Market update

Cointree Crypto Market Update - May 29th 2024

Market report for traders

🔮 BTC and altcoins

Over the last 7 days, Bitcoin ends at AU$102,799, moving -5.65% at the time of writing. Meanwhile, Ethereum ends at AU$5,766 moving -1.97% week-on-week. On the Altcoin side, Solana -9.08%, Cardano -10.26%, and Pepe +11.16%.

🗞 What’s happening in the news?

Cat Tickles Drive Transaction Frenzy on Aptos Blockchain

Yes, you heard that right - tickling cats is driving some insane transactional activity on Aptos, a layer-1 blockchain network, thanks to a new "tickle-to-earn" cat game.

Over a three-day campaign, the game recorded over 323 million transactions, peaking at 115 million transactions in a single day. This surge dwarfed the usual daily transaction numbers on the network and even surpassed Ethereum's daily transactions during the same period.

The cat game attracted 63,000 users, each contributing an average of 5,000 transactions over the campaign. While this spike in transactions has been met with some skepticism, it highlights the innovative and sometimes whimsical applications of blockchain technology.

EU Prepares for Blockchain and AI Convergence

The European Union is gearing up for a significant technological evolution. The European Blockchain Observatory and Forum (EUBOF) recently published a report highlighting the upcoming integration of blockchain technology with artificial intelligence (AI). The convergence of these two powerful technologies is expected to revolutionize various sectors, particularly healthcare and finance, by enhancing data security and enabling decentralized AI networks. This integration could reduce the risk of data monopolies and promote collaborative AI development.

Moreover, AI's potential to improve smart contract functionality is a significant highlight, offering applications across multiple industries. The decentralized finance (DeFi) ecosystem continues to grow, with new protocols and applications on the horizon. The EU also plans to amend regulations governing the European High-Performing Computer Joint Undertaking (EuroHPC), aiming to leverage supercomputers for AI development. Hosting entities could receive up to 50% of the acquisition and operational costs from the EU, enhancing the continent's technological capabilities.

Former FTX Executive Sentenced

In a significant legal development, former FTX Digital Markets co-CEO Ryan Salame has been sentenced to 7.5 years in prison after pleading guilty to conspiracy charges. Salame's involvement in operating an unlicensed money-transmitting business and engaging in campaign finance fraud has resulted in severe penalties. This sentencing follows the downfall of FTX and its founder Sam Bankman-Fried, who was sentenced to 25 years in prison earlier this year.

Salame's case underscores the substantial consequences of undermining public trust in the financial system. He has been ordered to pay $12 million in penalties and surrender multiple assets. The sentencing highlights the ongoing repercussions of the FTX scandal and the importance of regulatory compliance in the crypto industry.

Pepecoin Active Wallets Double Amid Price Surge

Pepecoin, an Ethereum-based meme coin, has seen its number of active wallets more than double in the past month. This surge coincides with the approval of spot Ethereum ETFs, driving the price of Pepecoin and other meme coins like Floki up by over 27% in the past week. Daily active addresses for Pepecoin increased by 230%, indicating growing interest and adoption.

Despite market volatility, the majority of Pepecoin holders are currently in profit. Tracking active addresses provides insight into network adoption trends, with Pepecoin showing significant growth compared to other cryptocurrencies.