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
- Igloo Receives Major Funding
- Doodles Introduces a Token-Gated Media Platform
- Project of the Day
- Crypto Corner
- Market Sentiment & Predictions
- Business & Political Insights
Market Watch
Top Gainers
- Ethereum Name Service ($ENS): +4.0%
- Helium ($HNT): +2.9%
- Maker ($MKR): +1.2%
Top Losers
- Core ($CORE): -11.7%
- Celestia ($TIA): -10.6%
- Avalanche ($AVAX): -9.6%
Trending Crypto Sectors/Categories
- Gambling (GambleFi)
- Blockchain Capital Portfolio
- Alleged SEC Securities
Total Crypto Market Cap – 2.507 Trillion
Fear and Greed Index – 71
Top NFT Sale
- CryptoPunks #9825 Sold for 38 ETH
Highlights of the Day
Igloo Receives Major Funding
Igloo Inc., the parent company of Pudgy Penguins, has announced a major funding boost of $11 million. This significant investment, spearheaded by Founders Fund and supported by Fenbushi Capital, 1kx, Everest Ventures Group, and Selini Capital, comes as Igloo aims to broaden its reach in the cryptocurrency sector.
Recent Funding Details
The new capital will be channeled into Cube Labs, a newly established division within Igloo focused on blockchain research and development. Cube Labs will be instrumental in driving the progress of Abstract, an innovative Layer 2 solution designed to enhance blockchain accessibility for mainstream users.
Doodles Introduces a Token-Gated Media Platform
Doodles, a leading name in the NFT world, has unveiled Doodles TV, a novel media platform designed to enhance community engagement and expand the brand’s global presence.
Doodles TV
Doodles TV offers a new approach to media by creating a direct link between artists and their audiences. The platform allows users to access exclusive content, including music, films, and digital art, and interact with creators through live chats and other features.
Project of the Day
Entangle
Entangle ($NGL) stands out as the first fully customizable and interoperable data infrastructure designed for Web3 and institutional use. It provides universal data pathways, enabling seamless communication across different blockchain networks.
Currently, $NGL is valued at around $0.20 with a market cap exceeding $22 million. Notably, since its launch in March, the token has seen a significant drop from its peak of $2.75, largely due to token unlocks for early investors and a broader market decline. Despite this, the long-term outlook for $NGL remains positive as the project works on strategic partnerships and the market recovers.
Crazy Day in Crypto
- VanEck has launched a commercial to introduce its Ethereum ETF featuring Pudgy Penguins.
Market Sentiment & Predictions
- Jim Cramer hints that the Ethereum ETFs might prompt a “sell the news” reaction, with other analysts believing that trading volume will more accurately indicate demand than initial inflows.
- On its first day, spot Ethereum ETF trading volume surpassed $1 billion, as such, analysts suggest that Ethereum may be undervalued, potentially leading to a significant price surge.
Business Talks & Political Insights
- Mt. Gox creditors are starting to get their payments via Kraken, which recently received over $3 billion for distribution from Mt. Gox.
- Tesla announced that it has not sold any of its Bitcoin holdings, which remain valued at $640 million, despite fluctuations in the cryptocurrency market.
- Donald Trump has denied the claim that he considered selecting JP Morgan’s Jamie Dimon and BlackRock’s Larry Fink for the role of Treasury Secretary.
Donald Trump is reportedly preparing to unveil his Bitcoin Strategic Reserve plan in a forthcoming announcement in Nashville, where he is expected to detail his strategy for managing Bitcoin reserves.
