Michi, yet another meme coin associated with Solana (SOL), experienced an 18% surge early Monday, as per CoinGecko. This uptick followed pop star Ariana Grande sharing the meme on her Instagram story, an action which many interpreted as Ariana openly supported the meme coin.

Michi Takes Over

The meme coin depicted Michi holding a pink love potion amidst posters featuring a man adorned with kiss prints on the wall. Created by a Grande fan account, this edit was a nod to a music video for her song The Boy Is Mine.

After Ariana shared her Instagram story, Michi saw a modest 3% increase to $0.22 over 8 hours. However, when crypto influencer Ansem, known for boosting coins like Dogwifhat (WIF), highlighted the repost on X, Michi surged 18% to $0.26 within an hour.

Another Celebrity Joins In

The aforementioned spike occurred amidst a trend of celebrities venturing into crypto. Caitlyn Jenner launched two meme coins, Iggy Azalea introduced her own, and former kickboxer Andrew Tate went on a meme coin buying spree.

Speculation arose on Crypto Twitter regarding the authenticity of the repost, but many believe it was a genuine act. Michi had garnered meme status prior to becoming a meme coin, suggesting that most people sharing the image may not be aware of its crypto ties. Lastly, the repost does not seem to be a result of a hack, as Grande continued her usual social media activity, including posting a birthday message for her mom.

Controversial trader Keith Gill, also known as Roaring Kitty on social media, has once again sparked some fresh volatility in the crypto market with a recent social post. In the post, he shared the opening scene as shown in The Dark Knight movie, directed by Christopher Nolan, on his official X account Sunday evening. This action quickly led to a 14% surge in the value of the Solana-based meme coin within minutes, according to CoinMarketCap.

History repeats Itself

As a result of what Gill did, trading volume saw a significant increase of 38% to $225 million over the last 24 hours. Gill is no stranger to controversy, and his social media activity continues to impact both traditional and cryptocurrency markets. Last week, his Reverse Uno Card post resulted in a threefold increase in the value of GME. However, his highly anticipated YouTube livestream disappointed investors, causing the meme coin to plummet by a whopping 60%.

Traders Growing Wary

Despite his influence, the aforementioned decline suggests that traders may be growing wary of Gill and his influence regarding investment decisions, as evidenced by GameStop experiencing a relatively modest price movement compared to the previous week.

Furthermore, many kitty-themed cryptocurrencies, including Kitty AI, experienced declines in their value. These coins had previously surged in response to the Roaring Kitty frenzy. As of the latest data by Benzinga Pro, GME is trading at $0.0208. In after-hours trading, GameStop shares dropped by 3.82% to $28.22 following a 39.4% decrease in price during the regular session on Friday.

Cardano (ADA) is poised to enter the final phase of its ambitious roadmap, the Volatire era. This upcoming upgrade will enhance the Cardano blockchain by incorporating CIP-1694, thereby evolving the Proof-of-Stake (PoS) network into a fully decentralized governance system.

The Wait Is Almost Over

Founder Charles Hoskinson has confirmed that the long-awaited moment is nearing, signaling the end of a lengthy wait for users. Hoskinson has announced via social media the imminent release of Cardano Node version 9.0 in June. This update will introduce the highly anticipated Chang hard fork, a significant transformation for the network.

Upon the activation of the hard fork, Cardano will begin its transition to a decentralized governance structure, as outlined in the CIP-1694 proposal. The first Chang update will kickstart this process, with subsequent upgrades in Q4 2024 unlocking additional governance features. Hoskinson envisions Cardano as a decentralized global entity with millions of participants, boasting an advanced blockchain governance system guided by community input.

Key Details

The Chang hard fork is instrumental in implementing CIP-1694, which aims to enable ADA holders to participate in on-chain governance actions. Following the hard fork, all Genesis keys will also be eliminated, symbolizing a shift towards full community control over the Cardano protocol.

Hoskinson believes that with the implementation of CIP-1694, Cardano will surpass competitors like Bitcoin (BTC) and Ethereum (ETH) in decentralization, although this remains to be seen. In any event, the transition to the Voltaire era signifies a crucial step towards genuine decentralization for Cardano, promising inclusive and transparent governance.

