Notcoin NOT surged 320% in a week, GameStop GME triggered memecoins rally, SingularityNET shared AI tokens merge dates, $3B in ETH exited exchanges.
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Notcoin Hits a New All-Time High After a 320% Weekly Gain

Notcoin Hits a New All-Time High After a 320% Weekly Gain

Date:
Jun 4, 2024
| Issue
#
293

Welcome to another exciting weekly start. In traditional finance, the New York Stock Exchange glitched, showing assets like gold and Warren Buffet's Berkshire stock dropping 99%. This made for a great opportunity to joke about how blockchain or Bitcoin would 'fix this'.

Additionally, Roaring Kitty shared a $180 million exposure to GameStop which triggered the GME stock to trade at +80% in the pre-markets. Crypto memecoins mimicked the pattern (again) and gained triple digits. However, the recently launched Notcoin (NOT), which increased 320% in a week, stole the show.

Notcoin Hits a New All-Time High After a 320% Weekly Gain

Notcoin (NOT) gained 320% over the past week, reaching an all-time high of $0.02896 on June 2. As a play-to-earn game and token integrated into Telegram as a Mini App, Notcoin has attracted over 30 million users within two months, contributing to its rapid adoption and growth. Since its listing on the Bybit exchange on May 16, NOT has risen over 200%.

At a market capitalization of $2.3 billion, NOT became the 51st largest cryptocurrency. The surge is largely driven by social media hype, making it the second-most mentioned coin of the week. As a result, Notcoin's trading volume surged to over $4 billion, surpassing USDC. Telegram's ecosystem attracts both retail and large investors, with Toncoin (TON) and NOT being the current gems.

GameStop and Roaring Kitty Memecoins Surged Tripple Digits

On Monday, GameStop and related memecoins surged after Keith Gill, known as Roaring Kitty, returned to Reddit after three years, revealing his $180 million position in GameStop (GME) stock. The GME memecoin rose 315% to $0.014, ROAR surged 660% to $0.015, and KITTY increased by 476% to $0.0017. Other popular names like Floki and dogwifhat (WIF) also rallied.

Despite being based on GameStop and Gill's persona, these memecoins have no official affiliations with them. GameStop's stock also increased by over 80% in pre-market trading, despite issues with overnight trading on Robinhood. Gill's post detailed his $65.7 million in call options and $115.7 million in shares, leveraging a substantial exposure to GameStop stock.

SingularityNET Announces ASI Merger Dates For AI Tokens

SingularityNET has announced the final dates for merging the Artificial Superintelligence Alliance (ASI) token with its AGIX token, starting on June 11 and concluding on June 13. The merger aims to unify the fetch.ai (FET), AGIX, and Ocean Protocol (OCEAN) communities into a single decentralized AI network.  Detailed guides on the migration process for the AI crypto projects will be provided soon.

FET tokens will be renamed ASI and converted at a 1:1 ratio, AGIX at a ratio of 1:0.433350, and OCEAN at 1:0.433226. ERC-20 token holders can swap FET for ASI from June 11, with AGIX and OCEAN swaps available from June 13 via an audited token migration contract. The ASI merger seeks to establish the largest open-source decentralized AI network, supporting over 200,000 tokenholders.

Ethereum Worth $3B Exited Exchanges Since ETF Approvals

Since the May 23 approval of spot Ether exchange-traded funds (ETFs) in the US, over $3 billion worth of Ether has been withdrawn from centralized crypto exchanges, signaling a potential supply squeeze. Approximately 797,000 Ether, valued at $3.02 billion, was moved off exchanges between May 23 and June 2, indicating that investors are opting for self-custody over immediate selling.

This has brought the percentage of Ether held on exchanges to a multi-year low of 10.6%. Analysts, including Bloomberg's Eric Balchunas, suggest Ether ETFs could launch in June, potentially driving Ether to surpass its all-time high of $4,870 due to increased demand, similar to the impact seen with Bitcoin ETFs. Currently, Ethereum is trading at -3.64% in the last seven days.

Data of the day

According to data by The Block, in May, nearly 455,000 tokens were launched on the Solana blockchain, driven by low entry barriers and the available liquidity for memecoins. This substantially outpaced other blockchains like Ethereum Layer 2 Base with 177,000 tokens and BNB Chain with 39,000 tokens.

Solana's design as a general-purpose Layer 1 blockchain, featuring fast finality, high throughput, and minimal transaction fees, has facilitated this trend. The surge in token creation is largely attributed to the ease of use provided by platforms like Pump.fun, which allows users to create tokens with a few clicks.

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More breaking news

  • Australia gets its first spot ETF that holds Bitcoin directly, joining Hong Kong, Canada, and the US in offering investors an ETF that invests directly in BTC.
  • OKX announced the launch of its centralized crypto exchange (CEX) and its OKX Wallet in the Netherlands, offering 150 cryptocurrencies and 60 trading pairs.
  • Binance revealed that from the end of June, amid stablecoin regulation in Europe, it will begin restricting access to “unauthorized” stablecoins.
  • Michael Saylor of MicroStrategy has agreed to a $40 million income tax case settlement with the District of Columbia, the largest of its kind in D.C. history.
  • Coinbase, the biggest US centralized crypto exchange, has donated $25 million to the Fairshake SuperPAC to support the election of pro-crypto candidates.

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