CMC Market Pulse: ETH Shows Strength on Market Reversal 🌐

The Essential Weekly Crypto Briefing ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌       [CoinMarketCap Logo](~/AAQRxQA~/RgRoYPc3P0QraHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS8_bGlkPWhjZnZ4aWhtNzIzMlcDc3BjQgpmfTdyfmYafmP7Uht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) 14 Jun 2024 CMC Market Pulse: The Essential Weekly Crypto Briefing Welcome to this week’s CMC Market Pulse newsletter! Let's be honest: keeping up with this industry's constant chaos is a full-time job. That's where we come in! We'll serve up a concentrated dose of alpha that cuts right to the chase in under 5 minutes. No fluff - just straight facts and analysis on the crypto markets. Let's dive into this week's action!   TL;DR: - Mt Gox Commences Repayments. Over $8.64B in BTC is transferred from Mt Gox wallets to exchanges. Chances of a major Bitcoin price crash?? 🤔 - VanEck Files for Solana ETF. The $89B asset manager filed an S-1 with the SEC, leading to an 8% gain in SOL. When will we see the first SOL ETF in the US? 🚀 - Pump.fun Competitor Launches. Dexscreener releases Moonshot, with over 130K tokens already launched. Is it going to launch better memecoins with longer lives? - Blast Airdrops Token. Ethereum L2 Blast finally airdropped, distributing 14% of the token supply. How has BLAST performed? 📉   MARKET OVERVIEW 📈 [Bitcoin] Bitcoin $61,186.16 --------------------------------------------------------------- % CHANGE 7D ▼4.78% 30D ▼9.57% [Ethereum] Ethereum $3,419.37 --------------------------------------------------------------- % CHANGE 7D ▼1.64% 30D ▼9.72% Crypto markets saw a mid-week reversal following a sell-off at the start of the week: - Bankrupt exchange Mt Gox finally commences repayments: With 141,686 BTC (~$8.64B) and 142,846 BCH (~$54M) transferred from Mt Gox-controlled wallets, concerns about another major sell-off caused BTC to fall by 8%. - ETH Spot ETF could launch earlier than expected: SEC Chair Gary Gensler said the process is “going smoothly.” ETH showed strength against BTC, gaining 6.5% from this week’s lows, compared to BTC’s 5.4% gain. The sell-off on June 24 saw a significant $368 million in liquidations. However, the recent market downturn has led to a funding rate reset across the board, indicating a cool off from the euphoric phase in March, which could set the stage for the next phase of the bull market. The strength in ETH is largely attributed to continuous progress in ETH spot ETF filings. Coupled with positive comments from Gary Gensler, the possibility of a launch next week seems increasingly likely. Furthermore, altcoins held up well with TOTAL3/BTC forming a strong reversal of its downtrend on Monday. TOTAL3 represents the market cap of the entire crypto market, excluding Bitcoin and Ethereum. Will we see an altcoin rally? [Read More](~/AAQRxQA~/RgRoYPc3P0RTaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS1qdW5lLTI4P2xpZD04Mnh0NmwzaDFoY3lXA3NwY0IKZn03cn5mGn5j-1IbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc)   NARRATIVE OF THE WEEK 📰 A lot’s been happening on Solana these days. After playing second fiddle to ETH for a while, SOL's back in the spotlight. - VanEck files for the first Solana ETF in the US: The US asset management giant outlined their thoughts on why they believe Solana to be a commodity. [What pushed](~/AAQRxQA~/RgRoYPc3P0S7aHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS1qdW5lLTI4P2xpZD1wNTVkOHQ2dzJ4NmIjOn46dGV4dD15b3UlMjB3YWl0aW5nJTIwZm9yJTNGLSxOYXJyYXRpdmUlMjBvZiUyMHRoZSUyMFdlZWslMjAlRjAlOUYlOTMlQjAsLUFsdGhvdWdoJTIwU29sYW5hJTIwbGFyZ2VseVcDc3BjQgpmfTdyfmYafmP7Uht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) them to believe in Solana? - Solana introduces Solana Actions and Blockchain Links (Blinks): This enables blockchain actions to be converted into links on any website with a URL. But how [does