K3 Labs, focusing on the NFT sector, has received pre-seed funding via Finality Capital Partners. Although the exact amount is unknown, this investment sets the stage for their entry into the booming NFT market.

Glacier Network has secured $8M via Gate.io. Glacier is building a composable, modular and scalable L2 data network for large-scale dApps.

Mountain Protocol USD has successfully closed their Series A round, raising $8M with support by Multicoin Capital. This funding will enable them to scale their operations and advance their protocol.

Halo Wallet has secured $3.00M in seed funding, with HashKey Capital leading the charge. Halo Wallet is a secure and easy-to-use crypto wallet that supports multi-chain aggregation.

Bitstamp raised $200M and announced a major M&A deal with Robinhood, signaling significant developments in the cryptocurrency exchange landscape and paving the way for future growth opportunities.

The Sandbox has raised $20M in undisclosed funding, with Animoca Brands backing their vision for the metaverse. The Sandbox was one of the first companies to delve into the metaverse concept.

XREX Inc. has secured $18.75M in strategic funding by Tether.io, strengthening their position in the cross-border payments industry and facilitating their mission to revolutionize global transactions.

Nubit has secured $8M in seed funding, with Polychain Capital leading the round. Nubit is a Bitcoin-native data availability layer designed to revolutionize transaction processing on the Bitcoin network.

GoPlus Security has secured $10M in undisclosed funding, with support by HashKey Capital. At its core, GoPlus is a Web3 security infrastructure provider.

Stashh Labs has raised $3.3M in undisclosed funding, with HashKey Capital leading the round. Stashh is an omnichain social hub where NFT creators connect, collect, and discover together.

Starpower has secured $2M in pre-seed funding, with Alliance DAO backing their vision for the future. Starpower is an energy network that connects energy equipment to empower applications like Virtual Power Plants and Carbon Credit systems.

Avail has raised an impressive $43M in Series A funding, with DragonFly Capital leading the round. Avail is a Web3 infrastructure layer designed to allow modular execution layers to scale and interoperate in a trust-minimized way.

Fhenix has secured $15M in Series A funding, with Hack VC leading the investment. This funding will enable Fhenix to accelerate its product development and expand its market presence.

Lastly, Toposware has been working alongside P2 Ventures (Polygon Ventures), signaling a new chapter for the company. Toposware is building disruptive technology for a trustless, connected future.

Bitcoin (BTC) and the broader crypto market experienced a significant decline on Friday when the leading cryptocurrency tested $69,000 but failed to maintain that level, resulting in a drop of over $2,000. The weekend saw minor fluctuations as the asset managed to regain some value, stabilizing around $67,500. The cumulative market capitalization of all crypto assets has decreased by over $80 billion, falling to under $2.7 trillion on CoinGecko.

Maintaining Momentum

On Monday, Bitcoin briefly surpassed $70,000. Despite an initial setback, it rebounded and exceeded that threshold on Tuesday. It maintained levels above $70,000 for several days and even reached a multi-week peak of $72,000 on Friday. However, echoing the previous Friday, Bitcoin faced resistance at $72,000, leading to a sharp decline driven by bearish sentiment. The flagship crypto dropped to a multi-day low of $68,500. While it has since recovered slightly and now hovers above $69,200, it remains down by nearly 3% for the day.

Elsewhere, various altcoins have suffered even more significant losses. Ethereum (ETH) has declined by 3.5% and is trading below $3,700. BNB dropped to under $690, while SOL plummeted by nearly 6%. Further losses were observed in Dogecoin (-8.5%), Avalanche (-7%), Chainlink (-7%), Polkadot (-8%), NEAR (-8%), UNI (-7%), and MATIC (-8%). FIL was the only notable gainer, while WIF, ARB, and FET have experienced double-digit declines.

