This Week in Crypto: Deep Dive with CMC Market Pulse! 🌐

Explore the latest industry news, insightful data, and exciting updates from CoinMarketCap. ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌       [CoinMarketCap Logo](~/AAQRxQA~/RgRoTv7KP0QraHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS8_bGlkPTl4YXNlbmFjN2FkNVcDc3BjQgpmYcp5bGb66WYbUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) 14 Jun 2024 CMC Market Pulse: The Essential Weekly Crypto Briefing Welcome to the first-ever CMC Market Pulse newsletter! With over 100M users, CoinMarketCap is the world's most trusted source of crypto data, insights, and community. Let's be honest: keeping up with this industry's constant chaos is a full-time job. Between the endless stream of news, constantly shifting narratives, and volatile price swings, staying up-to-date can feel like an endless marathon. And that's where we come in! Our team eats, sleeps, and breathes crypto to isolate the key narratives and developments that shift these volatile markets. So, in this newsletter, we'll serve up a concentrated dose of alpha that cuts right to the chase in under 5 minutes. No fluff, no filler - just straight facts and analysis to fuel your crypto strategy. Enough intro, though; you're here for the alpha. Let's dive into the major market catalysts shaping this week's action!   TLDR: - Better-than-expected inflation data. Wednesday's CPI print indicated slowing inflation in May. How did the crypto market react? 🤔 - Fed’s Hawkish Tone During FOMC. With the Fed only expecting one rate cut later this year, will the market continue to sell off? 📉 - Apple announces AI initiative. The world's most valuable company announced Apple Intelligence at WWDC. Did AI tokens rally? 🚀 - Solana Labs launches Bond. The customer loyalty platform targets global brands without any crypto knowledge. More use cases on Solana? 🧑‍💻   MARKET OVERVIEW 📉 [Bitcoin] Bitcoin $65,139.81 --------------------------------------------------------------- % CHANGE 7D ▼7.95% 30D ▲0.27% [Ethereum] Ethereum $3,382.24 --------------------------------------------------------------- % CHANGE 7D ▼10.51% 30D ▲13.48% This week, crypto markets experienced a sharp sell-off following the FOMC meeting: - Fed’s hawkish stance spooked markets: Despite maintaining interest rates, the Fed’s expectation of only one rate cut caused Bitcoin and the wider market to sell-off. - Trump wants to be “Crypto President”: The Republican candidate also made an appeal to Bitcoin miners, stating that he wants “all the remaining” Bitcoin to be mined in the USA. CPI and PPI data came in better than expected, and the Fed expects an interest rate cut for this year. Meanwhile, Trump continues pushing his support for crypto, while SEC Chair Gary Gensler said the ETH S1 filing will come by summer. However, in spite of the positive news, the crypto market is showing weakness, losing $190 billion, or 5.28%, of the total crypto market cap in the past week. Almost $1 billion in long positions were liquidated. The price action could potentially indicate waning momentum in the market where bullish news can no longer move the market higher. Read more on our market analysis [here](~/AAQRxQA~/RgRoTv7KP0SbaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS1qdW5lLTE0P2xpZD1mbmJteG41dGg4ZHAjOn46dGV4dD1vZiUyMHRoZSUyMFdlZWslMjAlRjAlOUYlOTMlOUQtLE1hcmtldCUyME92ZXJ2aWV3LC0lRjAlOUYlOTMlODlXA3NwY0IKZmHKeWxm-ulmG1IbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc).   