Review of this week | Mt.Gox wallet transfer of 140,000 Bitcoins caused concern; meme coins saw a general rise

BlockBeats will organize the key industry news content of the week (5.27-6.2) in this article, and recommend in-depth articles to help readers better understand the market and learn about industry trends.

Review of important news this week

Former US President Trump supports cryptocurrency during the campaign, and the Biden team changes its position to contact key crypto figures

At the beginning of the US presidential election, on May 9, the campaign team of former US President Trump began to accept cryptocurrency donations, and repeatedly stated in speeches that he accepted and supported the development of cryptocurrency. Trump's positive attitude towards encryption ignited the emotions of the encryption community and also led to the rise of related meme coins. Almost every statement made by Trump on the encryption industry affects the rise and fall of related tokens. On May 30, US President Joe Biden also began to change his position on cryptocurrency , and began to contact key figures in the cryptocurrency industry during the campaign. Sources said this marked a major "shift" from the government's previous lukewarm attitude toward the industry. At the same time, celebrities who supported Trump in the presidential election also deployed meme coins on the chain, thus deriving "celebrity coins". Related reading: "From JENNER to MOTHER, is celebrity coin a new favorite or a new pit in encryption?"

On May 27, after a week of continuous rise, the price of Trump-related meme coins continued to rise after a brief decline. The price of MAGA (TRUMP) broke through $15, setting a record high; the price of MAGA Hat reached $0.0005287, with a 24-hour increase of 160.6%, and the price of the coin also set a record high. Trump said that if he is re-elected as president, he will consider pardoning Julian Assange, the founder of WikiLeaks. Influenced by this news, AssangeDAO (JUSTICE) rose by more than 108.4% in a short period of time. At the same time, the value of Donald Trump's crypto assets has increased significantly, and now exceeds 10.1 million US dollars, of which TRUMP accounts for 70%, ETH accounts for 20%, and USDC accounts for 10%.

Former US President Trump was found guilty of all 34 felony charges

On May 31, a jury member of a New York court responsible for the "hush money" case of former US President Trump made a ruling that all 34 felony charges of falsifying business records in this case were established. New York prosecutors allege that during Trump's 2016 campaign for the US presidency, Cohen was commissioned to pay $130,000 in "hush money" to porn star Daniels (real name Stephanie Clifford) to prevent the latter from claiming that she had an affair with Trump in 2006 and affecting her election. Trump subsequently falsified business records and returned the money Cohen advanced in installments in the name of "lawyer fees" to cover up his violations of New York and federal election regulations. Related reading: "Trump's 34 felony charges are all established, can the "crypto president" campaign journey continue? " A trader traded the "Trump is guilty" concept MEME coins FREE TRUMP (FREE) and NEVER SURRENDER (TRUMP), making a profit of nearly 1,000 SOL.

This week, meme coins saw a general rise, with Pepe performing the best

This week, mainstream meme coins saw a general rise, with Pepe's 14-day increase reaching 50% and a monthly increase of 122%. Pepe's popularity has remained high. On May 27, according to CoinGecko data, PEPE's market value rose to approximately $6.9 billion, surpassing MATIC's market value, and its cryptocurrency market value ranking rose to 21st. On May 30, PEPE's market value was $6.2 billion, slightly lower than the record high of $6.9 billion set on May 27, while the cumulative value of the top 30 NFT projects was slightly over $4 billion. Pepe's price has soared 10 times in a year. Related reading: "Behind the Memecoin surge: the game between the development team, snipers and whales"

The Mentougou Mt.Gox wallet transferred Bitcoin to a new address several times in preparation for the creditor repayment deadline on October 31

On May 28, the Mentougou address transferred Bitcoin to the address 1JbezDV several times. As of 2:00 p.m. on May 28, the address held 141,686.2 BTC (worth approximately US$9.6 billion). This large transfer of Bitcoin aroused suspicion in the community. The former CEO of Mentougou Mt. Gox said that Mt. Gox currently has no plans to sell Bitcoin, but is only preparing for the creditor repayment deadline on October 31. On May 28, according to the official announcement, Mt. Gox said that according to the rehabilitation plan, the rehabilitation trust trustee is preparing to repay the portion of the rehabilitation claim that has been allocated cryptocurrency. As the rehabilitation trust trustee is preparing for the above repayment, please wait patiently for the repayment to be completed. Related reading: "140,000 Bitcoins were transferred in 6 hours. Will Mt. Gox's compensation trigger a large sell-off? "

Bitcoin pledge agreement Babylon completed $70 million in financing, led by Paradigm

On May 30, Bitcoin pledge agreement Babylon completed $70 million in financing. This round of financing was led by Paradigm, and Polychain Capital and the venture capital department of cryptocurrency trading platform Bullish participated in the investment.

