Daily News | Crypto Market is on the Rise, Meme is Strong; Trump Stated that "the US Should Become the Leader in Cryptos"; Ether.fi's Deposits and TVL Skyrocketed to Historic Highs

Crpto Dail Digest: Trump stated during his campaign that "the United States should become the leader in crptocurrencies."; Ether.fi's deposits and TVL skrocketed to historic highs; Solana plans to launch Firedance in 2025

First, let's take a look at the trading activities of Bitcoin ETFs. According to Farside Investor data, on Ma 24th, the Fidelit Bitcoin spot ETF (FBTC) inflow was $4,370, IShares Trust Bitwise Bitcoin spot ETF (IBIT) inflow of $182.1 million, Bitcoin spot ETF (BITB) inflow of $6.4 million, ARK 21Shares Bitcoin spot ETF (ARKB) inflow of $4.1 million.

In a post posted on Ma 25th on TruthSocial, a social media platform under the Trump Media and Technolog Group (TMTG), Trump declared: "Our countr must become a leader in this field, there is no second place."

He claimed, "I have a ver positive and open attitude towards crpto companies and everthing related to this emerging industr." Later, he pointed the finger at the current President Joe Biden. Previousl, Trump announced that his presidential campaign would accept crpto donations. On Ma 21st, the Trump 2024 campaign team announced that the fundraising page had been launched.

According to the New York crpto prediction platform Polmarket, the likelihood of Trump winning the election is 56%, while the likelihood of current President Joe Biden is 38%. According to CoinGecko data, the Trump themed Meme coin MAGA (TRUMP) broke through $12 and is now trading at $12.63, with a 24-hour increase of 36.5%.

After the Ethereum spot ETF is approved, Ether.fi's deposit and total value locked (TVL) skrocketed to historic highs Due to investor expectations that the United States will approve spot Ethereum (ETH) exchange traded funds (ETFs), the deposit and total value locked (TVL) of the re-staking protocol Ether.fi have surged to historic highs.

Re-staking is a strateg used b traders to earn additional profits from Ethereum coins alread staked on the Ethereum blockchain. Ether.fi currentl offers an annual return of 3.48%, with an additional 15.1% of the return available through the product's liquid treasur.

Over the past ten das, over 270,000 ETHs ($995 million) have been deposited into Ether.fi. According to DefiLlama's data, the inflow of these funds, combined with the recent rise in Ethereum prices, has increased the total lock in value of the protocol from $4 billion to $5.4 billion, reaching a historic high.

With the surge of DePIN activities, Solana plans to launch Firedance in 2025 Kuleen Nimkar, head of DePIN at the Solana Foundation, stated that, Solana plans to release a full version of the Firedance upgrade in 2025 and a "Lite Edition" before that.

With the increasing network activit of decentralied infrastructure protocols, this upgrade aims to improve the overall reliabilit and scalabilit of Solana. Kuleen mentioned the DePIN campaign at DEFICON on Ma 23rd, "We see a large number of emerging deep projects doing everthing."

Kuleen said, The DePIN use cases in the Solana ecosstem range from protocols dedicated to decentralied energ solutions (homeowners creating interconnected virtual power plants) to GPU networks and data collection. For example, some projects encourage users to install browser extensions to crawl the Internet and collect data to train large language models.

The protocols for transferring DePIN activities to Solana include Helium Hivemapper and Render. According to Dune Analtics, the number of Hivemapper mappers surged in 2024, from approximatel 30,000 connected drivers in Ma to nearl 67,000.

Market Trends: The market is fluctuating upwards, The Meme concept leads the market

From the current market trends and hotspots, the crpto market has shown a certain upward trend over the weekend. BTC has once again broken through $69,000, ETH is also approaching $3,900, indicating a volatile upward trend in the overall market. However, The BTC dominance dropped to 52.7%, which ma be a signal of the start of the Altseason. In this context, investors ma pa more attention to Altcoins and emerging projects.

In addition, the rise of US stocks, especiall the strengthening of technolog stocks, also has a certain positive impact on the crpto market. Nvidia's performance far exceeded expectations last week, driving up the entire technolog sector, which ma have indirectl injected some confidence into the crpto market.

