SoSo Daily May 30

As of 11:59 AM on May 30, 2024, the total market cap of the crypto market is 2.67 trillion US dollars, showing a decrease of 1.14% compared to the previous day. The 24-hour trading volume is 86.86 billion US dollars, indicating a decline of 6.01% from the previous day.

According to sosovalue, the price of $BTC is 67,817 USD, a increase of 0.0788% from yesterday. The market cap of $BTC is 1.34T USD, accounting for 50.1% of the total market cap; $BTC's 24-hour trading volume is 31.28B USD, making up 36% of the total trading volume.
The price of $ETH is 3,737.2 USD, down 1.94% from yesterday; the market cap of $ETH is 448.98B USD, representing 16.8% of the total market cap; $ETH's 24-hour trading volume is 18.15B USD, comprising 20.9% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 67.4% of the total cryptocurrency market cap, and their combined trading volumes constitute 56.9% 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 11:55, according to the latest data, the top five gainers are:
Top 1 gainer is Stargate Finance. As of 11:55 today, its market cap is 163.89M, with a coin price of 0.80200 USD, witnessing a 24-hour increase of 59%.
The second is LOBO•THE•WOLF•PUP. As of 11:55 today, its coin price is 0.0014035 USD, with a 24-hour increase of 50.1%.
The third is Lifeform. As of 11:55 today, its coin price is 0.22083 USD, showing a 24-hour increase of 42.5%.
In fourth place is Findora. As of 11:55 today, its coin price is 0.00092110 USD, with a 24-hour rise of 41%.
In fifth place is BOSagora. As of 11:55 today, its coin price is 0.027105 USD, increasing by 38.3% over the last 24 hours.


Moving on, let's take a look at the sector performance in the crypto market.
According to sosovalue, out of 15 sectors, 13 are up and 2 are down. Notably, GameFi sector has fallen by -3.5% relative to the UTC 0 time, led by declines in hxro (-100%), starl (-31.3%), and roco (-18.7%).
Others sector has decreased by -3.56% relative to UTC 0, with RSC (-100%) and nu (-100%) leading the decline.
Meme sector has fallen by -6.53%, with corgiai (-100%), mog (-21.1%), and dino (-19.6%) leading the decline.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:PayPal has expanded its stablecoin, PayPal USD (PYUSD), to the Solana blockchain, in addition to its existing presence on Ethereum. This move aims to leverage Solana's high transaction speed and low costs to enhance PYUSD's utility as a payment method for small and daily purchases. Solana can process up to 65,000 transactions per second at costs as low as $0.0025, offering a significant advantage over Ethereum's capacity and cost. PayPal's integration into Solana is part of its broader mission to provide a stable digital currency for commerce and payments, ensuring a chain-agnostic experience for PayPal and Venmo wallet users. The expansion also reflects the growing use of the Solana network for stablecoin transfers, with its volume reaching $1.5 trillion over the past year, surpassing Ethereum's $885 billion. Despite its advantages, Solana faces challenges such as network outages, with a recent incident halting transactions for nearly five hours. PayPal launched PYUSD in August 2023 in collaboration with Paxos Trust Company, initially as an ERC-20 token on Ethereum, backed by U.S. dollar deposits, short-term treasuries, and cash equivalents. The stablecoin market is currently dominated by Tether (USDT), with PYUSD holding a market capitalization of $272.96 million.
Next news: Gemini Earn users will be able to withdraw over $2 billion in cryptocurrencies in physical form, more than a year after the lending program ended. The value of the funds to be issued has increased by 232% since withdrawals were halted in November 2022. Customers who lent one Bitcoin will receive one Bitcoin in physical form.
Next news: Crypto asset management company Hashdex has withdrawn its spot Ethereum ETF application from the US SEC. According to SEC documents, the withdrawal was made on May 30.
Next news: BlackRock has updated its Form S-1 for its spot Ether ETF, indicating a strong possibility of a late June launch. This update comes after the SEC approved its 19B-4 filing, a necessary step for the ETF to begin trading. Analysts, including Bloomberg's Eric Balchunas and James Seyffart, view this as a positive sign that issuers and the SEC are actively working towards the launch of spot Ethereum ETFs. BlackRock's amended S-1 also revealed details about its seed capital investor, a BlackRock affiliate firm, which has agreed to purchase $10 million in shares at a per-share price of $25.00. The ETF, to be listed under the ticker "ETHA," is seen as a significant move towards the introduction of cryptocurrency ETFs in the U.S. market.
Next news: According to SoSoValue, Bitcoin spot ETFs in the US experienced a total net inflow of $45.14 million on May 28, marking 11 consecutive days of consistent inflow. Grayscale's ETF GBTC had a net outflow of $105.17 million, while BlackRock's ETF IBIT had a daily net inflow of $102.51 million and Fidelity's ETF FBTC had a daily net inflow of $34.35 million. The total net asset value of Bitcoin spot ETFs stands at $58.47 billion, with the historical cumulative net inflow reaching $13.73 billion.
Next news: Ripple has donated an additional $25 million to the cryptocurrency Super PAC FairShake, bringing the total donations to nearly $100 million ahead of the general election in November. This follows a previous fundraising effort on May 19, where FairShake and two affiliated Super PACs, "Defend American Jobs" and "Protect Progress", raised a total of $85 million. FairShake supports political candidates who are in favor of cryptocurrency and blockchain technology. Notably, venture capitalists Marc Andreessen and Ben Horowitz have each contributed $9 million to FairShake.
Next news: A whale sold 66.07 billion PEPE and made a profit of 4.95 million US dollars. BlockBeats reported that on May 30, according to Lookonchain monitoring, in the past 10 minutes, a whale deposited all 66.07 billion PEPE (US$9.52 million) purchased a month ago into Binance and made a profit of about US$4.95 million, with a return on investment of 52%. The price of PEPE has fallen nearly 20% from its peak.
Next news: Under Secretary Brian Nelson discusses the risks and national security challenges posed by crypto mixers, emphasizing the need for transparency. The US Treasury distinguishes between privacy and obfuscation in crypto mixers.
Next news: Cathie Wood has stated that the filings for Ether ETFs were approved because cryptocurrency has become an election issue. She also mentioned that the approval process for these filings was not conducted in a regular manner.
Next news: Vitalik Buterin emphasizes that Layer 2 (L2) is a cultural extension of Ethereum, allowing for the creation of sub-ecosystems with unique functions that are still part of the larger Ethereum network. He highlights specific ways L2 can achieve cultural specialization, including a greater willingness to conduct user or business development, an emphasis on the diversity of values, and a diversity of participants. Vitalik also points out that Polygon, Optimism, Metis, Arbitrum, Scroll, Taiko, and more Layer 2s allow subcultures to emerge that are armed with substantial resources. However, he is concerned that some L2s only want to achieve narrow financial success.

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.