Crypto Update | Don’t sleep on meme coins | video

Meme coins are already core components of crypto communities. And as they make their way into more traditional communities through artists, social platforms and existing websites, they could also become key components of Web Two communities. All this to say: don’t sleep on meme coins. It’s Wednesday, June 26 and this is Market Daily, a show where we make sense of what’s happening in the cryptocurrency markets. This morning, Bitcoin briefly rose above $62,000 before retreating to where it now sits just above $61,000. At the time of registration, the price dropped due to the chain’s significant activity in the German government’s Bitcoin holdings, a Blockchain study of the chain found that the eurozone’s largest economy transferred 750 Bitcoins worth over $46 millions. Some of these exchanges take place. Now, this is an indication that the country may be preparing to sell tokens. The action is part of a divestment of Bitcoins seized by a privacy website. Now, Bitcoin is down nearly 10% for the month. That’s in stark contrast to a 5% gain in Wall Street’s tech index. The NASDAQ will continue to watch the situation closely as the different trajectories could foreshadow a tightening of liquidity conditions in the financial markets and be a bearish signal for the founder of NASDAQ Capital Management, Michael Kramer said in his daily analysis quote, if Bitcoin acted as a liquidity indicator, then it would tell us that liquidity in the market is decreasing and that the NASDAQ 100 should eventually follow suit and fall as well. Separately, investors are waiting to see how Mount Gox’s distribution plan will affect cryptocurrency markets. Although analysts recently said that concerns about oversupply arising from the exchange’s defunct planned distribution of 100 and 40,000 Bitcoins are overblown. And according to some wise CEO Matt Hogan Ethers spot ETF S will likely attract $15 billion in net inflows in the first 18 months, Bitcoin obviously benefited from a first-mover advantage that could reduce inflows into spot ETF products ether. Now, on this show, as you know, if you’re a regular listener, every morning I get to ask my guests what their calls of the day are. Today is a little different. I’ll share my call of the day. An interesting take on what could happen in the cryptocurrency markets based on what we see in the headlines now. Although markets are down for a variety of reasons and analysts who have been on this show over the past few days have said that they expect them to remain down in the near term. I think at the end of the year there will be a resurgence of meme coins and more specifically the utility of meme coins. Yesterday we learned that Solana is rolling out a new set of features for the chain called Actions and Blinks. These features hope to allow people to transact on blockchain directly from the websites and social platforms they already use. For me. This is a huge step towards mainstream adoption and better user experience and gives meme coins more of a purpose, more utility communities have already formed around these projects, right? I’m not saying that there aren’t communities and that there isn’t already utility. We’ve seen sh I with and Pepe breathe new life into meme coins. But if features like actions and blinks can unlock use cases that go beyond trading speculation and good times, I think this will push the industry into new territory. Now we’ve seen this trajectory before, right? As NFTSs mature and more utility use cases are unlocked, they are becoming critical elements in engagement cycles. I think the same will happen now with meme coins to talk about this. I think we need to quickly mention Iggy Azalea’s viral parent token, which has a market cap of $70 million less than a month after its launch. Azalea says the tokens can be used to buy phones, and that monthly plans, aka utility meme coins, are already core components of crypto communities. And as they make their way into more traditional communities through artists, social platforms and existing websites, they could also become key components of Web Two communities. All this to say: don’t sleep on meme coins. This is the daily conclusion of the markets. Today I’m Jen Sani. See you tomorrow.

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