Daily News | Crypto Market Rebounds, AI Sector Comes Back Stronger; Trump's Support for Crypto Led to a Surge in Biden-Trump Related Memes

2024-05-10, 03:33

[//]:content-type-MARKDOWN-DONOT-DELETE
![](https://gimg2.gateimg.com/image/article/17153119761_6-05.png)
## Crypto Daily Digest: Trump's support for cryptocurrencies led to a surge in Biden-Trump related memes; The cost increase brings pressure to the Uniswap front-end; AgriDEX raised $5 million and announces airdrop plans
Firstly, let's take a look at the trading activities of <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs. According to the Farside Investor’s data, on May 9th, Grayscale Bitcoin spot ETFs (GBTC) continued to experience outflows of $43.4 million in funds; Meanwhile, Fidelity Bitcoin spot ETF (FBTC) witnessed an inflow of $2.7 million, along with Bitwise Bitcoin spot ETF (BITB) experiencing an inflow of $6.8 million, and ARK 21Shares Bitcoin spot ETF (ARKB) getting an inflow of $2.2 million.

After Republican presidential candidate Donald Trump commented on cryptocurrency, the politically themed memecoins performed well, with the memecoin MAGA related to Trump soaring 78% on May 9th (referring to Trump's popular political slogan "Make America Great Again"). Donald Tremp (TREMP) rose 79.5% in seven days and has risen over 100% in the past 24 hours. BODEN (a token that parodies Biden's name) has also seen a substantial increase in price.

The popularity of these political memes was due to Trump's speech at a dinner for NFT holders held in Florida on May 8th. Expressing support for cryptocurrencies, when asked if his campaign accepts crypto donations, Trump said yes and "he will ensure that.". He also pointed out that the current US President Biden and his government are opposed to the crypto industry, while he himself supports it. And if he supports cryptocurrency, he should vote for it.

In short, the tokens related to these two candidates have shown considerable popularity, standing out in the relatively sluggish crypto market for the past two days.

The <a href="/price/uniswap-uni" target="_blank" class="blog_inner_link">Uniswap</a> front-end is experiencing pressure, mainly due to the adjustment of Uniswap Labs in mid April to increase the exchange fees on its interfaces from 0.15% to 0.25%. Although not all users have been affected, this change still affects the majority of users who use the Uniswap network interface and wallet for transactions.

The fee adjustment is due to Uniswap receiving a Wells notification from the SEC. In response to this warning from the SEC, Uniswap Labs believes that it is simply operating a website that allows people to access the Uniswap protocol - a set of smart contracts, and decentralized exchanges for cryptocurrencies should not be subject to conventional securities regulation.

The increase in costs has had an impact on the popularity of the Uniswap interface. In April, the share of Uniswap front-end in DEX activities decreased to 30%, down from 35.8% in March.

However, although the Uniswap Labs interface has been affected, there are still other ways to use Uniswap for trading, including using aggregators, alternative user interfaces, or directly trading through smart contracts. Despite facing some challenges, Uniswap remains one of the most popular DEX currently.

AgriDex, a platform based on the <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> network that focuses on agricultural tokenization, announced that it has successfully raised $5 million before the seed round. AgriDex, headquartered in London, announced on Thursday that technology venture capital firm Endeavor Ventures led the funding round, while African Crops Limited, Oldenburg Vineyards, as well as former Goldman Sachs and Citadel executives Hank Oberoi also participated in the investment rounds.

AgriDex allows for tokenization of agricultural products and supports the trading of these tokenized commodities. On AgriDex, each transaction is recorded in the form of minted NFTs, which permanently record all product, pricing, payment, and other detailed information. AgriDex plans to first tokenize and list agricultural products such as sugar, grains, and cocoa, and has stated that it will support the listing of more commodities in the future through cooperation with new partners and investors.

Co-founder Duckworth stated that AgriDex plans to launch its platform and token $AGRI in the third quarter of this year. The total supply of tokens will be 1 billion, of which 50 million will be used for airdrops. The company plans to publicly sell its tokens at a price of $0.10 per token.

The previously reported address poisoning attack has made further progress - on May 3rd, a user transferred 1,155 wBTCs to a suspected poisoning attack address worth $71 million. Poisoned attackers often use vanity services or create a large number of digital wallets, making fake addresses look very similar to the victim's wallet, thereby redirecting transfers from the original target to the wrong address.

On May 9th, there was new progress in the incident, as the attacker contacted the victim, requesting their Telegram, and sent over 51 ETHs (approximately $151,600). According to the blockchain tracking platform Etherscan's on-chain data, the virus attack scammer sent two messages to the victim: "Please leave your TG, I will contact you."