Market Hotspots:

Ethereum-based Tokens ENS (Ethereum Name Service): The ENS token has recentl surged and has received multiple endorsements from the founder of Ethereum, Vitalik Buterin. Vitalik Buterin believes that ENS is an important tool for unifing different Laer2 networks in Ethereum. This recognition undoubtedl increases the market attractiveness of ENS.

PEPE and TURBO: These two Frog Meme tokens have performed well on the Ethereum chain and have recentl reached historic highs. The increasing interest of investors in these tokens has driven up prices.

MAGA: This token, named after Trump's campaign slogan, has risen more than 10 times since its launch on Gate.io, indicating a strong interest in tokens with topical and brand effects in the market.

Other Meme Coins PENG and PONKE: These two tokens performed equall well on weekends, PENG has risen 200% from its mid month low point, PONKE has increased b 10 times since its listing on Gate.io. This shows the market's pursuit of emerging Meme coins.

New Coins BB, REZ, OMNI: These new coins have a relativel small market value, a good chip structure, and are easil pulled up. This provides investors with high-risk and high return investment opportunities.

Token Unlocking ENA will unlock $50 million worth of tokens this week, which ma lead to increased market volatilit. Investors need to be war of price fluctuations before and after token unlocking.

With the decline of BTC dominance, the Altcoin season ma have begun, and users can consider diversifing their investments into BTC ETH and some potential Altcoins to reduce risk. Focus on ENS Recentl outstanding tokens such as PEPE and TURBO have performed well. In summar, the overall market is currentl improving, but investors need to remain vigilant, pa attention to market hotspots and macroeconomic changes, and flexibl adjust investment strategies.

Macro: US stocks closed higher, with the Nasdaq reaching a new high; Asian stock markets rose slightl

On Frida, the US stock market rebounded from the sharp decline of the previous da, driven b news of improved inflation prospects from consumers. The Nasdaq index rose for the fifth consecutive week, reaching a new closing high.

The performance of the index is as follows: the Dow Jones index rose 0.01%, the S&P index rose 0.7%, and the Nasdaq index rose 1.1%.

The US Department of Commerce stated that new orders for major manufactured capital goods in the US rebounded more than expected in April. Meanwhile, a report from the Universit of Michigan shows that consumer expectations for inflation have improved after deteriorating at the beginning of the month.

On Frida, the Federal Reserve will release core personal consumption expenditure (PCE) data, which is one of the preferred indicators for measuring inflation. It is expected that the inflation rate will rise b 0.3% in April, with an annual rate of 2.8%, but there is a downside risk.

The Chicago Mercantile Exchange's FedWatch tool shows that the market expects a 49.4% chance of the Federal Reserve cutting interest rates at its September meeting, down from 54.8% a week ago. Goldman Sachs postponed its first interest rate cut from Jul to September.

Last week, Nvidia hit a historic high. In fact, Nvidia alone contributed a quarter of the S&P 500 index's rise so far this ear, while the top seven technolog companies have seen a 24% increase this ear.

Before the inflation test, Asian stock markets rose slightl On Monda, Asian stock markets slightl rose as investors waited for the ke US inflation report this week, which ma la the foundation for US interest rate cuts.

The MSCI Asia Pacific stock index fell 1.5% last week, far from its highest point in two ears. The Nikkei index in Japan rose 0.26%. According to data from the National Bureau of Statistics of China, the profits of industrial enterprises above designated sie in China increased b 4.3% ear-on-ear in the first four months of this ear.

In terms of the currenc market, the focus is once again on the risk of Japanese intervention in the en exchange rate before reaching the 160.00 level. The exchange rate between the US dollar and the Japanese en was 156.89, up 0.9% last week. The Governor and Vice Governor of the Bank of Japan, as well as the Chief Economist of the European Central Bank, will deliver speeches later on Monda. The Bank of Japan will hold a polic meeting on June 14th, which ma reverse the global trend and raise interest rates again, although the rate hike is onl 0.15%.

In terms of commodities, the peak driving season in the United States has begun this week, and demand concerns have led to oil prices hovering around a four month low. Investors are watching whether OPEC+will discuss new production reduction measures at its online meeting on June 2nd, but analsts doubt whether a consensus will be reached on this.

Brent crude oil prices rose b $0.05 to $82.17 per barrel, while US crude oil prices rose b 9 cents to $77.81 per barrel.

The price of gold remained at $2,337 per ounce, down 3.4% last week.