It has been a busy day in terms of news, so let us catch you up on the latest and greatest.

Today’s Agenda:

• Market Watch
• Highlights of the Day
  • Blast Launches its Airdrop
  • Ava Labs x K-pop Industry
  • Animoca Brands Eyes Public Market Return
• Project of the Day
• Crypto Corner
• Market Sentiment & Predictions
• Business & Political Insights 

Market Watch

Top Gainers

• Kaspa ($KAS): +10.7%
• Maker ($MKR):  +4.2%
• Fetch.ai ($FET): +3.3%

Top Losers

• Arweave ($AR): -11.3%
• Brett ($BRETT): -10.9%
• Bonk ($BONK): -9.0%

Trending Crypto Sectors/Categories

• OKX Ventures Portfolio
• AI Meme
• Layer 2 (L2)

Total Crypto Market Cap – 2.376 Trillion

Fear and Greed Index – 40

Top NFT Sale

• Babylong Sold for 30.5 ETH 

Highlights of the Day

Blast Launches its Airdrop

In a long-awaited move, Blast has officially launched its highly anticipated airdrop program, distributing a staggering 17 billion BLAST tokens to eager participants. As the ecosystem braces for further developments, stakeholders are closely monitoring how these tokens will impact the broader landscape of decentralized finance and community-driven initiatives within the Blast network.

Token Distribution

With a total token supply of 100 billion BLAST tokens, the distribution strategy reveals a strategic allocation – 25.5% for core contributors, 16.5% for investors, 8% for the Blast Foundation, and a significant 50% earmarked for community initiatives. Phase One of the airdrop alone accounts for 17% of the total token supply, injecting excitement and detailed speculation into the market.

Ava Labs x K-pop Industry

Ava Labs is making significant strides in the South Korean music industry through its collaboration with K-pop artists, introducing blockchain-based solutions for intellectual property management. Leveraging the Avalanche blockchain, this initiative aims to enhance transparency and efficiency in how artists manage their rights and revenues.

Revolutionizing Rights Management

This initiative marks a significant step forward in the industry, where blockchain technology, exemplified by platforms like Overlai, is poised to safeguard artists’ digital creations. So, for instance, by embedding blockchain-verified watermarks, these solutions not only validate ownership but also mitigate risks such as unauthorized data usage, empowering K-pop artists to better manage and protect their creative works in the digital age.

Animoca Brands Eyes Public Market Return

Animoca Brands is strategically planning its return to the public markets after navigating regulatory challenges in Australia related to its crypto and blockchain investments. The company, led by co-founder Yat Siu, is now exploring potential listings on stock exchanges in blockchain-friendly jurisdictions such as Hong Kong and the Middle East.

Animoca Brands Valuation

Amid fluctuating market conditions, Animoca Brands has experienced a rollercoaster valuation trajectory. In early 2022, its valuation surged to nearly $6 billion during a period of heightened interest in crypto and gaming sectors. However, by 2023, challenges within the crypto industry, including significant events like FTX’s collapse, contributed to a valuation drop below $2 billion. This volatility prompted Animoca to revise its fundraising goals for its metaverse fund, adapting to the evolving market landscape.

Project of the Day

Avalanche

Avalanche ($AVAX) continues to assert itself as a prominent layer one blockchain, positioning itself as a direct competitor to Ethereum in the realm of decentralized applications and custom blockchain networks. With a focus on scalability and transaction efficiency, Avalanche boasts a remarkable throughput of up to 6,500 transactions per second.

In terms of price movements, $AVAX is currently sitting at a market cap of over $10 billion and is hovering around a price of over $25. Looking at the chart, the price has done considerably well over the past 12-months, gaining over 90%.  All in all, while the price is sitting at a low from its all-time-high of approximately $135, Avalanche maintains its commitment to building a sustainable ecosystem through continuous feature development and strategic partnerships. As such the long-term outlook for $AVAX remains bullish.

Crazy Day in Crypto

• The Solana memecoin $JASON, introduced by Jason Derulo, has achieved significant success by surpassing a market cap of $30 million, reflecting its growing popularity and investor interest.
• The US government appears to be selling more Bitcoin, recently transferring 3,940 BTC (worth $240 million) to Coinbase, contributing to the downward price pressure already being felt from miners and large holders.

Market Sentiment & Predictions

• Matt Hougan, Bitwise’s CIO, forecasts a $15 billion net inflow into Ethereum ETFs during their initial 18 months of trading, drawing on Ethereum’s market cap compared to Bitcoin, insights from international ETP markets, and the impact of the carry trade strategy.
• Ripple CEO Brad Garlinghouse stated that SEC Chair Gary Gensler’s actions might lead to Joe Biden losing the 2024 presidential election.

Business Talks & Political Insights

• The U.S. State Department has offered a new $5 million reward for information that leads to the arrest of Ruja Ignatova, the founder of the alleged cryptocurrency scam OneCoin, who disappeared in 2017.
• Hong Kong is aiming to lead the fintech sector by focusing on DeFi and metaverse technologies, which recent reports from the HKIMR indicate could greatly boost the region’s global fintech influence.

Bitget, in collaboration with Foresight Ventures, has launched a $20 million fund aimed at backing early-stage projects on the TON blockchain.