SoSo Daily May 31

As of 11:59 PM on May 30, 2024, the total market cap of the crypto market is 2.68 trillion US dollars, showing a 0.167% increase over the last 24 hours. The 24-hour trading volume is 89.03 billion US dollars, indicating a 2.79% increase compared to the previous day.

According to sosovalue, the price of $BTC is 68,352 USD, a increase of 1.03% from yesterday. The market cap of $BTC is 1.35 trillion USD, accounting for 50.3% of the total market cap; $BTC's 24-hour trading volume is 31.28 billion USD, making up 35.1% of the total trading volume.
The price of $ETH is 3,746.8 USD, down 0.547% from yesterday; the market cap of $ETH is 450.14 billion USD, representing 16.8% of the total market cap; $ETH's 24-hour trading volume is 18.15 billion USD, comprising 20.4% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 67.1% of the total cryptocurrency market cap, and their combined trading volumes constitute 55.5% 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 12:00 Hong Kong time, according to sosovalue, the top five gainers are:
Top 1 gainer is Stargate Finance. As of 23:55 today, its market cap is 147.25M, with a coin price of 0.72060 USD, witnessing a 24-hour increase of 47.1%.
The second is RSIC•GENESIS•RUNE. As of 23:55 today, its coin price is 0.013570 USD, with a 24-hour increase of 46.7%.
The third is Lifeform. As of 23:55 today, its coin price is 0.22083 USD, showing a 24-hour increase of 42.5%.
In fourth place is LOBO•THE•WOLF•PUP. As of 23:55 today, its coin price is 0.0017570 USD, with a 24-hour rise of 33.2%.
In fifth place is Rebel Bots. As of 23:55 today, its coin price is 0.026370 USD, increasing by 22.4% 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, Meme sector has fallen by -5.14% relative to the UTC 0 time, led by declines in corgiai (-100%), dino (-11%), and popcat (-10.9%).


Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:DBS Bank, Singapore's largest bank, has been identified as an Ethereum whale by on-chain analysis firm Nansen. The bank holds approximately $650 million worth of $ETH, making it one of the largest holders of Ethereum. According to Nansen, an address associated with DBS Bank holds 173,753 $ETH, valued at around $647 million. This discovery highlights DBS Bank's significant investment in cryptocurrencies, particularly Ethereum, and its positive stance towards Bitcoin and other digital currencies.
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: Elon Musk may become a policy adviser for Donald Trump, influencing economic and border security policies, according to the Wall Street Journal. This potential role could boost Trump's pro-crypto agenda.
Next news: Terraform Labs and its CEO Do Kwon have reached a preliminary settlement with the SEC regarding a fraud case. The SEC had demanded Do Kwon and Terraform to pay approximately $4.7 billion in forfeiture gains and pre-judgment interest, as well as a total of $520 million in civil penalties. However, Terraform's legal team proposed a $1 million civil penalty and no forfeiture gains. Both parties will submit supplementary proposals by May 6 and May 1, respectively. The final terms are expected to be submitted for court approval by mid-June.
Next news: US SEC Commissioner Hester Peirce proposes a joint UK-US "Digital Securities Sandbox" to allow companies in both countries to safely experiment with blockchain technology for securities trading without regulatory concerns. The proposal suggests a collaborative effort with the UK, initially proposed by the Bank of England and the Financial Conduct Authority, to create a cross-border sandbox that could be more transformative than domestic versions. The sandbox would permit US companies to conduct business and trade securities using blockchain, with a maximum participation time of 2 years, extendable under certain conditions. Companies would have some autonomy in choosing regulatory rules but must adhere to government guidelines to protect investors. Successful sandbox participants may graduate to continue activities with special regulatory permission.
Next news: Ripple has donated $25 million to the cryptocurrency Super PAC FairShake, bringing the total donations to nearly $100 million ahead of the general election in November. FairShake supports political candidates who are in favor of cryptocurrency and blockchain technology. Ripple's donation aims to educate voters on the role of crypto and the dangers of anti-crypto policies in Washington.
Next news: New York State's top financial regulator announced on May 30 that virtual currency entities (VCEs) in the state are required to develop policies and procedures for handling customer service requests and complaints in a timely manner. Adrienne Harris, Director of the New York State Department of Financial Services, emphasized the importance of a transparent and timely complaint resolution and problem-solving process for consumers. Virtual currency companies licensed in New York must now analyze the requests and complaints received every quarter and will be monitored by the New York State Department of Financial Services.
Next news: Bitcoin staking protocol Babylon has completed a $70 million financing round, led by Paradigm. This marks the largest investment in the Bitcoin ecosystem in recent times. Binance Labs had previously announced its investment in Babylon. The news was reported by Bloomberg and further details are expected to be updated.
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: Matter Labs has filed for a trademark on the term "Zero-Knowledge" in nine countries, sparking outrage in the crypto industry. The company, which develops zkSync, aims to claim exclusive rights over the term and the technological paradigm of zero-knowledge (ZK) proofs. This move has been criticized by industry leaders, including StarkWare's CEO Eli Ben-Sasson, who likened it to a baker trying to patent bread. A public letter calling for the withdrawal of the trademark application has been signed by notable figures in the crypto and academic communities, arguing that ZK technology is a public good that should not be claimed by any single entity. Despite the controversy, the potential of ZK technology for digital identity solutions and beyond is highlighted.

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.