Robinhood's trading volume dropped 57% in April

May 17, 2024

Hot projects + Market overview

I. Mainstream exchange news

Robinhood's trading volume dropped 57% in April, faster than rival crypto exchanges
Binance to launch NOT 1-50x perpetual contracts.
Binance Liquidity Docking Program connects projects with market makers.
Binance is to list 5 spot trading pairs including ARKM/USDC, and AR/USDC on May 17th.
Coinbase targets the Australian self-managed super pension fund industry.
HashKey Exchange to list Aptos (APT) on May 17th.

II. Mainstream projects and trending events

Solana DEX Drift Protocol launches a 3-month airdrop collection.
MakerDAO introduces PureDai's new governance token, starting with 2 billion tokens.
Pump.fun faces flash loan attack, team assures contract safety and pledges to provide liquidity for affected tokens.
Tether to partner with the TON Foundation and Oobit to create a crypto payment solution.
DFINITY’s ICP roadmap focuses on computing platforms and decentralized AI.
Scroll retroactively distributes points to early users to offset gas fees.
Lightning Labs plans to launch a stablecoin on Bitcoin.

III. Funding news

Layer1 blockchain peaq raises $20 million through the CoinList platform.
Web3 game infrastructure developer Param Labs completes a $7 million funding round, led by Animoca Brands.
Blockchain SaaS solution AfriDex completes a $5 million pre-seed round of funding.
Hashgraph Association and Qatar Financial Center collaborate to launch a digital asset risk studio, planning to invest $50 million within 5 years.

IV. Regulatory news

The US Senate passes a resolution to overturn the SEC's crypto accounting regulations.
The US Treasury plans to enhance AML regulations for crypto and illicit finance.
Switzerland is looking at implementing a global crypto reporting framework.

V. Popular projects

Market overview

Following a recent surge, BTC saw subdued fluctuations. Key resistance lies around $68,000, with support at $63,000. Analyzing the candlestick chart, BTC breached the terminal triangle with a significant bullish move on May 15th, possibly indicating anticipation of future upward swings. However, the time cycle has yet to fulfill the need for adjustment. The primary focus remains on whether $68,000 can be effectively surpassed.

BTC Spot ETF

Data as of May 16th shows a $12.31 billion net inflow into BTC ETFs, with a daily inflow of $163 million and a turnover of $670 million. ETF net assets represent 4.24% of BTC's market value. Key observations are as follows:

GBTC: Recorded a $5 million net inflow for the day, with a cumulative outflow of $18 billion, a $235 million turnover, and current net assets valued at $18.83 billion.

IBIT: No new data available.

FBTC: Experienced a $67 million net inflow for the day, with a cumulative inflow of $8 billion, a $283 million trading volume, and current net assets valued at $10.24 billion.

ARKB: Registered a $62 million net inflow for the day, with a cumulative inflow of $2 billion, a $70.79 million turnover, and current net assets valued at $3.8 billion.

LINK soars 13% after fund tokenization news

Blockchain oracle Chainlink (LINK) successfully concludes the Smart NAV pilot for accelerating fund tokenization, collaborating with DTCC and leading global banks such as JPMorgan, Dunton, and Bank of New York Mellon.

The collaboration between Chainlink and DTCC aims to investigate the dissemination of Net Asset Value (NAV) data across any blockchain. Chainlink is actively enhancing its partnerships with Web2 companies and advancing toward the integration of Real World Assets (RWA) into its upcoming operations.

ENQAI, rides AI hype, soars over 10%

EnqAI operates as an ecosystem powered by artificial intelligence. Its flagship product, a large-scale model named Eridu, is dedicated to providing unfiltered access to information.

Operating within a decentralized network, Eridu allows nodes to generate revenue through reasoning. To enhance its proficiency, Eridu has undergone training on datasets comprising over a trillion tokens sourced from diverse textual sources, including books, academic articles, websites, and specialized datasets in fields like technology, medicine, law, and creative writing. ENQAI tokens increased by over 10%, pushing its market valuation to $54 million.

MICHI soars 23% in a day

MICHI's IP image is based on a widely recognized internet emoji. The token supply stands at a total of 559 million. All LP tokens have been burned, and there are no transaction taxes. After its launch on April 8th, the token managed to capture attention, with a current market cap of $317 million and on-chain liquidity pegged at $2.19 million. Compared to its initial price when it was first mentioned in the hot projects section of the WOO X crypto exchange, the current price has witnessed a surge of more than five times.

TREMP soars 40% within 24-hours

The full name of the TREMP token is Donald Tremp, and the IP source is Trump. Similar to Boden, the way of deliberate misspelling attracts users' attention. The current market value of the TREMP token is about $97.26 million, and the 24-hour trading volume has reached $13.59 million, which is 3 times lower than TRUMP.

On-chain Daily

1. MVP: MVP is a memecoin airdropped to holders of the TRUMP coin, MVP stands for Make America Great Again Vice President.

Current price: 0.548 USDT
Historical high: 0.759 USDT
24-hour change: +32%
Current market cap: $23.7M

2. OMIKAMI: OMIKAMI is a Japaneses dog emoji memecoin. It recently wants to transition into an AI-empowered token, and introduced its own Telegram bot to generate AI text and images.

Current price: 0.00579 USDT
Historical high: 0.0248 USDT
24-hour change: +72%
Current market cap: $5.7M

1. TOBI: TOBI is a memecoin on Solana, embodied by a cat riding a motorcycle.

Current price: 0.003 USDT
Historical high: 0.0152 USDT
6-hour change: +16.7%
Token online time: 5/16 03:05 UTC
Current market cap: $3M

1. SKATECAT: SKATECAT is a memecoin on Solana, embodied by a skateboarding cat.

Current price: 0.00268 USDT
Historical high: 0.00427 USDT
24-hour change: +81%

1. PIZZA: PIZZA is a memecoin on Base, with the approaching Bitcoin Pizza Day (May 22nd), there is room for speculation about this similarly named memecoin.

Current price: 0.0005968 USDT
Historical high: 0.000598 USDT
24-hour change: +48%
Current market cap: $967K

1. Boshi: Boshi is a memecoin on the Base chain, similar to Yoshi from Mario, but Boshi is blue.

Current price: 0.00166 USDT
Historical high: 0.028 USDT
24-hour change: +112%
Current market cap: $1.6M

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