OKX Jumpstart will launch ULTI (Ultiverse)

On May 30, according to the official announcement, OKX Jumpstart will launch ULTI (Ultiverse), and mining will start at 6:00 am (UTC) on June 3, 2024. BTC and ETH holders can stake BTC and ETH to mine ULTI tokens. Ultiverse posted on the X platform that the ULTI Token Generation Event (TGE) is coming soon. Users can now destroy Gold Chip NFTs to receive ULTI airdrops. In addition, the official will take a snapshot of ES holders at 20:00 on June 3, Beijing time.

Binance Second Megadrop Project Lista (LISTA) Now Open

On May 28, Binance launched the second Megadrop project - Lista (LISTA), a liquidity staking and decentralized stablecoin protocol. Users can participate in the Lista Megadrop from 08:00:00 (ET) on May 30, 2024. Binance will list Lista (LISTA) at 18:00 (ET) on June 20, 2024.

DWF Partner: Negotiating with some MEME coins, willing to deploy funds to promote their growth

On May 28, DWF Labs partner Andrei Grachev posted, "We are negotiating with some MEME coins and are willing to deploy a lot of funds to promote their faster and more efficient growth. Stay tuned, more news will be released soon."

Matter Labs filed a trademark application for "ZK", which was jointly boycotted by Polygon, StarkWare, etc.

On May 30, zkSync developer Matter Labs filed a trademark application for "ZK" in 9 countries, claiming that the term "zero-knowledge" is the company's exclusive intellectual property. This move has caused widespread dissatisfaction in the crypto industry. To this end, industry leaders including Polygon co-founders Sandeep Nailwal and Brendan Farmer, StarkWare CEO Eli Ben-Sasson, Polyhedra Network co-founder and zkBridge inventor Tiancheng Xie, and Turing Award winner and ZK-proofs co-inventor Shafi Goldwasser signed an open letter calling on Matter Labs to withdraw its trademark application.

On May 30, Matter Labs founder and CEO Alex responded that Matter Labs rejects the concept of "intellectual property". However, trademarks exist to protect users, not companies. All trademarks that Matter Labs has ever registered, including those related to ZK, are defensive to prevent dishonest actors from misleading customers and confusing their products and services with those provided by Matter Labs (which, unfortunately, has been the case in the past). Polyhedra Network said that when it is listed on HashKey Global on Friday, its token code will be ZKJ, and their current listing code on other trading platforms is also ZKJ, in response to a week-long conflict with zkSync over its old code "ZK".

Arweave AO will issue token AO, and token economics will be announced on June 13

On May 30, the hyperparallel computer project Arweave AO will issue token AO, and AO will be 100% fair sale, zero pre-mining, zero pre-sale, zero discounts, etc. Each token will be minted by bridging AO, holding AR or building. The total supply is 21 million, with a 4-year halving cycle. The token economics and genesis event will be announced at 11:00 EST on June 13.

Bloomberg: Musk advises Trump on cryptocurrency, Musk says it never happened

On May 30, Bloomberg reported that Musk advises Trump on cryptocurrency. If Trump is able to return to the White House, he will consider Musk as his presidential administration adviser. Musk said he had never discussed cryptocurrency with Trump, but believed that cryptocurrency could transfer power to the people

This week, the popularity of Rune tokens has gradually increased, with total trading volume exceeding US$476 billion last week, a month-on-month increase of 92.3%

On May 29, Rune tokens generally rose, including: DOG•GO•TO•THE•MOON 24-hour increase of 38.83%; LOBO•THE•WOLF•PUP 24-hour increase of 27.41%; RSIC•GENESIS•RUNE 24-hour increase of 10.63%. On May 30, the total transaction volume of Rune reached US$18.76 million, and the total market value of Rune reached US$1.56 billion.

Modular execution layer Fuel announces the launch of the final testnet

On May 31, modular execution layer Fuel announced the launch of the final testnet on the Sepolia network and will launch the mainnet in the third quarter of 2024.