NARRATIVE OF THE WEEK 📰 AI tokens: The launch of Apple Intelligence during WWDC saw renewed interest in the AI sector, with new launches performing well. AI has been one of the hottest narratives this year. However, the sector has been quiet lately, up till Apple’s WWDC this week. The world's most valuable company announced the launch of “Apple Intelligence” in collaboration with OpenAI, bringing attention to AI tokens again. New launches such as Aethir (ATH) and IO.NET (IO) have done exceedingly well against a weak crypto market. IO has gained 93% since listing, and the ATH token performed well, rallying 65% from its launch. Find out more [here](~/AAQRxQA~/RgRoTv7KP0SdaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS1qdW5lLTE0P2xpZD1ka2tqaWtiaGRhZjMjOn46dGV4dD15b3UlMjB3YWl0aW5nJTIwZm9yJTNGLSxOYXJyYXRpdmUlMjBvZiUyMHRoZSUyMFdlZWssLSVGMCU5RiU5MyVCMFcDc3BjQgpmYcp5bGb66WYbUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~).   MAJOR PROJECT UPDATES 🗓️ - Solana Stops MEV Attacks: Solana Foundation has withdrawn delegated stakes from Solana validators that enable sandwich attacks on Solana. - Injective Revises Tokenomics: The Cosmos-based chain updated tokenomics for INJ, creating a mechanism for a deflationary token. - Berachain Launches Second Testnet: BArtio B2 takes the highly popular chain one step closer to mainnet launch. The decision by the Solana Foundation has drawn flak from critics who claim that the move indicates a centralization in the network. On the flip side, others defend the move, stating that the Solana Foundation should have the right to use their delegated stakes to prevent sandwich attacks, which are recognized as a net negative for the ecosystem. Get more updates from top projects [here](~/AAQRxQA~/RgRoTv7KP0TQaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS1qdW5lLTE0P2xpZD10cjQycmtzZXl6dGUjOn46dGV4dD1BSSUyMENyeXB0byUyMHByb2plY3RzLi0sTWFqb3IlMjBQcm9qZWN0JTIwVXBkYXRlcyUyMCVGMCU5RiU5NyU5MyVFRiVCOCU4RiwtJUYwJTlGJTkzJThDJTIwVGhlJTIwU29sYW5hJTIwRm91bmRhdGlvblcDc3BjQgpmYcp5bGb66WYbUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~).   DEFI SECTOR UPDATE 🏦 [DeFi Sector Update](~/AAQRxQA~/RgRoTv7KP0SyaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS1qdW5lLTE0P2xpZD1rNnN1ODZ4ZWozcnUjOn46dGV4dD1Tb2xhbmElMjBGb3VuZGF0aW9uJUUyJTgwJTk5cyUyMHN0YWtlLi0sRGVGaSUyMEJyaWVmJTIwJUYwJTlGJThGJUE2LC1Tb3VyY2UlM0ElMjBodHRwc1cDc3BjQgpmYcp5bGb66WYbUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) Curve founder was liquidated for $140M: Michael Egorov was liquidated on Curve’s LlamaLend. CRV fell by over 37% in the past week. - EigenLayer competitor Symbiotic launches: The Paradigm-backed protocol saw deposits reach their cap in just under six hours. - Lido introduces restaking: The leading liquid staking provider introduces restaking solutions with partners, including Mellow Protocol and Symbiotic While EigenLayer pioneered restaking on Ethereum, new competitors are entering the space. With the backing of Lido’s co-founders and Paradigm, Symbiotic could pose a significant threat to EigenLayer’s monopoly of the Ethereum restaking sector Check out more DeFi news [here](~/AAQRxQA~/RgRoTv7KP0SyaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS1qdW5lLTE0P2xpZD04dmR5eWFhemd6dWgjOn46dGV4dD1Tb2xhbmElMjBGb3VuZGF0aW9uJUUyJTgwJTk5cyUyMHN0YWtlLi0sRGVGaSUyMEJyaWVmJTIwJUYwJTlGJThGJUE2LC1Tb3VyY2UlM0ElMjBodHRwc1cDc3BjQgpmYcp5bGb66WYbUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~).   MEME COIN MADNESS 🚀 Price 24H% [Dogecoin] [Dogecoin](~/AAQRxQA~/RgRoTv7KP0QuaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jdXJyZW5jaWVzL2RvZ2Vjb2luL1cDc3BjQgpmYcp5bGb66WYbUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) $0.13 ▼5.98% [Shiba Inu] [Shiba Inu](~/AAQRxQA~/RgRoTv7KP0QvaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jdXJyZW5jaWVzL3NoaWJhLWludS9XA3NwY0IKZmHKeWxm-ulmG1IbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) $0.0 ▼7.78% [Pepe] [Pepe](~/AAQRxQA~/RgRoTv7KP0QqaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jdXJyZW5jaWVzL3BlcGUvVwNzcGNCCmZhynlsZvrpZhtSG3RyaXN0cmFtYmFsZHdpbjkyQGdtYWlsLmNvbVgEAAADHA~~) $0.0 ▼9.54% [dogwifhat] [dogwifhat](~/AAQRxQA~/RgRoTv7KP0QvaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jdXJyZW5jaWVzL2RvZ3dpZmhhdC9XA3NwY0IKZmHKeWxm-ulmG1IbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) $2.27 ▼7.71% [FLOKI] [FLOKI](~/AAQRxQA~/RgRoTv7KP0QvaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jdXJyZW5jaWVzL2Zsb2tpLWludS9XA3NwY0IKZmHKeWxm-ulmG1IbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) $0.0 ▼6.61% Celeb coin sees new use case: Iggy Azalea’s MOTHER token, valued at $155 million, has a new utility: buying phones and cell plans from her relaunched telecom company. Meanwhile, the ugly side of “celebrities” reared its head as Andrew Tate beefed it out on X with crypto influencer Ansem. Discover the latest trend in meme coins [here](~/AAQRxQA~/RgRoTv7KP0S_aHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS1qdW5lLTE0P2xpZD00cTR2azJkNHB6cGkjOn46dGV4dD1FdGhlcmV1bSUyMHJlc3Rha2luZyUyMHNlY3Rvci4tLE1lbWVjb2lucyUyMCVGMCU5RiU5QSU4MCwtJUYwJTlGJTkzJThDJTIwSWdneSUyMEF6YWxlYSUyMHJlbGF1bmNoZXNXA3NwY0IKZmHKeWxm-ulmG1IbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc).   VC FUNDRAISES AND AIRDROPS 💰 - Recent Funding Successes: Nuffle Labs ($13M), Layer3 ($12M), Irys ($8.9M), Squads Labs ($10M), Pixelverse ($5.5M) - Notable Airdrops: zkSync, Orderly Network, Azuro Protocol The leading zk-rollup ZkSync has announced its airdrop, with a sizable 17.5% of the ZK token supply to be distributed to eligible wallets. Meanwhile, LayerZero's CEO Bryan Pellegrino confirms the highly anticipated LayerZero TGE and airdrop by the end of the month. Check out the full list of fundraisers and airdrops [here](~/AAQRxQA~/RgRoTv7KP0S8aHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS1qdW5lLTE0P2xpZD0zcjNtczJmeHlxaWMjOn46dGV4dD1vZiUyMHRoZSUyMFdlZWslMjAlRjAlOUYlOTMlOEEtLEZ1bmRyYWlzZXMlMjAlRjAlOUYlOTIlQjAsLSVGMCU5RiU5MyU4QyUyME51ZmZsZSUyMExhYnMlMjByYWlzZXNXA3NwY0IKZmHKeWxm-ulmG1IbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc).   TWEET OF THE WEEK 📝 [Tweet of the week](~/AAQRxQA~/RgRoTv7KP0REaHR0cHM6Ly94LmNvbS9JR0dZQVpBTEVBL3N0YXR1cy8xODAwMzMyMTgwMjA5NDc2MDAwP2xpZD1vMWcyNGE0bW1nc3dXA3NwY0IKZmHKeWxm-ulmG1IbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) We're at that stage of the bull market.   Thank you for reading this week’s edition of CMC Market Pulse. Stay informed, stay secure, and we’ll see you next week for more insights!   [Apple Store](~/AAQRxQA~/RgRoTv7KP0Q6aHR0cHM6Ly9hcHBzLmFwcGxlLmNvbS9hcHAvY29pbm1hcmtldGNhcC9pZDEyODIxMDcwOTg_bHM9MVcDc3BjQgpmYcp5bGb66WYbUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) [Google Play](~/AAQRxQA~/RgRoTv7KP0RQaHR0cHM6Ly9wbGF5Lmdvb2dsZS5jb20vc3RvcmUvYXBwcy9kZXRhaWxzP2lkPWNvbS5jb2lubWFya2V0Y2FwLmFuZHJvaWQmaGw9ZW5fVVNXA3NwY0IKZmHKeWxm-ulmG1IbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) [Twitter](~/AAQRxQA~/RgRoTv7KP0QyaHR0cHM6Ly90d2l0dGVyLmNvbS9Db2luTWFya2V0Q2FwP2xpZD01Mmpxc2FtMHFsNTVXA3NwY0IKZmHKeWxm-ulmG1IbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) [Telegram](~/AAQRxQA~/RgRoTv7KP0QraHR0cHM6Ly90Lm1lL0NvaW5NYXJrZXRDYXA_bGlkPXN2Z3R4ZGNiODd1c1cDc3BjQgpmYcp5bGb66WYbUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) [Facebook](~/AAQRxQA~/RgRoTv7KP0Q3aHR0cHM6Ly93d3cuZmFjZWJvb2suY29tL0NvaW5NYXJrZXRDYXA_bGlkPXB0dGFreGV4OGtieFcDc3BjQgpmYcp5bGb66WYbUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) [Instagram](~/AAQRxQA~/RgRoTv7KP0Q5aHR0cHM6Ly93d3cuaW5zdGFncmFtLmNvbS9jb2lubWFya2V0Y2FwLz9saWQ9bTgxdWlkZmt0dm52VwNzcGNCCmZhynlsZvrpZhtSG3RyaXN0cmFtYmFsZHdpbjkyQGdtYWlsLmNvbVgEAAADHA~~) [LinkedIn](~/AAQRxQA~/RgRoTv7KP0RAaHR0cHM6Ly93d3cubGlua2VkaW4uY29tL2NvbXBhbnkvY29pbm1hcmtldGNhcC8_bGlkPXpxYjlyaGI1OHRralcDc3BjQgpmYcp5bGb66WYbUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) DISCLAIMER: Please be aware that CoinMarketCap is NOT a cryptocurrency exchange and does NOT facilitate the buying, selling, withdrawal or trading of crypto/token assets. 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