Blast Token Surges Following $2 Billion Airdrop, Outperforming Recent Crypto Launches

Daily Top Performer — Kaspa (KAS)

The SPX index is up by 0.16%, the market also reacted positively to news that major banks could withstand a severe recession, according to the Federal Reserve. Investors are also looking forward to economic data and earnings reports from companies like Walgreens and Nike. The broader cryptocurrency market is down, with Bitcoin and Ether dropping by 1.69% and 0.65%, respectively in the past 24 hours.

Today's top performer is KAS, which surged 18.5% after Marathon Diversifies Digital Asset Strategy with Kaspa Mining Integration.

Kaspa (KAS), launched in November 2021, is a blockchain that merges proof-of-work (PoW) with blockDAG architecture for faster processing and reduced orphan rates, maintaining key Bitcoin features to enhance decentralized apps. Marathon has diversified its revenue by incorporating Kaspa mining into its digital asset operations, alongside its main Bitcoin activities. This strategic move utilizes Kaspa's efficient transaction protocols and mining technology, aiming to enhance profitability. Representing about 16% of Kaspa's global hash rate, Marathon uses advanced ASICs for potentially high margins. While diversifying, Marathon remains committed to supporting and developing the Bitcoin network, strategically managing its digital assets to optimize returns and prepare for future market conditions.

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Talk of the Town:

The native token of Ethereum layer-2 network Blast (BLAST) surged after an airdrop distributed 17% of its supply, contrasting with other recent token launches like zkSync and LayerZero, which saw significant declines. BLAST launched at $0.02 per token, reaching a market value of $2 billion. The airdrop allocated tokens to users involved in bridging assets and contributing to DApps on the network. However, the launch faced criticism for its valuation and functionality, and attracted scam activities targeting participants, highlighting security concerns during such events.

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Spot Bitcoin ETF Flows:

In the latest ETF flow data, the Bitcoin ETF market witnessed a total net inflow of $31 million. The flows were distinctly marked by a significant outflow from Grayscale Bitcoin Trust (GBTC), which saw a reduction of $30.3 million, contrasting sharply with the overall market movement.

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Airdrop to Watch:

Etherfi's Season 2 airdrop will conclude on June 30th, with the airdrop checker available on July 5th and claims starting on July 8th. Season 3 is set to begin on July 1st, with more details to be announced soon. In the previous season, the base tier received approximately $1,000 in the airdrop.

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