Hot Articles of the Week

《Game Intensifies, Comprehensive Interpretation of Why This Round of Bull Market is Very Different》

This article uses a large amount of data to show and analyze the obvious differences between this round of bull market and the previous round, which are mainly manifested in: insufficient wealth effect, no general rise in the market, the trend of value coins cannot compare with Memecoin, the sector is seriously divided, and the competition for airdrops is fierce. The author believes that the fundamentals of this round of market have changed, and the endogenous logic of many tracks has also changed dramatically. What we can and must do is to "adjust our cognition" to adapt to the "new pattern of industry development". As the industry gradually matures, the degree of game will further intensify. It is meaningless to be complacent and complain. Considering from the opposite side of the game, perhaps we can find the "balance point".

《140,000 Bitcoins Transferred in 6 Hours, Will Mt.Gox Compensation Trigger a Massive Selling Pressure? 》

On the morning of May 28, Mt.Gox, a bankrupt exchange for ten years, suddenly transferred out 141,000 Bitcoins, worth about $9.8 billion. This was the first move of the cold wallet in five years, which attracted great attention from the community. The transfer indicates that Mt.Gox's ten-year compensation process is nearing its end, and creditors may receive the repaid Bitcoins in the next two months. However, the market is concerned that the release of a large amount of Bitcoin may trigger price fluctuations. Although the community has mixed reactions to this incident, it is generally believed that the long-term impact on the market is limited. Mt.Gox's repayment process is expected to be completed by October 31, 2024.

《io.net is out of the circle, who is paying for the AI narrative? 》

Three months ago, in the first phase of io.net's points incentive event, its founder and CEO Ahmad Shadid said that the token is expected to be launched on April 28. But on April 25, the io.net team suddenly announced that the trading platform required the TGE of io.net tokens to be postponed until after April 28. Now a month has passed since the initial time, and the time for io.net to issue coins has not yet been determined. Since the start of the mining incentive plan, io.net has gone from being popular and being regarded as a star project in this round of bull market, to the project data being repeatedly questioned for fraud and the founder's history being exposed. A large number of users have established rights protection groups to "denounce". Although the token has not yet been launched, many users believe that their expectations of high returns have been dashed. But "generally speaking, io.net is a good project." An early user said, "The reason why io.net's narrative expectations are so high may not be because the project itself is so good, but because the Web3 market is too eager for this narrative." All Web3 projects will encounter doubts about their technical level and product logic. The real problem that io.net needs to solve is that in the community's reputation, io seems to have changed from a "top narrative this year" project to a "VC-based high FDV" project.

At present, the third phase of io.net's mining activity has been launched on June 1. In the world of Web3, how to control the hot trend is a question that every project needs to think about. Whether it is "embracing the bubble" or "carving a boat to find a sword", only time can give the answer.

《LayerZero is finally going to airdrop, how to check whether you have been "witched"? 》

The LayerZero witch screening activity, which has lasted for nearly a month, is about to come to an end. At 8:00 am Beijing time on May 30, the second round of "bounty" activities (Bounty Hunt 2) will close the reporting window. Considering that LayerZero has previously determined that May 31 will be the final date for the screening activities, it is difficult to open another round of "bounty" activities in the last two days. This also means that if your address (provided that it has not been "exposed" or "arrested" in the first two stages) is not included in the "bounty" list before 8:00 am tomorrow morning, it is likely that you will "successfully escape the virus and win the game."

《From BRC20 to RUNES, Bitcoin's Casino Migration》

RUNES wants to be the "Las Vegas" on the Bitcoin network, but BRC20 does not want to be "Atlantic City". Casey honestly admitted that RUNES he built is a casino, and he hopes that users can get the best experience here. "For each of us, it is honest and practical to view the construction of Ordinals, inscriptions and runes from the perspective of building social, gambling and entertainment products. We don't need to hide anything, so that your users can experience the fairest and most interesting products." While RUNES rose across the board, many community friends also remembered the first MEME casino in the Bitcoin ecosystem. Is BRC20, like "Atlantic City", declining?

《160 times in 8 hours, Kardashian's transgender stepfather issued a coin? 》

This week, an attractive token jenner appeared on the meme token generation platform Pump.fun on Solana. Its development team is from Caitlyn Jenner, a transgender woman with 33 million Twitter followers, a member of the American Internet celebrity family, Kardashian's father. Caitlyn Jenner also posted a photo of shaking hands with former US President Trump on Twitter with the caption "make america great again!!! and we love crypto!", and then attached a link to purchase jenner tokens on pump.fun. To the surprise of the community, Caitlyn Jenner not only used Pump.fun, but also mentioned a series of crypto community meme OGs such as Ansem and Paul in the comment section to warm up the token.

