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SoSo Daily Jun 12

SoSo Newsletter
3KWords
Jun 12, 2024

Let's turn our attention to today's overall Crypto market situation.
As of 5:59 PM Hong Kong time on June 12, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.67 trillion US dollars, witnessing an increase of 5.04% compared to yesterday; the total trading volume is 109.40 billion US dollars, marking a decline of 16.3% from the previous day.

According to sosovalue, the price of $BTC is 69,830 USD, an increase of 4.65% from yesterday. The market cap of $BTC is 1.38 trillion USD, accounting for 51.6% of the total market cap; $BTC's 24-hour trading volume is 19.34 billion USD, making up 17.7% of the total trading volume.
The price of $ETH is 3,623.4 USD, up 4.29% from yesterday; the market cap of $ETH is 435.37 billion USD, representing 16.3% of the total market cap; $ETH's 24-hour trading volume is 8.79 billion USD, comprising 8.03% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 67.9% of the total cryptocurrency market cap, and their combined trading volumes constitute 25.73% 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 17:55 Hong Kong time, according to sosovalue, the top five gainers are:
Top 1 gainer is LOBO•THE•WOLF•PUP. As of 17:55 today, its market cap is 0E-8, with a coin price of 0.0027465 USD, witnessing a 24-hour increase of 46.1%.
The second is MUMU THE BULL. As of 17:55 today, its coin price is 0.000026890 USD, with a 24-hour increase of 40.5%.
The third is BakerySwap. As of 17:55 today, its coin price is 0.38980 USD, showing a 24-hour increase of 39.9%.
In fourth place is Wojak. As of 17:55 today, its coin price is 0.0013820 USD, with a 24-hour rise of 33.9%.
In fifth place is Blockchain Brawlers. As of 17:55 today, its coin price is 0.012040 USD, increasing by 33.7% 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 16 sectors, 16 are up and 0 are down. Notably, AI, DePIN, and SocialFi sectors are worth mentioning.
AI sector has risen 11.7% relative to the UTC 0 time, led by gains in DBC (29.6%), PAAL (17.9%), and RNDR (14.3%).
DePIN sector has increased 9.78% relative to UTC 0, with LPT (29.6%), DBC (29.6%), and WSI (22.4%) leading the rise.
SocialFi sector has risen 8.01%, with MOON (19.2%), TON (8.9%), and MBL (5.87%) leading the rise.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Former President Donald Trump expresses support for Bitcoin miners and advocates for U.S.-based Bitcoin mining to counter CBDCs. He met with industry executives, promising support if re-elected and emphasizing the strategic importance of domestic Bitcoin mining for national energy mastery.
Next news: Bitcoin's price drops to $67K amid investor concerns ahead of the Federal Open Market Committee (FOMC) meeting and a strong US Jobs report. Trading firms like QCP Capital remain optimistic, betting on a bullish recovery. Key liquidity levels are identified at $70K and $72K, suggesting possible reversal points if bullish trends resume. The market is closely watching the $67K support level and potential impacts from the upcoming FOMC decision and calls for lower interest rates.
Next news: Zimbabwe is actively seeking public input and engaging with the crypto industry to develop a regulatory framework for cryptocurrency operations. The government aims to align with global standards and best practices in this sector, inviting comments from both local and international cryptocurrency service providers. This initiative is part of Zimbabwe's efforts to enhance its understanding of the crypto industry and tailor virtual asset regulations to meet the country's specific needs.
Next news: Terraform Labs agrees to pay $4.47 billion in SEC case. The settlement includes $3.5 billion in disgorgement, over $460 million in prejudgment interest, and $420 million as a civil penalty. Former CEO Do Kwon will contribute $200 million to the Terraform bankruptcy estate. The settlement aims to address significant fraud and provide recovery for investors affected by Terraform's collapse after the failure of TerraUSD in 2022.
Next news: Polygon introduces a $720 million Community Treasury to fund blockchain projects, targeting developers within the Polygon and Ethereum ecosystems. The initiative will distribute approximately 100 million Polygon ecosystem tokens annually over the next decade. The Community Grants Program offers two tracks for builders and is currently open for applications. Polygon's recent advancements in zero-knowledge technology are also highlighted. The Polygon community treasury has launched a new grants program aimed at supporting builders on the blockchain. This initiative will distribute 35 million MATIC in its first season, with a total of 1 billion tokens planned for release over the next decade. The program is designed to encourage development and growth within the Polygon ecosystem, transitioning from MATIC to the new POL token. Applications for the first season are open until August 31, 2024, with grants ranging from 5,000 to over 50,000 MATIC. Polygon has launched a new grants program, which will distribute approximately 100 million POL tokens annually over the next decade. The funds for this initiative come from Polygon's Community Treasury.
Next news: U.S. Bitcoin ETFs acquired a significant amount of $BTC in the first week of June, nearly matching the total acquired in May. The 11 funds bought 25,729 $BTC, equivalent to two months of mining supply, with total net inflows of $15.69 billion since January. Despite the surge in inflows, Bitcoin's price struggles to surpass $70,000 due to macroeconomic influences. In contrast, Bitcoin spot ETFs experienced a $65 million outflow, ending a 19-day streak of inflows, with Grayscale's GBTC leading the outflows.
Next news: MetaMask, in collaboration with Consensys, has introduced a pooled staking service for Ethereum holders, enabling participation without the traditional 32 $ETH requirement. This service aims to boost network decentralization and security by allowing users to stake smaller amounts and earn rewards. While currently unavailable in the US and UK, plans are in place for expansion. Additionally, MetaMask has launched a native staking feature, MetaMask Pooled Staking, to facilitate easy staking directly from wallets, further enhancing network security and decentralization. The introduction of an Ethereum staking pool by MetaMask offers users the opportunity to stake any amount of $ETH to support network security and earn rewards.
Next news: A report by Crystal Intelligence reveals that cryptocurrency thefts have amounted to nearly $19 billion since 2011, involving 785 incidents such as security breaches, DeFi hacks, and fraud schemes. The largest theft was the $2.9 billion PlusToken Ponzi scheme in 2019. The year 2023 saw a record 286 thefts totaling over $2.3 billion, highlighting the escalating trend of cryptocurrency crime.
Next news: In May, the spot trading volume of major exchanges experienced a 20% decrease compared to the previous month. The top three exchanges with changes were Cryptocom (-3%), HTX (-4%), and Mexc (-10%), while the bottom three were Upbit (-40%), Bitget (-39%), and Gate (-21%).
Next news: A significant Bitcoin transaction of 8,000 $BTC worth $535 million from a dormant wallet to various addresses, including Binance, is believed to have contributed to the recent decline in Bitcoin's value. The wallet, inactive for over 5.5 years, distributed the Bitcoins before a notable market drop, with Bitcoin's price falling below $67,000. This event coincides with expectations of economic data from the USA that could also affect market movements.

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.

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