Daily News | Memecoin Rose Sharply Against the Trend, GME Meme Soaring by Over 2000%; Google Cloud Becomes a Super Representative Candidate for TRON Network

2024-05-15, 03:58

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## Crypto Daily Digest: Google Cloud Becomes a "Super Representative Candidate" for TRON Network; The unofficial GME memecoin surged by over 2000%; Kima and Mastercard Lab develop "DeFi credit cards"
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 Farside Investor data, on May 14, Grayscale Bitcoin spot ETFs (GBTC) continued to experience outflows of $50.9 million in funds. Meanwhile, Fidelity Bitcoin spot ETF (FBTC) inflow was $8.1 million, and ARK 21 Shares Bitcoin spot ETF (ARKB) inflow was $133.1 million.

<a href="/price/tron-trx" target="_blank" class="blog_inner_link">TRON</a> DAO announced today that Google Cloud has officially joined the list of super representative candidates for the TRON blockchain. Super representatives are responsible for generating blocks and packaging transactions on the TRON network, thereby helping to maintain the stability and security of blockchain governance.

TRON DAO is a decentralized autonomous organization (DAO) for community governance, with the mission of promoting and governing the TRON network through blockchain technology and decentralized applications (dApps). TRON Network was established in September 2017 and has grown significantly since its mainnet was launched in 2018. Currently, TRON has the largest circulation of USD <a href="/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a> (USDT) stablecoins, valued at nearly $56 billion, surpassing <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> since April 2021.

This plan is based on the existing cooperation between TRON and Google Cloud so that TRON's data can be used on the serverless data warehouse BigQuery, which Google Cloud fully hosts. This enables developers to conduct advanced analysis to better understand the complexity of blockchain transactions and smart contracts on the TRON network. Not only does it simplify data-driven decision-making processes, but it also paves the way for building more complex decentralized applications (dApps).

BigQuery's scalability and cost-effectiveness enhance the TRON ecosystem and help it realize its vision of decentralized Internet. In addition, TRON will also leverage a range of solutions from Google Cloud to enhance its capabilities in the Web3 field, including the Compute Engine for scalable computing resources and the Kubernetes Engine for managing containerized applications. These tools will further strengthen TRON's technical capabilities.

GameStop's unofficial <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> Memecoin, GME, has a market value exceeding $100 million. GME Memecoin has achieved a high return rate of 2291% in the past week, with a trading price of $0.01449 as of publication. The surge was mainly driven by investor interest in GameStop Corp stocks on the New York Stock Exchange. Over the past five trading days, GameStop Corp's stock has surged 228%.

The sudden return of Keith Gill also drives this upward trend. Yesterday's report: After Gill returned to social media platform X under "Roaring Kitty,” PEPE hit a historic high. He was an important figure in the meme frenzy in the crypto market two years ago, and is considered the main driver behind the GameStop bearish squeeze caused by Reddit in 2021. Within 24 hours of his return to social media platform X, GameStop's stock price rose by 111%.

This market boom has not only attracted ordinary investors, but also benefited GameStop executives greatly. According to reports, Ryan Cohen, CEO and Chairman of GameStop, holds a 12% stake in the company, resulting in unrealized capital gains worth $1 billion from the short selling.

Kima, an Israeli fintech company, is collaborating with Mastercard's FinSec Innovation Laboratory to develop a project aimed at connecting decentralized financial (DeFi) tools with traditional financial services such as credit cards and bank accounts. This plan aims to make DeFi credit cards a reality and has received support from the Israel Innovation Agency.

Kima is rapidly expanding, announcing multiple partnerships and joining the incubator of the artificial intelligence protocol ChainGPT, using artificial intelligence in its liquidity management algorithms. The goal of this project is to build a bridge between DeFi and traditional finance, helping users overcome technical and regulatory barriers in DeFi adoption, and making asset management easier for users.

Kima is a peer-to-peer transfer and payment protocol designed to run blockchain without smart contracts. The company plans to expand its existing protocols and is expected to launch its mainnet and tokens in the second quarter of 2024. FinSec will operate Kima nodes and become the main shareholder of the network - supported by the Israel National Network Authority, Ministry of Finance, and Innovation Agency, FinSec focuses on collaborating with fintech and cybersecurity startups.

