GameStop Surge Triggers Rise in Memes PEPE, FLOKI, MOG

GameStop Surge Triggers Rise in Memes PEPE, FLOKI, MOG

Keith Gill, known online as “Roaring Kitty,” triggered a surge in meme coins such as PEPE, FLOKI, and MOG by posting on his @TheRoaringKitty X account for the first time in three years. This post not only influenced the meme coin market but also sent GameStop’s stock soaring, nearly doubling its value and leading to multiple trading halts. 

His influence, harking back to his significant role in GameStop’s 2021 short squeeze, led to a significant uplift in these tokens. This market reaction, spanning both small and large-cap tokens, highlights the continued appeal and impact of social media-driven trading strategies in the cryptocurrency market. 

Developers and traders attribute this renewed interest to Gill’s portrayal as a retail investor capable of outperforming traditional financial institutions, marking a pronounced shift in market dynamics and investor sentiments towards meme coins.

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Coinbase Restores Service After Outage

Coinbase, the world’s second-largest cryptocurrency exchange, experienced a significant system-wide outage that lasted three hours from 4:19 am to 7:34 am UTC. Although the exchange announced full recovery of its systems, several users reported ongoing issues with transferring and withdrawing funds. The exact cause of the outage is still under investigation. 

This incident underscores the vulnerabilities in centralized exchanges like Coinbase, which contrast with decentralized exchanges that, despite having lower trading volumes, often offer more resilience against such disruptions. This event could potentially affect mainstream trust in the cryptocurrency market.

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Tornado Cash Dev Sentenced to 5 Years for Money Laundering

Alexey Pertsev, the developer behind Tornado Cash, was sentenced to 5 years in prison by a Dutch court for laundering $1.2 billion through the crypto mixer platform. Pertsev, a Russian national residing in the Netherlands, was deemed culpable for not preventing the use of Tornado Cash by criminals. 

The case has notably impacted the crypto community, highlighting issues of privacy and the legal responsibilities of developers in DeFi. The outcome is expected to have lasting effects on the development of privacy-based financial tools and may influence the upcoming trial of Roman Storm, another Tornado Cash developer facing related charges in the US.

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Hong Kong Bitcoin, Ether ETFs Wipe Fortnight Gains in a Day

Hong Kong’s Bitcoin and Ethereum ETFs experienced a significant setback, recording a record net outflow of $39 million in a single day, erasing all gains accumulated since their launch less than two weeks prior. The outflows were led by ChinaAMC’s Bitcoin fund, which saw $15.5 million withdrawn. The ETFs, introduced on April 30, have faced persistent withdrawals, totaling $52.5 million in outflows since May 9. 

This trend aligns with a broader downturn in BTC prices following a recent halving event which reduced mining rewards by 50%, influencing short-term market dynamics. Compared to the U.S., Hong Kong’s crypto ETF market is relatively smaller, managing $179.2 million, predominantly in Bitcoin funds.

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Other breaking news

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• Rain Crypto Exchange Suffers $14.8M Exploit
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• CertiK Uncovers $5M Security Flaw in Aptos Wormhole Bridge
• Paradigm Introduces “Block Trading” for MATIC, SOL, XRP Options

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