Feb 21 AI Newsletter

As of 2 PM Hong Kong time on February 21, 2024, according to sosovalue, the total market cap of the crypto market stands at 1.94 trillion US dollars, witnessing a decrease of 0.972% compared to yesterday; the total trading volume is 84.58 billion US dollars, marking a decline of 0.948% from the previous day.

According to sosovalue, the price of $BTC is 51,152 USD, a decrease of 1.02% from yesterday. The market cap of $BTC is 1.00T USD, accounting for 51.8% of the total market cap; $BTC's 24-hour trading volume is 22.56B USD, making up 26.7% of the total trading volume.
The price of $ETH is 2,914.4 USD, down 0.367% from yesterday; the market cap of $ETH is 350.20B USD, representing 18% of the total market cap; $ETH's 24-hour trading volume is 16.45B USD, comprising 19.4% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 69.8% of the total cryptocurrency market cap, and their combined trading volumes constitute 46.1% of the total trading volume.

After reviewing the overall crypto market situation, let's shift our focus to the top 5 token gainers of the day:
As of 23:55, the top five gainers are:
Top 1 gainer is Aventus. As of 23:55 today, its market cap is 20.58M, with a coin price of 2.2230 USD, witnessing a 24-hour increase of 52.9%.
The second is JasmyCoin. As of 23:55 today, its coin price is 0.014063 USD, with a 24-hour increase of 40.1%.
The third is Prom. As of 23:55 today, its coin price is 13.158 USD, showing a 24-hour increase of 35.7%.
In fourth place is Adappter. As of 23:55 today, its coin price is 0.0033078 USD, with a 24-hour rise of 31.9%.
In fifth place is Gearbox. As of 23:55 today, its coin price is 0.016401 USD, increasing by 29.8% over the last 24 hours.


Moving on, let's take a look at the sector performance in crypto market.
Acccording to sosovalue, out of 15 sectors, 13 are up and 2 are down. Notably, CEX sector has risen 4.12% relative to the UTC 0 time, led by gains in flex (7.31%), asd (5.47%), and bnb (5.32%).
GameFi sector has decreased -3.19% relative to UTC 0, with gmee (-18.5%), soul (-14.5%), and igu (-12.6%) leading the decline.
Layer2 sector has decreased -3.96%, with SAVM (-12.5%), cult (-8.69%), and op (-8.27%) leading the decline.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Circle announced it will phase out support for USDC on the TRON blockchain, effective immediately. Circle will no longer mint USDC on TRON. By February 2025, Circle Mint customers can transfer USDC to other blockchains or exchange TRON-based USDC for fiat currency through Circle. Retail USDC holders and non-Circle customers can use global services to transfer USDC between blockchains or exchange for fiat currency.
Next news: Tomorrow marks a significant milestone for the Stellar (XLM) network as it prepares for the most important update in its history. Community voting will commence for the introduction of Protocol 20, which will bring Soroban smart contracts to the Stellar network. This update, developed over two years by the Stellar Development Foundation (SDF) and the Stellar community, aims to enhance the network's functionality significantly. Protocol 20 is set to be the most substantial update to the Stellar network, focusing on improving performance, security, and stability through a slow and steady implementation process. Following the community vote, validators will adopt a phased approach to gradually increase the capacity for Soroban transactions, allowing for careful monitoring of the network's performance. The voting for Protocol 20 is scheduled to begin on February 20, heralding a new era for the Stellar altcoin network.
Next news: StarkNet has initiated trading of its token, STRK, at a price of $5 after conducting what is considered the largest airdrop of the year. The project distributed a total of 728 million tokens to approximately 1.3 million addresses, marking a significant event in the cryptocurrency space. StarkNet (STRK) has begun distributing its highly anticipated airdrop, leading to a significant price increase. Major cryptocurrency exchanges like Binance, KuCoin, and Bybit have announced listings for STRK, further boosting its price. Binance has also announced a special STRK airdrop for users who stake Ethereum on the exchange, distributing over 10 million STRK tokens. The StarkNet Foundation plans to distribute more than 700 million STRK to around 1.3 million eligible wallets, including early ecosystem DApp users, network contributors, and Ethereum creators. This move is part of the 900 million STRK allocated for distribution. StarkNet's STRK token gains significant momentum as major market makers like Amber Group, Wintermute, and Flow Traders make substantial investments. Amber Group has acquired 1 million STRK tokens and deposited 200,000 of them on Bitfinex, signaling a strong commitment to the STRK market. Wintermute and Flow Traders have also entered the market with investments of 2 million and 2.5 million STRK tokens, respectively, adding credibility and liquidity to the STRK ecosystem. Additionally, StarkNet has initiated the allocation of STRK tokens for airdrop application contracts, aiming for fair distribution among stakeholders. The distribution of STRK airdrop tokens is scheduled to commence, aligning with StarkNet's commitment to transparency and community engagement. Market analysts speculate on the STRK token's future performance, comparing it to other tokens like $TIA and $ARB, as the involvement of major market makers could significantly impact its momentum and future performance. STARKNET’S native token STRK is set to begin trading on centralized exchanges later today following the opening of distribution claims for nearly 1.3 million wallets. Trading will begin on centralized exchanges, including Binance, Bybit, Bitfinex, and OKX, once liquidity requirements have been met. Binance confirmed it will open trading for select pairs at 8 a.m. ET. STARKNET is an Ethereum Layer-2 network that leverages a ZK-rollup solution for scaling decentralized applications. The token will help decentralize and govern the network, according to the token provisions plan by STARKNET Foundation last week. “The STRK token was born so that STARK-based scaling can happen in a more decentralized way. The token design helps STARKNET to be run and managed by the community,” Diego Oliva, CEO of the STARKNET Foundation, said. Trading will follow the opening of airdrop claims for STARKNET’s token from 7 a.m. ET. The distribution involves 728 million STRK — or 7.28% of the 10 billion total supply. Some 1.297 million wallets are eligible, taken from a November snapshot looking at the volume of transactions and interactions on the network. Early users of STARKNET and STARKEX, Ethereum contributors — including members of the Protocol Guild, EIP authors and solo stakers — and open-source developers from outside Web3 are all eligible to receive the STRK token. They have until June 20 to make a claim. Although STRK tokens are not yet live, pre-launch pricing on the decentralized derivatives exchange AEVO is currently trading at $2.09, giving it a fully diluted market cap of $20.9 billion. The distribution plan, particularly the upcoming unlock event, has faced criticism from detractors. STARKWARE’s core contributors and investors are set to receive over 1.31 billion STRK, or 13.1% of the total supply, in a significant unlock occurring less than two months after the token’s launch, which was criticized. “It’s predatory to unlock such a large portion of investor tokens in such a short amount of time after real launch by masking it with a fake token generation event 2 years ago,” the founder of Endless Clouds, known pseudonymously as Loopify, commented. The inaugural token generation event (TGE) took place in November 2022. Upon its creation, the token was designated for governance purposes, yet it was restricted from being moved or traded. Despite the principal token generation event occurring in 2022, there was likely a widespread misassumption about the unlock schedule, resulting in criticism. The token allocations for core contributors and investors were initially scheduled to be unlocked after a one-year cliff in November 2023, subsequent to the TGE in 2022. This timeline was extended by five months to April 15 due to the token not being ready, resulting in a significantly reduced interval between when traders can purchase the tokens and when investors can sell their discounted tokens on the open market. Another backlash arose as numerous STARKNET users found themselves excluded from the provisions due to the requirement of holding 0.005 $ETH at the time of the November snapshot. Despite the backlash, STARKWARE is adhering to its plan. “The 1.3 million recipients will get tokens that are liquid upon receipt. Others who put effort and money into making STARKNET possible will wait until April for the first third of their tokens unlocked, after which more will unlock monthly,” STARKWARE co-founder and CEO Eli Ben-Sasson said.
Next news: FairShake, a crypto super political action committee (PAC), has recently raised $4.9 million from billionaire twins Cameron Winklevoss and Tyler Winklevoss, according to its latest federal filings. The PAC, which has also received significant funding from venture capitalists like Marc Andreessen and Ben Horowitz, as well as companies such as Coinbase Global Inc. and Ripple Labs, raised an additional $6.3 million in January. The Winklevoss brothers are co-founders of the crypto exchange Gemini and are major Bitcoin investors. The Winklevoss twins have donated $4.9 million to the Fairshake Super Political Action Committee (PAC), which is supported by notable entities like Coinbase and a16z, and has a $73 million war chest aimed at opposing anti-crypto candidates and supporting those in favor of digital assets in the upcoming U.S. election. Fairshake, describing itself as committed to securing the U.S. as a home for internet innovators, has received significant donations from various key players in the crypto industry, including Payward Inc., Electric Capital Partners, Blockchain Capital, Marc Andreessen, Ben Horowitz, Jump Crypto, Coinbase, and Ripple Labs. The PAC has already spent $3.6 million opposing California Senate candidate Katie Porter, marking its largest expenditure to influence an election to date. The 2024 U.S. election, with all 435 seats in the House of Representatives, 33 seats in the Senate, and the presidency up for grabs, is seen as a critical juncture for the crypto industry, which faces increased scrutiny from lawmakers and regulators. According to a Bloomberg report citing the latest federal documents, Fairshake, a cryptocurrency Super PAC, has raised $4.9 million from Gemini co-founders Cameron Winklevoss and Tyler Winklevoss. The latest filings submitted to the Federal Election Commission show that Fairshake has received millions of dollars in funding from venture capitalists such as Marc Andreessen and Ben Horowitz of a16z, as well as companies like Coinbase Global Inc. and Ripple Labs, and raised another $6.3 million in January. FairShake, a super political action committee (PAC), has now received funding of a total of $4.9 million from billionaire twins Cameron Winklevoss and Tyler Winklevoss, Bloomberg reported.
Next news: It seems that someone received an #airdrop of 1,432,800 $STRK ($3M) via 1,361 wallets!

