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Pump.fun, a Solana-based memecoin launchpad, has generated over $50 million in cumulative revenue and helped launch more than 1.18 million memecoins, according to DefiLlama data. Despite a recent decline in daily fees due to broader market conditions, Pump.fun has demonstrated significant user engagement and economic activity on Solana. In the past 24 hours alone, the platform generated over $598,000 in revenue. Meanwhile, Dexscreener has introduced a rival memecoin launchpad called Moonshot, also on Solana, which has amassed nearly $500,000 in its first week.
German Government Transfers Additional $17.6 Million in Bitcoin to Coinbase, Bitstamp, and Kraken
The German government transferred another 282.74 BTC ($17.6 million) to Coinbase, Bitstamp, and Kraken on July 2, according to Arkham. This brings the total sent to known exchanges to around $193 million since last month, following the seizure of 50,000 BTC from Movie2k. The German authorities also sent significant amounts to an unidentified address labeled “139Po,” indicating potential sales intentions. Germany currently holds 43,859 BTC, worth about $2.7 billion, making it one of the largest state holders of Bitcoin, behind the US, China, and the UK.
Fidelity and Sygnum Partner with Chainlink to Onboard NAV Data Onchain
Chainlink has partnered with Fidelity International and Sygnum to bring net asset value (NAV) data onchain, enhancing transparency and accessibility for tokenized assets. This project involves Sygnum's onchain representation of $50 million Matter Labs' treasury reserves in Fidelity's $6.9 billion Institutional Liquidity Fund. Chainlink's technology will securely store and synchronize NAV data on the ZKsync blockchain, providing real-time transparency and historical data access. This collaboration follows Chainlink's successful Smart NAV pilot with the Depository Trust and Clearing Corporation, involving major financial participants.
Trading Desk Insights
Bitcoin experienced a decline to $59,500 early Wednesday, marking a 4% drop over the past 24 hours. Current market sentiment remains volatile, likely influenced by apprehensions surrounding large BTC liquidations following distributions from the defunct Mt. Gox exchange. The potential release of up to 140,000 BTC, with an indeterminate schedule, is expected to weigh heavily on the market. Nonetheless, many traders maintain a long-term bullish outlook, anticipating a surge to $150,000 once the Mt. Gox distribution concludes.
The Bittensor blockchain faced a temporary halt after an attack on several user wallets resulted in a 15% drop in TAO prices. The attack is suspected to be due to a private key leakage, prompting Bittensor to enter "safe mode" to prevent further transactions while investigations continue.
Equity futures saw a slight decline Wednesday, influenced by weaker labor data as traders prepared for a shortened session. Investors analyzed morning statistics revealing a cooling labor market ahead of Friday's critical jobs report. ADP data indicated lower-than-expected private payroll growth for June. Trading volume is anticipated to be light, with the New York Stock Exchange closing early at 1 p.m. ET and remaining shut on Thursday for Independence Day.
On the political front, the probability of President Biden withdrawing from the presidential race surged to an all-time high of 55% on Polymarket. This shift followed former President Barack Obama's expressed concerns about Biden's campaign and debate performance. U.S. election-themed meme tokens have taken a significant hit, with several plummeting nearly 95% from their peak values.
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Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
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Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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