5 million seed round.
• xAI announces the completion of a $6 billion Series B funding, with participants including a16z.

IV. Regulatory news

• EU regulators label Maximum Extractable Value (MEV) as market abuse, planning stringent enforcement.
• JPMorgan does not see the US SEC approving other crypto ETFs post-Ethereum ETF.

The Hong Kong government promotes virtual assets development with the Hong Kong Stock Exchange, enhancing connections with the mainland, says Deputy Financial Secretary.

• Nomura Securities partners with GMO Internet, the parent company of stablecoin issuer GMO-Z, to explore the issuance of US dollar and Yen stablecoins in Japan.
• The Korean Department of Justice will crack down on market manipulation and fraud in the digital asset market, local media reports.
• Argentine regulators discuss Bitcoin adoption with Salvadoran authorities.

V. Popular projects 

Market Overview

BTC surged to $70,687, breaching the short-term 4-hour range. However, trading volume remained unchanged, and the OBV (On-Balance Volume) showed no significant rise. The breakout observed in the market could be false, as mentioned in yesterday's market overview.

Given that BTC did not surpass $71,000 and $72,000 critical levels, the recent surge could be temporary. It's important to keep an eye on $68,000 and $66,000 support levels, as well as  $71,000 and $72,000 resistance levels.

ETH showed strength on May 27th but encountered setbacks the following day. There are indications of emerging volatility within the ETH ecosystem. Continued monitoring of market sentiment within the sector is advised.

NOT jumps 62% from its recent low

ETH's strong performance and its impact on copycat coins have led to a notable recovery in NOT, with daily trading volume surpassing $1 billion.

Before this recovery, NOT had been experiencing declines since its listing, prompting discussions about the value of high FDV projects. BB, another high FDV project, has followed a similar price trend to NOT.

The previous decline and recent improvement suggest that high FDV may not be the primary driver of market performance. It appears that the market is not particularly sensitive to high FDV. Instead, the decline of high FDV projects may be more influenced by stagnant liquidity before the ETH ETF boom.

From this perspective, the market elements to watch, in order of priority, are Liquidity, Attention Economy, Narrative, Market Cap & Token Economics, and others.

LNQ shows strong performance

LinqAI is an innovative artificial intelligence solutions provider aiming to integrate, optimize, and automate business processes. Its main product Marketr, utilizing LangChain and GPT-4 Turbo, delivers personalized advertising content to users by amassing, organizing, and scrutinizing voluminous data. LinqAI plans to launch multiple types of AI tools in the future. The current token market cap is $26.93 million, with an on-chain liquidity of $3.13 million.

PAJAMAS up 70% within 24 hours

PAJAMAS is a memecoin that originated from YouTube video Pajamas and Nick Drake. The video uploaded in 2005 by Youtube’s cofounder Steve Chen, features a pet playing with a rope. The current market cap of PAJAMAS is $31.51 million, with an on-chain liquidity of $758,000.

GROYPER up over 300% in 24 hours

GROYPER is a frog-themed memecoin, named after Pepe's friend. It originated from the 4chain forum, usually described as self-satisfied. The current market cap of GrOYPER is $11.15 million, with an on-chain liquidity of $476,000, and a daily trading volume of $5 million.

On-chain Daily

1. ULTRA: Also known as Ultra MAGA, ULTRA is associated with Donald Trump. Its image is a symbolic representation of Trump's laser eyes in the crypto arena. 

Current price: 0.0(5)868 USDT

Historical high: 0.0(4)121 USDT

6-hour decrease: 3.7%  (Token listing time: 5/27 10:45 UTC)

Current Market Cap: $3.5M

2. Groyper: Groyper is a frog and a friend of Pepe, originating from 4chans/r9k/board. It is often depicted in a smug manner. Its contract address starts with 0x69.

Current price: 0.12 USDT

Historical high: 0.172 USDT

24-hour increase: 306%

Current Market Cap: $11.1M

3. DUKO: DUKO is a memecoin, claiming to be the cutest pet on the Solana chain. It donates 3% of its tokens to charity.

Current price: 0.00293 USDT

Historical high: 0.00747 USDT

24-hour increase: 12%

Current Market Cap: $29.3M

4. PENG: PENG is a memecoin on the Solana chain, picturing a penguin that resembles Pepe. It was recently launched on Bybit.

Current price: 0.554 USDT

Historical high: 2.15 USDT

24-hour increase: 25%

Current Market Cap: $55.4M

5. SHIB: SHIB is the Solana version of Shiba Coin.

Current price: 0.00379 USDT

Historical high: 0.00391 USDT

6-hour increase: 361%  (Token listing time: 5/27 16:55 UTC)

Current Market Cap: $3.8M

6. KING: KING is a memecoin on the Base chain, picturing a frog with a crown. It has its own Dex to Swap on its official website. 

Current price: 0.0(5)569 USDT

Historical high: 0.0(5)78 USDT

24-hour increase: 308%

Current Market Cap: $2.3M

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