Other Markets

The upcoming Fed Dot Plot release is anticipated to shed light on the stance being taken by the central bank regarding potential rate cuts, reflecting ongoing concerns over inflation. Meanwhile, Wall Street continues to exhibit renewed risk appetites, driving market activity. However, expectations suggest that the Fed may temper its rate-cutting plans due to persistent inflationary pressures.

Meanwhile, a significant asset sale by banks is providing a boost to the bond market, as detailed in the Credit Weekly report. Recent developments include prolonged work stoppages by the Mali Bankers Union following the arrest of their leader alongside Colombia deciding to halt coal sales to Israel.

Additionally, U.S. sugar tariffs are prompting candy makers to relocate operations to Canada, while an oil rally lifts commodity prices and global equities although Treasury bonds have declined. Lastly, Colombian banks are being urged to stimulate growth through affordable credit provision.

Former United States President, Donald Trump, is making waves in the cryptocurrency world once again, this time by dubbing himself the Crypto President at a high-profile fundraiser in San Francisco. The event, hosted by tech heavyweights David Sacks and Chamath Palihapitiya, saw Trump rally support and raise an impressive $12 million.

Trump Lambastes Democrats

Unsurprisingly, Trump took aim at the Democratic Party and their regulatory efforts in the crypto sphere while expressing his unwavering support for the industry. However, Trump remained tight-lipped about his own proposed crypto policies, leaving attendees curious about his plans.

Even in the liberal bastion of San Francisco, Trump found allies among prominent venture capitalists and crypto investors who share his concerns about overregulation. Trevor Traina, a San Francisco-based tech executive and former Trump ambassador to Austria, echoed what Trump had been saying about the United States Securities and Exchange Commission (SEC) overstepping its authority and influence, especially in the crypto sector. 

More Than Meets The Eye

Despite his support, the relationship between Trump and crypto has been nothing if not tumultuous. He branded crypto a disaster waiting to happen back in 2021 whereas now in 2024, he is a vocal advocate. At one point, he even boasted a crypto portfolio valued at over $33 million.

Still, not everyone is convinced and many believe Trump is simply using his support of crypto as a strategy to get more votes. After all, most crypto supporters are either millennials or Gen Z and these are the people whose votes matter the most in terms of overall numbers. There is also the notion that if Trump is re-elected, he will cease all support for crypto entirely.

Once again, celebrity-backed meme coins are causing a stir in the crypto world, as stars like Iggy Azalea and Hulk Hogan jump on the bandwagon, promising sky-high returns. Unsurprisingly however, the latest craze is not all glitz and glam, as the Hulk Hogan Solana-based coin, aptly named HULK, recently took a $17 million tumble, leaving investors scratching their heads.

Reasons Behind The Crash

WWE icon Hulk Hogan had launched a meme coin on Solana in order to capitalize on the current craze surrounding celebrity-endorsed meme coins. Nevertheless, HULK experienced a staggering $17 million decline on June 6th when its entire market cap suddenly plummeted to $11,000.

Ironically, the crash was triggered by Hulk Hogan himself, who unexpectedly deleted his social media posts related to the Solana meme coin, causing significant losses for HULK holders. Some of these deleted posts even referenced Iggy Azalea and her promotion for her meme coin, MOTHER.

In any case, suspicion quickly arose regarding Hulk Hogan and his involvement in the rug pull. Observant crypto users noted discrepancies in what Hogan was posting on social media, including recycled video content promoting the meme coin. However, the former WWE world champion and his team denied authorizing the deleted posts, leaving investors uncertain about the situation.

Caution Against Celebrity Meme Coins

Ethereum (ETH) founder Vitalik Buterin criticized celebrity-backed meme coins, stating that they offer little value beyond quick financial gain. He emphasized the importance of projects contributing to the public good and dismissed celebrity-endorsed projects lacking substance.

Moreover, regulatory authorities have penalized several influencers, including Kim Kardashian and Floyd Mayweather, for fraudulent crypto promotions. Sahil Arora, associated with many of these fraudulent tokens, has been linked to previous projects like the now-defunct SOULJA BOY token. On the other hand, Solana founder Raj Gokal expressed a laissez-faire attitude towards the proliferation of meme coins, suggesting that people should enjoy themselves.

