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
- The Sandbox DAO
- Nvidia Stock Makes a Run for a New ATH
- Nasdaq Makes a Move for ATH
- Project of the Day
- Crypto Corner
- Market Sentiment & Predictions
- Business & Political Insights
Market Watch
Top Gainers
- Celestia ($TIA): +14.6%
- Chiliz ($CHZ): +13.4%
- dogwifhat ($WIF): +10.4%
Top Losers
- Lido DAO ($LDO): -5.1%
- Arweave ($AR): -4.9%
- Sei ($SEI): -4.5%
Trending Crypto Sectors/Categories
- AI Meme Coins
- PolitiFi
- Andreessen Horowitz (a16z) Portfolio
Total Crypto Market Cap – 2.71 Trillion
Fear and Greed Index – 72
Top NFT Sale
- Memeland MVP #149 Sold for 43 ETH
7
Highlights of the Day
The Sandbox DAO
In a bold move, The Sandbox, an Ethereum-based metaverse game platform, has announced its transition to a DAO structure. This shift places the future of the game and its economy directly in the hands of its token and land holders, signaling a new era of community-driven development.
Rollout and Implementation Plan
The DAO implementation for The Sandbox unfolds in a meticulously planned three-phase approach. Phase One sees SAND token and LAND plot owners exercising their voting rights on submitted Sandbox Improvement Proposals (SIPs) via email, with oversight from a council inclusive of Sandbox leadership and strategic partners like Animoca Brands. Transitioning into Phase Two, termed the “exploration” phase, The Sandbox DAO begins to assert its autonomy, gradually reducing dependence on the parent company. Finally, Phase Three aims to solidify the DAO’s standing, fostering robust, community-centric governance.
Nvidia Stock Makes a Run for a New ATH
On Tuesday, Nvidia’s stock price soared above $1,140, shattering previous records, driven by a surge in investment in AI technology. This remarkable uptick follows an announcement from AI startup xAI, spearheaded by Elon Musk, unveiling plans to construct a new supercomputer fueled by Nvidia’s GPU chips.
AI Investment Fuels Long-Term Optimism
xAI’s revelation of securing a staggering $6 billion in Series B funding catapulted Nvidia shares by 8% the subsequent day. As per reports, Musk intends to integrate Nvidia chips into xAI’s ambitious “Gigafactory of Compute,” poised to power the startup’s conversational AI bot, Grok.
Nasdaq Makes a Move for ATH
Breaking records, the Nasdaq soared above 17,000 for the first time on Tuesday, propelled by a surge in Nvidia shares amidst ongoing optimism surrounding AI technology. This surge comes on the heels of robust quarterly results, highlighting the persistent demand for AI-powered chips.
Economic Data
Against this backdrop of market optimism, economic data further fueled investor confidence. Treasury yields climbed higher as indicators pointed to sustained economic vigor, dampening expectations for immediate Federal Reserve rate adjustments. Unexpectedly strong consumer confidence figures for May showcased the resilience of U.S. consumers, who remain pivotal drivers of economic growth.
Project of the Day
Notcoin
Notcoin ($NOT), developed by Open Builders, has swiftly gained popularity as a play-to-earn game on Telegram, allowing players to accumulate in-game cryptocurrency by simply tapping the screen. Its surge in popularity is attributed to its user-friendly design and seamless integration with the Telegram platform, supported by the Open Builders community and the TON Foundation.
In terms of market performance, $NOT currently boasts a market cap of approximately $950 million, with its price hovering around $0.009. Remarkably, within just two weeks of its launch, $NOT reached an all-time high of over $0.012, currently resting at a 14% loss from that peak. Looking ahead, with 78% of the token supply allocated to miners, the transition from mining phase to mainstream trading will likely influence the cryptocurrency’s long-term market favorability.
Crazy Day in Crypto
- The daily active addresses holding Pepecoin (PEPE) have more than doubled in the last month, a surge that aligns with the meme coin’s price reaching new ATH following the SEC’s approval of spot Ethereum ETFs.
- Metaplanet, a Japanese publicly traded firm, revealed plans to acquire an extra ¥250 million worth of Bitcoin, detailing its strategy of recording long-term holdings at cost and quarterly revaluation of short-term holdings at market value.
- Semler Scientific, a medical device maker, bolstered its treasury reserve by investing $40 million in Bitcoin, citing its potential for significant returns as an inflation hedge similar to gold, which lead to a 33% surge in Semler’s stock (SMLR).
Market Sentiment & Predictions
- Bernstein, a prominent $725 billion asset manager, has forecasted that Bitcoin (BTC) will hit $90,000 in 2024 and surge further to $150,000 in 2025, surpassing its previous peak of $73,000.
- Investment inflows into Bitcoin have surged to $1 billion, driven by long-term holders and institutional investors expanding their exposure to spot Bitcoin ETFs, pushing year-to-date inflows to $14.6 billion.
Business Talks & Political Insights
- Ryan Salame, former CEO of FTX’s Bahamas subsidiary, has been sentenced to 7.5 years in prison, becoming the first of SBF’s close associates to be sentenced following the collapse of the FTX cryptocurrency exchange.
After almost a decade, a substantial amount of Bitcoin linked to the now-defunct Mt. Gox exchange has recently been transferred, totaling billions of dollars.
