Crypto Market Highlights June 1, 2022
Crypto Market Highlights: General News
- Solana overtakes Ethereum in Daily NFT Transaction Volume in large part due to the launch of Trippin’ Ape Tribe collection. According to data from CryptoSlam this morning, Solana NFT secondary market sales generated nearly $24.3 million in the last 24 hours, while Ethereum sales increased to $24 million. This is the first known instance of the smaller market surpassing Ethereum in the number of dollars generated through sales in 24 hours. According to CryptoSlam, sales of Solana NFT increased by 436% in those 24 hours compared to the previous window.
- CoinShares lost $21M after the collapse of Terra’s stablecoin algorithm. Jean-Marie Mognetti – CEO of CoinShares said the collapse was “a lesson never to be forgotten.” The CEO said that CoinShares does not take directional positions and was not directly exposed to the LUNA price collapse. But the firm, which is active in the decentralized finance (DeFi) space, was running a book with exposure to UST, he added. The loss on the disposal of shares held at UST amounted to £17 million – roughly $21.4 million.
- Optimism (OP), the token that powers the layer-2 Ethereum scaling solution OP, lost 65.6% of its listed price of $4.57. In April 2022, Optimism announced an airdrop of 5% of the total supply of OP tokens, or nearly 215 million tokens. A total of 248,699 users were eligible for the airdrops, according to data from Dune Analytics. According to data from Etherscan, 71,439 wallets hold OP tokens at the time of writing. More than 88,300 addresses claimed their airdrop allocation, indicating that roughly 17,000 wallets immediately dumped their OP tokens for profits.
- Ethereum’s failed transaction count soared by another 1.2 million in May alone. That’s up 200,000 from last month’s figure and over 2% of all failed transactions in its history. According to the blockchain data explorer Blockchair, exactly 1,228,131 Ethereum transactions failed between May 1st and May 31st, at the time of writing. Transaction failures may occur due to a number of different errors, including if transactions are signed by the wrong sender, or if someone attempts to send negative funds.
- Following to the Terra crash, South Korea will establish a “Digital Asset Committee” by the end of June in order to reign in the cryptocurrency industry following the Terra crash, according to a local news article. Until the planned Digital Asset Basic Act is approved and the government develops a separate agency to oversee the crypto market, the committee will act as a watchdog. The government is forming the new Digital Asset Committee by expanding and reforming the current Special Committee on Virtual Assets.
- The “social” humanoid Sophia made by Hong Kong-based Hanson Robotics launched her Baby Singularities NFT collection on OpenSea. The NFT collection’s nine Baby Sophia heads have a floor price of 0.09 ETH, and each is meant to disclose a far-future prediction. Sophia’s prior NFT partnerships have sold for millions of dollars, and Baby Singularities NFT owners will pay a premium for access to Sophia’s AI and metaverse. Sophia’s metaverse, dubbed SAOS, will launch as an NFT-based game environment and marketplace set in 2042, when machines “awaken”.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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