BTC surged after touching $56,552, reflecting a 2023 wide swings pattern post-peaks
May 6, 2024
Hot projects + Market overview
I. Mainstream exchange news
- Antonio Villaraigosa, former Mayor of Los Angeles, joins Coinbase as a policy advisor.
- Coinbase and its CEO face a new lawsuit for allegedly defrauding investors.
- Coinbase International launches perpetual contract trading for AR, HBAR, and THETA.
- Coinbase International Exchange announces that AEVO-PERP, ENA-PERP, and ETHFI-PERP are fully operational.
- OKX to launch spot trading for ZeroLend (ZERO).
II. Mainstream projects and trending events
- Robert Mitchnick, head of digital assets at BlackRock, suggests that in the coming months, sovereign wealth funds, pension funds, and endowment funds may begin trading Bitcoin spot ETFs.
- Bitcoin network transactions have exceeded one billion.
- Uniswap launches candlestick chart feature.
- NEAR's TVL reaches $335 million in Q1, up 163% from the previous quarter.
- BounceBit is to launch its mainnet and airdrops on May 13th.
- Tesla's website adds Dogecoin as a payment method.
- friend.tech officially launches V2 version.
- LayerZero launches the Witch Activity Self-Reporting Program. Self-reported witch activities will receive 15% of the expected airdrop distribution.
- MakerDAO to release two new tokens, NewStable (NST) and NewGovToken (NGT).
- Uniswap Labs and Robinhood team up to streamline crypto purchases.
- MOCA Foundation to distribute MOCA tokens around May 24th.
- Mode to release its governance token MODE on May 7th.
- BNP Paribas, the second-largest bank in Europe, holds Bitcoin ETFs.
III. Funding news
- Web3 developer platform Airstack completes a $4 million seed round funding, led by Red Beard Ventures.
- Non-custodial platform Volta completes a $4.1 million seed round funding.
- Web3 security provider Resonance Security raises $1.5 million in pre-seed funding, led by Arca.
- Cross-chain DeFi protocol EYWA completes $7 million seed round funding, led by Curve founder.
- Content platform Paragraph, which acquired Mirror, raised $5 million, with participation from USV and Coinbase Ventures.
- Pantera Capital invests in TON.
IV. Regulatory news
- The Australian Securities and Investment Commission wins a lawsuit against BPS Financial.
- The UK governing party has expressed its support for cryptocurrencies.
V. Popular projects
Market Overview
Bitcoin (BTC) rebounded strongly after briefly touching the 120-day Moving Average (MA120) around $56,552. Drawing parallels from January to October 2023, Bitcoin exhibited a similar pattern, with an expansive fluctuation range forming after a spike to short-term peaks. This is coupled with a swift downturn where short-term investors were shaken out before rallying into a new uptrend. From the candlestick patterns, the largest retrace of this cycle is 23.3%. If we witness a strong upward close on the weekly chart, and an influx of copycat coins starts their rotation, then $56,552 could potentially be the floor of the current pullback.
BTC Spot ETF
Data as of May 3rd shows that the net inflow of BTC spot ETF totaled $11.56 billion. The single-day net inflow was $378 million, with a single-day turnover of $1.88 billion. The net assets of ETFs account for 4.12% of the BTC market value. Main observations include:
GBTC: The single-day inflow was $63 million, with a cumulative net outflow of $1.7 billion. The single-day turnover of $345 million, and the current net asset value is $18.15 billion;
IBIT: The single-day inflow was $13 million, with a cumulative net inflow of $1.5 billion, and a single-day turnover of $927 million. The current net asset value is $16.93 billion;
FBTC: The single-day inflow was $103 million, with a cumulative net inflow of $800 million, and a single-day turnover of $364 million. The current net asset value is $9.34 billion;
ARKB: Single-day inflow of $28 million, cumulative net inflow of $200 million, single-day turnover of $86.56 million, current net asset value of $2.61 billion.
