Key Market Insights for June 10: How Much Did You Miss?

Selected News

1.UK Financial Conduct Authority Appoints New Deputy CEO, Responsibilities Include Crypto Regulation

2.CZ: June 9 Will Be Remembered as DeFi Day

3.Orange Cap Games Secures $3.5 Million in Seed Round Funding, Led by 1kx and Yuga Labs

4.HYPE Surpasses $40, Reaching an All-Time High

5.Virtuals Ecosystem Tokens See Broad Surge, NOMAI Up Over 70% in a Single Day

Featured Articles

1.《The KTA Conspiracy Uncovered: Linking to Google’s Former CEO Schmidt’s Affair》

Last night, the Base chain's "pump-and-dump darling," $KTA, plunged, with a 24-hour drop of 20% at the time of writing. The trigger for the crash was a single tweet. Community user MRG (@thespacecatjr) stated after experiencing the Keeta testnet that the project was completely fake: "The block explorer is a fake page built on Vercel, and the transaction data displayed is fabricated. The swap feature doesn’t even work. The whitepaper is AI-generated trash, and the documentation is the same. They didn’t even bother testing their SDK." What intensified $KTA's plunge was a reply from on-chain sleuth ZachXBT: "When the loudest promoters of a project aren’t the actual developers but rather unknown KOLs (like Nekoz), it usually means the tech isn’t great. An allegedly 'serious' L1 chain project launching tokens, levying high taxes before releasing a product, and being pumped to sky-high valuations—this is always outrageous and hilarious."

2."Tokenized U.S. Stocks Gain Momentum: Which On-Chain Platforms Allow Trading of U.S. Stocks?"

Recently, the two keywords "crypto" and "U.S. stocks" have been frequently intertwined. On one hand, U.S.-listed companies are flocking to buy crypto assets, with firms like SharpLink and GameStop leveraging this strategy to significantly boost their stock prices in the short term. On the other hand, crypto companies are taking the IPO path to list on U.S. stock markets. For instance, USDC stablecoin issuer, Circle, closed its first trading week on June 6 at $107.7 per share, marking a 247.4% increase compared to its IPO price of $31. BitMEX co-founder Arthur Hayes even remarked that Circle's IPO might herald the beginning of a crypto IPO frenzy. Such fervor leaves crypto enthusiasts eager to participate rather than miss out, especially if this indeed marks a new liquidity bonanza. In light of this trend, on-chain trading of U.S. stocks has become a hot topic.

On-Chain Data

On-chain funds flow for June 10: