Daily News | The Crypto Market is Fluctuating and Rising; Notcoin Promoted the Adoption of Cryptos on TG; The Vulnerability Attacker in Gala Games Returned $22M

2024-05-22, 03:42

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## Crypto Daily Digest: Notcoin has driven the adoption of cryptocurrencies on Telegram; Gala Games exploiters returned $22 million through Gala token attacks; The Trump campaign team has expressed acceptance of crypto donations
Let's examine the trading activity of <a href="/pt/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs. According to Farside Investor data, on May 21st, Fidelity's Bitcoin spot ETF (FBTC) inflow was $25.8 million, while Bitwise's Bitcoin spot ETF (BITB) outflow was $4.2 million.

The explosive growth of Notcoin has driven the adoption of cryptocurrencies on Telegram

Blockchain games built on TON are attracting millions of users on Telegram, with games like Notcoin leading the way. The explosive growth of Notcoin attracted over 30 million users in less than two months and established an open network-based crypto wallet.

With the popularity of viral games such as Notcoin, Telegram's vast user base has proven to be a green field for crypto adoption. The placement game where users click on the screen to earn non tokens has attracted 3% of Telegram users to use Web3. Subsequently, the NOT token was listed on a well-known crypto exchange, bringing unexpected wealth to casual gamers.

Game developers are also paying attention to the TON ecosystem. Micha, CEO and founder of blockchain game infrastructure provider Elympics ł D ą Browski stated that Web3 games are ready to attract new crypto users.

Dąbrowski told Cointelgraph that blockchain-based infrastructure addresses the challenges faced by game developers in terms of monetization mechanisms, allowing studios to use crypto wallets to incentivize and attract players. Elympics sees the enormous potential of the TON ecosystem, aimed at helping studios and developers deploy Web3 games on these platforms.

The CEO of Elympics added that Web3 features are revitalizing idle game types. The soft currency earned by players in the game is now being monetized, allowing users to gain ownership and value from playing the game.

Gala Games vulnerability attacker returned $22 million

Previously reported vulnerability attacks related to Gala Games. An attacker minted $200 million worth of <a href="/pt/price/gala-gala" target="_blank" class="blog_inner_link">GALA</a> tokens but only successfully sold a portion of them. Gala Games has now received approximately $22 million in Ether.

On May 21, the attacker's wallet returned 5913.2 ETH, valued at $22.3 million - close to the market value of the 600 million GALA they sold the day before.

Regarding this unexpected situation, Gala Games also explained on social media that the affected wallets have been frozen and have used the new "GalaChain's Block List Protocol" feature, effectively freezing 4.4 billion GALAs out of 5 billion GALAs within 45 minutes. Gala Games has not yet publicly confirmed the identity or method of attack of the target, but some community members believe that the attack came from a security contractor who made a mistake after not using a VPN to connect to the wallet.

The Trump campaign team has expressed acceptance of crypto donations

Former US President Donald Trump is currently facing criminal charges from four jurisdictions, and in the face of this situation, he announced that his 2024 presidential campaign will accept crypto donations.

In a notice on May 21, the Trump 2024 campaign team stated that they have launched a fundraising page that accepts platforms such as Bitcoin, <a href="/pt/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a>, DOGE, SHIB, <a href="/pt/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a>, SOL, and more. The statement cites Senator Elizabeth Warren's attack on cryptocurrencies, claiming without evidence that she is the "official representative" of US President Joe Biden in Congress.

Trump said he will ensure that attendees can donate to his campaign in crypto form. Less than six months before the election day, Trump is the scheduled candidate for the Republican Party as the President of the United States in 2024. He may face off against the Democratic nominee, President Biden.

Although Trump accepted crypto donations, the "Issues" page on his campaign website did not specifically mention digital assets or blockchain when it was published. President Biden rarely makes public statements on cryptocurrencies, but he did sign an executive order to establish a digital asset regulatory framework in 2022.

## Market Trends: The market is fluctuating and rising, and the Meme concept is performing strongly
BTC and ETH performance: Bitcoin is consolidating above $70,000, showing strong support. Ethereum also broke through $3,800 at one point, indicating strong market confidence in these mainstream currencies.

Macroeconomic impact: US stocks rose to a historic high, and dovish speeches from Federal Reserve officials increased market expectations for a rate cut in September. These factors may further drive the rise of the crypto market.
### Market Hotspots:
**Meme concept coins:**
Outstanding performance: Ethereum-based Meme coins such as PEPE, PEOPLE, FLOKI, WOJAK, MOG, etc. have performed outstandingly.

The currencies of stagflation, such as WIF and MANEKI on the <a href="/pt/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> chain, have shown relatively lagging performance.

**Social concept coins:**
The currencies that have experienced significant growth include DEGEN, HIGHER, Only1, and others that have performed well.

Investment news: The social protocol Farcaster on the Base chain has received investments in a16z and Paradigm, further boosting market confidence in social concept coins.

The price of the Ethereum Domain Name Protocol ENS has significantly increased:

Vitalik Buterin's Support: Vitalik Buterin has repeatedly mentioned ENS and referred to it as an important tool for unifying different Layer2 networks in Ethereum, providing support for the long-term value of ENS.

**Layer2 network:**
Zksync Airdrop Program: Zksync plans to conduct token airdrops in June, with a total of 21 billion tokens and an expected market valuation of $10 billion.

Market valuation comparison: Popular Layer2 networks such as ARB, OP, and STRK have valuations of around $12 billion during the same period, indicating strong market interest in the Layer2 project.

Futures Market: Aevo predicts that Zksync futures tokens have been listed on the market, with a current price of $0.69, providing investors with an opportunity to plan ahead.

The current overall trend of the crypto market is fluctuating and rising, driven by multiple positive news.
Mainstream currencies such as BTC and ETH have performed steadily, and various hot concept currencies have also seen significant increases. Especially the investment and development of Layer2 networks and social protocols demonstrate the high attention and expectations of the market towards these emerging fields. It is recommended that investors closely monitor these hot areas while maintaining sensitivity to changes in the macroeconomic environment, to adjust investment strategies in a timely manner.

## Macro: US stocks closed higher, Asian markets slightly rose, and oil prices continued to decline
On May 21, Reuters reported that the US stock market closed slightly higher on Tuesday, with the S&P 500 and Nasdaq reaching historic highs. Investors evaluated the latest comments from Federal Reserve officials to find clues on the timing of interest rate cuts, while Nvidia's quarterly earnings are getting closer.

Specifically, the three major indices: the Dow Jones index rose 0.17%, the Standard&Poor's index rose 0.25%, and the Nasdaq index rose 0.22%.

Nvidia will release its results after the close of trading on Wednesday. As the third largest company on Wall Street by market value, this information may be an important market catalyst and will test whether the significant rise in artificial intelligence-related stocks can be sustained.

According to data from option analysis firm Trade Alert, Nvidia's options are expected to fluctuate by 8.7%, or a market value of $200 billion, by Friday. The stock price of this chip manufacturer rose 0.64% on Tuesday, and after soaring nearly 240% in 2023, it has risen by about 93% so far this year.

Investors are also paying attention to the minutes of the latest policy meeting of the Federal Reserve scheduled for Wednesday after several Federal Reserve officials on Tuesday strengthened the Fed's best position of patience before starting interest rate cuts.

Federal Reserve policymakers said on Tuesday that the Federal Reserve should wait for a few more months to ensure that inflation truly returns to the target track of 2% before lowering interest rates.

Asian stock markets rose slightly on Wednesday as anxious investors dared to hope that artificial intelligence giant Nvidia could meet extremely high expectations while remaining cautious about the interest rate prospects in the United States and the United Kingdom. The MSCI Asia Pacific Stock Index rose 0.4% and has been rising for four consecutive weeks, reaching its highest point in two years. The Nikkei Index in Japan fell 0.6%.

The Bank of New Zealand has evaluated its inflation issue, stating that interest rates must remain high for a longer period to cope with local market shocks. As bond yields soared, the New Zealand dollar rose 0.9% against the US dollar to a one-month high of $0.6151.

Due to the threat of Japanese intervention hindering the rise of the USD/JPY, the USD/JPY exchange rate remained unchanged at 156.20. The data released by the Japanese Ministry of Economy, Trade and Industry shows that the depreciation of the yen has promoted exports, but it has also triggered input inflation and affected corporate confidence.

The UK inflation data will be released later, which may determine whether the Bank of England will implement loose policies as early as June or wait until August. It is expected that core consumer price inflation will slow down from 4.2% in March to 3.6% in April, and any lower inflation rate will reduce the possibility of a rate cut in June and may put pressure on the pound.

Regarding commodities, oil prices fell for the third consecutive trading day on Wednesday due to market expectations that the Federal Reserve may maintain high interest rates for an extended period due to sustained inflation, which may affect fuel consumption in the world's largest oil-consuming country. Brent crude oil futures fell 43 cents, or 0.5%, to $82.45 per barrel. West Texas Intermediate Crude Oil (WTI) futures in the United States fell 50 cents, or 0.6%, to $78.16. On Tuesday, oil prices fell by about 1%.

After hitting a historic high of $2,449.89 earlier this week, gold prices have remained at $2,424 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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