FRIEND is up more than 165% from the bottom
On May 4th, friend.tech officially launched V2 version. More than 59k addresses have joined 89k Clubs since V2 went live, and the FRIEND token has risen more than 165% from the bottom. Currently, the liquidity of FRIEND on Bunny swap is $43.86 million, and all LP providers can get 1.5% token swap fee, 1.5% key swap fee, and FRIEND rewards worth $12 million over 12 months.
Memecoin track
Recently, a trend of sympathizing memecoins named after countries has been on the rise. The leading project is the USA, which currently holds a market capitalization of $100 million, on-chain liquidity of $1.4 million, with 15,200 token holders, and has surged 75 times from its base level. Other observations include:
CHINA currently has a market capitalization of $7.3 million, on-chain liquidity of $290,000, with 3790 token holders, and has risen more than 10 times from the base level.
UAE currently has a market capitalization of $3.23 million, on-chain liquidity of $143,000, 2,350 token holders, and has soared more than 50 times from its base level.
SAUDI currently has a current market capitalization of $1.43 million, on-chain liquidity of $104,000, with 1,530 token holders and has also risen more than 50 times from its base level.
AI Track
AI is a long-term hype track for 2024. Whether it's upstream storage (AR, FIL, SHDW), energy sector (POWR) or various AI application types downstream (RNDR, TAO, AIOZ, LPT, FET, AGIX) etc., there are continuous speculative opportunities. News for reference includes: (1) Google 2024 I/O activity (May 14th); (2) FET, OCEAN, AGIX token merger; (3) Apple Developer Conference (June 10th); (4) Chat GPT-5 release (June to July). Ongoing attention could be paid to AI track.
ZERO gets listed on multiple exchanges
Zeroland is a lending market built on Linea, zkSync, Manta, and X Layer. It announced its tokenomics on May 3rd. ZERO is a Linea ERC-20 token, which can be bridged to all chains using LayerZero. The total token supply is 100 billion, with an initial circulation of 25%, of which 7.2% is for user airdrops. ZERO is now listed on multiple exchanges.
On-chain Daily
1. ZLDA: ZLDA belongs to the collateral category and commits 10% of its total issuance towards the sponsorship of animal shelters for stray dogs and related rescue initiatives.
Current price: 0.083 USDT
Historical high: 0.1 USDT
6-hour increase: 10.8%
Current market cap: $50M
- SHIH: SHIH is an established memecoin under new leadership, dedicated to promoting NFT artwork centered around animal enthusiasts, artists, and advocates. This includes initiatives supporting animal shelters and facilities for disabled animals.
Current price: 0.0(8)33 USDT
Historical high: 0.0(8)43 USDT
24-hour increase: 434%
Current market cap: $3.3M
3. OKAYEG: OKAYEG is a memecoin on Base, originating from a popular emoji on the renowned streaming platform Twitch, ownership renounced.
Current price: 0.0(5)132 USDT
Historical high: 0.0(5)54 USDT
24-hour increase: 36.8%
Current market cap: $558K
- HAMMY: HAMMY is a memecoin on Solana, originating from a meme hamster on TikTok. This project has been taken up by the community from March 8th. On May 6th, well-known Solana KOL Ansem shared about this coin.
Current price: 0.053 USDT
Historical high: 0.064 USDT
24-hour increase: 37.2%
Current market cap: $53.3M
- SolCex: SolCex is the first centralized exchange on Solana, the product is not yet online.
Current price: 0.031 USDT
Historical high: 0.037 USDT
24-hour increase: 245%
Current market cap: $31.5M
- CRODIE: CRODIE is a memecoin on Solana, with an IP originating from the cat of the famous rapper Drake. As Drake recently had a contention (beef) with Kendrick Lamar, CRODIE got the community's attention.
Current price: 0.023 USDT
Historical high: 0.029 USDT
24-hour increase: 24.8%
Current market cap: $22.5M
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