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One thing's for sure in crypto: memecoins are not going anywhere. But recently, the trading activity and overall market cap for memecoins are deflating. While a few outliers have managed to stay afloat, the vast majority of meme coins are struggling to keep up with the broader market's recent shift. Traders appear to be refocusing their attention (and capital) on crypto's more established assets like Bitcoin and Ethereum as of late. So let's shed some light on this memecoin cool-off season and other major developments happening in crypto. Here is a TLDR of today's top headlines: |
- Robinhood receives a Wells notice. Why is the SEC going after Robinhood now?
- MetaMask tackles Ethereum's $400M "MEV tax" issue with new features. Will it lower Ethereum's gas fee finally?
- Bitcoin's novel Runes protocol fuels miner profits amid the halving crunch. How is it helping the Bitcoin network?
- Ethereum's token burn rate hits 2023 low as scaling solutions take off. Which scaling solutions are we talking about?
- Crypto VCs keep $1B funding milestones rolling in April. Who raised the most funds?
- Is memecoin season over? What's causing this sudden memecoin sell-off?
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Let's dive into each of these stories! |
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| | GLOBAL MARKET CAP | | $2.36T | | ▼0.66% (24h) | | | 24H MARKET VOLUME | | $71.25B | | ▲19.11% (24h) | | |
| | BITCOIN'S DOMINANCE | | 53.41% | | ▲0.2% (24h) | | | FEAR & GREED INDEX | | 57 | | Neutral | | |
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 | Bitcoin | | | $64,009.47 | | ▼0.45% (24h) | |
|  | Ethereum | | | $3,094.7 | | ▼1.97% (24h) | |
|  | BNB | | | $597.32 | | ▲0.72% (24h) | |
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Data as of: 07 May 2024 11:35 UTC |
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 | TOP GAINERS | 24H% | | | | | | | | |
|  | TOP LOSERS | 24H% | | | | | | | | |
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SEC Rains on Robinhood's Crypto Parade |
The retail trading app darling found itself in trouble with the SEC this week after receiving one of those dreaded "Wells notices" - essentially an official warning that the regulatory gloves are coming off over Robinhood's cryptocurrency trading services. See, up until this Wells turmoil, Robinhood had carved out a fairly crypto-friendly reputation compared to other big financial players. They boasted taking a careful, compliance-first approach to dipping their toes into crypto. Then why does the SEC have issues with the trading platform if they were playing by the rules? Read the full story! |
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What Is a Wells Notice and Why Does It Matter in Crypto? |
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| This article dives into Wells Notice, the SEC's weapon of choice that can freeze assets and cripple crypto companies. |
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Ethereum's $400M MEV Issue |
MetaMask is going after one of the biggest issues plaguing Ethereum users - the "$400 million MEV tax." According to MetaMask's parent company ConsenSys, MEV costs Ethereum users over $400 million per year in failed transactions, inflated gas fees, and other unnecessary costs. So MetaMask is rolling out new "Smart Transaction" features to help protect users from these MEV scams. The key innovation is something called a "virtual mempool." So will we finally see lower transaction costs on Ethereum? Also, how does it work? Read the full story! |
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Bitcoin Runes Fuels Miners' Profits |
In the aftermath of Bitcoin's latest halving event, miners just got a welcome injection of fee revenue, courtesy of the red-hot Runes protocol igniting a fresh surge in on-chain activity. Bitcoin's newest token standard has claimed its throne as the network's dominant transaction driver in early May. According to on-chain data, Runes accounted for over 60% of the entire Bitcoin network's daily value transfers on the 4th and 5th. That's a remarkable feat considering the Runes protocol only launched on April 20th as an experimental framework for enhancing fungibility and scalability on Bitcoin's base layer. Its rapid ascent pushed Bitcoin's own native transaction share down to just 18% at its peak late last month. So how is Runes helping the network exactly? Read the full story! |
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Ethereum's Token Burn Slows Down |
New data reveals ETH burning levels have plummeted to their lowest daily clip of the year so far, with 610 ETH incinerated this past Sunday. That's far from 2,500-3,000 ETH regularly torched throughout 2023's opening. So what's behind the sudden cooldown in Ethereum's burn-happy habits? Well, the prime suspect appears to be the platform's very own scalability solutions finally gaining meaningful traction. Which solutions are we talking about? And how are they slowing the burning process? Read the full story! |
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Crypto VCs Keep $1B Milestones Rolling |
The crypto VC hype train is showing no signs of slowing down, with April marking the second straight month that startup funding breached the $1 billion threshold. Coming in at a cool $1.02 billion raised across 161 investment rounds, April's numbers aren't too far off from March's $1.09 billion. It's a sustained pace that hasn't been witnessed since the golden October-November stretch of 2022. But which crypto projects received the most funding? Read the full story! |
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The numbers don't lie - data reveals memecoin trading activity has plummeted over 80% from its white-hot March peak of nearly $1 billion. This past week, that figure sank to a relatively modest $192 million. While a handful of anomalies still managed to stay in the green, the overwhelming majority of memecoins saw their pumps lose steam. But what's causing this memecoin sell-off all of a sudden when Bitcoin is finally making a move? Read the full story! |
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And that's a wrap. We will be back with more updates! |
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