Gate.io Blog Daily News | Solana Series Memes Performed Outstandingly; Starknet Launched a $25M Token Incentive Plan for Top Tier Projects; Memecoin Followed GameStop Stocks Soaring

Daily News | Solana Series Memes Performed Outstandingly; Starknet Launched a $25M Token Incentive Plan for Top Tier Projects; Memecoin Followed GameStop Stocks Soaring

29 May 11:35

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## Crypto Daily Digest: Starknet launched a $25 million token incentive plan for top tier projects; Memecoin followed GameStop stocks soaring
Firstly, let's look at <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs' trading activity. According to Farside Investor data, after reopening on May 28, Grayscale Bitcoin spot ETFs (GBTC) continued to experience outflows of $105.2 million in funds. Meanwhile, Fidelity Bitcoin spot ETF (FBTC) has an inflow of $34.3 million, Bitwise Bitcoin spot ETF (BITB) has an inflow of $3.3 million, ARK 21Shares Bitcoin spot ETF (ARKB) has an inflow of $4.1 million, and WisdomTree Bitcoin spot ETF (BTCW) has a net inflow of $1.4 million.

**AI cryptocurrencies have not followed the upward trend of chip giants, but crypto analysts believe that this situation is only temporary**
After NVDA's stock price surged more than 7% on May 28, artificial intelligence-related cryptocurrencies have fallen in the last 24 hours. Traders say this situation will not last too long.

Crypto trader Matthew Hyland wrote in an article on May 28, “NVDA is soaring, AI coins are currently calm, but don't expect this situation to continue.”

Nvidia's stock price is seen as an indicator of the trend of artificial intelligence tokens, while NVDA's performance is a measure of market sentiment towards artificial intelligence. According to Google Finance, Nvidia's stock price has surged 22% in the past five trading days, reaching a historic high of $1,140 at the close on May 28th. The stock has risen nearly 137% so far this year. Nvidia's revenue in the first quarter increased by 18% compared to the fourth quarter of 2023, surging 262% from the same period last year to reach $26 billion, which is about 5.6% higher than analyst expectations.

Meanwhile, the largest AI cryptocurrencies by market value have not followed Nvidia's trend and have been declining over the past week. According to CoinMarketCap's data, <a href="/price/render-rndr" target="_blank" class="blog_inner_link">Render</a> (RNDR) <a href="/price/fetch-ai-fet" target="_blank" class="blog_inner_link">Fetch.ai</a> (FET) and SingularityNET (AGIX) have fallen by 8.14%, 11.39%, and 11.19% respectively in the past seven days.

**Starknet launched a $25 million token incentive plan for top- tier projects**
Starknet has launched a $25 million token incentive program for top-tier projects. This is the first part of the Starknet Catalyst program, which aims to incentivize blockchain development on the network. The Starknet Foundation will distribute 20 million Starknet (STRK) tokens to the most advanced projects on the internet.

According to the announcement it shared with Cointelgraph, the Starknet Foundation will distribute Starknet tokens worth approximately $25.2 million to the 21 best-performing projects in the ecosystem as part of its new Catalyst plan.

Diego Oliva, CEO of the Starknet Foundation, stated that the program chooses to reward user-oriented top-level protocols based on multiple factors that are balanced by the Starknet Foundation and independent third parties. This funding program aims to accelerate the innovation of Starknet's <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> Layer 2 extension solution based on zero knowledge aggregation technology. Funding will be divided into two categories, separating advanced projects from emerging projects on the internet.

According to L2beat's data, Starknet is the seventh largest Ethereum Layer 2 with a total lock in value of over $1.08 billion and a market share of 2.32%. The cumulative TVL of the Ethereum Layer 2 network exceeds $46 billion.

**Memecoin Followed GameStop Stocks Soaring**
The GameStop stock was trading at $23.78 on May 28 at 4:19 PM Eastern Time. According to data from the New York Stock Exchange, the company's stock price has risen by 25.16% in the past 24 hours. This has driven some Memecoins to rise, including GME and KITTY.

GME is a meme coin with the same stock code as GameStop. KITTY comes from the social networking name Roaring Kitty, a financial analyst who participated in the short squeeze at GameStop three years ago. Rebecca Stevens, Senior Research Analyst at The Block, pointed out that Memecoin has grown rapidly in the past year, and after a strong rebound in early March, The MEME index continues to outperform other indices significantly.

## Market Trends: Meme remains the main narrative in the market, with Solana series Memes performing outstandingly
### BTC and ETH Updates:
BTC fell below $67,500 overnight, indicating an increase in short-term volatility in the market. The decrease in BTC market share means that investors may be looking for alternative assets with higher returns. Altcoins may perform better.

ETH fell below $3,800 at one point, indicating market instability. Although its market sentiment may be affected, its application in the DeFi and NFT fields remains an important supporting factor.
### Macroeconomics:
The US stock market continues to rise and reach a historic high, with technology leader Nvidia performing particularly well. The strong performance of this traditional financial market may attract some funds to return to the stock market, thereby creating certain diversion pressure on the crypto market.

