Gate.io Blog Daily News | Crypto Market is on the Rise, Meme is Strong; Trump Stated that "the US Should Become the Leader in Cryptos"; Ether.fi's Deposits and TVL Skyrocketed to Historic Highs

Daily News | Crypto Market is on the Rise, Meme is Strong; Trump Stated that "the US Should Become the Leader in Cryptos"; Ether.fi's Deposits and TVL Skyrocketed to Historic Highs

27 May 11:40

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## Crypto Daily Digest: Trump stated during his campaign that "the United States should become the leader in cryptocurrencies."; Ether.fi's deposits and TVL skyrocketed to historic highs; Solana plans to launch Firedance in 2025
First, 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 24th, the Fidelity Bitcoin spot ETF (FBTC) inflow was $4,370, IShares Trust Bitwise Bitcoin spot ETF (IBIT) inflow of $182.1 million, Bitcoin spot ETF (BITB) inflow of $6.4 million, ARK 21Shares Bitcoin spot ETF (ARKB) inflow of $4.1 million.

In a post posted on May 25th on TruthSocial, a social media platform under the Trump Media and Technology Group (TMTG), Trump declared: "Our country must become a leader in this field, there is no second place."

He claimed, "I have a very positive and open attitude towards crypto companies and everything related to this emerging industry." Later, he pointed the finger at the current President Joe Biden. Previously, Trump announced that his presidential campaign would accept crypto donations. On May 21st, the Trump 2024 campaign team announced that the fundraising page had been launched.

According to the New York crypto prediction platform Polymarket, the likelihood of Trump winning the election is 56%, while the likelihood of current President Joe Biden is 38%. According to CoinGecko data, the Trump themed Meme coin MAGA (TRUMP) broke through $12 and is now trading at $12.63, with a 24-hour increase of 36.5%.

**After the <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> spot ETF is approved, Ether.fi's deposit and total value locked (TVL) skyrocketed to historic highs**
Due to investor expectations that the United States will approve spot Ethereum (ETH) exchange traded funds (ETFs), the deposit and total value locked (TVL) of the re-staking protocol Ether.fi have surged to historic highs.

Re-staking is a strategy used by traders to earn additional profits from Ethereum coins already staked on the Ethereum blockchain. Ether.fi currently offers an annual return of 3.48%, with an additional 15.1% of the return available through the product's liquid treasury.

Over the past ten days, over 270,000 ETHs ($995 million) have been deposited into Ether.fi. According to DefiLlama's data, the inflow of these funds, combined with the recent rise in Ethereum prices, has increased the total lock in value of the protocol from $4 billion to $5.4 billion, reaching a historic high.

**With the surge of DePIN activities, <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> plans to launch Firedance in 2025**
Kuleen Nimkar, head of DePIN at the Solana Foundation, stated that, Solana plans to release a full version of the Firedance upgrade in 2025 and a "Lite Edition" before that.

With the increasing network activity of decentralized infrastructure protocols, this upgrade aims to improve the overall reliability and scalability of Solana. Kuleen mentioned the DePIN campaign at DEFICON on May 23rd, "We see a large number of emerging deep projects doing everything."

Kuleen said, The DePIN use cases in the Solana ecosystem range from protocols dedicated to decentralized energy solutions (homeowners creating interconnected virtual power plants) to GPU networks and data collection. For example, some projects encourage users to install browser extensions to crawl the Internet and collect data to train large language models.

The protocols for transferring DePIN activities to Solana include <a href="/price/helium-hnt" target="_blank" class="blog_inner_link">Helium</a> Hivemapper and <a href="/price/render-rndr" target="_blank" class="blog_inner_link">Render</a>. According to Dune Analytics, the number of Hivemapper mappers surged in 2024, from approximately 30,000 connected drivers in May to nearly 67,000.

## Market Trends: The market is fluctuating upwards, The Meme concept leads the market
From the current market trends and hotspots, the crypto market has shown a certain upward trend over the weekend. BTC has once again broken through $69,000, ETH is also approaching $3,900, indicating a volatile upward trend in the overall market. However, The BTC dominance dropped to 52.7%, which may be a signal of the start of the Altseason. In this context, investors may pay more attention to Altcoins and emerging projects.

