Notable token unlocks this week - GAL, LQTY, and HFT

March 4, 2024

I. Mainstream exchange news

• Binance registered users top 179 million worldwide.
• Binance adds Axelar(AXL) on earn, convert, margin, and futures.
• Binance has listed Axelar (AXL) with a seed tag applied.
• Binance will support the Fusionist (ACE) network upgrade and hard fork.
• Binance Futures has launched a TON/USDT perpetual contract with up to 50x leverage.
• Coinbase said the issues with deposits and withdrawals on their site have been resolved and that user funds are safe.
• DEX project Ring Protocol announces the completion of a pre-seed round of funding, with participation from Continue Capital.

II. Mainstream projects and trending events

• Tether minted 1 billion authorized but unissued USDT on the Ethereum network.
• FTX opens a claim window with Bitcoin pegged at a rate of $16,871.
• Parallel Network announced that the Early Access test net will be opened on March 11th.
• BlackRock's IBIT AUM has surpassed the largest silver ETF and ranks third among all commodity ETFs.
• Floki DAO has voted to approve a proposal to burn over 190.9 billion FLOKI.
• Uniswap has initiated an "Activate Uniswap Protocol Governance" proposal vote, expected to end on March 7th, with current support at 100%.

III. Funding news

• Scallop, a lending protocol in the Sui ecosystem, completes a $3 million funding led by THE CMS and 6MV.
• Ethereum scalability project Taiko completes a $15 million Series A funding round.
• Karma3 Labs completes a $4.5 million funding, led by Galaxy and IDEO CoLab Ventures.

IV. Regulatory news

• The Nigerian House of Representatives Financial Crime Committee has summoned Binance CEO on suspicion of financial crime.
• The UK government will freeze crime-related crypto assets from April without requiring a conviction.
• Hungary has proposed a draft law that allows banks, investment funds, and asset management companies to provide crypto market services.
• Indonesia is considering a revaluation of income and value-added taxes levied on crypto transactions.
• The Bank for International Settlements has released regulatory proposals for global stablecoin arrangements.

IV. Popular projects 

​​Market overview

BTC continued its ascent last week, reaching a peak of $64,200, reaffirming its position within a bull market. The cryptocurrency's price is just 7.4% below its all-time high of $69,000 in 2021. To date, inflows into ETFs have totaled $7.35 billion, maintaining a consistent upward trend with only minor outflows observed on March 1st and February 21st. BTC spot ETF's trading volume has come close to rivaling that of US stock index ETFs at one point. It's possible that after surpassing its previous high of $69,000, BTC could face a substantial downturn, concluding a market shakeout, before resuming its upward trend.

Memecoin track

On March 1st, PEPE, a leading memecoin, surged to a new high with a market cap of $2.7 billion - a fivefold increase in under two weeks. This trend has raised the valuations of other meme tokens to over $1 billion. 

Leading Memecoins:

FLOKI, an Ethereum-based memecoin linked to Elon Musk, has surged 306% in the past week, reaching a market capitalization of $1.46 billion, currently ranking 76th.

BONK, a prominent memecoin within the Solana ecosystem, merges airdrop and SOL ecosystem concepts. Currently, it holds the 53rd position in market capitalization, having surged 166% over the past week to reach $2.08 billion. 

SHIB, a top Ethereum-based memecoin and one of the hottest memecoins of 2021, currently holds the 12th position in market capitalization, with a market cap of $3.17 billion, marking a 138% increase over the past week.

DOGE, the first memecoin on the market to surpass a market cap of $20 billion and associated with Elon Musk, currently holds the 10th position in market capitalization, with a market cap of $5 billion, marking an 82% increase over the past week. 

PEOPLE, a governance token of DAO formed during the bid to acquire a copy of the US Constitution, holds special significance among users following the unsuccessful auction, leading to its widespread adoption and acceptance.

Emerging Memecoins launched on three or more CEXs in the past year:

WIF, a top Solana memecoin famed for its wool cap and Shiba Inu image, received support from Arthur Hayes and has been listed on Robinhood. It's seen as a new DOGE, with a market cap of $1.3 billion and a 338% week-on-week growth.

