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News/Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | May 11 - May 17, 2024

Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | May 11 - May 17, 2024

Van Thanh Le

May 17 2024

last month6 minutes read
Coin360 weekly crypto news, cryptocurrency updates, market movement

Crypto Weekly Market Update

Table of Contents

Crypto Market Updates

  • Crypto Weekly Recap

Big Firm's Bitcoin Strategy

  • El Salvador's Bitcoin Venture Yields $57.4 Million Profit
  • Institutional Investors Fuel Bitcoin ETF Growth

Stock and Memecoin Market Movements

  • GameStop Stock and Memecoins Surge Dramatically
  • Faces $2 Million Exploit by Ex-Employee

Cryptocurrency Tokens and Exchanges

  • Most New Tokens on Binance Underperform
  • Bybit Faces Regulatory and Operational Challenges
  • Notcoin Launches with Over $1 Billion Trading Volume

Cryptocurrency Security Concerns

  • Worldcoin Foundation's Privacy Move Amid Accusations
  • Sonne Finance and Others Suffer Significant Hacks

NFT Market Trends and Legal Issues

  • Pudgy Penguins NFT Toys Achieve Major Sales Milestone
  • 95% of 2024 NFT Market Valued as Worthless
  • Dolce & Gabbana Sued Over NFT Losses
  • LVMH and BlockBar Launch NFT Edition of Garrus Rosé

Crypto Weekly Recap


  • Weekly change: +6.67%
  • Bitcoin is expected to close its best week since March.
  • After dropping from nearly $63,000 to $60,400 last Friday, BTC was uneventful over the weekend.
  • On Monday, BTC dropped to $60,000 before jumping to $63,100. El Salvador unveiled its public Bitcoin mempool, showcasing nearly $353 million holdings, and institutions like Bracebridge & UBS revealed their investments in BTC ETFs.
  • On Tuesday, the Producer Price Index (PPI) met expectations at 2.2%, marking a 3-month consecutive increase. Coinbase’ sudden outage contributed to the price drop.
  • BTC dropped to $61,000 until Wednesday noon, then rose in anticipation of macro data releases.
  • In April, the U.S. Consumer Price Index (CPI) rose 0.3%, indicating eased inflation. Year-over-year CPI was 3.4%, and core CPI was 3.6%. Bitcoin surged to its weekly high of $66,500 that night.
  • BTC maintained its upward trend with 600 firms investing $3.5 billion into ETFs.
  • Bitcoin reached $67,000 by Friday afternoon (UTC) After CPI data, both crypto and stocks rebounded, with bitcoin over $66,000 and ether above $3,000.
  • Bitcoin spot ETF inflows returned, starting Monday with $66 million, with the following days recording over $100 million each.
  • Digital asset investment products saw inflows after 5 weeks of decline.
  • The U.S. Senate voted disapproving SEC's SAB121.
  • Long-term holders retained Bitcoins. On-chain data showed new Bitcoin whales buying 200,000 BTC weekly. Short-term holder whales' demand decreased post-ATH but they still bought 200,000 BTC weekly.
  • U.S. spot Bitcoin ETFs bought 11,188 Bitcoins, five times the total mined, with $257 million in net inflows. Grayscale's GBTC hit record inflows.
  • Stablecoins' market capitalization surged by 25% last week, and the Tether Treasury minted an additional $1 billion USDT tokens.
chart (2).webp


  • Weekly change: +4.96%
  • ETH price action was boring during the first half of the week.
  • It flirted with $3,000 since Monday but didn't reach it until Wednesday after the CPI announcement.
  • Roaring Kitty's return fueled memecoin rises, leading to a surge in Ethereum memecoins like PEPEFLOKI, APU, MOG, and SHIB, causing a slight increase in average transaction fees and ETH burnt, but active addresses didn't change much.
  • On Wednesday, aside from the CPI, a recent SEC filing raised concerns about spot Ethereum ETFs' approval. Classification issues regarding ETH might lead to strategic denials, with legal terms indicating slim odds for approval.
  • Despite the news, ETH broke $3,000 after the CPI and headed to $3,100 today, as Ether's sell-off paused, yet Ethereum still underperformed Bitcoin due to a weaker capital rotation trend.
  • A Coinbase research report suggested Ethereum (ETH) was positioned for an upside surprise due to its market strength, lack of major supply-side pressures, and central role in decentralized finance. Analysts highlighted ETH's resilience, supported by staking and layer 2 growth. Anticipation of potential approval for U.S. spot ETH ETFs could lead to positive surprises.
  • ETH performance seemed outshined by Solana as it was the leading blockchain by weekly altcoin inflows (CoinShares), the #1 blockchain by new tokens born in April, and had staking in Europe enabled by Robinhood.