Of course, the amount is much lower than the loss amount, so the victim continues to demand a 90% refund from the other party, and the subsequent development is still unclear.

## Market Trends: The market rebounded significantly, and the concept of AI remains the main focus
BTC performed strongly in the market, rebounding to $63,400 at one point, leading the overall crypto market to rebound, accompanied by a widespread rise in Altcoins. In terms of macro-economics, the US stock market has performed positively, with the latest unemployment data lower than expected, strengthening market expectations for a recent interest rate cut.
### Market Hotspots:
The Ton ecosystem and Notcoin project have been launched: The game Meme project Notcoin under the Ton ecosystem has recently been launched on major trading platforms, allowing users to obtain tokens by clicking on mining on their phones. Notcoin claims to have over 300,000 users and 50,000 daily active users. When it goes online, it is 100% fully circulated, with an expected market value of approximately $1 billion. The rapid launch of NOT by trading platforms may be due to <a href="/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a> about its vast user base.

The continuous rise of AI concepts: Following current market trends, artificial intelligence themed tokens such as ARKM, RNDR, AR, LPT, AKT, and TURBO have achieved significant price increases. This reflects that the concepts of AI and Meme continue to dominate the current crypto market.

Political events affecting the market: Recently, Donald Trump announced that his presidential campaign will support cryptocurrencies, which triggered a surge in prices of Trump related concept tokens such as TREMP and MAGA. This demonstrates that political events and personal influence can significantly impact the market performance of specific cryptocurrencies in a short period of time.

With the rise of Bitcoin and major Altcoins, the overall sentiment in the crypto market is relatively optimistic. However, investors should be aware of potential market fluctuations, especially when political events and macroeconomic data are released. It is recommended that investors continue to monitor the trends of AI and Meme related projects, while paying attention to global macroeconomic conditions and policy changes, in order to adjust investment strategies in a timely manner.

## Macro: Dow Jones rose for seven consecutive days, employment data boosted expectations of interest rate cuts, and global market performance was optimistic
On May 9th, the three major stock indices in the United States rose across the board. The Dow Jones Industrial Average closed higher on Thursday, marking the seventh consecutive day of gains for the benchmark index. The positive news comes from weekly unemployment claims data, bringing new hope for interest rate cuts.

According to data released by the US Department of Labor, as of May 4th, the number of first-time applicants for state unemployment benefits in the United States increased by 22,000, reaching 231,000 after seasonal adjustments, exceeding expectations. The slowdown in employment growth in April and the drop in job vacancies in March to the lowest point in three years have led investors to anticipate that the Federal Reserve may cut interest rates twice this year, while traders had previously only expected one.

Specific stock index performance: The Dow Jones index rose 0.85%, the Standard & Poor's index rose 0.51%, and the Nasdaq index rose 0.27%.

On May 10th, Asian stock markets rose on Friday and are expected to rise for the third consecutive week, while the US dollar is at a disadvantage. The MSCI Asia Pacific Stock Index rose 0.66% and is expected to rise nearly 1% this week, achieving its third consecutive week of gains. The Nikkei index in Japan rose 1.6%. Blue chip stocks in the Chinese stock market rose 0.14%, while the Hang Seng Index in Hong Kong rose 1.4%, hitting an eight month high in early trading.

Consumer spending in Japan was weak in March, falling for the 13th consecutive month, and households slowed down again, posing a challenge for policymakers as weak household consumption is a concern. They hope to see strong wage increases and stable consumer spending driving sustained economic growth. Real wage growth is a prerequisite for the central bank to further raise interest rates.

After the Bank of England began cutting interest rates as early as next month to pave the way, the pound stabilized at $1.2515 and hit a two-week low of $1.2446 on Thursday. The expected changes in US interest rates have led to sustained fluctuations in the US dollar, with the euro maintaining an overnight 0.3% increase against the US dollar and ultimately closing at $1.0778. The single currency is expected to rise against the US dollar for the fourth consecutive week.

The market will closely monitor next week's release of the US April Producer Price Index (PPI) and Consumer Price Index (CPI) to look for signs that inflation has returned to a downward trend and is approaching the Federal Reserve's 2% target interest rate.

Traders currently expect the Federal Reserve to cut interest rates by 47 basis points this year, far below their expected 150 basis points in early 2024.

As for commodities, oil prices have risen, with US crude oil rising 0.63% to $79.76 per barrel and Brent crude oil rising 0.54% to $84.33.

Spot gold rose 0.3% to $2,352.92 per ounce.

<div class="blog-details-info">
<div>Author:**Sherry S. & Icing**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>