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
- Pudgy Penguins x Mythical Games
- Musk Refutes Allegations of Crypto Talks with Trump
- Terraform Labs Nears Settlement with SEC Over Allegations
- Project of the Day
- Crypto Corner
- Market Sentiment & Predictions
- Business & Political Insights
Market Watch
Top Gainers
- JasmyCoin ($JASMY): +17.9%
- ORDI ($ORDI): +16.2%
- Notcoin ($NOT): +12.6%
Top Losers
- Akash Network ($AKT): -10.0%
- Chiliz ($CHZ): -8.6%
- Dogwifhat ($WIF): -7.9%
Trending Crypto Sectors/Categories
- PolitiFi
- Runes
- AI Meme
Total Crypto Market Cap – 2.6893 Trillion
Fear and Greed Index – 73
Top NFT Sale
- Wrapped Cryptopunks #4117 Sold for 59 ETH
7
Highlights of the Day
Pudgy Penguins x Mythical Games
In a groundbreaking move, Pudgy Penguins has partnered with the innovative gaming studio Mythical Games to develop a next-generation Web3 mobile game. Slated for release in 2025, this collaboration has generated significant excitement among Web3 enthusiasts.
Partnership Details
Analyzing the details released so far, the upcoming mobile game promises to be an immersive experience, drawing on the lore and humor that have made Pudgy Penguins a beloved brand. It will feature the AAA quality, playability, and accessibility synonymous with Mythical Games’ titles, such as NFL Rivals. Notably, the game will debut on the Mythical platform in 2025, harnessing the potential of the Mythos Chain (MYTH), a Polkadot-based network that hosts esteemed titles like NFL Rivals, boasting a bustling community of over one million active wallets.
Musk Refutes Allegations of Crypto Talks with Trump
Recent reports from Bloomberg and the Wall Street Journal stirred speculation regarding Elon Musk’s purported discussions with former President Donald Trump on cryptocurrency policy. Allegations also hinted at potential talks about Trump’s participation in an upcoming Republican convention.
Musk’s Rebuttal
Taking to social media to address the claims, Musk swiftly dismissed the notion of engaging in crypto conversations with Trump, stating, “Pretty sure I’ve never discussed crypto with Trump.” However, he did express his broader support for decentralization, remarking, “I am generally in favor of things that shift power from government to the people, which crypto can do.”
Terraform Labs Nears Settlement with SEC Over Allegations
Terraform Labs, along with its former CEO Do Kwon, is edging towards a resolution in its legal dispute with the U.S. Securities and Exchange Commission (SEC). An initial agreement has been reached to settle accusations of defrauding investors, with expectations for a comprehensive settlement by June 12, 2024.
Background of the Case
The case stems from allegations that Terraform and Kwon operated without requisite registrations, allegedly misleading investors regarding the stability and potential returns of their crypto assets. These actions were cited as contributing factors to Terraform Labs’ collapse in May 2022, exacerbating the cryptocurrency market downturn and impacting numerous firms and investors.
Project of the Day
ORDI
ORDI ($ORDI) emerges as a Bitcoin derivative product built on the BRC20 token standard. Initially conceived as an experimental token without defined functions, Ordi Coin has transformed into a flagship product within the Ordinals Protocol ecosystem, driven by market speculation and the dynamic evolution of the Bitcoin landscape.
Currently boasting a market cap exceeding $1 billion and priced around $50, $ORDI has experienced notable price movements. Over the past 7 days, it has surged by over 25%, with a modest 12%+ increase in the last month and an impressive 400% rise since its inception in June of the previous year.
However, community sentiment towards Ordi remains divided. While tech enthusiasts criticize its perceived lack of practical applications, some investors perceive it as a promising component of Bitcoin’s evolving ecosystem. Despite these mixed emotions, the BRC-20 token aligns perfectly with the BTC DeFi narrative during this bull cycle, and its long-term prospects appear promising, given the growing community rallying behind the project.
Crazy Day in Crypto
- Bitcoin-based meme coins like DOG and PUPS saw significant price increases, with DOG rising 85% over the past week to reach a new all-time high of $0.007542, amidst a broader decline in memetic assets on other networks.
- Despite a 17% drop from its all-time high, a savvy crypto investor managed to profit nearly $5 million from the meme coin Pepe in just one month, as per a recent report.
Market Sentiment & Predictions
- Caitlyn Jenner created a new Ethereum-based cryptocurrency token to support Donald Trump’s 2024 presidential campaign, but the move backfired, as her original Solana token plummeted over 60% in value following the launch.
Business Talks & Political Insights
- FTX lawyers and advisors have billed over $500 million in the bankruptcy proceedings, and without some reductions in fees and expenses, the total charges would have surpassed $700 million.
- The Biden campaign has begun reaching out to prominent figures in the crypto industry for advice on community and policy matters, signaling a significant shift away from the administration’s previous skepticism towards digital assets.
- Robinhood is nearing a settlement with investors who sued the platform for suspending trades of meme stocks like GameStop in 2021, alleging market manipulation and substantial impact on investor equity.
The iShares Bitcoin Trust (IBIT), BlackRock’s spot bitcoin ETF, has overtaken Grayscale’s Bitcoin Trust (GBTC) as the world’s largest bitcoin fund, boasting assets exceeding $20 billion and holding 288,670 Bitcoins.
