Floki community proposes burning 15.2 billion FLOKI tokens

May 14, 2024

Hot projects + Market overview

I. Mainstream exchange news

• Binance obtains top privacy and security certifications in Kazakhstan.
• Binance to launch BB 1-50x USDT-Margined Perpetual Contracts.
• OKX Web3 wallet fully supports the bulk purchase feature for Rune assets.
• Gate Web3 wallet now supports the Oasys network.

II. Mainstream projects and trending events

• The Floki community proposes burning 15.2 billion FLOKI tokens, with voting closing at midnight on May 16th.
• NEAR increases its network shard count from four to six to improve transaction processing ability.
• Modular blockchain Sophon plans to conduct an airdrop in Q3.
• OpenAI releases a new AI model, GPT-4o.
• Flow is set to launch the Crescendo upgrade.
• io.net will take the final snapshot of wallets for the Season 1 reward by 24:00 UTC on May 15th.
• Jito DAO plans to use 7.5 million JTO tokens for liquidity mining.
• Listed Japanese company Metaplanet adopts Bitcoin as its strategic reserve asset.
• Notcoin plans to distribute about 5% of its token supply to over 500k community members and exchange users.
• DODO community approves to migrate DODO liquidity pools from Ethereum to DODOchain.

III. Funding news

• AI platform for Web3, ChainML, secures $6.2 million as an extension of its seed funding round, led by Hack VC.
• Bitcoin lending protocol Zest Protocol completes a $3.5 million seed funding round participated by Binance Labs.
• UXLINK completes a new round of funding, led by SevenX Ventures, INCE Capital, and HashKey Capital.

IV. Regulatory news

The US court has ruled that Coinbase cannot force the US SEC to establish new regulations.

V. Popular projects 

Market Overview

BTC is gaining strength, reclaiming its short-term core support at $62,000. If it can maintain this level, BTC may continue to rise. Memecoins led the market rebound initially, but their stability remains uncertain. With the upcoming US CPI data release, market volatility is increasing, so beware of high-leverage risks.

BTC Spot ETF

Data as of May 13th shows a net inflow of $11.74 billion into the BTC ETFs, which translates to a daily net inflow of $65.96 million, and a daily transaction volume of $595 million. ETF net assets constitute 4.2% of BTC's market value. The primary observations are:

GBTC: No data on daily net outflow. The cumulative net outflow was $18.04 billion with a daily transaction volume of $164 million. The current net assets value is $18.27 billion.

IBIT: No new data available.

FBTC: The single-day net inflow was $39 million and the total net inflow was $8 billion. The daily transaction volume was $254 million. The current net assets value is $9.68 billion.

ARKB: The single-day net inflow was 0, with an accumulated net inflow of $2 billion, and a daily transaction volume of $75.26 million. The current net assets value is $2.47 billion.

GME soars 150-fold in a day

YouTube host Roaring Kitty, who once helped push GameStop's stock price soar, returned to X after three years, posting an image. This led the namesake memecoin KITTY to surge over 150-fold in 24 hours. KITTY’s market cap is currently $29.32 million, and a 24-hour transaction volume above $60 million. In addition, the GME token (on the SOL chain) also soared over 18-fold, with a market cap of about $80.87 million. The GME token on ETH surged 62-fold in a day, with a current market cap of $5.48 million.

AMC soars 50-fold in one day 

AMC, a memecoin on Solana, is community-focused and often speculated in tandem with GME tokens. Currently, on-chain smart addresses are actively buying in. AMC's market capitalization is approximately $13.55 million and its 24-hour trading volume surpasses $25.44 million.

Cat-themed memecoins

Currently, the leading cat-themed memecoin on Solana is POPCAT, boasting a market capitalization of $480 million and listings on several secondary exchanges.

MEW experienced a rather tepid rebound in this cycle, retaining a market capitalization of $300 million, with investor attention primarily on POPCAT.

MICHI, a new front-runner with high liquidity, recently achieved a record high and currently holds a market capitalization of $234 million.

MANEKI, being one of the recent top-performing memecoins on Solana, despite a slump of over 70% from its peak, continues to hold market attention with a current market cap of $55.61 million.

Originating from the term AMOG (Alpha Male of Group) which gained popularity in 2021, MOG was launched on ETH in 2023 and currently has a market capitalization of $200 million, attracting high market attention.

KEYCAT leads in the Base ecosystem with a market capitalization of $39.09 million, upheld by Ansem. 

In addition, small-cap memecoins might be worth keeping an eye on including HEMULE with a market cap of $11.38 million, Smurfcat with a market cap of $8.62 million, and ROAR with a market cap of $1.64 The essence of many memecoins is consistent with VC-packaged projects, and it's likely that more and more users will recognize this in the future.

On-chain Daily

Key Projects: The continuation of the GME concept and Pepe boosts the rise of the memecoin track

1. GME: GME is a memecoin on Ethereum and a conceptual currency of GameStop. It became a focus of speculation due to Roaring Kitty's tweets.

Current price: 0.0(4)134 USDT

Historical high: 0.0(4)22 USDT

6-Hour Change: +21% (Token launch time: 5/13 03:45 UTC)

Current market cap: $5.2M

2. AMC: AMC originated from a movie theater in the US stock market on the verge of bankruptcy due to the fallout of the pandemic. However, adopting a concept similar to GME, AMC eventually triumphed over short sellers. AMC likewise gained momentum from Roaring Kitty's tweets, triggering an uprising among retail investors.

Current price: 0.0(6)849 USDT

Historical high: 0.0(5)127 USDT

6-Hour Change: +195% (Token launch time: 5/13 05:00 UTC)

Current market cap: $400K

3. BITCOIN: The full name of the project is HarryPotterObamaSonic10Inu. It’s a memecoin from the last bear market, a mixture of Pepe and Sonic imagery. The original meme image was popular on the American sticker discussion site 4chan and is one of the classic early autism meme creations.

Current price: 0.115 USDT

Historical high: 0.255 USDT

24-Hour Change: +30.58%

Current market cap: $115M

4. ANDY originated from a character from the Pepe comic series and is identified as Pepe's good friend. Intriguingly, ANDY is not exclusively found on Ethereum but also has a presence on both the Blast and Solana chains.

Current price: 0.0(4)769 USDT

Historical high: 0.00015 USDT

24-Hour Change: +53%

Current market cap: $77M

5. GME: GME is the Solana version of GameStop, with the same rise logic as GME on Ethereum.

Current price: 0.12 USDT

Historical high: 0.143 USDT

24-Hour Change: +331%

Current market cap: $84M

6. SLOTH: SLOTH is the Solana version of sloth memecoin. One feature of it is that the team will burn 1 million tokens each time the price rises 0.01 USDT.

Current price: 0.051 USDT

Historical high: 0.056 USDT

24-Hour Change: +52.5%

Current market cap: $95.5M

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