ALSO: DJT Token Rises
The biggest crypto news and ideas of the day |
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The so-called AI coins like FET, RNDR, TAO and GRT have seen their market value slide by as much as 30% in the past seven days, according to data source Coingecko, just as Google Trends indicates search interest in artificial intelligence may have peaked. FET is the fourth-worst performing of the top 100 cryptocurrencies of the past seven days. Market leader bitcoin (BTC) is down just 2.8% during the same period while the CoinDesk 20 Index (CD20), a measure of the broader crypto market, has lost 6%. |
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DJT, a crypto token minted two months ago on the Solana blockchain, rallied as much as 180% Monday on an unconfirmed report that former U.S. president Donald J. Trump is behind it. "Per conversations, Trump is launching an official token — $DJT on Solana," Pirate Wires, a maverick media outlet, posted on X (formerly Twitter). If the report is true, this would be the first time a presidential candidate from a major political party has created a cryptocurrency, but it remains an "if." |
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FTX Victims Criticize Bankruptcy |
FTX bankruptcy victims are seeking a ruling that the failed crypto exchange's forfeited assets, some $8 billion, belong to its customers, not the bankruptcy estate, according to a Friday filing in the U.S. District Court for the Southern District of New York. Last month, the estate proposed a new reorganization plan that would see 98% of creditors get back 118% of their claims – in cash – within 60 days of court approval. The plan irked many of FTX customers, who had missed out on the opportunity to profit from the run-up in crypto prices while their funds were stuck in bankruptcy limbo. |
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XRP, LINK and ETH Stand Out |
Crypto traders looking for clues on pockets of the crypto market seeing signs of green shoots might want to consider (XRP), Chainlink's (LINK) token, and Ethereum's ether (ETH). That's the message from Fairlead Strategies' latest analysis of the 12-week relative rotation graph of top alternative cryptocurrencies (altcoins) relative to bitcoin (BTC). |
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Embracing Crypto Regulation and Fun For the crypto industry to advance, embracing regulation and taking a structured approach to developing the future of finance is essential. Still, the industry must retain the internet’s inherent oddities by continuing to incorporate its playful and unconventional spirit into crypto projects. CoinW is a perfect example of a company that strikes a balance between both. While the leading global exchange continues to adopt best practices and obtain regulatory licenses in key demographics, it also leans into the fun of crypto and the internet with trading competitions and memes. Continue reading |
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The Takeaway: Memecoins Need Analysis |
The following is a guest post by Jupiter Zheng, partner at HashKey Capital. Memecoins embody the “Wild West” image of DeFi. Thanks to the stratospheric success of tokens like Dogecoin (DOGE) and Shiba Inu (SHIB), the memecoin market collectively boasts a market cap of $54.4 billion – a number that would’ve seemed outrageous when these assets first emerged. And yet here we are. As recently as March, memecoin trade volumes hit levels last seen just prior to the last crypto bubble’s implosion in 2022. This resurgence highlights a familiar trend: traders are easily swept up in hype and FOMO, to the extent that they make impulsive investment decisions based on pure instinct and greed. In Digital Asset Valuation Framework, the team at HashKey Capital and I set out the case for applying fundamental valuation frameworks and high-level technical analysis to navigate the market’s inherent volatility and avoid the pitfalls of memecoin mania. Without putting too fine a point on it, now more than ever we must deploy robust frameworks and exercise cold-eyed judgment to discern genuine value in this most turbulent of markets. This is doubly true for institutional investors looking to gain a sustainable edge and long-term value accretion in digital assets. Read the full article online... |
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