At any rate, the influx of celebrities into the crypto space, driven by self-serving financial motives and lacking genuine understanding of the technology, poses several risks which could invite increased regulatory scrutiny going forward.

Last year, Binance faced significant regulatory pressure, resulting in notable departures within certain markets and the temporary suspension of specific services. Nonetheless, as the cryptocurrency exchange stabilizes, it is gradually reintroducing its offerings, including the restoration of its Mastercard service.

The Road To Recovery

Recently, Binance announced the relaunch of its card payment option in collaboration with Mastercard. This move comes after Mastercard ended its partnership with the exchange in September 2023, coinciding with Visa also deciding to withdraw due to regulatory issues.

Following this update, Binance users now have the option to utilize Mastercard, Visa, or SEPA for asset purchases and transfers. It is worth mentioning that the reintroduction of Mastercard as a payment option does not encompass the proprietary card option. However, the exchange has assured users that any updates regarding this will be communicated in due course.

Slow And Steady

In a separate development earlier this year, Alchemy Pay introduced its Crypto Card Mini app on the Binance marketplace in partnership with Binance Pay. This integration, designed to enhance payment experiences, allows Binance users to access fiat-crypto payment solutions in over 173 countries.

Despite these advancements, it is important to note that certain regions, including the United States, Canada, Singapore, Japan, the United Kingdom, the United Arab Emirates, and Australia, may not have access to these services due to regulatory constraints affecting Binance in those specific jurisdictions.

Coinbase has declared the introduction of its latest smart wallet platform. The biggest cryptocurrency exchange in the United States announced that the debut will mark a new phase in the development of its Coinbase Wallet product by revolutionizing the on-chain experience through the elimination of network fees and recovery phrases.

Going Truly Digital

Smart wallets provide a streamlined, gas-free on-chain experience. This straightforwardness, along with support for multiple chains and integration with prominent applications, will facilitate transitioning to blockchain as effortlessly as logging into a preferred website.

Historically, engaging with on-chain transactions has been sluggish, costly, and intricate, involving separate wallet app installations and earlier-generation blockchains. Smart wallets, with their user-friendliness, coupled with advanced Layer 2 networks like Base, finally set the stage for drawing in many more individuals on-chain. Now, engaging on-chain is simple, rapid, and economical.

Various Features

Coinbase will introduce a complementary web application for the new smart wallet, featuring functionalities such as asset and identity management, purchasing, sending, swapping, NFTs, and transaction records. The web application will serve as the primary platform for users of smart wallets to oversee their wallets.

Upon its release, Coinbase notes that smart wallets will initially support eight networks, including Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB, and Zora, with the incorporation of other chains planned for the future.

The company is also encouraging developers to integrate smart wallets into their applications by enabling them to earn up to $15,000 in gas credits through the Base Gasless Campaign, essentially sponsoring transactions at zero expense.

Jake, a prominent figure in the VeChain community, has unveiled the VeBetterDAO app in collaboration with Tesla. Although VeChain (VET) experienced a 0.21% price uptick in the last 24 hours, it experienced a decline of 5.52% over the preceding week. Despite these market shifts, VeChain has announced several significant developments.

Utilizing Blockchain Technology

The aforementioned application, designed to enhance efficiency and transparency, integrates blockchain technology into the various operations of Tesla, marking a substantial stride for VeChain when it comes to its partnerships with numerous industry leaders to implement cutting-edge blockchain solutions.

Additionally, VeChain has entered phase 3 of its partnership with Boston Consulting Group (BCG), aimed at further refining and implementing strategic blockchain solutions across various sectors. This ongoing collaboration underscores the increasing recognition of blockchain and its potential to transform traditional business models.

Implementing NFC Technology

Elsewhere, VeChain revealed that a luxury client has adopted its NFC (Near Field Communication) technology, enabling the tracking and authentication of high-end products to ensure their genuineness. NFC technology enables short-range wireless communication between devices, typically within a few centimeters.