Robinhood, a crypto concept stock, rose over 6% after market hours, indicating that market confidence in crypto trading platforms remains strong and may drive some funds into the crypto market.
### Market Hotspots:
**<a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> Series Meme tokens**
The Meme tokens of the Solana series have risen, indicating a trend of capital rotation from ETH series to Solana series. This may be related to the high performance and low trading fees of the Solana network.

Specific tokens such as WIF BONK, BOME, MANEKI, PENG, and others have performed well, especially PENG, which has increased by 200% in the past 7 days. This indicates the market's pursuit of these high-risk and high-return assets.

**Modular Blockchain TIA**
The surge in TIA may be related to the upcoming unlocking of 30% of circulating tokens in October. This expected increase in supply usually has a negative impact on prices, but the rise before unlocking may be the result of investors (especially VC) pre positioning.

**Fan Token CHZ**
The surge in CHZ is related to the upcoming European Championship. Whenever there is a major sports event, fan tokens usually have good price performance, which may be driven by the high enthusiasm of fans and investors.

### Summary and Prospect:
Short term volatility: The price fluctuations of BTC and ETH indicate market instability, but in the long run, the fundamentals of mainstream cryptocurrencies remain strong.

Market Rotation: Funds rotate from the ETH system to the Solana system, demonstrating market interest and demand for different blockchain ecosystems.

Trending sectors: Meme tokens, modular blockchain, and fan tokens have become recent market hotspots, and investors need to pay attention to the dynamics and potential risks of these sectors.

Macro impact: The strong performance of US stocks and the rise of crypto concept stocks may have a certain positive impact on the crypto market, but caution should be exercised against the risk of fund diversion.

In the current market environment, investors need to closely monitor macroeconomic dynamics and the performance of hot market sectors, and make reasonable allocations based on their own risk tolerance.

## Macro: Global stock markets are generally declining, and investors are cautiously waiting for inflation data; Gold and crude oil prices rise
On May 28, the yield of US treasury bond bonds rose to a multi-week high, and investors waited cautiously for the inflation data to be released later this week. Driven by the rise in Nvidia's stock price, the Nasdaq index broke through 17,000 points for the first time on Tuesday, while the S&P 500 index rose slightly and the Dow Jones index fell.

Specifically, the Nasdaq rose 0.59% to close above 17,000 points, while the S&P 500 index rose slightly by 0.02% and the Dow Jones index fell by 0.55%.

As traders returned from the market close, the Nvidia index, a representative semiconductor company, rose 7%, boosting the stock prices of other chip stocks. The semiconductor index rose by 1.9%. The S&P 500 technology stocks led gains in various sectors, with healthcare and industrial stocks experiencing the largest decline.

The April core personal consumption expenditure price index report for the United States will be released later this week. The inflation barometer valued by the Federal Reserve is expected to maintain stable monthly data. The expectation for the timing of interest rate cuts has been fluctuating, as the data still reflects strong inflation, policymakers remain cautious.

According to the FedWatch tool of the Chicago Mercantile Exchange, there is only a 50% chance of a rate cut of at least 25 basis points in November and December this year. The likelihood of a rate cut in September has decreased from over 50% a week ago to around 46%.

The US dollar remained stable on Wednesday as the market bet that the Federal Reserve is unlikely to cut interest rates later this year before the release of key inflation data this week, while the yen fell to its lowest level in four weeks. Due to the poor performance of two-year and five-year treasury bond bond auctions, people were suspicious of the demand for US government bonds, and the rise of US treasury bond bond yields also boosted the US dollar.

On May 29, most Asian regional stock markets fell, except the Chinese Mainland. The MSCI Asia Pacific Stock Index fell 0.8%, the Japanese Nikkei Index fell 0.4%, the Australian benchmark index fell more than 1%, and the Hong Kong Hang Seng Index fell 1.2%.

Blue chip stocks in mainland China rose 0.3% as the IMF and International Monetary Fund raised China's GDP growth forecast for 2024 and 2025. The IMF stated on Wednesday that after a "strong" first quarter, the Chinese economy will grow by 5% this year.

Japanese consumer confidence and Australian inflation became the focus of attention in the Asian market on Wednesday, as investors are contemplating the broader impact of a general increase in bond yields.

Regarding commodities, crude oil rose for the fourth consecutive day, reaching a four-week high, as the market speculated that OPEC+ would maintain its production reduction policy at this Sunday's meeting. The settlement price of US crude oil futures increased by 2.71% to $79.83 per barrel, while the settlement price of Brent crude oil futures increased by 1.35% to $84.22 per barrel.

Gold prices rose slightly, with spot gold rising 0.33% to $2,358.58 per ounce and US gold futures rising 1.17% to $2,359.70 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>

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Daily News | Solana Series Memes Performed Outstandingly; Starknet Launched a $25M Token Incentive Plan for Top Tier Projects; Memecoin Followed GameStop Stocks Soaring

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