it](~/AAQRxQA~/RgRoYPc3P0StaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS1qdW5lLTI4P2xpZD1mMGFuYTdrNmY5ZnIjOn46dGV4dD10aGUlMjBib2FyZCUyMCVFMiU4MCU5NCUyMExpbmstLFdoeSUyMGRvZXMlMjBpdCUyMG1hdHRlciUzRiwtV2hpbGUlMjBTb2xhbmElMjB3YXNXA3NwY0IKZn03cn5mGn5j-1IbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) work? While SOL has outperformed so far this cycle, it has lost the spotlight after a series of celebrity coins rug pulls and a shift in focus to Ethereum. But major developments this week have drawn attention back to Solana. Many have lauded the launch of Blinks as moving towards actual consumer adoption, by tearing down friction and barriers to entry in using crypto products. And the news of VanEck’s ETF application caught the market by surprise, causing SOL to surge by 8%. SOLETH, a measure of SOL’s performance against ETH, gained 11.3% this week, after a drawdown of over 30% since mid-May. Will SOL outperform ETH from here? [Find Out More](~/AAQRxQA~/RgRoYPc3P0RTaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS1qdW5lLTI4P2xpZD1tZWIyZ2oyMHZ3MWlXA3NwY0IKZn03cn5mGn5j-1IbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc)   MAJOR PROJECT UPDATES 🗓️ - ZkSync unveils the ‘Elastic Chain’: Part of the zkSync 3.0 roadmap, it is designed to unify the ecosystem, with zkSync Era as the base chain. - Arbitrum introduces Layer Leap: This enables the instant transfer of assets from the Ethereum L1 to any of their Arbitrum Orbit L3 chains. - Immutable partners with Netmarble: The leading South Korean gaming publisher will move its renowned IPs to the Immutable zkEVM chain. ZkSync’s Elastic Chain attempts to unify all chains built on zkSync’s ZK Stack into one cohesive and seamless ecosystem, allowing users to interact with the chain without the need to switch between chains constantly. With zkSync’s ZK down 43% since launching on June 17, will this spur a reversal in the layer-2 token? [Learn More](~/AAQRxQA~/RgRoYPc3P0RTaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS1qdW5lLTI4P2xpZD00bWhka3BmcDk3MXNXA3NwY0IKZn03cn5mGn5j-1IbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc)   DEFI SECTOR UPDATE 🏦 [DeFi Sector Update](~/AAQRxQA~/RgRoYPc3P0Q5aHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jaGFpbi1yYW5raW5nLz9saWQ9cXNqc3IzMzNmYjY2VwNzcGNCCmZ9N3J-Zhp-Y_tSG3RyaXN0cmFtYmFsZHdpbjkyQGdtYWlsLmNvbVgEAAADHA~~) Dexscreener launches Moonshot: The popular on-chain charting terminal’s pump.fun competitor allows anyone to mint their own tokens. Pump.fun is the leading token launch platform on Solana, generating over $500K in daily revenues. - Optimism teases upcoming SuperFest: The “DeFi festival” will be held on Optimism, Base, Mode and Fraxtal, with the involvement of more than 30 DeFi protocols, including top projects like Uniswap, Aave and Synthetix. - Fluid launches the Fluid DEX: The instadapp-based protocol’s new highly capital efficient DEX is built on two novel concepts: smart collateral and smart debt With the success of meme coins and pump.fun hitting a record daily revenue of $1.48 million, it is no surprise that a competitor has quickly emerged in the form of Dexscreener’s Moonshot. Since its launch on June 25, Moonshot has since seen more than 130,000 tokens launched on their platform. Will Moonshot take Pump.fun’s place on the meme coin throne? [Learn More](~/AAQRxQA~/RgRoYPc3P0RTaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS1qdW5lLTI4P2xpZD01NGdlbTAyZ3Y5aXhXA3NwY0IKZn03cn5mGn5j-1IbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc)   MEME COIN MADNESS 🚀 Price 24H% [Dogecoin] [Dogecoin](~/AAQRxQA~/RgRoYPc3P0QuaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jdXJyZW5jaWVzL2RvZ2Vjb2luL1cDc3BjQgpmfTdyfmYafmP7Uht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) $0.13 ▲3.1% [Shiba Inu] [Shiba Inu](~/AAQRxQA~/RgRoYPc3P0QvaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jdXJyZW5jaWVzL3NoaWJhLWludS9XA3NwY0IKZn03cn5mGn5j-1IbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) $0.0 ▲1.71% [Pepe] [Pepe](~/AAQRxQA~/RgRoYPc3P0QqaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jdXJyZW5jaWVzL3BlcGUvVwNzcGNCCmZ9N3J-Zhp-Y_tSG3RyaXN0cmFtYmFsZHdpbjkyQGdtYWlsLmNvbVgEAAADHA~~) $0.0 ▼0.3% [dogwifhat] [dogwifhat](~/AAQRxQA~/RgRoYPc3P0QvaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jdXJyZW5jaWVzL2RvZ3dpZmhhdC9XA3NwY0IKZn03cn5mGn5j-1IbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) $2.05 ▲0.29% [FLOKI] [FLOKI](~/AAQRxQA~/RgRoYPc3P0QvaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jdXJyZW5jaWVzL2Zsb2tpLWludS9XA3NwY0IKZn03cn5mGn5j-1IbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) $0.0 ▲0.37% Meme Coins Revival: After a tough few weeks with major drawdowns, meme coins bounced hard on the first sign of green in the market, showing the market’s desire to bid up memecoins again. Notable performers include Ethereum-based MOG, which gained 119% in the past week. Other “cat coins” like LMEOW and Solana-based POPCAT and MICHI also showed significant gains. What other meme coins caught the market’s attention? [Discover More](~/AAQRxQA~/RgRoYPc3P0RTaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS1qdW5lLTI4P2xpZD1zMThxYnB0ZXl1dThXA3NwY0IKZn03cn5mGn5j-1IbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc)   VC FUNDRAISES AND AIRDROPS 💰 - Recent Funding Successes: Infrared (Binance Labs strategic round), MegaETH ($20M), Conduit ($37M), Covalent ($5M), Enso Finance ($4.2M), Allora ($3M) - Notable Airdrops: Blast, zkSync, Fantom Ethereum L2 Blast finally drops its BLAST token, after months of an airdrop campaign which saw users earn Blast points and Blast Gold for bridging ETH and using Blast Dapps. With over $430 million worth of BLAST airdropped to users, it ranks as one of largest airdrops. BLAST launched at a price of $0.02, and despite selling off initially, it rallied by 50% to a high of $0.03. [All Fundraisers & Airdrops](~/AAQRxQA~/RgRoYPc3P0RTaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS1qdW5lLTI4P2xpZD1xbHBxdmZraTlzbXhXA3NwY0IKZn03cn5mGn5j-1IbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc)   TWEET OF THE WEEK 📝 [Tweet of the week](~/AAQRxQA~/RgRoYPc3P0REaHR0cHM6Ly94LmNvbS9JR0dZQVpBTEVBL3N0YXR1cy8xODAwMzMyMTgwMjA5NDc2MDAwP2xpZD11ODBtZDhiMDJteHZXA3NwY0IKZn03cn5mGn5j-1IbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) It seems the Blast initial valuation estimates were a tad optimistic after all.   Thank you for reading this week’s edition of CMC Market Pulse. Stay informed, stay secure, and we’ll see you next week for more insights!   [Apple Store](~/AAQRxQA~/RgRoYPc3P0Q6aHR0cHM6Ly9hcHBzLmFwcGxlLmNvbS9hcHAvY29pbm1hcmtldGNhcC9pZDEyODIxMDcwOTg_bHM9MVcDc3BjQgpmfTdyfmYafmP7Uht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) [Google Play](~/AAQRxQA~/RgRoYPc3P0RQaHR0cHM6Ly9wbGF5Lmdvb2dsZS5jb20vc3RvcmUvYXBwcy9kZXRhaWxzP2lkPWNvbS5jb2lubWFya2V0Y2FwLmFuZHJvaWQmaGw9ZW5fVVNXA3NwY0IKZn03cn5mGn5j-1IbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) [Twitter](~/AAQRxQA~/RgRoYPc3P0QyaHR0cHM6Ly90d2l0dGVyLmNvbS9Db2luTWFya2V0Q2FwP2xpZD01Mmpxc2FtMHFsNTVXA3NwY0IKZn03cn5mGn5j-1IbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) [Telegram](~/AAQRxQA~/RgRoYPc3P0QraHR0cHM6Ly90Lm1lL0NvaW5NYXJrZXRDYXA_bGlkPXN2Z3R4ZGNiODd1c1cDc3BjQgpmfTdyfmYafmP7Uht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) [Facebook](~/AAQRxQA~/RgRoYPc3P0Q3aHR0cHM6Ly93d3cuZmFjZWJvb2suY29tL0NvaW5NYXJrZXRDYXA_bGlkPXB0dGFreGV4OGtieFcDc3BjQgpmfTdyfmYafmP7Uht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) [Instagram](~/AAQRxQA~/RgRoYPc3P0Q5aHR0cHM6Ly93d3cuaW5zdGFncmFtLmNvbS9jb2lubWFya2V0Y2FwLz9saWQ9bTgxdWlkZmt0dm52VwNzcGNCCmZ9N3J-Zhp-Y_tSG3RyaXN0cmFtYmFsZHdpbjkyQGdtYWlsLmNvbVgEAAADHA~~) [LinkedIn](~/AAQRxQA~/RgRoYPc3P0RAaHR0cHM6Ly93d3cubGlua2VkaW4uY29tL2NvbXBhbnkvY29pbm1hcmtldGNhcC8_bGlkPXpxYjlyaGI1OHRralcDc3BjQgpmfTdyfmYafmP7Uht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) DISCLAIMER: Please be aware that CoinMarketCap is NOT a cryptocurrency exchange and does NOT facilitate the buying, selling, withdrawal or trading of crypto/token assets. 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