In the realm of crypto, NFC is utilized for secure and convenient transactions. It allows users to transfer cryptocurrency or access digital wallets by simply tapping their NFC-enabled devices together, providing a seamless and secure way to make payments or authenticate transactions.

Crypto Yapper, a crypto analyst, predicts that VET is on the verge of a breakout, with the price currently consolidating towards a pivotal point that could result in significant movement. This forecast, alongside the abovementioned developments, has sparked substantial interest and anticipation among the VeChain community and investors.

The United States Securities and Exchange Commission (SEC) announced on Tuesday its intention to close the Salt Lake Regional Office (SLRO) later this year, reducing the total number of SEC regional offices to 10.

Enhancing Efficiency

The SEC is a regulatory agency responsible for overseeing and enforcing federal securities laws. They aim to protect investors, maintain fair and efficient markets, and facilitate capital formation by regulating securities markets and securities professionals.

The SEC noted that the SLRO, historically its smallest regional office, is closing due to significant attrition. This closure is partly meant to help enhance the overall budget and organizational efficiency of the regulatory agency. In the transition, the Denver office of the SEC will assume jurisdiction over enforcement matters previously managed by the Salt Lake City office.

The DEBT Box Fiasco

Regarding recent events, a dismissed lawsuit against DEBT Box resulted in criticism of the SEC for what was described as bad faith conduct, leading to a court order for the SEC to pay $1.8 million in legal fees. Last July, the SEC accused DEBT Box of operating an unlawful $50 million crypto scheme, alleging investor fraud through misrepresented investment details.

In April, SEC attorneys Michael Welsh and Joseph Watkins faced criticism by a federal judge for their actions in attempting to seize assets belonging to DEBT Box under false pretenses, prompting their resignations.

Coinbase Chief Legal Officer Paul Grewal commented that describing the situation as attrition might be an understatement. In any event, the recent legal defeat experienced by the SEC and subsequent office closure represent a significant setback for the regulator, despite its aggressive stance in crypto enforcement, which has included actions against several prominent firms in the past.

Ripple CEO Brad Garlinghouse, speaking in a live broadcast, recently expressed confidence that XRP ETFs will become a reality. He anticipates the emergence of spot XRP ETFs by 2025. Still, not everyone is convinced and some claim that Brad is only announcing this to garner sympathy for the project after its recent shortcomings.

Ripple has also faced several legal challenges so far, with the United States Securities and Exchange Commission (SEC) previously claiming that the sale of XRP constitutes an unregistered securities offering.

A Need For Modernization

Ripple (XRP), in collaboration with prominent entities like Coinbase and Grayscale, has spearheaded efforts within the crypto industry to urge the SEC to modernize its regulatory framework for cryptocurrencies.

Despite these efforts, Ripple faces potential repercussions, including a hefty $2 billion fine by the SEC, stemming via a legal dispute where a judge concluded that the company unlawfully distributed XRP to institutional investors.

Crypto ETFs offer investors a convenient and regulated way to gain exposure to the cryptocurrency market without directly owning digital assets. They can enhance market liquidity, attract institutional investors, and potentially reduce volatility by diversifying risk across multiple cryptocurrencies. Additionally, these ETFs can pave the way for broader adoption of cryptocurrencies by traditional investors and institutions.

Ripple And Its Competitors

Ripple is a digital currency and blockchain platform that aims to facilitate fast and cost-effective cross-border transactions. Unlike many other cryptocurrencies, Ripple is not based on traditional blockchain technology but rather on a consensus ledger, called the XRP Ledger, which uses a network of validating servers to confirm transactions. This design allows for extremely fast transaction speeds, with settlements occurring in seconds, and minimal transaction fees, making it an attractive option for international money transfers and payments.

One of the major advantages of Ripple is its partnerships with numerous financial institutions and banks worldwide. However, its centralized nature has been a point of contention within the cryptocurrency community. Unlike decentralized cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), where transactions are validated by a network of independent nodes, the XRP Ledger relies on a select group of trusted validators, which has raised concerns about centralization and control.