PEPE surges 29% in 24 hours, market cap nears $6 billion

May 22, 2024

Hot projects + Market overview

I. Mainstream exchange news

• Binance will launch AR/FDUSD, ENA/EUR, PEPE/EUR, REZ/USDC, and TRB/FDUSD spot trading pairs on May 23rd.
• Coinbase works with Meta and Ripple to combat online fraud and financial scams.
• Binance will support the aelf (ELF) network upgrade.
• Anton, former Binance CIS market operations lead, has joined Bitget.

II. Mainstream projects and trending events

• The Gala community proposes governance for the Temporary $GALA Token Contract Upgrade and Burn.
• Whales Market launches a memecoin issuance platform whales.meme.
• Taiko releases a video including the word "Airdrop", implying possible airdrops.
• Six applicants for a Spot Ethereum ETF revised their 19b-4 filings.
• Jupiter launches a unified market plan and forms the GUM alliance to consolidate all assets into one market.
• Trump accepts campaign donations including Dogecoin and Shiba Inu.
• zkSync plans to conduct a Token Generation Event this week and airdrop in mid-June.
• Catizen and Notcoin burn 5 million NOT tokens to strengthen the NOT ecosystem.
• Cross-chain protocol DeBridge launches a total of 10 billion DBR governance tokens.
• Cyber backs Phaver's first airdrop, Phairdrop, where users can join by staking CYBER.
• Fetch.ai launches an AI recruitment solution, Fetch Recruitment.
• Solana wallet Phantom acquires a 16z-backed Wallet-as-a-Service platform Bitski.
• Binance Labs announces investment in derivatives trading platform Aevo.

III. Funding news

• Web3 social media platform Farcaster raises $150 million in funding, led by Paradigm.
• Decentralized derivatives trading platform ELFi Protocol has raised $5 million in two rounds of strategic funding.
• RunesTerminal completes a funding round participated by Cogitent Ventures.

IV. Regulatory news

• Former US House Speaker Pelosi may support crypto bill FIT21.
• The EU plans to introduce blockchain infrastructure to improve record-keeping and data transmission between member countries.

V. Popular projects 

Market overview

BTC, underperforming compared to ETH, has a correction range between $65,000 and $68,000. This phase is an opportunity for bearish traders to exit their positions. After the correction phase, the likelihood of BTC entering a significant bullish trend will greatly increase. ETH has shown robust performance amidst recent news. On May 23rd, there's a high probability of 19b-4 form approval, presenting a trading opportunity. However, the S-1 form might take several weeks or months to receive final approval. August 7th is another noteworthy date, the deadline for BlackRock's Ethereum ETF. Approval of the 19b-4 form is expected to trigger a speculative cycle for ETH.

BTC Spot ETF

Data as of May 21st shows a $12.88 billion net inflow into BTC ETFs, with a daily inflow of $157 million and a turnover of $1.06 billion. ETF net assets represent 4.27% of BTC's market value. Key observations are as follows:

GBTC: The single-day net inflow was zero, with a cumulative net outflow of $18 billion, a single-day trading volume of $406 million, and a current net asset value of $20.06 billion.

IBIT: No new data available.

FBTC: The single-day net inflow was $26 million, with a cumulative net inflow of $9 billion, a single-day trading volume of $444 million, and a current net asset value of $11.08 billion.

ARKB: The single-day net inflow was zero, with a cumulative net inflow of $3 billion, a single-day trading volume of $99.62 million, and a current net asset value of $3.36 billion.

PEPE reaches an all-time high

PEPE surged 29% in a single day, with a market cap nearing $6 billion, showing similarities with SHIB, and DOGE. It is expected that there will be room for further increase in the future, simultaneously stimulating the speculation of other memecoins like WOJAK, BOB, LADYS, and Pepe2.0, in the same period with ETH, and the liquidity of the market continues to recover.

Farcaster completes $150 million funding

Farcaster, a Web3 social media platform, has successfully raised $150 million in a funding round led by Paradigm. Previously, Farcaster secured $30 million in funding in July 2022, with a16z leading the round. During this cycle, the primary competition in the realm of SocialFi projects is between Farcaster and Friend.tech. Friend.tech has managed to attract a substantial user base and Key Opinion Leaders (KOLs) through its capability to generate assets, concentrating on DEGEN, FRIEND, GAL, and CYBER.

SPECTRE AI shows strong performance

SPECTRE AI, as a part of Google and Nvidia's Startup Programs, is a predictive blockchain solution utilizing deep learning models like Long Short Term Memory (LSTM) networks. These models facilitate precise short-term predictions for token movements within time-frames of 6, 12, 24, and 48 hours. Currently, the SPECTRE token boasts a market capitalization of $27.77 million and on-chain liquidity amounting to $1.19 million.

On-chain Daily

1. TME: TME originates from GameStop, and is officially named TATESTOP.

Current price: 0.00524 USDT

Historical high: 0.00592 USDT

24-hour increase: 60.6%

Current Market Cap: $13.6M

2. BITCOIN: BITCOIN, officially known as HarryPotterObamaSonic10Inu, is a memecoin from the previous bear market, which cleverly combines pepe and Sonic the Hedgehog graphics. This meme image was formerly popular on the US sticker discussion website, 4chan, as an early classic autistic meme.

Current price: 0.15 USDT

Historical high: 0.255 USDT

24-hour increase: 18.3%

Current Market Cap: $150M

3. TRUMPE: TRUMPE is a creative amalgamation of Trump and "Pepe.

Current price: 0.0176 USDT

Historical high: 0.03 USDT

6-hour increase: 36.3% (Token Launch Time: 05/21 19:30 UTC)

Current Market Cap: $1.6M

4. COUPE: COUPE is a memecoin on the Solana chain, creatively featuring an image of a gorilla driving a coupe.

Current price: 0.0021 USDT

Historical high: 0.0039 USDT

6-hour decrease: 2% (Token online time: 05/21 17:15 UTC)

Current Market Cap: $2.1M

5. OKAYEG: OKAYEG is a memecoin on Base known for its popular emoticon on Twitch. Its ownership has been renounced (Ownership Renounceg).

Current price: 0.0(4)486 USDT

Historical high: 0.0(4)592 USDT

24-hour increase: 27.8%

Current Market Cap: $20M

6. BENTO: BENTO's IP is known as the friendliest dog coin on Base.

Current price: 0.0(7)813 USDT

Historical high: 0.0(7)873 USDT

24-hour increase: 87%

Current Market Cap: $6.3M

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