Floki DAO approves burning over 15.2 billion FLOKI.
May 16, 2024
Hot projects + Market overview
I. Mainstream exchange news
- Binance introduces spot trading with trailing features.
- Binance starts migrating assets from BNB Beacon Chain to BNB Smart.
- Robinhood Crypto launches staking services in Europe and plans to introduce localized apps.
- Binance supports Lisk (LSK) smart contract swap.
- Binance completes the integration of USDC on the Base network and opens the deposit service.
II. Mainstream projects and trending events
- Lightning Labs plans to launch a stablecoin on Bitcoin.
- P2E game Nyan Heroes to conduct NYAN token's TGE on May 21st.
- Blast announces an airdrop commencing on June 26th.
- Floki DAO approves burning over 15.2 billion FLOKI.
- Entangle's rewards plan incentivizes users to stake NGL and earn points via eBridge.
- Sei's V2 upgrade rolls out in three stages to implement highly efficient EVM parallelism.
- pSTAKE Finance launches a Bitcoin liquidity staking solution.
- IOTA 2.0 public testnet launches, introducing PoS mechanism.
III. Funding news
- Chainstack, a web3 infrastructure firm, raises $6 million from VCs including SBI Ven Capital.
- DeFi protocol Shogun raises $6.9 million in seed funds, and the token is estimated to be worth $69 million.
- TrueBridge's blockchain fund, TrueBridge Blockchain I, raises $62 million.
- Onchain order book project Spark completes $1.5 million pre-seed round investment.
- Humanity Protocol secures $30M funding, valued at $1B, participated by Animoca Brands.
- Crypto trading company Raven, by ex-Wintermute staff, completes a $2.7 million seed round, led by Hack VC.
- Blockchain game CROSS THE AGES secures a $3.5 million equity investment led by Animoca Brands.
IV. Regulatory news
- Hong Kong Monetary Authority will likely provide details of the digital RMB in Hong Kong as early as May 17th.
- US Fed Governor Bowman said all states and the federal government need to coordinate on stablecoins.
V. Popular projects
Market overview
The US Department of Labor recorded a slightly lower Consumer Price Index (CPI) of 0.3% in April compared to its expectations of 0.4%. Meanwhile, the nominal annual CPI was 3.4%, in line with expectations. The annual core CPI, which excludes volatile energy and food prices, fell back to 3.6%, in line with expectations but falling to the lowest point since April 2021. The US CPI data triggered expectations of a hike in interest rates by the Federal Reserve in September and December, causing BTC to surge by 7.5% and reach a top of $66,666. A sustained value above $65,000 could suggest bullish activity, and surpassing $68,000 might demonstrate an upward trend. The market movement following this BTC breakout remains under scrutiny.
BTC Spot ETF
Data as of May 15th shows a net inflow of $12.15 billion in the BTC ETFs, which translates to a daily net inflow of $302 million, and a single-day turnover of $1.5 billion. ETF net assets constitute 4.24% of BTC's market value. The primary observations are:
GBTC: The single-day net inflow was $27 million, with a cumulative net outflow of $18 billion, a daily transaction volume of $476 million, and a current net assets value of $19.09 billion.
IBIT: No new data available.
FBTC: The single-day inflow was $131 million, with a cumulative net inflow of $8 billion, a daily transaction volume of $644 million, and a current net assets value of $10.28 billion.
ARKB: The single-day net inflow was $39 million, with a cumulative net inflow of $2 billion, a daily transaction volume of $150 million, and a current net assets value of $3.05 billion.
Memecoin season
The rise of BTC saw most mainstream coins, including VC-led tokens, remain stagnant or increase modestly, showing no capital inflow. Meanwhile, notable memecoins surged, indicating that memecoin narratives are gradually gaining user acceptance.
Popular projects include:
MUMU soars 85% within 24 hours
MUMU is a cattle-themed memecoin, with a current market value of $3.173 million, and an on-chain liquidity of $855,000.
PUPS is up 60% in 24 hours
PUPS was initially a critical project in the Rune ecosystem spotlight. However, attention surged once a portion of the liquidity was moved to Solana. PUPS has been mentioned many times by Ansem. After a more than 80% drop from its peak, the market has recently picked up steam resulting in a considerable rebound.
PAJAMAS soars 40% in a day
On May 22, 2005, Steve Chen, co-founder of YouTube, became the first person to upload a cat video to YouTube. The 30-second video, titled Pajamas and Nick Drake, features his pet playing with a rope. This event holds significance. Currently, the token's market cap is $24.07 million, and the liquidity on-chain reached $772,000.
PEOPLE soars 37% in one day
The US presidential election is entering a heated phase. Donald Trump agreed on May 15th to hold two election debates with Joe Biden in June and September, respectively. PEOPLE, conceptually linked to the election, has recently seen a rebound of 135% from the bottom.
CWIF soars 33% in one day
CWIF is a copycat of WIF, with the IP image changed to a cat. CWIF has 136,000 followers on Twitter. The CWIF token has a market cap of $26.8 million, and the on-chain liquidity has reached $2.06 million. Currently, it has not been listed on any mainstream exchanges.
On-chain Daily
1. JOE: JOE is an established memecoin project, represented by a Jelly Bean emoji. Its overall style is somewhat cultish and bears similarities to Milady and $bitcoin.
Current price: 0.0143 USDT
Historical high: 0.034 USDT
24-hour change: +13%
Current market cap: $14.3M
2. reee: reee is a memecoin on the Solana network. It gained market attention when Bome's founder Darkfarm shouted out on X.
Current price: 0.00136 USDT
Historical high: 0.00523 USDT
24-hour change: +804%
Current market cap: $1.3M
3. CATOUR: CATOUR is a memecoin on Solana. Its IP is a cat that travels around the world taking selfies.
Current price: 0.00185 USDT
Historical high: 0.00311 USDT
6-hour change: +23%
Token went live at 5/15 17:00 UTC
Current market cap: $1.7M
4. SELFIE: SELFIE is a memecoin on the Solana network. Its IP is a Shiba Inu taking a selfie. It was taken over by the community on May 14th.
Current price: 0.019 USDT
Historical high: 0.035 USDT
24-hour change: +4%
Current market cap: $19M
5. BRIUN: BRUIN is a memecoin on Base. It is a spoof of Brian Armstrong, the founder of Coinbase.
Current price: 0.00329 USDT
Historical high: 0.00422 USDT
24-hour change: +82%
Current market cap: $3M
6. CHOMP: CHOMP is a memecoin on Base, represented by a fierce orange guinea pig.
Current price: 0.0498 USDT
Historical high: 0.157 USDT
24-hour increase: +11.3%
Current market cap: $4.6M
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