SEC to decide spot Ethereum ETF on Friday, Bloomberg analysts say

May 23, 2024

Hot projects + Market overview

I. Mainstream exchange news

• Upbit is to list Oasys (OAS) on BTC and USDT markets.
• OKX Ventures invests in Monad.
• Binance is to remove INJ/TUSD, MEME/TUSD, SNX/ETH, and SYN/BTC trading pairs.

II. Mainstream projects and trending events

• Aave's TVL hits a two-year high near $13 billion.
• Fixed-rate lending protocol Term Structure is to launch its mainnet.
• Fantom community votes to support 1:1 exchange between FTM and S tokens.
• SEC to decide spot Ethereum ETF on Friday, Bloomberg analysts expect.
• Taiko tokenomics includes 1 billion tokens, 5% of which is genesis airdrop.
• Nvidia registers $26 billion in Q1 2024, and a 6 times year-on-year net profit growth.
• NEAR Foundation establishes an AI R&D lab, focusing on developing AI developer tools.
• Biden camp plans to hire a Meme manager to attract young voters.
• Bitcoin native DA layer Nubit launches Alpha Devnet compatible with Polygon CDK.
• Animoca Brands is to purchase more EDU tokens from the public.

III. Funding news

• Mighty Jaxx, a blockchain design firm, raises $11 million, totaling $31 million.
• OmniZK Developer Fund raises $10 million.
• Interoperability protocol Stripchain raises $10 million, funding led by Sora Ventures.
• WeatherXM, a Web3 weather network, completes a $7.7 million Series A, led by Lightspeed Faction.
• Liquidity re-pledging platform Kelp DAO raises $9 million via private token sales.

IV. Regulatory news

• The UK will hold an early general election on July 4th, and the crypto-supporting Conservative Party may be defeated.
• Taiwan's Financial Supervisory Commission states the draft of the Virtual Assets Act will be released as early as next year.
• The US House of Representatives passed the crypto bill FIT21.

V. Popular projects 

Market overview

BTC displayed fluctuations, descending to a low of $68,842, which is close to the initial support level of $68,500. BTC’s chances of directly surging past $73,777 dropped. It's highly possible that the primary uptrend will only kick off after a successful retracement. 

During this period, the resilience of the $66,000 and $68,000 marks needs continued monitoring. The exchange rate of ETH to BTC has bounced back to 0.054, indicating a 22.7% recovery from the low point and effectively breaking past the downtrend. Resistance is expected near the 0.07 mark. If BTC sustains at $70,000, ETH could potentially hit $4,900.

BTC Spot ETF

Data as of May 22nd shows a $13.33 billion net inflow into BTC ETFs, with a daily inflow of $153 million and a turnover of $1.61 billion. ETF net assets represent 4.33% of BTC's market value. Key observations are as follows:

GBTC: The single-day net outflow was $16 million, with a cumulative net outflow of $18 billion, a single-day turnover of $254 million, and currently net asset value of $20.13 billion.

IBIT: The single-day net inflow was $92 million, with a cumulative net inflow of $16 billion, a single-day turnover of $819 million, and a current net asset value of $16 billion.

FBTC: The single-day net inflow was $75 million, with a cumulative net inflow of $9 billion, single-day turnover of $373 million, and a current net asset value of $11.18 billion.

ARKB: The single-day net inflow was $3 million, with a cumulative net inflow of $3 billion, a single-day turnover of $66.3 million, and a current net asset value of $3.37 billion.

Taiko announced tokenomics

The total supply of TKO tokens amounts to 1 billion, with the initial airdrop representing up to 5%. To qualify for this airdrop, one can engage in activities such as making block proposals, verifying block proofs, interacting with the testnet, participating in Galxe events, contributing to qualified repositories on GitHub, and being an Ethereum ICO participant actively trading on the mainnet from February 1, 2022, to February 1, 2024. The web page to check eligibility for the airdrop is currently accessible.

KLIMA performs strongly

On May 21, 2024, Mitsubishi UFJ Trust Bank, Progmat, JPYC, KlimaDAO JAPAN Ltd., and OPTAGE launched Progmat Coin. This new coin will facilitate digital carbon credit settlements utilizing the JPYC stablecoin, issued via the Progmat Coin platform. Upon this news, KLIMA shows strong performance, registering a single-day increase exceeding 25%.

US Election Concept

Recently, The Washington Times reported that Biden's campaign team plans to hire a Meme manager to vie for support from young voters. On May 22n, Trump's campaign team said it would accept cryptocurrency donations. As the US election approaches, competition is heating up, and the strategy of using cryptocurrency to vie for young voters is widely adopted. To a certain extent, cryptocurrency is influencing the US election. Noteworthy projects under this concept include PEOPLE, TRUMP, BODEN, USA.

On-chain Daily

1. JJ: JJ, a meme coin, frequently appears in Emoji packages on Discord. 

Current price: 0.0(8)592 USDT

Historical high: 0.0(7)153 USDT

6-hour decrease: 22%

Token release time: 5/22 16:00 UTC

2. TROLL: Troll is a memecoin originating from classic meme images.

Its previous surge was caused when Musk claimed himself to be the CTO (Chief Troll Officer), leading to a major increase.

Current price: 0.0(7)325 USDT

Historical high: 0.0(6)132 USDT

24-hour increase: 6.1%

Current Market Cap: $32M

3. PEPE: PEPE is the Solana version of PEPE, and is 100% community-led.

Current price: 0.0(7)151 USDT

Historical high: 0.0(7)229 USDT

6-hour decrease: 8% (Token release time: 5/22 07:30 UTC)

Current Market Cap: $6M

4. HARAMBE: Harambe is a memecoin on Solana named after the famous Harambe gorilla shooting incident.

This animal safety event took place on May 28, 2016, when a 3-year-old boy ventured into the gorilla enclosure at the Cincinnati Zoo and Botanical Garden. Harambe, a 17-year-old western lowland gorilla, approached and tended to the boy. The zoo staff, concerned for the boy's life, shot Harambe. This shooting event was filmed and gained widespread international attention as the footage circulated.

Current price: 0.0655 USDT

Historical high: 0.0795 USDT

24-hour increase: 27.4%

Current Market Cap: $65M

5. SHAKA: Shaka is a memecoin on Base symbolizing friendliness and love. Notably, Base's founder Jesse purchased 0.27 ETH worth of the coin.

Current price: 0.00389 USDT

Historical high: 0.0357 USDT

24-hour increase: 130%

Current Market Cap: $1.5M

6. weirdo: weirdo is a memecoin on Base with the image of a blue figure.

Current price: 0.000206 USDT

Historical high: 0.000216 USDT

24-hour increase: 58%

Current Market Cap: $14.3M

—

The content above is neither a recommendation for investment and trading strategies nor does it constitute an investment offer, solicitation, or recommendation of any product or service. The content is for informational sharing purposes only. Anyone who makes or changes the investment decision based on the content shall undertake the result or loss by himself/herself.

The content of this document has been translated into different languages and shared throughout different platforms. In case of any discrepancy or inconsistency between different posts caused by mistranslations, the English version on our official website shall prevail.