The 1,361 wallets transferred $STRK to wallet"0x027c…9078" after claiming the #airdrop.


Next news: It seems that #Nethermind is selling $STRK!

Nethermind: Lido Node Operator received 10.25M $STRK($23M).

Then sold 209,100 $STRK for 671,326 $USDC at $3.21 via wallet"0x663e".
Next news: DWF Labs, a prominent investment firm, has made a significant investment in the cryptocurrency PROM by purchasing $1 million worth of the digital asset. This transaction was executed on February 21st at an average price of around $9 per PROM, totaling 111,000 units of the cryptocurrency. Additionally, DWF Labs' CEO, Andrei Grachev, made a personal investment of $500,000 in PROM at a price of around $10 per unit on February 14th, acquiring 49,965 PROM. Following these investments, the price of PROM experienced a substantial increase of 75%. Due to the news of DWF Labs' purchase, PROM rose over 15% in a short period of time. According to market data information from BlockBeats on February 21st, PROM surged more than 15% in a short period of time, and is now priced at $11.683 USD. Prior to this, DWF Labs had just spent 1 million USDT to purchase 111,000 PROM tokens at an average price of approximately $9 USD. DWF Labs has announced a seven-figure strategic investment in the PROM NFT game market. On February 21st, DWF Labs announced a seven-figure strategic investment in the game NFT market, specifically in PROM. Prior to this announcement, DWF Labs spent 1 million USDT to purchase 111,000 PROM tokens at an average price of around 9 US dollars.
Next news: A certain whale/institution has increased its holdings by 83,286 $ETH in the past half month, amounting to approximately $270 million. According to BlockBeats news on February 21st, as monitored by @AI_9684XTPA, this accumulation occurred between February 8th and 20th, with an average purchase price of $2772 per $ETH, resulting in a current floating profit of $19.32 million. A certain whale has once again transferred 2,000 $ETH from Kraken, accumulating a total of 24,380 ETH. According to BlockBeats news on February 21st, as monitored by Lookonchain, a whale has transferred 2,000 $ETH out of Kraken again 27 minutes ago. Since May 24th, 2023, the whale has accumulated 24,380 $ETH (worth $71 million) from Kraken at an average price of $2,180, and currently has an unrealized profit of $16.8 million. An Ethereum ($ETH) whale has made a significant investment, purchasing $166 million worth of $ETH in just three days. This activity was reported by Spot On Chain, noting the investor used platforms like Binance and 1Inch for the transactions. The latest purchase involved 3,413 $ETH at approximately $2,933 per $ETH, part of a larger buying spree totaling 58,134 $ETH at an average price of around $2,850 per ETH. The whale's remaining balance of 19.89 million USDT suggests potential for further purchases. Ethereum's market price stands at $2,919, with a 0.14% increase in the last 24 hours and a 17.94% surge in the last 30 days. The 24-hour trading volume for $ETH has risen by 45.18%, indicating a robust market environment. Insights from CoinGlass show an increase in open interest in Ethereum by 1.02% over the last day, totaling $10.58 billion, with significant activity on major exchanges like Binance, Bybit, and OKX. The actions of this Ethereum whale highlight the impact large-scale transactions can have on the market.
Next news: Former Celsius Network Ltd. CEO Alex Mashinsky is comfortable using the same lawyers as FTX founder Samuel Bankman-Fried to defend against charges of inflating his firm’s cryptocurrency price. Mashinsky, charged with wire fraud and other crimes last year, told a federal judge he would waive any potential conflicts of interest related to the dual representation by lawyers Marc Mukasey and Torrey Young. These lawyers were hired by Bankman-Fried last month for his sentencing after being convicted of stealing customer funds.
Next news: MicroStrategy's Bitcoin profit soars to almost $4 billion as the price of the cryptocurrency surges. The company holds a staggering 190,000 $BTC in its treasury and has rebranded itself as a "Bitcoin development company." Michael Saylor, the founder of MicroStrategy, advocates for holding Bitcoin amidst the introduction of ETFs, citing its superiority over traditional assets. He commits to perpetually buying Bitcoin and predicts the flow of capital from traditional assets into Bitcoin. Saylor also discusses the impact of Bitcoin ETFs and his strategy on holding Bitcoin, highlighting the significant demand for Bitcoin and its emergence as a trillion-dollar asset class. However, he expresses skepticism regarding the recent approval of Bitcoin ETFs, warning that they could potentially undermine the decentralized nature of the crypto space.

Okay that's all for today. Thank you for tuning in, and we hope you found it helpful. Visit sosovalue.xyz, our one-stop financial research platform for crypto investors, to stay abreast of the latest market trends and key information. Until next time, goodbye.