《Interpreting the FIT21 Act: Is the gray era of Crypto over? 》

On May 22, the U.S. House of Representatives passed the 21st Century Financial Innovation and Technology Act (FIT21), which established a regulatory framework for digital assets and may become one of the most far-reaching bills on cryptocurrencies. The bill clarifies the definition and regulatory division of digital assets, with the Commodity Futures Trading Commission (CFTC) regulating digital commodities and the Securities and Exchange Commission (SEC) regulating digital assets that are considered securities. The bill distinguishes whether digital assets are commodities or securities through factors such as investment contracts, use and consumption, and degree of decentralization, providing guidance for future crypto asset compliance and spot ETF applications.

《Dialogue with Casey, the father of Ordinals: Only use a small position to "gamble", and the rest to buy Bitcoin》

This article is a summary of the conversation between Jasmine, one of the founders of the Runes Chinese community, and DUDU of PukeCastCN, and Casey, the developer of the Ordinals protocol. Casey talked about the lively scene of Hong Kong Bitcoin Week and the differences between Eastern and Western players, and shared his experience of one month after the release of the Rune protocol. He appreciated the purity of the market. The Rune protocol is currently in a stable operation state. He believes that the simplicity and efficiency of technology are the advantages of Rune, and there may be more interesting developments in the future. He also discussed the different types of stablecoins and their potential in the Rune ecosystem. Casey emphasized the value of Bitcoin as an investment, suggested that Bitcoin should still be held mainly in addition to speculation, and remained optimistic about future developments.

《Conflicts further intensify, is FT going to "break up" with Base?》

On May 27, friend.tech protocol co-founder Racer offered a $200,000 reward on the social platform, asking for ways to migrate friend.tech from Base, which sparked heated discussions in the crypto community. But then Racer's Twitter account was inaccessible, and friend.tech officials did not respond. This news caused the FRIEND token to plummet by 34%. Racer revealed that the team had an unstable relationship with Base and had mutual ridicule with the Farcaster community. The DEGEN token of Farcaster, a friendly competitor, performed well, while friend.tech's token economic model was pioneering but failed to attract users in the long run. Racer's migration plan has sparked speculation and concern about the future of friend.tech and Base.

《A look at the price performance of 11 airdropped tokens after they went online this year》

In 2024, major projects launched airdrops one after another. This article consolidates the price performance of 11 tokens after this year's TGE (token generation event). Overall, JTO, ENA, and JUP performed outstandingly, rising by 149%, 73%, and 51%, respectively.

《In-depth analysis of Bittensor: Panorama and future prospects of 34 subnets》

Bittensor (TAO) is the first AI coin listed on Binance this year. Since its launch on April 11, the price of TAO has plummeted and has not recovered to date. Following the decline in the price of the coin, the community has increasingly heated debates on the effectiveness of this project. It all started on March 30 when Eric Wall, co-founder of Taproot Wizards, raised a series of sharp questions about Bittensor (TAO) on social media. Although these questions directly point to some of Bittensor's pain points, they are also biased and blind to the truth. As of now, Bittensor has 34 subnets. This article introduces these subnets one by one from six areas: content generation, data collection and processing, LLM ecosystem, decentralized infrastructure, DeFi and other applications.

《Behind the Memecoin Surge: The Game between the Development Team, Snipers and Whales》

This article discusses the key elements in the launch of Memecoin: the development team, "snipers" and whales. Each element is critical to the development of the token, especially in the absence of venture capital support. The degree of organization of the development team, the marketing budget and future development plans are key to the long-term success of the token. At the same time, the behavior of "snipers" and the involvement of whales will also have a significant impact on the market value and liquidity of the token. The degree of interweaving and repetition of these three varies from token to token, but the three need to be well combined to keep the token's performance healthy in the long run.

《Vitalik donated again, will Juicebox bring new memes? 》

Recently, Vitalik Buterin donated 30 ETH to the "Free Alexey & Roman" project on Juicebox, and together with his donation in January, the total amount reached 42.6 ETH. Tornado Cash has been involved in regulatory crises many times due to its currency mixing function. Alexey was found guilty and Roman will be tried in September. The Juicebox platform is famous for projects such as ConstitutionDAO, showing the potential of decentralized crowdfunding. From PEOPLE to FREE to JUSTICE, every fundraising is accompanied by the hype of a meme coin. Perhaps the ETH raised this time to support Alexey and Roman will also bring the next new meme narrative.