El Salvador's Bitcoin Venture Yields $57.4 Million Profit

El Salvador's pioneering Bitcoin venture, started in September 2021, is backed by a $360 million treasury holding 5,748.76 BTC. The nation's strategic acquisitions, including the recent purchase of 7 BTC for over $438,000 and 31 BTC for $1.94 million, reflect President Nayib Bukele's "buy one Bitcoin daily" initiative. The average Bitcoin purchase price of $43,097 has resulted in an unrealized profit exceeding $57.4 million.

However, the adoption rate among Salvadorans remains modest at 12% in 2023. In contrast, institutional inflows into U.S. spot Bitcoin ETFs have turned positive with $413 million worth of net inflows. El Salvador's transparent strategy is applauded, with a new token bond indicating significant economic potential.

Institutional Investors Fuel Bitcoin ETF Growth

Institutional investors spearhead a surging interest in Bitcoin ETFs, with over 600 companies injecting $3.5 billion into these funds in a recent quarter. Noteworthy financial giants like Morgan Stanley and JPMorgan, along with prolific hedge funds such as Millennium Management, are prominent players in this burgeoning ETF space. 

Millennium leads the pack with a hefty $1.9 billion stake across diverse Bitcoin ETFs, setting the pace for the institutional rush. This wave of capital infusion, representing a fraction of total ETF assets, signifies a bullish stance on Bitcoin's future, underpinned by strategic institutional bets and confident investment maneuvers.  

GameStop Stock and Memecoins Surge Dramatically

On May 14, 2024, GameStop's stock soared by 74.4%, with a $9.32 billion market cap, paralleled by meme coins like AMC. "Roaring Kitty," Keith Gill's return caused a surge in GameStop call options. Short sellers faced $852 million losses. A GameStop meme coin, GME, surged by 2,291%, reaching a $100 million market cap. Solana-based tokens based on GameStop boomed. PEPE, a meme coin, hit an all-time high at $0.00001151 after Keith Gill's resurgence. 

The market saw revived risk appetite, with PEPE's derivatives volume surpassing $5 billion, driving a bullish trend. Frog-themed memecoins, inspired by Gill, surged up to 30%. Jay Clayton cautioned about the ethical issues of meme stock frenzies.

chart.webp Faces $2 Million Exploit by Ex-Employee

The Solana-based meme coin launchpad was struck by a $2 million exploit orchestrated by a former employee, "Staccoverflow," resulting in the theft of approximately 12,300 SOL. Utilizing flash loans, the attacker manipulated's bonding curve contracts, paving the way for the theft. Staccoverflow claimed personal grievances against the project and expressed intent to "kill" it. swiftly paused trading, upgraded contracts, and announced compensation plans. The affected protocols reinforced their security postures following the exploit. Daily revenues of over $1.2 million reported prior to the incident underscored the platform's substantial user activity. Enhanced security measures and regular audits were identified as critical needs in Solana's ecosystem. 

Most New Tokens on Binance Underperform 

According to pseudonymous crypto researcher Flowover 80% of the newly listed tokens on Binance are in the red, raising concern for investors. Only five out of 31 analyzed tokens, including Memecoin (MEME), Ordi (ORDI), Jupiter (JUP), Jito (JTO), and Dogwifhat (WIF), have appreciated in value. 

This signals a challenging market environment and highlights the lack of real user base despite high initial valuations. Tokens launched on Binance act as "exit liquidity" for insiders due to limited retail access to quality early investment opportunities. Additionally, memecoins, such as Ordi and Dogwifhat, have experienced notable growth driven by retail interest and independent operation from the altcoin market. 

Bybit Faces Regulatory and Operational Challenges

Bybit faces significant regulatory and operational challenges. The French AMF reminded the public that Bybit has been blacklisted since May 20, 2022, for unauthorized cryptocurrency services. Concurrently, Bybit's CEO apologized for the Notcoin listing debacle where not all users received their airdrop before trading, causing price discrepancies and promising compensation for affected users. 

Additionally, Bybit withdrew from Canada and the UK due to strict regulations. Despite these hurdles, Bybit maintains a high trust rating and remains one of the top centralized exchanges.

Notcoin Launches with Over $1 Billion Trading Volume

On May 16, 2024, Notcoin's NOT token was launched with an airdrop of over 80 billion tokens, involving 35 million players. Trading began on major exchanges like Binance, OKX, and Bybit, quickly reaching over $1 billion in trading volume. Notcoin, developed by Open Builders, has 67.9 trillion minted tokens and 16 trillion burned. 

