Daily News | Crypto Market Generally Fell; ZKsync Plans to Airdrop 3.6B ZK Tokens; $HUNTERBODEN Soared, But Other Political Memes Were Generally Sold Off

2024-06-12, 04:02

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## Crypto Daily Digest: The general decline in the crypto market triggered significant liquidation; ZKsync will airdrop 3.6 billion ZK tokens next week; $HUNTERBODEN soared, but other political memes were generally sold off; Polygon Community Finance Department announced a long-term plan to unlock 1 billion tokens
Crypto Daily Digest: The general decline in the crypto market triggered significant liquidation; ZKsync will airdrop 3.6 billion ZK tokens next week; $HUNTERBODEN soared, but other political memes were generally sold off; Polygon Community Finance Department announced a long-term plan to unlock 1 billion tokens

In the past two days, the crypto market has experienced selling, leading to a significant increase in clearing volume. According to CoinGlass data, the sell-off in the past 24 hours resulted in approximately $270.4 million in leveraged positions being liquidated, with long positions accounting for $238 million.

<a href="/pt/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> fell 3.5% to $67,275 within 24 hours, while <a href="/pt/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> fell 4.6% to $3,495. Ethereum leads with a clearing amount of $70.5 million, of which $64.6 million is an extended position. The clearing amount of Bitcoin is $68.88 million. The GMCI 30 index, which tracks top cryptocurrencies, fell 4.6% to 135.58, the lowest level since May 20th.

Due to the upcoming release of two macroeconomic data on Wednesday—the monthly Consumer Price Index report and the Federal Reserve's monetary policy statement—market attitudes have been cautious.

**ZKsync will airdrop 3.6 billion ZK tokens next week**
The ZKsync Association will airdrop 3.675 billion ZK tokens to early users and adopters of the Ethereum Layer 2 network ZKsync next week. ZKsync stated on Tuesday that this accounts for 17.5% of the total supply of ZK tokens, which is 21 billion.

Users can receive airdrop tokens starting next week, with a deadline of January 3, 2025. Contributors can start receiving from June 24th. In addition, 49.1% of the token supply will be allocated through ecosystem planning, with 17.2% allocated to investors and 16.1% allocated to the Matter Labs team.

ZKsync stated that airdrops would cover 695,232 wallets, and eligibility and allocation will be based on a snapshot of the ZKsync Era and ZKsync Lite events on March 24, 2024, marking the first anniversary of the launch of the ZKsync Era mainnet.

17.5% of ZK airdrops are allocated to two groups of community members—users (89%) and contributors (11%). Users conduct transactions on ZKsync and reach activity thresholds, while contributors are individuals, developers, researchers, communities, and companies who contribute to the ZKsync ecosystem and protocols through development, promotion, or education.

**$HUNTERBODEN soared, but other political memes were generally sold off**
The meme sector, themed around US President Joe Biden and Republican leader Donald Trump, is experiencing a more significant sell-off than the overall crypto market.

According to CoinGecko's data, the market cap of Political Finance (PolitiFi) memes has fallen by more than 13% in the past 24 hours. The FreeTrump token ($TRUMP) led the decline, falling 45% in the past 24 hours. The largest PolitiFi token by market cap, MAGA (TRUMP) ($560 million), fell 13%. Of course, these tokens have no official association with any political figure.

The federal jury ruled that Hunter Biden was found guilty of three federal felony gun charges and found that he violated the law prohibiting drug users from owning firearms. According to CNN, this is the first time that the current president's son has been convicted during his father's tenure.

As the guilty verdict was announced on Wednesday, the Hunter Boden token based on <a href="/pt/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> skyrocketed, rising more than 30% in the past 24 hours to $0.001514 at the time of publication. One of the most popular memecoins in 2024, Jeo Boden (BODEN), fell 5.5% to $0.1855.

**<a href="/pt/price/polygon-matic" target="_blank" class="blog_inner_link">Polygon</a> Community Finance Department announced long-term plan to unlock 1 billion tokens**
The community finance department has announced a long-term plan aimed at promoting the development of blockchain, which will unlock 1 billion tokens within ten years. The Community Vault stated: "After community consensus, the Community Vault has been established and will unlock 1 billion POL within ten years, approximately 100 million POL per year, all for builders." POL will become Polygon's native token and ultimately replace MATIC.

The Ministry of Finance stated that interested builders can apply for the "first season" of the plan starting Tuesday. The statement also said that in the initial stage of the incentive plan, the Ministry of Finance will distribute 35 million MATIC (approximately $22 million) to projects built on Polygon. The application deadline for the first season is August 31, 2024, with a funding amount of approximately 5,000 or more MATIC tokens.

The Polygon Community Vault is a protocol-based fund independent of Polygon laboratories and other Polygon entities, managed through a framework to promote community participation. Its design and launch aim to provide sustained economic support for the further development and growth of the Polygon ecosystem. Nearly a year ago, the Ethereum scalability solution Polygon proposed a technical upgrade to its native MATIC tokens in its Polygon 2.0 roadmap. The new POL token aims to be staked across multiple chains in the Polygon ecosystem.
 
The Ministry of Finance stated in the announcement: "Given that the token upgrade from MATIC to POL is currently underway, the subsidy for the first quarter will be issued in the form of MATIC."

## Market Trends: The market is generally falling, eyes are on today’s CPI data to choose the direction
BTC fell below $67,000, Bitcoin spot ETFs began to shift from net <a href="/pt/price/synthetix-network-snx" target="_blank" class="blog_inner_link">snx价格</a>s to net outflows, breaking the previous trend of 20 consecutive days of net <a href="/pt/price/synthetix-network-snx" target="_blank" class="blog_inner_link">snx价格</a>s.

ETH fell below $3,500, this indicates that market sentiment may be changing.

Altcoins generally fell, while new coin launched IO and ZK both valued at over $1 billion. The secondary market performed poorly.
### Macroeconomics:
The US stock market has also shown a volatile trend, despite Apple reaching a historic high. Market participants are waiting for the CPI (Consumer Price Index) data to be released at 12:00 (UTC), which will provide important guidance for future inflation and interest rate policies at 2 am tomorrow. The market may experience significant fluctuations before and after the data is released.
### Market Hotspots:
**DePIN Star Token IO:**
Basic information: IO was launched on Gate.io at 12:00 (UTC) last night, with a current market cap of $3 billion; In comparison, RNDR on the same track has a market cap of $4.5 billion, while AKT has a market cap of $1 billion.

Analysis: As a new star token on the DePIN track, IO quickly gained market attention. Although its market cap is not as high as that of the leading RNDR, it is significantly higher than that of AKT, indicating market recognition of its potential.

**AI Public Chain AO**
Basic information: AO will be issued tomorrow, and AR can be exchanged for AO in a 1:1 ratio. The expected valuation is $1 billion.

Analysis: As a new coin for AR, AO is expected to be valued at $1 billion in the market, indicating high expectations for AI public chain projects. AR holders can exchange AO in a 1:1 ratio, which may trigger a new investment frenzy.

**Layer2 Project Zksync Airdrop**
Basic information: Based on off-exchange trading prices, the current valuation of the ZK market is $7.5 billion. In comparison, the ARB market cap of the Layer2 project on the same track is $2.6 billion, and the OP market cap is $2.2 billion.

Analysis: After Zksync announced its airdrop plan, the market response was not as enthusiastic as expected. Despite a valuation of $7.5 billion, the limited number of addresses covered by airdrops may result in low market participation and enthusiasm.

Overall, the market is waiting for key macroeconomic data, and within the crypto market, the dynamics of different projects are constantly influencing investor sentiment and decision-making. The future market trend will depend on factors including macroeconomic data, project progress, and overall market sentiment.

## Macro: Prior to the release of CPI and Fed resolutions, the S&P 500 and Nasdaq hit new closing highs; The expected unchanged Federal Reserve interest rates led to a sluggish market sentiment
On Tuesday, June 11, although investors remained cautious as they waited for the upcoming inflation data and the results of the Federal Reserve policy meeting, the Nasdaq and S&P 500 indices showed gains on Tuesday, closing at historic highs and reversing the early decline.

Specific index: The Dow Jones Industrial Average fell 0.31% to close at 38,747.42 points; the S&P 500 index rose 0.27% to 5,375.32 points; and the Nasdaq Composite Index rose 0.88% to 17,343.55 points.

Before the Ministry of Labor released the Consumer Price Index (CPI) report, the benchmark treasury bond bond yield fell. Although investors do not expect a change in the federal fund's target rate, the Federal Open Market Committee (FOMC) is scheduled to release an Economic Forecast Summary, which will help clarify the central bank's future policy path.

Among tech giants, Apple's stock price surged 7% to a historic high after releasing a new AI feature to revitalize iPhone demand. This drove the Nasdaq Composite Index up 0.9% and the S&P 500 Index up 0.3%, reaching a new closing high.

Asian stock markets opened poorly on Wednesday. The MSCI Asia Pacific stock index fell 0.1%, while the Nikkei index in Japan fell 0.8%. However, technology stocks performed relatively well, with the MSCI Asia Pacific (excluding Japan) IT index rising 1%.

Data shows that China's consumer price index in May decreased by 0.1% month over month, lower than expected, and increased by 0.3% year over year. Chinese blue chip stocks fell 0.1%, while the Hong Kong Hang Seng Index continued its previous decline, falling 1.2%.

Due to the good performance of technology stocks on Wall Street, the Taiwan and South Korean stock markets, which are mainly tech stocks, have been boosted, rising 0.7% and 0.3% respectively.

The US dollar index has maintained an upward trend in the money market since the release of non farm payroll data last Friday, reaching as high as 105.31 against major currencies. Due to the victory of far right forces in European elections and political turmoil caused by early elections in France, the euro fell sharply against the US dollar to $1.0734, marking the fourth consecutive trading day of decline.

A few hours after the release of US CPI data, the Federal Reserve is expected to maintain interest rates unchanged at policy meetings. However, the focus is on whether it will retain the three rate cuts of this year in its "dot chart" forecast.

Regarding commodities, oil prices have risen for the third consecutive trading day. Brent crude oil futures rose 0.2% to $83.11 per barrel, while US crude oil futures rose $0.4 to $78.19 per barrel.

Gold prices fell slightly by 0.2% to $2,311.80 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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