BUSD is not a security, says US SEC as it drops case against Paxos

Hot projects + Market overview

I. Mainstream exchange news

• Coinbase has launched a "one-stop" crypto app that supports the connection of  multiple wallets.
• Coinbase International will list perpetual futures for CRV, ENS, and PEOPLE.
• Binance will launch 1000SATS/USDC and IO/USDC spot trading pairs on July 12th.
• Bithumb will list the Polymesh (POLYX) KRW trading pair.

II. Mainstream projects and trending events

• Fear and Greed Index was 25 on July 12th, a new low since January 2023, indicating significant market trepidation.
• US CPI for June fell 0.1% from May, bringing the 12-month rate to 3%, its lowest in over three years. Traders now estimate a 25% chance of a third 25-basis point rate cut by the Federal Reserve this year.
• JPMorgan has revised its forecast for the US Federal Reserve's interest rate cuts from November to September.
• Covalent, a blockchain data infrastructure company, has completed its token migration from CQT to CXT.
• Lido announced that its community staking module testnet is now open to everyone.
• Tether will stop accepting USDT or EURT redemptions on Omni, Kusama, SLP, EOS, and Algorand networks starting September 1st.

III. Funding news

• Tanzanian fintech company Nala has completed a $40 million Series A funding round.
• AI startup Fireworks AI has raised $52 million in a funding round led by Sequoia Capital.
• SocialFi platform RECRD has raised $4 million in a funding round led by the Sui Foundation.

IV. Regulatory news

• The US SEC is allowing certain companies with procedures for returning customer assets to bypass the controversial crypto accounting guidance SAB 121, reports The Block.
• The US SEC has dropped its investigation into stablecoin issuer Paxos, determining that BUSD is not a security.
• UK legal authorities stated that there is currently no need for specific legislation for DAOs.
• The Prime Minister of Thailand Settha Thawisin announced that the digital wallet plan aims to stimulate the economies of underdeveloped provinces and regions.
  

V. Popular projects 

Market overview 

After US CPI data indicated the potential for lower interest rates, BTC surged to $59,650 before pulling back to $56,542. 

To sustain its upward momentum, BTC must hold above $57,750. If it stays above the previous low of $54,260, new highs could be expected. However, a dip below $54,260 could see BTC drop into the $48,000 to $51,500 range.

US BTC Spot ETF Updates - July 11

Overall Data:

Total Net Inflows: $154.3 billion

Daily Net Inflows: $6.48 million

Single-Day Turnover: over $506 million

Proportion of BTC’s Market Value: 4.47%

Breakdown by ETF:

GBTC:

Net Asset Value: $15.65 billion (-0.24%)

Single-Day Net Outflows: $37.69 million

Cumulative Net Outflows: $18.66 billion

Single-Day Turnover: $185 million

FBTC:

Net Asset Value: $10.06 billion (+0.32%)

Single-Day Net Inflows: $32.69 million

Cumulative Net Inflows: $9.6 billion

Single-Day Turnover: $221 million

ARKB:

Net Asset Value: $2.74 billion (+0.15%)

Single-Day Net Inflows: $4.31 million

Cumulative Net Inflows: $2.49 billion

Single-Day Turnover: $92.65 million

MOCA is up 80% in a day 

On July 11th, Mocaverse, a web3 project seeded by Animoca Brands, announced the launch of the MOCA token. Moca NFT and Lucky Neko holders can now claim their airdrop. Users can stake MOCA or Moca NFTs to gain Staking Power, which can be used for participating in launchpad project sales and receiving partner project rewards. 

The MOCA token has surged 80% in a day, with a current market cap of $131 million, and 24-hour trading volume of $41.95 million.

ANDY is up 16% in a day

AndyBlast (ANDY), inspired by Matt Furie's comic "Boy's Club," is a memecoin on the Blast chain. 

Previously, the ETH version of ANDY has saw a continuous rise and garnered significant market attention. 

The current market value of AndyBlast is $23.34 million, with 24-hour trading volume of $500,000.