Initially priced at a $1 billion market cap, it saw a volatile price drop post-launch. The tap-to-earn Web3 game allows token mining and referrals, amassing a large Telegram community. Trading pairs include BTC, USDT, BNB, and FDUSD, and staking rewards are available.

chart (3).webp

Worldcoin Foundation's Privacy Move Amid Accusations

The Worldcoin Foundation launched an advanced secure multi-party computation (sMPC) system for iris code encryption to enhance privacy safeguards, developed with TACEO. 

Conversely, on May 14, 2024, DeFi^2, a top Bybit trader, accused the Worldcoin team of manipulating their system for profit, alleging predatory tokenomics and a $200 million WLD token sale to trading firms. The trader highlighted concerns about hyperinflation due to upcoming token unlocks and emissions, predicting daily devaluation and significant sell pressure, thus benefiting insiders over the public.

chart (4).webp

Sonne Finance and Others Suffer Significant Hacks

On May 14, 2023, Sonne Finance reported a $20M hack affecting its operations and assets including WETH and USDC, triggering a pause in market operations on the Optimism network. Following the hack, a portion of the funds was moved and swapped, indicating an attempt to launder through protocols like Tornado Cash. On a separate note, BlockTower Capital experienced an undisclosed amount of assets stolen, confirmed by a Bloomberg report on May 15, 2023. 

This firm has previously been impacted by other financial setbacks, including the closure of crypto-friendly banks. Additionally, ALEX Lab faced a $4.3M loss from its XLink bridging service due to a suspected private key compromise, reported on May 15, 2023. The ALEX team has offered a 10% bounty for the return of the stolen funds, with assurances of no legal pursuit if the funds are returned by May 18, 2023.

chart (5).webp

Top Weekly Altcoin Gainers and Losers



Pepe PEPE (+19.43%

Chainlink LINK (+17.68%

Arweave AR (+16.41%

Lido DAO Token LDO (+15.48%

Ondo ONDO (+11.63%



Ethena ENA (-17.25%

Starknet Token STRK (-8.59%

dogwifhat WIF (-8.19%

Chiliz CHZ (-6.03%

Render Token RNDR (-5.72%

NFT Market Map


Pudgy Penguins NFT Toys Achieve Major Sales Milestone

The Pudgy Penguins NFT project has sold over one million Pudgy Penguin toys within the last year, achieving exceptional sales growth and reaching global retailers. Following initial challenges, CEO Luca Schnetzler acquired the brand and expanded its success, with physical plush toys now available at major retailers. NFT holders earn 5% royalties from physical product sales. The NFT versions themselves soared in value, with impressive sales figures. 

95% of 2024 NFT Market Valued as Worthless

As per a new Invezz report, in 2024, the global market cap of NFTs surpassed $193.84 billion, yet 95% of NFTs are considered worthless. The average revenue per user in the NFT market reached $162.1, contributing to a total market revenue of $2.378 billion. 

India leads in NFT adoption, while Japan is notable for having more female NFT owners than males. Despite a significant price drop from a $91.8 million peak in 2021 to $1.4 million in 2023, the NFT market remains active, with 32% of people aged 18-24 showing interest in NFTs, and the number of users projected to reach 16.35 million by 2028.

Dolce & Gabbana Sued Over NFT Losses

Dolce & Gabbana USA faces a lawsuit for allegedly causing a 97% loss on NFTs sold to customers. The Italian fashion house sold the NFTs on Ethereum, offering digital, physical, and experiential benefits. However, the NFTs arrived 20 days late and were only usable on a low-traffic metaverse platform. 

Holders also experienced an additional 11-day delay in using the NFTs due to a lack of platform approval. The plaintiff, Luke Brown, claims a $5,800 loss and represents others affected. The lawsuit also involves NFT marketplace UNXD. The legal action alleges that Dolce & Gabbana misled buyers and failed to deliver promised benefits.  

LVMH and BlockBar Launch NFT Edition of Garrus Rosé

Louis-Vuitton (LVMH)'s Château d’Esclans and BlockBar are launching an NFT edition of the winemaker’s renowned Garrus rosé, up for sale on BlockBar. Buyers can purchase a quarter barrel of this exceptional vintage, join a VIP winery tour, and have their name etched on a barrel. Each NFT-bottle is available in three sizes. 

The starting bid for the most wanted NFT Garrus rosé bottle is $22,000, closing on May 31. LVMH's investment in Château d’Esclans underscores its interest in luxury digital products. This alignment with BlockBar points towards a broader integration of Web3 technologies into the luxury food and beverage sector.  

This article has been refined and enhanced by ChatGPT.

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