Binance opens a spot market follow trading feature and is looking for lead order traders

April 24, 2024

Hot projects + Market overview

I. Mainstream exchange news

• Coinbase to list Safe (SAFE).
• Binance opens spot market follow trading feature and is looking for lead order traders.
• Binance to launch the 53rd launchpool project - Renzo (REZ).
• Crypto.com delays its Korean launch to talk with regulators.
• Bithumb to list Akash Network (AKT) and Ondo (ONDO) in the KRW market.
• Upbit to list Bigtime (BIGTIME) and Akash Network (AKT).
• Coinbase Wallet to launch a smart wallet, developers sought as early adopters.

II. Mainstream projects and trending events

• Ripple proposes the US government's fine on them shouldn't exceed $10 million.
• A serious flaw was detected in ibc-go, the reference implementation of the Cosmos IBC protocol. It has been fixed without causing any loss.
• Arthur Hayes says that US money printing will be even more exaggerated and the recent pullback is an opportunity to add cryptocurrency positions.
• Renzo announces the economics of the REZ token and outlines steps for claiming Q1 airdrop rewards, set for claim on May 2nd.
• Grayscale applies for a mini version of Ethereum Trust, with a stock code of “ETH”.
• The US SEC seeks public comment on BlackRock's revised Ethereum spot ETF application.
• ENS integrates browser support for .box domains.
• EigenLayer's TVL surpasses $15 billion, with a monthly increase of 37.5%.

III. Funding news

• Cryptowallet company Turnkey completes a $15 million Series A funding, led by Lightspeed Faction and Galaxy Ventures.

IV. Regulatory news

• Brazilian digital bank Nubank supports deposit and withdrawal operations for Bitcoin, Ethereum, and Solana.
• China to amend the anti-money laundering law and establish an AML monitoring and analysis agency.
• The Philippines SEC has taken action to remove the Binance app from Google and Apple app stores.

V. Popular projects 

Market overview

Though BTC has not held steady above $67,000, it temporarily remains above $66,000 displaying overall strength. While a further rise is expected, trends need to be watched. Without a valid breakthrough above $68,400, BTC is subject to a wide range of fluctuations. Post-halving BTC often inclines to fluctuation, with the likelihood of a bullish surge being relatively low. The major upward trend may begin two to four months after halving. This calls for an adjustment in expectations.

BTC Spot ETF

Data as of April 23rd shows a net inflow of $12.37 billion for BTC spot ETF, with a single-day net inflow of $10.32 million and a single-day trading volume of $1.28 billion. The ETF net assets make up 4.26% of BTC's market value. Main observations include:

GBTC: The single-day net outflow was $66.88 million, with a total net outflow of $16.83 billion. The single-day trading volume was $224 million, and the current net asset value is $20.12 billion;

IBIT: The single-day net inflow was $38 million, with a daily trading volume of $660 million. The current net asset value isn't available;

FBTC: The single-day trading volume was $232 million; other data isn't available;

ARKB: The single-day net inflow was $33.28 million, with a total net inflow of $2.27 billion. The single-day trading volume was 62.13 million dollars, and the current net asset value is $2.93 billion.

REZ announces token economics

On April 23rd, Renzo announced the token economics with a total supply of 10 billion tokens. TGE circulation is 10.5%. Allocation: 

Binance launchpool – 2.5%, 

airdrop –10% (users who staked assets earlier receive 5%), 

investors and advisers – 31.56%, 

team – 20%, 

foundation – 13.44%, 

AO Treasury – 20%, 

liquidity – 2.50%.

Low-cap memecoin BOOMER

BOOMER is a memecoin in the Base ecosystem, aiming to bring 10 million early users to Base. BOOMER's current market cap is $5.26 million, with on-chain liquidity only at $312,000, and 24-hour trading volume at $1.1 million.

POPCAT performs strongly 

With SOL exhibiting strength, memecoins within the Solana ecosystem are experiencing a robust rebound. POPCAT, a cat-themed memecoin, is capturing market attention. There's a possibility for cat-themed memecoins to surpass those focused on dogs. Presently, MEW and POPCAT are leading the market.

COOL to issue tokens

CoolmanUniverse, a community memecoin that previously released NFTs, plans to issue COOL tokens in the Solana ecosystem. With a significant user base and high anticipation, the total token count stands at 1 billion, earmarking 90% for liquidity, 5% for airdrops to NFT holders, and 5% for future incentives. Consistent monitoring is recommended.

On-chain Daily

1. BITCOIN: The full name of this project is HarryPotterObamaSonic10Inu, which is a memecoin from the previous bear market, blending the image of Pepe and Sonic. This meme picture had been popular on the American sticker discussion website, 4chan.

The current price of BITCOIN is 0.1 USDT, with a historical high of 0.255 USDT, and a 24-hour increase of 12.9%. The current market value is $105M.

2. SHIB1：The aim of SHIB1 is to achieve the dream of every SHIB holder by reaching 1 USDT. The goal of SHIB1 is for its price to reach 1 too.

The current coin price of SHIB1 is 0.0109 USDT, with a historical high of 0.0142 USDT. It had a 242% increase in 5 hours (token launched on April23rd), and its current market value is $1M.

3. RUNIX： RUNIX is a rune project launched by BTC Layer 2 BVM, which can also be purchased on Ethereum.

The current price of RUNIX is 0.0063 USDT, with a historical high of 0.024 USDT, and a 24-hour increase of 200%. The current market value is $4.7M.

4. SAFE： Originally known as Gnosis Safe, SAFE is the largest account abstraction wallet. The narrative concept of SAFE includes safety, asset management, and DAO governance. The token was completely distributed in 2022 and was only allowed to transfer tokens on April 24, 2024. Additionally, Coinbase announced the listing of SAFE on April 23rd.

The current price of SAFE is 2.14 USDT, with a historical high of 4.53 USDT, and a 24-hour decrease of 27%. The current market value is $913M.

5. TYBG: TYBG is a memecoin on Base, with the full name of Base God. TYBG deified the image of Brian Armstrong, the co-founder of Coinbase. TYBG can be sent as a reward on the Web3 social application Farcaster.

The current price of TYBG is 0.00019 USDT, with a historical high of 0.00072 USDT, and a 24-hour increase of 57.8%. The current market value is $23.4M.

6. BUNNY: BUNNY is a memecoin on Base, whose IP claims to be the best friend of Brian Armstrong, the founder of Coinbase.

The current price of BUNNY is 0.0082 USDT, with a historical high of 0.0099 USDT, and a 24-hour increase of 25%. The current market value is $6M.

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