KENDU is up 23% in a day

Kendu, a memecoin featuring the combination of six native Japanese dog breeds to symbolize peace, life, and unity, has surged 20% in a day. 

It currently has a market value of $109 million and on-chain liquidity of $1.83 million. Since its launch on February 21, 2024, Kendu has seen a peak increase of up to 9000-fold and has 12,200 holding addresses.

On-chain Daily

1. OLYMPE: OLYMPE is a memecoin on the Ethereum chain themed around the Paris Olympics. It will soon introduce staking functionality.

Current Price: $0.0(4)178  

Historical High: $0.0(4)297  

6-hour Change: +25% (Token Launch Time: 7/11, 17:45 UTC)  

Current Market Value: $8.9M  

Official Twitter: https://x.com/olympe_coin

2. Draggy: Draggy is a memecoin on the Ethereum chain. Similar to Hoppy, Wat, and FLAPPY, it features a character from 'The Night Riders' comic, now taken over by the community (CTO).

Current Price: $0.0(7)211  

Historical High: $0.0(7)305  

24-hour Change: -2%  

Current Market Value: $8.9M  

Official Twitter: https://x.com/DraggyCTO

3. BANKSY: BANKSY is a memecoin on the Solana chain, inspired by the famous artist Banksy.

Current Price: $0.00122  

Historical High: $0.00235  

24-hour Change: +29%  

Current Market Value: $894K  

Official Twitter: https://x.com/BanksyOnSOL

4. POPDOG: POPDOG is a memecoin on the Solana chain featuring a dog with an open mouth, paying homage to the popular Solana memecoin Popcat. It can also be viewed as with Michi with a new costume.  

Current Price: $0.0033  

Historical High: $0.0057  

24-hour Change: +80%  

Current Market Value: $3.2M  

Official Twitter:https://x.com/popdogsolcto

5. Peon: Peon is a memecoin on the Solana chain inspired by the Orc Peon from World of Warcraft. It's  now talen over by the community (CTO).

Current Price: $0.00277  

Historical High: $0.00342  

24-hour Change: +87%  

Current Market Value: $2.7M  

Official Twitter: https://x.com/PEON_CTO

6. PEEPO: PEEPO is a memecoin on the Base chain, featuring the cute pepe meme wearing a purple hoodie.

Current Price: $0.00683  

Historical High: $0.132  

24-hour Change: +16%  

Current Market Value: $4.5M  

Official Twitter: https://x.com/peepobase

Daily Rune Observation

Gas Fee Change:

The current BTC transaction fee is 8 bytes/satoshi, remaining low due to Bitcoin's downturn.

Today's Popular Projects

AMAZING•PYRAMID•NUMBER

- Total supply: 166,667

- Reserved: 14%

- Current minted: 78,459

- Memory pool: 1,876

- Minting progress: 62%

- Holding addresses: 12,741

- Related project: Runecoin

NIKOLA•TESLA•GOD

- Minting: Completed

- A popular project with a market value of $3.7M

- 24-hour trading volume: $11,107 (16% increase)

- Holding addresses: 985

DECENTRALIZED

- Minting: Completed

- A popular project with a market value of $34.7M

- 24-hour trading volume: $97,575 (5.3% increase)

- Holding addresses: 41,787

Top Rune Projects Tracking

DOG•GO•TO•THE•MOON: Rune #3, also known as the airdrop Rune of Runestone

- Current price: 7.35 Sats

- 24-hour change: -2%

- Current Market Value: 7,350 BTC

BAMK•OF•NAKAMOTO•DOLLAR: A synthetic dollar protocol built on Bitcoin L1

- Current price: 7.8 Sats

- 24-hour change: -6%

- Current Market Value: 1,640 BTC

RSIC•GENESIS•RUNE: Rune #8, established by the prominent inscription mining project RSIC

- Current price: 6.8 Sats

- 24-hour change: -1%

- Current Market Value: 1,430 BTC

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