MYRO, a token in honor of Raj Gokal, Solana's co-founder. MYRO is named after Raj's pet and signifies his contributions to Solana. MYRO has a market cap of $189 million, growing by 92% in the past week.

SILLY, a highly active Solana memecoin originating from a tweet by Solana's co-founder Anatoly, has established a distinct presence, with a market cap of $63.33 million and experiencing a weekly increase of 100%.

WEN, a prominent Solana DeFi platform memecoin developed by Jupiter, serves as a testing ground for the LFG function within the IDO module. With a market cap of $300 million, WEN surged by 254% this week.

PONKE, a prominent Solana project featuring a monkey IP, is listed on mainstream secondary exchanges. With a market cap of $32.93 million, PONKE experienced a growth of 91% this week.

MEME is an ecosystem token originating from Memeland, a web3.0 creative studio established by 9GAG. It is listed on Binance Launchpool and currently holds a market cap of $500 million, reflecting a growth of 93% this week.

TURBO is the first community memecoin purportedly created by AI. It is listed on major exchanges and boasts a market cap of $75.27 million, experiencing a staggering 196% surge in just one week.

LADYS, a concept originating from Elon Musk, emerged when he shared an image of the LADYS memecoin on May 10, 2023, accompanied by the caption, "No memes here. I love you!" This tweet was perceived as an endorsement by cryptocurrency enthusiasts, leading to a surge in purchases of LADYS meme coin and Milady Maker NFT. Subsequently, many on-chain OGs adopted the Milady Maker NFT as their Twitter avatar. Currently, the token holds the 475th position in market value, boasting a market capitalization of $101 million and experiencing a weekly increase of 66%.

MOG began as a concept centered around Milady OG. Rumor has it that $MOG has connections with members of the Milady community. On-chain records reveal early MOG purchases by several Milady heavyweights. Presently, it holds the 235th position in market value with a capitalization of $310 million and a weekly surge of 243%.

WOJAK, a memecoin launched alongside PEPE, features an IP of a bald man with a sad expression on his face conveying various thoughts and emotions. Its market cap is  $50.39 million, experiencing a week-on-week growth of 107%.

New Projects (not yet launched on three CEXs): 

TRUMP and BIDEN are memecoins individually inspired by Trump and Biden. In this American election year of 2024, many memes utilize celebrity names for publicity. Currently, TRUMP ranks 181st in market cap with $460 million, experiencing a 109% growth this week. BIDEN, without a market cap ranking yet, holds a market cap of $23.62 million, growing by 327% this week.

BOBO, a bear market-themed meme, used to ridicule poor investment choices and to express pessimism about the financial market. BOBO currently has no market cap ranking, and holds a market cap of $42 million, growing 403% this week.

POPCAT IP originates from a cat named Oatmeal, whose mouth was photoshopped into an "O". It has strong virality on Twitter. The token currently ranks 618th in market cap, with a cap of $63.31 million, growing 647% this week. 

Grayscale holdings

With the trading volume of BTC spot ETFs growing higher and the substantial transaction fees from retail exchanges fueling the rapid development of crypto ETFs, we expect more institutions to apply for crypto ETFs in the future. It can be beneficial to monitor Grayscale's holdings in advance and pick assets with potential for listing based on their trading volumes. Currently, the portfolio and valuation percentages of Grayscale's holdings include:

BTC, 75.46%

ETH, 22.7%

LTC, 0.51%

BCH, 0.29%

XLM, 0.04%

BAT, 0.01%

MANA, 0.03%

ZEC, 0.04%

ETC, 0.87%

ZEN, 0.02%

LPT, 0.01%

FIL, less than 0.01%

Significant token unlocks this week

GAL (Galxe) is set to unlock approximately 2.03 million tokens at 0:00 (UTC) on March 5th, valued at around $6.98 million, constituting 2.26% of the circulating supply.

LQTY (Liquity) will unlock approximately 657,000 tokens at 0:00 (UTC) on March 5th, valued at about $1.16 million, accounting for 0.69% of the circulating supply.

HFT (Hashflow) is expected to unlock roughly 13.62 million tokens at 0:00 (UTC) on March 7th, valued at an estimated $6.47 million, making up 3.77% of the circulating supply.

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