Gate.io Blog Daily News | Telegram Launched a Mini Program to Pay for Digital Goods; Roaring Kitty's Disclosure of Holdings Boosted GameStop to Soar by Another 47%

Daily News | Telegram Launched a Mini Program to Pay for Digital Goods; Roaring Kitty's Disclosure of Holdings Boosted GameStop to Soar by Another 47%

07 June 11:52

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![](https://gimg2.gateimg.com/image/article/17177322361_6-05.png)
## Crypto Daily Digest: Telegram launched Telegram Stars to pay for digital goods; Sandbox completed a $20 million financing, resulting in a 4.5% increase in SAND; Roaring Kitty disclosed a $586 million GME position, causing GameStop's stock price to soar 47%
Firstly, let's examine the trading activities of <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs. According to Farside Investor data, on June 6, Grayscale Bitcoin spot ETFs (GBTC) continued to experience outflows of $37.6 million in funds. Meanwhile, Fidelity Bitcoin spot ETF (FBTC) inflow was $3.1 million, Bitwise Bitcoin spot ETF (BITB) outflow was $3.1 million, and ARK 21Shares Bitcoin spot ETF (ARKB) outflow was $96.6 million.

**Telegram Launched Digital Mini Program Payment System Telegram Stars**
The social messaging platform Telegram has launched "Telegram Stars." It is a new in-app token that can be used to purchase digital goods and services on the platform.

On June 6, the company's CEO, Pavel Durov, stated in a Telegram post that "with Telegram Stars, mini-programs can now accept digital service payments on Android and iOS using the most convenient payment methods." Developers can also exchange their Stars for <a href="/price/toncoin-ton" target="_blank" class="blog_inner_link">Toncoin</a> (TON) through the Fragment platform, a platform primarily used for trading Telegram usernames. Toncoin is a native cryptocurrency that supports Telegram's open network. Durov added, "They can also use Stars to promote their applications on Telegram further."

In addition, Telegram will use Stars to subsidize advertisements purchased through Apple and Google, and draw a 30% commission from digital product sales. Durov believes that this will economically incentivize developers to build digital products on Telegram.

On June 6, Telegram stated in a post, "Future updates will bring additional features and features to Stars, such as providing gifts for content creators, and so on."

Recently, Telegram achieved great success with Notcoin. Notcoin is one of the most popular applications on the platform, accumulating 35 million users in the first five months after its launch. The TON network has also received much attention. According to CoinGecko data, TON recently hit a historic high of $7.65, but has since fallen back to $7.50. However, its market cap of $18.2 billion is still $7 billion lower than the peak of $25.2 billion set on April 12.

**Sandbox raised $20 million with a valuation of $1 billion, and SAND rose 4.5%**
<a href="/price/the-sandbox-sand" target="_blank" class="blog_inner_link">The Sandbox</a>, a metaverse platform, raised $20 million at a valuation of $1 billion to enhance its user-generated multiplayer gaming platform. According to the press release, Kingsway Capital and Animoca Brands led the financing round, with LG Tech Ventures and True Global Ventures also participating in the investment. Two years ago, The Sandbox planned to raise $400 million at a valuation of $4 billion.

According to CoinDesk's data, Sandbox's native token SAND has risen 4.5% since the announcement of the financing round, and its market cap is currently $1.1 billion. Part of the funds will be used to develop a decentralized metaverse for mobile devices, which is expected to be launched in 2025. Sandbox will also update its Game Maker and 3D editor tools.

Sandbox has 5.7 million user accounts connected to crypto wallets and has created over 1,000 user-generated experiences since the Alpha version was launched in November 2023.

**Roaring Kitty disclosed a $586 million GME position, causing GameStop's stock price to soar 47%**
Keith Gill (known as RoaringKitty or DeepF - kingValue) revealed his latest large-scale bet on GameStop stocks. According to the screenshot released on Reddit, Gill's stock and options positions now total approximately $586 million. On Thursday, he announced that he will be live streaming on YouTube on Friday. GameStop's stock price closed up 47%.

This measure has also affected the digital asset market. According to CoinGecko data, although the overall crypto market is falling, <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a>-based meme token GME has surged by over 80% in the past 24 hours. Although GameStop inspired GME tokens, they have no connection with the company.

## Market Trends
BTC consolidates at above $70,000, and its price is relatively stable. The resurgence of BTC's dominance indicates increased market confidence in BTC, with funds flowing back from Altcoins to BTC.

ETH fell below $3,800 last night, showing some volatility.

Altcoins: Most Altcoins have generally declined and performed poorly.

The active performance of the Meme sector may have attracted some speculative funds.
###  Macroeconomics
After hitting a historic high, the US stock market is currently in a volatile trend.

The European Central Bank has lowered interest rates for the first time in five years, and this policy may impact global financial markets.
### Market Hotspots:
**Io.net：**
Io.net is about to be launched, and as a leading project in decentralized AI computing power, its over-the-counter valuation has reached $3.5 billion. Six months ago, the valuation during financing was only $300 million, a significant increase.

Compared to other track projects, RNDR has a market cap of $5 billion and AKT has a market cap of $1 billion.

**Meme Coins on Solana Chain:**
MOTHER: Issued by celebrity Iggy and supported and promoted by well-known crypto communities such as KOL Ansem.

GME: Impacted by the significant rise in GME of the same name stock in the US stock market, the GME on the Solana chain rose by over 100% in a single day.

**The Cross-chain Bridge Protocol W:**
The cross-chain bridge protocol W has risen by 15% within the past few days, and the project team has announced that it will activate W staking, which may result in the airdrop of ecosystem tokens in the future.

**The BRETT of Base Chain:**
The BRETT of the Base Chain surged by 30%, making it the most valuable Meme coin listed on the Base Chain. Its current market cap is nearly $1.4 billion and it has been launched on Gate.io.

The consolidation and resurgence of BTC's dominance indicate strong market confidence in BTC. In tmacroeconomic uncertainty, BTC may be considered a safe haven asset. The emergence of new projects such as Io.net and cross-chain bridge protocol W has brought new investment opportunities to the market. However, investors need to have a detailed understanding of the project background and development prospects. Overall, the current market volatility and active performance of hot projects provide investors with diverse investment choices, but they also need to be vigilant about market and project risks.

## Macro: The European Central Bank announced its first interest rate cut in recent years, and the issuance of a non-farm payroll report may drive a global market rebound
**Before the release of US employment data, the S&P 500 index and Nasdaq index closed slightly lower**
According to Reuters, on Thursday, the S&P 500 index and Nasdaq rose in the morning and hit a new intraday high before the key labor market report was released. However, as technology stocks fell, they ultimately closed lower.

The specific data is as follows: the Dow Jones rose 0.20%, the S&P fell 0.02%, and the Nasdaq fell 0.09%.

Investors can monitor the US nonfarm payroll report, which will be released on Friday. In addition, the weekly unemployment benefit application data released on Thursday indicate a relaxation in the labor market, which may prompt the Federal Reserve to start lowering interest rates.

The European Central Bank (ECB) announced a rate cut on Thursday, marking the first rate cut since 2019. The day before yesterday, the Bank of Canada became the first country in the G7 to lower key policy interest rates. These two central banks, along with the Swedish central bank and the Swiss central bank, have started their respective monetary easing cycles, injecting new vitality into the global risk appetite rebound, while the market is increasingly betting that the Federal Reserve may cut interest rates in September.

**Asian stock markets are expected to rebound every week due to interest rate cuts**
On June 7, in early trading in Asia, driven by the interest rate easing cycle initiated by major central banks this week, Asian stock markets are expected to end their two consecutive weeks of decline on Friday, and the market expects the Federal Reserve to follow suit soon.

The MSCI Asia Pacific stock index followed the rise of global stock markets, with Asia rising 0.3% in early trading and nearly 3% this week. The Hang Seng Index in Hong Kong also rose 0.14%, while Chinese blue chip stocks rose slightly by 0.23%. The market trend is stable as traders await the release of the US non-farm payroll report on Friday. It is expected that the non farm payroll in the United States will increase by 185,000 last month.

Data released on Friday showed that household spending in Japan increased for the first time in 14 months in April compared to the same period last year. Still, the growth was weak, indicating that consumers remain cautious despite rising prices. According to data from the Japanese Ministry of General Affairs, consumer spending in April increased by 0.5% compared to the same period last year, slightly lower than the market's expected 0.6% increase.

The US dollar fell near an eight-week low against a basket of currencies in the money market, with a weekly decline of about 0.5%. The euro rose 0.05% to $1.0895, continuing the slight gains from the previous trading day as the European Central Bank raised its inflation expectations and did not disclose the timing of subsequent rate cuts.

Regarding commodities, oil prices have slightly declined. Brent crude oil futures fell 0.09% to $79.80 per barrel, while West Texas Intermediate crude oil futures in the United States fell 0.1% to $75.48 per barrel. Spot gold fell 0.2% to $2,370.82 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>

ETH/USDT -5.38%

BTC/USDT -4.18%

GT/USDT -6.11%

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Daily News | Telegram Launched a Mini Program to Pay for Digital Goods; Roaring Kitty's Disclosure of Holdings Boosted GameStop to Soar by Another 47%

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