Memecoin Mania 💫
Memecoin Mania 💫
Beginning of the ALTCoin season? SEC's Hester Peirce wants more decentralisation in the financial system. Bitcoin ETFs hold on despite sell off. Musk Sues OpenAI, Sam Altman. Stablecoins mint $7.7B.
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This is The Token Dispatch 🙌 you can hit us on telegram 🤟
MEMECOINS are so back.
Marketcap has risen to $44 billion.
Analysts predict smaller tokens will outperform Bitcoin: Crypto other than Bitcoin, will soon outperform Bitcoin. This is based on the historical trend of altcoins outperforming Bitcoin following periods where Bitcoin has led the rally.
Recent rally of meme coins seen as a possible early sign: The recent rally of meme coins, which are cryptocurrencies that have gained popularity due to social media hype rather than any underlying technology or use case. Some analysts believe that this rally could be an early sign of an altcoin season, as meme coins are often seen as a more speculative and risky investment than other types of cryptocurrencies.
Confirmation expected if Ethereum breaks $3,500: Analysts believe that a confirmation of an altcoin season would be if Ethereum, the second-largest cryptocurrency by market capitalisation, breaks above $3,500.
Block that Quote 🎙️
Hester Peirce, an SEC commissioner
“Some of the choices that the SEC has made are very strange from the perspective of people who favour regulation as a solution.”
Peirce criticised the SEC's approach to crypto regulation at ETHDenver, and stressed the importance of collaboration between regulators and the industry.
She opposed the SEC's recent actions against Kraken and Paxos regarding stablecoins, and called for clearer guidelines from the SEC to encourage innovation in the industry.
She recommended tailored regulations for various types of digital assets, and highlighted the significance of self-regulation within the crypto industry.
Peirce, also known as “Crypto Mom,” said that decentralisation benefits the US financial system.
“Decentralisation can actually bring resilience and strength to the financial system. So, I’d love to see more resilience and strength … points of centralisation always keep me up at night.”
Where’s ETF?🚨
The total net outflow of Bitcoin spot ETF on Friday was US$139 million.
The first single-day net outflow in 7 trading days.
Grayscale ETF GBTC saw a single-day net outflow of $492 million.
The single-day net inflow of BlackRock ETF IBIT was $202 million, and the current total historical net inflow of IBIT reaches $7.96 billion👇
Stablecoins surpass Bitcoin ETFs in inflows
According to a report by Blockwork's senior columnist, Jason Nelson.
The total assets under management (AUM) for Bitcoin ETFs is currently around $10 billion, while the AUM for stablecoins has reached an all-time high of over $154 billion.
This indicates that investors are increasingly turning to stablecoins as a safe haven during market volatility.
Stablecoins offer price stability and can be easily traded on cryptocurrency exchanges, making them attractive to both individual and institutional investors.
Tether (USDT), USD Coin (USDC), and Binance USD (BUSD) are among the most popular stablecoins, with each having a significant portion of the overall stablecoin market share.
The growth of stablecoins could potentially overshadow the demand for Bitcoin ETFs in the future.
Elon Sues Sam
Elon Musk recently filed a lawsuit against OpenAI and its CEO Sam Altman. The lawsuit alleges that OpenAI strayed from its original mission.
The Dispute: Musk, a co-founder of OpenAI in 2015, claims the organisation has prioritised profits over safety and benefiting humanity, as initially intended.
OpenAI's Shift: The lawsuit points to OpenAI's partnership with Microsoft and its adoption of closed-source practices as evidence of this shift.
Musk's Concerns: Musk argues this closed approach hinders safe AI development and could put control in the hands of a single powerful entity (Microsoft).
Worldcoin price drops: The price of Worldcoin’s WLD token dropped about 5% amid news.
OpenAI Might Become the Next WeWork, Experts Warn
Experts' Concerns: OpenAI is not living up to its original goals of developing open-source artificial general intelligence (AGI).
Shift from Open Source: The company has partnered with Microsoft and begun profiting from its technology.
Concerns of Instability: Experts fear that OpenAI is becoming unstable and could follow the path of WeWork, a company that went bankrupt after rapid growth.
The Surfer 🏄
100% of voters favour Uniswap fees reward system gains support as it aims to attract liquidity providers and increase decentralisation.
Tether and Bitfinex sue Wall Street Journal for defamation over a 2023 article alleging market manipulation by using confidential banking documents without proper verification or context.
Nigeria's Securities and Exchange Commission denies reports of $10 billion fine imposed on Binance, clarifying that ongoing investigations are focused on regulatory compliance rather than specific penalties.
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