In addition, the rise of US stocks, especially the strengthening of technology stocks, also has a certain positive impact on the crypto market. Nvidia's performance far exceeded expectations last week, driving up the entire technology sector, which may have indirectly injected some confidence into the crypto market.
### Market Hotspots:
**Ethereum-based Tokens**
ENS (<a href="/price/ethereum-name-service-ens" target="_blank" class="blog_inner_link">Ethereum Name Service</a>): The ENS token has recently surged and has received multiple endorsements from the founder of Ethereum, Vitalik Buterin. Vitalik Buterin believes that ENS is an important tool for unifying different Layer2 networks in Ethereum. This recognition undoubtedly increases the market attractiveness of ENS.

PEPE and TURBO: These two Frog Meme tokens have performed well on the Ethereum chain and have recently reached historic highs. The increasing interest of investors in these tokens has driven up prices.

MAGA: This token, named after Trump's campaign slogan, has risen more than 10 times since its launch on Gate.io, indicating a strong interest in tokens with topical and brand effects in the market.

**Other Meme Coins**
PENG and PONKE: These two tokens performed equally well on weekends, PENG has risen 200% from its mid month low point, PONKE has increased by 10 times since its listing on Gate.io. This shows the market's pursuit of emerging Meme coins.

**New Coins**
BB, REZ, OMNI: These new coins have a relatively small market value, a good chip structure, and are easily pulled up. This provides investors with high-risk and high return investment opportunities.

**Token Unlocking**
ENA will unlock $50 million worth of tokens this week, which may lead to increased market volatility. Investors need to be wary of price fluctuations before and after token unlocking.

With the decline of BTC dominance, the Altcoin season may have begun, and users can consider diversifying their investments into BTC ETH and some potential Altcoins to reduce risk. Focus on ENS Recently outstanding tokens such as PEPE and TURBO have performed well. In summary, the overall market is currently improving, but investors need to remain vigilant, pay attention to market hotspots and macroeconomic changes, and flexibly adjust investment strategies.

## Macro: US stocks closed higher, with the Nasdaq reaching a new high; Asian stock markets rose slightly
On Friday, the US stock market rebounded from the sharp decline of the previous day, driven by news of improved inflation prospects from consumers. The Nasdaq index rose for the fifth consecutive week, reaching a new closing high.

The performance of the index is as follows: the Dow Jones index rose 0.01%, the S&P index rose 0.7%, and the Nasdaq index rose 1.1%.

The US Department of Commerce stated that new orders for major manufactured capital goods in the US rebounded more than expected in April. Meanwhile, a report from the University of Michigan shows that consumer expectations for inflation have improved after deteriorating at the beginning of the month.

On Friday, the Federal Reserve will release core personal consumption expenditure (PCE) data, which is one of the preferred indicators for measuring inflation. It is expected that the inflation rate will rise by 0.3% in April, with an annual rate of 2.8%, but there is a downside risk.

The Chicago Mercantile Exchange's FedWatch tool shows that the market expects a 49.4% chance of the Federal Reserve cutting interest rates at its September meeting, down from 54.8% a week ago. Goldman Sachs postponed its first interest rate cut from July to September.

Last week, Nvidia hit a historic high. In fact, Nvidia alone contributed a quarter of the S&P 500 index's rise so far this year, while the top seven technology companies have seen a 24% increase this year.

**Before the inflation test, Asian stock markets rose slightly**
On Monday, Asian stock markets slightly rose as investors waited for the key US inflation report this week, which may lay the foundation for US interest rate cuts.

The MSCI Asia Pacific stock index fell 1.5% last week, far from its highest point in two years. The Nikkei index in Japan rose 0.26%. According to data from the National Bureau of Statistics of China, the profits of industrial enterprises above designated size in China increased by 4.3% year-on-year in the first four months of this year.

In terms of the currency market, the focus is once again on the risk of Japanese intervention in the yen exchange rate before reaching the 160.00 level. The exchange rate between the US dollar and the Japanese yen was 156.89, up 0.9% last week. The Governor and Vice Governor of the Bank of Japan, as well as the Chief Economist of the European Central Bank, will deliver speeches later on Monday. The Bank of Japan will hold a policy meeting on June 14th, which may reverse the global trend and raise interest rates again, although the rate hike is only 0.15%.

In terms of commodities, the peak driving season in the United States has begun this week, and demand concerns have led to oil prices hovering around a four month low. Investors are watching whether OPEC+will discuss new production reduction measures at its online meeting on June 2nd, but analysts doubt whether a consensus will be reached on this.

Brent crude oil prices rose by $0.05 to $82.17 per barrel, while US crude oil prices rose by 9 cents to $77.81 per barrel.

The price of gold remained at $2,337 per ounce, down 3.4% last week.

<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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ETH/USDT + 1.68%

GT/USDT -0.68%

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