CZ starts jail time in California

CZ starts jail time in California

June 3, 2024

Hot projects + Market overview

I. Mainstream exchange news

  • Binance will delist OMG, WAVES, WNXM, and XEM.
  • CZ begins serving his sentence in California.
  • OKX will soon launch spot trading for Ultiverse (ULTI).

II. Mainstream projects and trending events

  • ​​TON network’s TVL hits $362 million, a month-on-month increase of over 104%.
  • Uniswap's "fee mechanism" proposal is delayed due to pressure from a VC, a Paradigm researcher says.
  • The Memecoin protocol ERC7660 token $BENCH contract address has been announced, and liquidity has been deployed.
  • Over $3 billion worth of ETH has been withdrawn from CEXes, since the Ethereum ETF19b-4 approvals.
  • Bitcoin miners' income fell by 46.15% month-on-month in May, the lowest since October 2023.
  • Spot trading volume in CEXes fell by 22.5% month-on-month in May, while spot trading volume in DEX fell by 30.6%.
  • ARK Invest pulls out of spot ETF race, ends partnership with  21Shares, stating it "will not proceed with Ethereum ETF at this time.”
  • Franklin Templeton, VanEck, and Invesco Galaxy submitted revised S-1 filings for an Ethereum spot ETF.

III. Funding news

  • E Money network raised $3.3 million from a bridge round, led by Animoca Brands.
  • Animoca Brands has invested in MarketingFi and token COOKIE of AI data layer Cookie3.
  • RWA project Plural raised $2.3 million, in a funding round led by CompoundVC and Necessary Ventures.
  • Web3 gaming platform TRALA raised $5 million, participated by Animoca Brands.

IV. Regulatory news

  • Binance, OKX, and HTX withdrew their license applications in Hong Kong due to the Hong Kong Securities and Futures Commission's requirements, Wu Blockchain reported. Applicants must ensure their platforms do not serve mainland Chinese users in any region.
  • US Senator Cynthia Lummis said she would continue to encourage financial innovation and key protections for crypto assets.

V. Popular projects 

Market Overview

BTC maintains a narrow range of fluctuations between $67,000 and $68,500, with frequent dips to $67,000, yet managing to retain that level.

For a bullish trend, BTC must maintain a level above $69,000 and a support of $66,784. If this support level is breached, a correction can be expected followed by an increased probability of a major bullish wave. 

BTC is currently in between bullish and bearish tug-of-war. Watch out for the US unemployment rate and non-farm payroll on June 7th, the seasonally adjusted US CPI on June 12th, and the FOMC interest rate meeting on June 13th. 

BTC Spot ETF - May 31st

Overall Data:

Total Net Inflow: $13.86 billion

Daily Net Inflow: $48.74 million

Single-Day Turnover: $1.73 billion

Proportion of BTC’s Market Value: 4.34%

Breakdown by ETF:

GBTC:

Single-Day Net Outflow: $124 million

Cumulative Net Outflow: $18 billion

Single-Day Turnover: $336 million

Net Asset Value: $19.26 billion

IBIT:

Single-Day Net Inflow: $169 million

Cumulative Net Inflow: $17 billion

Single-Day Turnover: $890 million

Net Asset Value: $19.67 billion

FBTC:

Single-Day Net Inflow: $6 million

Cumulative Net Inflow: $9 billion

Single-Day Turnover: $274 million

Net Asset Value: $11.08 billion

ARKB:

Single-Day Net Inflow: $0

Cumulative Net Inflow: $2 billion

Single-Day Turnover: $119 million

Net Asset Value: $3.18 billion

NOT up 400% in a week, fueling the gaming sector

The NOT token has witnessed considerable growth, hitting a market cap of $2.4 billion, a 400% rise within a week. It led the pack on Binance, outperforming BTC and ETH in terms of trading volume. 