《Grayscale: Ethereum ETF has limited room for growth after approval, Solana may seize market share》

The potential launch of the spot Ethereum ETF will allow more investors to understand the concepts of smart contracts and decentralized applications, thereby allowing them to understand the potential of public blockchains to change digital commerce. The demand for spot Ethereum ETFs in the United States is expected to be about 25%-30% of the demand for spot Bitcoin ETFs. A large part of Ethereum's supply (such as staked ETH) is unlikely to be used for ETFs. Given the high initial valuation, there is limited room for ETH prices to rise further compared to the Bitcoin ETF launched in January 2024. Grayscale Research believes that in the long run, Solana is currently the most likely to seize market share from Ethereum, and Grayscale Research is optimistic about the prospects of both assets.

《10x Research: BTC trend has entered a critical period, this indicator may help break new highs》

After the progress of the Ethereum spot ETF, market sentiment has warmed up, and whether the price of Bitcoin can break through the new high in March this year has become the focus. 10x Research pointed out that the key drivers of Bitcoin prices include retail trading volume, capital inflows, CPI data, etc., and the changes in these factors will determine the direction of Bitcoin prices. In particular, when the next CPI data is released on June 12, the price of Bitcoin may hit a new historical high.

Mastering Narrative Trading: A Complete Guide from Trend Discovery to Profitable Strategies

Crypto researcher The DeFi Investor introduced the strategies and techniques of narrative trading in this article, from discovering new trends to profit-making strategies, and gradually explored how to trade effectively in the cryptocurrency market. Emphasized the important role of psychology in market fluctuations, as well as the time and patience required to establish successful transactions. He also suggested that beginners start trading with small amounts of funds and summarize lessons learned by constantly tracking investment performance.

《Meme Coin's Value Consensus Mechanism, Future Trends and Investment Logic》

BillyWen came into contact with meme coins in 2015, and sold Dogecoin because of his prejudice against meme coins. The meme FOMO brought by PEPE later made him realize that the fair launch mechanism of meme is the ultimate goal pursued by all fields. BillyWen predicts that the meme coin market will grow significantly in the next few years. At the same time, he believes that there is a clear generational stratification in the meme track, which is based on Bitcoin, Ethereum and Solana technology respectively. Its investment logic includes cultural influence, community cohesion and unique storytelling. Finally, he concluded that Bitcoin is the meme coin that best represents the native culture of encryption.

《TIA rose more than 30%, Celestia founder wrote a sovereign chain declaration》

This Wednesday, Celestia's native token TIA rose from a bottom of $9 to nearly $12, an increase of more than 30%. Just the day before, Celestia founder Mustafa published an article on sovereign blockchains in the official forum, expounding on his views on blockchain technology empowering communities to achieve sovereignty through self-organization and collective action. This technological innovation has enabled the emergence of new social and economic models, and sovereign aggregation chains have further lowered the threshold for achieving community sovereignty, making it easier to deploy sovereign chains, thereby promoting the surge of millions of sovereign communities with their own top-level social contracts.

《Forbes Interview with Former CFTC Chairman: Cryptocurrency Will Return as King in the United States》

Former CFTC Chairman Christopher Giancarlo is optimistic about the prospects of cryptocurrency in the United States. He believes that although the current US government has taken a suppressive attitude towards cryptocurrency, this situation is unsustainable. He is optimistic about future stablecoin legislation, believing that it will promote the development of US dollar stablecoins to meet global demand. Giancarlo also mentioned that the United States missed the opportunity to develop global cryptocurrency disclosure standards, but he believes that the United States will eventually recover and regain its leadership in the cryptocurrency field.

《In-depth exploration of the impact of Vitalik and various roadmaps on Ethereum governance》

This article is the opinion of ZeroDev CEO Derek Chiang on the matter after V God proposed EIP-7702 to balance the contradiction between ERC-4337 and EIP-3074. The article objectively points out the current governance model and pain points of Ethereum based on the personal experience of a project founder in the AA ecosystem. It mentions that one of the various governance contradictions of Ethereum is that the roadmap determined by the researchers is at odds with the views of client development teams such as Geth, and Vitalik has become the final decision-making role in a similar capacity as CTO. After giving a positive evaluation of Vitalik's role, Derek pointed out what improvements Ethereum should make in the governance model, which is of great reference significance to both the Ethereum community and the Bitcoin community.

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