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May 20, 2024: Broader equity markets jumped following weaker-than-expected inflation data in the U.S., and cryptocurrency followed suit with Bitcoin regaining $66K shortly after the release of data.
Meme coins took the show in both crypto and traditional financial markets after the return of Roaring Kitty. Does this suggest another market top, and investors should watch out for an overhyped market? We need to wait to see whether this hype is a short-lived one.
DePIN remains a market favorite, as Arweave has been on a tear in recent weeks, recording an increase of 81.5% in the past month. The airdrop pipeline is still long, suggesting the bull market is still here.
Enjoy our weekly take on the market summary!
Dow Jones Briefly Touches $40,000 as Interest Cut Looms
On Thursday, May 16, 2024, the Dow Jones Industrial Average crossed the 40,000 milestone for the first time, driven by investor confidence in a sustained stock market rally and expectations of interest rate cuts by the Federal Reserve. The index, which took 872 trading sessions to gain 10,000 points, has recovered all losses from previous rate hikes.
Its narrower focus differentiates it from the broader S&P 500 and Nasdaq-100, which have also reached record highs. The index's recent surge has been supported by robust corporate earnings, with contributions from companies like Goldman Sachs, UnitedHealth Group and Caterpillar. Overall, the market shows confidence in continued economic growth.
Source: CoinGlass
Strong inflows into Bitcoin Spot ETFs early this week pushed Bitcoin to test $66K. In addition, 13F and Q2 earnings reveal traditional institutions’ accumulation of the largest cryptocurrency. For example, the state of Wisconsin purchased $163 million worth of Bitcoin Spot ETFs
SEI Jumps 14.2% After Sei V2 Launch
Sei (SEI), launched on August 16, 2023, is a Layer 1 blockchain ecosystem built on Ethereum that’s designed to facilitate ultrafast trading. It achieves high-speed transactions through built-in parallelization and automatic order bundling, leading to a significantly quick time to finality. The proposed Sei V2 launch involves a phased rollout of a parallelized EVM on a live blockchain, requiring governance approval. It will begin with a governance phase, whereby SEI token holders will approve the upgrade, followed by an alpha launch to deploy EVM-based contracts and integrate initial infrastructure.
The final phase will declare V2 stable, with all critical infrastructure operational. This strategy minimizes risk, optimizes performance and aims to scale Sei into a blockchain for consumer-grade applications.
Arweave Has Been on a Tear After Ecosystem Updates
Arweave (AR), launched in June 2018, is a decentralized platform for permanent data storage, leveraging its AR cryptocurrency to incentivize users and ensure data permanence. It offers easy web access and is developing moderation tools; a key partnership with the Internet Archive highlights its commitment to secure data preservation.
Arweave’s recent Weekly Digest features ar.io's migration to AO Computer to enhance scalability, and introduces an autonomous finance trading bot for automated portfolio strategies. It also highlights Weavers Raid II, with $10,000 in bounties for community projects. Additional updates include the first $AR token bridge via AOX, a partnership with Anchorage, and new educational and community engagement resources, including a podcast on Arweave infrastructure.
Meme Mania Brings PEPE to Jump
Pepe (PEPE), launched in April 2023, is a deflationary meme coin on the Ethereum blockchain, inspired by the Pepe the Frog meme. It aims to stand out as a meme-based digital asset with no taxes and no utility, emphasizing its unique connection to the Pepe the Frog character.
PEPE climbed 2% over the past two weeks, marking a 26% gain (as of May 14, 2024) and outpacing other meme coins. In comparison, Dogecoin (DOGE) increased by only 1.4% during the same time frame. The Book of Meme (BOME) token, with an 8.2% rise, came closest to matching PEPE's performance. This surge in PEPE's value is attributed to the recent resurgence of Roaring Kitty, which has reignited interest in the memecoin market.
ZKF Jumps 10.0% After Root Protocol Partners With ZKFair to Enhance Decentralized Identity Solutions and Community Engagement
ZKFair (ZKF), founded in 2018, is a zero-knowledge proof–based Layer 2 scaling platform for Ethereum that features a decentralized network of provers and a community-focused revenue model. It distributes 75% of transaction fees to users staking its native token, ZKF, and 25% to DApp developers, using USDC for gas fees.
Root Data has partnered with ZKFair’s pioneering EVM Layer 2 platform to enhance user access and community profit sharing. This collaboration integrates Root's ISME DID System into ZKFair, allowing seamless access to decentralized identity solutions and sharing transaction fees with the Root community. Both parties aim to expand their reach and drive web3 innovation, thus leveraging ZKFair's advanced scalability and security. This partnership underscores a joint commitment to a decentralized future and anticipates significant mutual benefits.
Solana-Based Game Nyan Heroes Set to Launch Its NYAN Token
Solana-based game Nyan Heroes, an Overwatch-style shooter, is set to launch its NYAN token on centralized exchange Bybit on May 21, 2024. The game, which has been in pre-alpha since March, has seen over 200,000 downloads and has entered the top 30 titles on the Epic Games Store. Alongside the token launch, details about a NYAN token airdrop for players participating in play-to-airdrop campaigns are expected soon. Players earn NYAN tokens by accumulating MEOW and CATNIP points through gameplay or social media engagement.
The game, developed by Singapore-based 9 Lives Interactive, emphasizes gameplay over blockchain integration, allowing players to engage without crypto or a wallet. The game will also introduce a premium in-game currency for non-blockchain items, and special "awakened" items that are tokenized and tradable, though engaging with the crypto aspects remains optional.
Drift Increases Airdrop Allocation
Drift has increased its airdrop allocation after identifying and redistributing tokens from Sybil accounts to genuine users. The airdrop is set to launch on May 16, 2024, at 12PM UTC. It includes an initial allocation and a bonus that vests over the course of six hours to reduce network congestion and enhance user experience.
This airdrop marks a significant move toward decentralizing Drift, empowering its community and driving future development.
Holograph Reveals Airdrop
Holograph has revealed an airdrop with a snapshot period running from January 10, 8PM UTC to April 30, 12AM UTC. To be eligible, users must accumulate over 250 XP in the Holograph app. The airdrop can be claimed on Bybit's ByStarter platform, which requires KYC verification. Eligible users have 10 days to link their address to the platform.
On-Chain AI Network Revox Launches Airdrop
REVOX, an on-chain AI network and a winner of the BNB Chain Hackathon, Solana Ventures Riptide Hackathon and Arweave Community Hackathon, has launched a highly anticipated free airdrop. Participants only need to cover transaction fees. To join, visit REVOX’s website, connect a wallet, link an X account and use the invite code provided. The primary task involves daily content curation across multiple blockchain platforms, such as Linea and zkSync.
Stay tuned for more institutional insights and crypto updates next week!