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
- CatCoin Threatens BitForex with Legal Action
- Shiba Inu that Inspired the Dogecoin Meme Passes Away
- Phantom Becomes One of the Top Finance App
- Project of the Day
- Crypto Corner
- Market Sentiment & Predictions
- Business & Political Insights
Market Watch
Top Gainers
- Core ($CORE): +13.5%
- Uniswap ($UNI): +12.9%
- Lido DAO ($LDO): +10.3%
Top Losers
- Ethereum Classic ($ETC): -5.9%
- Solana ($SOL): -5.0%
- Arbitrum ($ARB): -4.8%
Trending Crypto Sectors/Categories
- Music
- AI Meme Coins
- Meme
Total Crypto Market Cap – 2.686 Trillion
Fear and Greed Index – 76
Top NFT Sale
- Wrapped Cryptopunks #2339 Sold for 73.5 ETH
7
Highlights of the Day
CatCoin Threatens BitForex with Legal Action
CatCoin, a memecoin project, is not mincing words as it takes on cryptocurrency exchange BitForex. The project has thrown down the gauntlet, threatening legal action over unresolved issues surrounding the withdrawal of its CAT tokens. The public outcry, aired on X, targets both the exchange and its former CEO, Jason Luo.
Challenges in the Industry
The recent conflict highlights ongoing challenges in cryptocurrency exchanges. Regulatory compliance and transparent operations are vital for building trust among investors and users. Now, the community eagerly awaits BitForex’s response to the escalating pressure and legal threats.
Shiba Inu that Inspired the Dogecoin Meme Passes Away
Kabosu, the Shiba Inu whose iconic face inspired the creation of the Dogecoin meme and cryptocurrency, has passed away at the age of 18. Owner Atsuko Sato shared the sad news, revealing that Kabosu lost her battle with leukemia and liver complications on May 24.
The Rise of Dogecoin
Kabosu’s iconic image skyrocketed in value, selling as an NFT for a remarkable $4 million. This digital milestone paved the way for Dogecoin, originally a playful jab at cryptocurrency trends by two engineers. With endorsements from figures like Elon Musk, who hailed it as “the people’s crypto,” Dogecoin surged in popularity.
Phantom Becomes One of the Top Finance App
Phantom, the crypto wallet app, has achieved a remarkable feat by rising to the #2 spot among finance apps globally, surpassing industry giants like PayPal and Venmo. This milestone underscores the growing influence of cryptocurrencies and blockchain technology.
Phantom is Growing in Popularity
Phantom is emerging as a leading crypto and Web3 wallet, with over 5 million downloads and a high ranking globally. Its popularity extends beyond finance apps, as it holds the impressive #14 spot in the Google Play store, surpassing well-known apps like Indeed and Threads. This rise underscores the growing demand for secure and user-friendly crypto wallet solutions amidst the evolving crypto landscape.
Project of the Day
Axie Infinity
Axie Infinity ($AXS), the blockchain-based gaming sensation developed by Sky Mavis, has captured widespread attention for its innovative fusion of gaming, collectibles, and DeFi. Since its inception in 2018, Axie Infinity has emerged as a frontrunner in the realm of blockchain games, enabling players to collect, breed, and battle digital creatures known as Axies. With its play-to-earn model and thriving community, Axie Infinity represents a paradigm shift in both gaming and blockchain technology.
Despite its initial success, Axie Infinity has faced challenges in maintaining its momentum. Currently valued at over $1.18 billion, with a price of $8.14, the project has experienced modest gains over the past week, month, and year. However, it has also seen a significant decline from its all-time high of around $160, losing over 95% of its value. Nonetheless, with ongoing efforts to introduce new features and initiatives, Axie Infinity retains the potential to reclaim its former glory and surge towards new heights in the future.
Crazy Day in Crypto
- Bitcoin dropped to around $66,300 after the SP US Composite PMI Flash exceeded expectations, delaying anticipated rate cuts and prompting a strong reaction from short-term holders sensitive to market volatility.
- Despite expectations of a bullish impact, Ethereum’s price dropped 4% immediately after the historic US approval of spot Ethereum ETFs and only increased by 1% in the following hours.
- Bitcoin and Ethereum options totaling $2.7 billion are set to expire on May 24, signaling important market sentiments.
Market Sentiment & Predictions
- Analysts at Standard Chartered Bank anticipate that ETFs for Solana (SOL) and Ripple (XRP) could be launched in 2025, following the recent approval of Spot Ethereum ETFs.
- The Spectator has published a critical article labeling Bitcoin as a volatile threat and a “Ponzi scheme,” questioning its intrinsic value and comparing its widespread accessibility to having bookmakers in every home.
- JPMorgan predicts that the recently approved spot Ethereum ETFs are likely to start trading before the November 2024 U.S. presidential elections.
Business Talks & Political Insights
U.S. freelancers are contemplating cryptocurrency as a more cost-effective option due to Venmo’s fee increases, with Farcaster co-founder Dan Romero endorsing a stablecoin payments application.
