Crypto Update | Don’t Sleep On Meme Coins

Meme coins are already core components of crypto communities. And as they make their way to more mainstream communities through artists, social platforms and websites that are already in use, they might become core components of web two communities too. All that to say, don't sleep on meme coins. It's Wednesday, June 26th and this is Market Daily a show where we make sense of what's going on in the crypto markets. This morning, Bitcoin briefly surged above $62,000 and then retreated to where it is now just above $61,000. As of recording time, the price fell amid significant on chain activity in the German government's Bitcoin holdings, Blockchain sleuth look on chain found that the eurozone's largest economy transferred 750 Bitcoins that's valued at over $46 million. A portion of that going exchanges. Now, this is an indication that the country might be preparing to sell the tokens. The action is part of a divestment of Bitcoin seized from a privacy website. Now, Bitcoin is down almost 10% for the month. This is a stark contrast with a 5% gain in Wall Street's tech heavy index. The NASDAQ will continue to watch this closely as the different trajectories might foreshadow a tightening of liquidity conditions in financial markets and be a bearish signal for the NASDAQ capital management founder, Michael Kramer said in his daily analysis quote, if Bitcoin serves as liquidity gauge, then it would tell us that liquidity in the market is falling and that the NASDAQ 100 should eventually follow suit and move lower as well. Separately, investors are waiting to see how Mount Gox plan to distribution will affect crypto markets. Although analysts recently said that supply overhang concerns stemming from the defunct exchange planned distribution of 100 and 40,000 Bitcoin are overdone. And according to bit wise, Ceo Matt Hogan Ethers spot ETF S are likely to attract $15 billion of net inflows in the 1st 18 months, Bitcoin of course benefited from a first mover advantage which could reduce inflows into the spot ether ETF products. Now, on this show, as you know, if you are a regular listener, I get to ask my guests about their calls of the day every morning. Today is a little bit different. I'll be sharing my call of the day. A hot take on what could happen in the crypto markets based on what we're seeing in the headlines now. Although markets are down for a variety of reasons and analysts who have been on this show in recent days have said that they expect them to remain down in the short term. I think there's going to be a resurgence at the end of the year in meme coins and more specifically meme coin utility. Now we learned yesterday that Solana is launching a new set of features for the chain called actions and blinks. These features hope to allow people to transact on blockchains directly from within the websites and social platforms that they already use. For me. This is a huge step closer to mainstream adoption and enhanced 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 are no communities and there's not already utility. We've seen sh I with and pepe breathe a new life into meme coins. But if features like actions and blinks can unlock use cases that span beyond trading speculation and good times, I think that this propels the industry into new territory. Now we've seen this trajectory before, right? With NFTS as they mature and more utility use cases are unlocked, they're becoming critical pieces to engagement loops. I think that the same is going to happen with meme coins now to talk about this. I think we have to bring up Iggy Azalea's viral mother token which is sitting at a $70 million market cap less than one month out from its launch right out of the gate. Azalea says that the tokens can be used to buy phones and monthly plans that is utility meme coins are already core components of crypto communities. And as they make their way to more mainstream communities through artists, social platforms and websites that are already in use, they might become core components of web two communities too. All that to say, don't sleep on meme coins. That's a wrap for markets daily. Today, I'm Jen Sani. We'll see you tomorrow.