## Market Trends: BTC continued to fluctuate, while Meme rose against the trend
Bitcoin (BTC) fell below $62,000 and continued to maintain a volatile trend, while Altcoins generally fell. After the halving of BTC, mining computing power has decreased for two consecutive months, and the current mainstream mining machine prices in the market are around $55,000. In terms of macroeconomics, the US stock market has risen, but the Producer Price Index (PPI) data in the US has reached a new high in a year, and inflation issues still plague the market.
### Market Hotspots:
The Meme sector continues to rise: Meme tokens such as PEPE, PEOPLE, FLOKI, and HARRYPOTTER are rising against the trend. These tokens belong to the Ethereum family of Memes, with PEOPLE being a Meme token related to the US election.

New coin decline: BB, REZ and other currencies experienced a significant decline, while currencies like OMNI, SAGA, TNSR, W and others fell to the waist. Market users are no longer as enthusiastic about purchasing these larger VC currencies as before.

The AI concept has been hit hard: The AI concept token WLD has experienced a significant decline as approximately 4% of the total WLD tokens will be unlocked daily starting from July, estimated to be around $50 million at current prices.

Overall, the market is still in a volatile state, with Bitcoin continuing to decline and affecting the entire crypto market. The continuous rise of the Meme sector indicates investors' continued attention to this concept, while the decline of new currencies indicates the market's cautious attitude towards investment risks. Users need to closely monitor market trends and adopt corresponding investment strategies.

## Macro: Inflation is higher than expected, but Powell made soothing remarks to the market, resulting in an overall increase in the market
On May 14, Nasdaq hit a new closing high, with the S&P 500 and Dow Jones rising. The market is waiting for CPI data, while investors are digesting the day's data and waiting for the upcoming important consumer inflation report. The Nasdaq index hit a new closing high, while the S&P 500 index and Dow Jones index also rose.

According to market performance, the Dow Jones index rose 0.32%, the S&P 500 index rose 0.48%, and the Nasdaq index rose 0.75%.

The April Producer Price Index (PPI) in the United States exceeded expectations, mainly due to a significant increase in service and commodity costs, indicating that inflation remained high at the beginning of the second quarter. This data reduced traders' bets on the first rate cut in September.

However, Powell stated at a banking event in Amsterdam that the PPI data was "mixed" rather than "overheated" as previous data had been revised lower. Therefore, despite recent higher than expected inflation, the central bank will not raise interest rates at the next meeting, which has brought some confidence to investors.

However, currently, investors are still waiting for Wednesday's Consumer Price Index (CPI) data to evaluate whether the "unexpected rise" in the first quarter will continue into April. The sustained inflation and strong labor market have led financial markets and most economists to postpone the expectation of the Federal Reserve's first interest rate cut from March to September.

Due to high inflation, investors have lowered their expectations for a rate cut in the United States this year. Currently, it is expected to be cut by 43 basis points this year, while it is expected to be cut by 150 basis points in early 2024. Ryan Brandm said, "Based on weaker than expected US labor market data, the market's expectations for a rate cut have been increasing recently, but if prices do not follow, then hopes of a rate cut will be shattered."

All attention is now focused on Wednesday's US Consumer Price Report, which is expected to show a 0.3% month-on-month increase in CPI in April, lower than the 0.4% increase from the previous month, according to a Reuters survey.

Among the 11 major industry sectors in the S&P 500 index, the consumer goods sector experienced the largest decline, falling 0.2%, while the technology sector saw the largest increase, rising 0.9%. A representative example is Alphabet, Google's parent company, which showcases its latest progress in using artificial intelligence in its business, including enhanced Gemini chatbots and improvements to search engines, driving its stock price up 0.7%.

On May 15, Asian stock markets saw mixed gains and losses, while the US dollar fell. Traders are weighing the mixed performance of US producer price data and preparing for an important consumer price report that may affect Federal Reserve policy later that day. The MSCI Asia Pacific Stock Index rose 0.38%, hitting a 15 month high earlier in the day, while the Nikkei Index in Japan rose 0.58%.

In the Chinese market, the blue chip index fell 0.16% in early trading, while the Hang Seng Index in Hong Kong fell 0.22%. US President Joe Biden announced a significant increase in tariffs on a series of Chinese imported goods, which affected market sentiment.

In the currency market, due to traders hesitating whether to take action before the CPI report is released, the US dollar is under pressure, and the euro is approaching a one month high, with the latest price at $1.0817.

In terms of commodities, due to the threat of large-scale wildfires to Canada's oil sands and the market's expectation that US crude oil and gasoline inventories will decline later in the day, oil prices will slightly rise. US crude oil rose 0.4% to $82.71 per barrel, while Brent crude oil rose 0.5% to $78.39 per barrel.
Spot gold remained stable at $2,356.79 per ounce.

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<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.
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