Large PEPE addresses make over $3 million profit in a day
February 28, 2024
I. Mainstream exchange news
- Kraken launches Kraken Institutional for institutional investors.
- Justin Sun publicly discloses his personal HTX account balance, worth approximately $1.624 billion.
- Coinbase expanded its asset recovery tool to BNB Smart Chain and Polygon networks.
- Binance will launch CKB/TRY, and UNI/USDC spot trading pairs on February 28th.
- OKX officially launched the cryptocurrency exchange OKX TR in Turkey.
- Bithumb will launch Pyth Network (PYTH) in the Korean won market.
- OKX Web3 wallet has been integrated into the Merlin Chain network.
- Upbit lists ALT and PYTH in the won market and BTC market.
II. Mainstream projects and trending events
- Uniswap launched a limit order function, with no gas fee required.
- The daily trading volume of nine Bitcoin ETFs surpasses $2 billion again, with BlackRock’s IBIT hitting a new historical high.
- Arweave announced the public testnet of its computing layer, Arweave AO.
- Ethereum Foundation announced that the Dencun mainnet upgrade is expected to be activated at 13:55 (UTC) on March 13th.
- DWF Labs will invest $10 million to buy FLOKI tokens to support FLOKI’s ecosystem development.
- Google DeepMind unveils AI ‘Genie’ to instantly conjure playable games with 11 billion parameters.
III. Funding news
- Web3 data flow and infrastructure company, Validation Cloud, completed $5.8 million in funding, led by Cadenza Ventures.
- Initia, a blockchain platform focusing on Rollup, completed $7.5 million in funding, co-led by Delphi Ventures and Hack VC.
- Binance Labs invested in Babylon to support the development of Bitcoin collateralization.
- PlayMakers completed a $1.5 million Pre-Seed round of funding led by RockawayX.
IV. Regulatory news
- The US Internal Revenue Service hires a former Binance executive to strengthen crypto compliance.
- Spain's financial regulator warns investors about 18 unlicensed entities, including several cryptocurrency companies.
IV. Popular projects
ETH Ecosystem
On February 27th, the Ethereum Foundation officially announced that the Dencun mainnet upgrade will go live at 13:55 (UTC) on March 13th, and will be activated at a block height of 269,568. The constant increase in expectations for the potential approval of ETH spot ETFs has strengthened the overall performance of ETH. DEXs in the OP ecosystem like Velodrome and in the Base ecosystem such as Aerodrome surged by 40% and 78% respectively in the past 24 hours.
GALA announced the launch of the Dex Gala Swap
On February 27th, Gala Games officially announced the launch of Dex GalaSwap. Currently, the Dex supports the exchange of Ethereum-based tokens within the Gala ecosystem and plans to introduce NFT trading. The operation mode of GalaSwap is an on-chain order book, offering a more centralized experience. Users can earn GalaSwap token rewards for each transaction. Stimulated by this announcement, GALA has risen by 19% in the last 24 hours and 44% in the last week.
AR officially released the public testnet of Arweave AO
On February 27th, Arweave released the public testnet of Arweave AO, which is an expandable blockchain network built on its data storage platform. It supports various smart contracts and blockchain protocols. Arweave AO differs from other high-performance blockchains such as Aptos and Sui in that it can support the storage of large amounts of data, such as AI models. Stimulated by this release, the price of AR has been continuously rising, with an increase of over 200% within the last two weeks.
Meme ecosystem
Led by PEPE, memecoins have experienced a surge, with several large addresses previously hoarding PEPE making profits of over $3 million in a single day. Meanwhile, DWF announced an investment of $10 million to purchase FLOKI tokens and build FLOKI’s ecosystem, leading to a 26% rise in FLOKI in the last 24 hours. Newly listed project Memecoin has risen by over 15%. Top Solana memes BONK and WIF have each risen by 10% and 25% respectively. The old generation top meme projects DOGE and SHIB have each risen by 7% and 10%. After BTC and ETH started rising, meme ecosystem tokens quickly followed. Examining meme projects not yet listed on exchanges could offer alpha opportunities.
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