NOT's daily trading volume peaked at $2.2 billion, catalyzing a swift surge in new coins such as REZ and BB on Binance. This surge fueled the ascent of gaming projects like XAI, PIXEL, PORTAL, ALICE, VOXEL, and LOKA. Continued focus could be kept on capital inflows pouring into the gaming sector.

NYAN is up over 100% from its low point

Nyan Heroes, featuring cats as drivers, is a team shooting game built on the Solana ecosystem. The token, launched on May 21st is up more than 100% from its low point. It has attracted high user interest, with a trading volume of $47.98 million in the last 24 hours.

GME up 300% in a day

Noted YouTuber Roaring Kitty, famed for driving up the stock price of GameStop, has returned activity to Reddit after a three-year hiatus. Reports indicate that Roaring Kitty purchased five million shares of GME stock amounting to $115.7 million and placed a $65.7 million bet in call options. GME's price is seen to reach a minimum of $20 per share by June 21st.

The GME token on the Solana chain soared 300% in a single day, with a 24-hour trading volume of $158 million.

PSTAKE is up 29% in a day 

pSTAKE Finance said it plans to partner with Babylon, a Bitcoin pledge initiative, for BTC Liquid Staking. After this, on May 30th, Babylon raised $70 million in a funding round led by Paradigm. 

Following the news, PSTAKE's capital activity surged, and BTC deposits are expected to become available on pSTAKE in the coming weeks.

In the last 24 hours, PSTAKE has achieved a trading volume of $2.43 million and a market cap of $46.92 million.

Significant token unlocks this week

Liquity (LQTY) will unlock approximately 657,000 tokens on June 5th, or about 0.68% of the current circulation, valued at around $760,000.

Galxe (GAL) will unlock approximately 2.03 million tokens on June 5th, or about 1.76% of the current circulation, valued at around $7.4 million.

Euler (EUL) will unlock approximately 60,000 tokens on June 7th, or about 0.32% of the current circulation, valued at around $290,000.

Hashflow (HFT) will unlock approximately 13.62 million tokens on June 7th, or about 3.36% of the current circulation, valued at around $4 million.

On-chain Daily

  1. HONK: Known as Honk, or by its original name Pepoclown, HONK depicts the character Pepe the Frog with rainbow hair and a red clown nose. 

Current Price: $0.0(8)553

Historical High: $0.0(7)175

24-hour Change: +175%

Current Market Value: $2.4M

  1. PEW: PEW is a memecoin on the Ethereum chain, reflecting the art style of the artist Darkfarms who created BOME. It garnered attention due to its deep liquidity when it first opened. 

Current Price: $0.0(4)461

Historical High: $0.0(4)975

24-hour Change: -17%

Current Market Value: $46M

  1. HOPPY: HOPPY is an anthropomorphic frog character, adapted from the renowned comic "The Night Riders" created by illustrator Matt Furie, who also created Pepe.

Current Price: $0.0(4)408

Historical High: $0.0(4)51

24-hour Change: +115%

Current Market Value: $17M

  1. GME: GME is a GameStop-themed memecoin on the Ethereum chain. It became a speculation focus because of a new tweet by Roaring Kitty.

Current Price: $0.0(4)407

Historical High: $0.0(4)503

24-hour Change: +789%

Current Market Value: $16.7M

  1. KITTY: KITTY is the Solana version of RoaringKitty, created a month ago. It was taken over by the community on April 6th and recently surged due to the return of Roaring Kitty, the initiator of the GameStop Short Squeeze event in 2021.

Current Price: 0.0165 

Historical High: 0.055

24-hour Change: +405%

Current Market Value: $12.6M

  1. MOTHER: MOTHER is the token of the famous female rapper IGGY AZALEA, issued using pump fun. Iggy even changed her Twitter avatar to a Madlads NFT.

Current Price: 0.0596 

Historical High: 0.0914 

24-hour Change: -15.3%

Current Market Value: $59M

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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