Welcome, fellow crypto lovers, to another fabulous Friday!
First things first, let’s address the elephant in the room…or shall we say, the “crypto-aloha”? We hope you’re all enjoying some fruity cocktails and tropical vibes to kick off the weekend. Just remember, pineapple definitely belongs on pizza 🍕 (don’t @ us!).
💸 Binance Is Hiring Or Firing?
💰 Solana Claims to Be the “Apple of Crypto”
💲TikTok Takes Over: From Dance Moves to Crypto Grooves
🕵️♀️ Top 3 Winners In May
Binance has Decided: Time to Cut the Fat
Folks, 😭 break out the tissue box and whip up some comfort food 🍲 because there’s been some bad news in the world of crypto.
🚨 Apparently, Binance, the largest crypto exchange on the planet, is planning some layoffs. ✂️ The exact number of people getting the axe is still up in the air, but sources are saying around 20% of the workforce might get the boot in June. Yikes!
😱 But hold onto your hats, folks. The drama doesn’t stop there! Binance CEO Changpeng Zhao wasn’t having any of it. He called it FUD (fear, uncertainty, doubt) and assured the masses that the exchange was just weeding out the folks who weren’t a good fit for the company.
🤷♂️ In fact, he even said they were still hiring more people! 👨💼 Ah, the irony! Last year, Binance CEO Changpeng Zhao, aka CZ, warned folks to “beware of platforms that have layoffs.”
⚠️ On a side note, Nansen announced that it’s letting go of 30% of its staff due to harsh market conditions. And Nansen isn’t the only one feeling the pain. Coinbase, Kraken, Crypto.com, and Gemini have all reportedly laid off part of their staff in recent times.
Solana:”We’re the Apple of Crypto!” We: Long Way To Go Son!
Solana, the layer-1 blockchain, 🚀 believes it has the potential to be the 🍎 of crypto. Move over, Steve Jobs, there’s a new sheriff in town! 🤠
Solana co-founder Raj Gokal recently spoke to TechCrunch+ about the blockchain’s strategy, drawing parallels between Apple’s and Solana’s engineering and ecosystem approach.
Well, well, well, it seems like Solana got a little ahead of themselves.
😬 Sorry, Solana, but we’re not buying it! 🙅♂️
I mean, let’s be real – Apple isn’t exactly known for being 🐛 bugged with constant hacks and unexpected halts like Solana has been. In fact, Solana has had some major hiccups over the past year, including unexpected drops in transaction throughput and painfully long outages. 😱 Yikes!
While we appreciate Solana’s innovation and excitement, we think it’s safe to say that they have a ways to go before they can even be mentioned in the same breath as Apple. Maybe they need to hire a few more “geniuses” to get things running smoothly. 🤔
But hey, we’re still rooting for Solana – after all, the crypto world could use a little more excitement and innovation. We’ll just leave the “Apple of crypto” title for the ultimate tech giant. 🏆
Move Crypto Twitter, TikTok Is Ruling Internet
Get ready to 😂 LOL, folks, because memecoin mania has hit TikTok! According to data from CoinGecko, interest in memecoin hashtags spiked to an all-time high of 100 in May. Yep, that’s right – crypto 🚀 TikTok has become a bonafide community on the platform.
Meme coins like Dogecoin and Shiba Inu were all the rage during the May crypto meme coin rally, but it didn’t stop there. A new memecoin rally kicked off in late April, led by Pepe and ArbDoge AI, which only fueled the fire🔥.
TikTok creators didn’t waste any time getting in on the action, either. In May alone, they posted a whopping 5,000 memecoin videos, accounting for over a quarter of all memecoin content on the platform.
It seems the memecoin fever hit the United States, the United Kingdom, and Germany particularly hard. These countries had some of the most enthusiastic audiences, racking up millions of views.
So, who’s behind this memecoin madness, you ask? Well, it’s none other than Gen Z, of course! They make up more than half of the audience for memecoin content on TikTok. Even millennials ages 25-34 were getting in on the action. But those above 35? They were a minority, possibly because of the platform’s younger overall age demographic. 👨🦳
Our 3 Winners From May
We’ve reached the end of May, and what a wild ride it’s been! 😱 From the MetaMask drama to FTX’s triumphant return, we’ve seen it all. 🔥 But there can only be winners and losers, so let’s take a look at the champs of the month!
First up, we have Ordinals – NFTs on Bitcoin! 🤯 This new trend has caused more arguments than Thanksgiving with your extended family, but it’s not slowing down anytime soon. 😱 In May, there were over 7 million Ordinal inscriptions on the Bitcoin blockchain, bringing the total to a whopping 10 million+. 🤯
Next, we have the BTC miners, who had a huge month thanks to the rise of new use cases like Ordinals. 🤑 Miners averaged around $2 million per day in transaction fees, with Ordinals alone accounting for $35 million of those fees. To top it off, the US government’s proposed tax on Bitcoin miners has been rejected (for now).
Last but not least, we have BLEND, Blur’s new lending platform, which made a big splash in its first month. 💥 The platform completed $300 million+ in loans and made up over 80% of all NFT lending volume for the month.
Honorable Mentions 🏆
- 💰 Multichain CEO Missing, Stablecoin Issuers Reportedly Detained in China
- 🚀 Germany’s Deutsche Telekom plugs in as Polygon validator
- 🔥Winklevoss twins’ crypto exchange Gemini to seek UAE crypto license
Crypto Market Watch ft. AI🚀
(This section is exclusively written by AI tools)
Bitcoin’s winning streak for the month is about to come to an end. Wall Street is now focusing on other trades and investments, like short-dated Treasuries, AI bets, and traditional safe options.
So, what’s caused this sudden shift? Well, it seems that the tightening of the Federal Reserve is not doing any favors for Bitcoin. In fact, it’s like kryptonite for Superman. Today’s Fed updates and recent employment data suggest that we might see more Fed rate hikes in the future, leading to Bitcoin getting stuck in its current trading range.
To put it simply, Bitcoin might have a tough time soaring upwards for a while.
Twice weekly crypto goodness, coming your way! Catch us every Tuesday and Friday. And hey, don’t forget to check us out on Wednesdays for all the latest AI news – because why limit yourself to just one kind of intelligence?
