🚨 Solana loses 3 billion, the RWA market booming according to McKinsey!
Welcome to the Daily Tribune on Tuesday, June 25, 2024 ☕️
Hello Cointribe! 🚀
Today is Tuesday, June 25, 2024, and like every day from Tuesday to Saturday, we summarize the news of the past 24 hours that you shouldn't miss!
But first…
✍️ Cartoon of the day:
A quick look at the market…
🌡️ Temperature:
Partly sunny 🌤️
24h crypto recap! ⏱
Solana loses 3 billion dollars in record time 📉
Solana is going through a difficult period with a loss of 3 billion dollars in market capitalization in just one week. The value of the cryptocurrency has dropped by 5%, going from $170 on June 6 to $123.42 on June 24, amid increasing investor distrust. This decline is exacerbated by network congestion issues and strong competition from other blockchain platforms. Massive memecoin transactions and the involvement of influential figures like Andrew Tate, who burned memecoins based on Solana worth $38 million, have also contributed to this volatility. Other major cryptos, such as Ethereum, Cardano, and BNB, as well as popular memecoins Dogecoin and Shiba Inu, have also suffered similar losses. The resilience of Solana will be tested in regaining investor confidence. 🔗 Read the full article here.
The RWA market will reach 4,000 billion dollars according to McKinsey 📈
McKinsey predicts that the tokenization of real-world assets (RWAs) could revolutionize the crypto sector by reaching a market capitalization of 2,000 billion dollars by 2030, with the potential to reach 4,000 billion dollars in an optimistic scenario. This growth will be fueled by the widespread implementation of numerous tokenization projects, supported by more favorable regulations and enhanced industry collaboration. Tokenization, which transforms rights to assets into digital tokens on a blockchain, will nevertheless face challenges, including the modernization of infrastructure and coordination across the value chain. The first to adopt this technology will be mutual funds, bonds, exchange-traded notes, loans, and alternative funds. Although promising, widespread adoption of tokenization will require increased vigilance from financial institutions and crypto investors in the face of these technological developments. 🔗 Read the full article here.
XRP falls despite Ripple's triumph over the SEC 📉
Ripple Labs recently won a partial legal victory against the Securities and Exchange Commission (SEC) on June 13, when a California court ruled that Ripple had not violated securities laws, thus dismissing the regulator's main allegations. However, this decision did not have the expected effect on the price of XRP, which fell by 3.55% in the last 24 hours to trade around $0.47. This continued decline, despite the legal victory, highlights XRP's ongoing difficulties, which remains far from its historical high of $3.8 reached in 2018. There are still many challenges ahead for Ripple, including a subsequent lawsuit for a minor allegation and disagreements with the SEC over the amount of the fine, with the SEC now claiming $102.6 million against the initial $2 billion, while Ripple is proposing $10 million. 🔗 Read the full article here.
Bitcoin in free fall: whales manipulate and crush the bulls 🐋
Bitcoin has dropped below $60,000, the lowest value in seven weeks, largely due to whale manipulations, these major BTC holders who strategically move large amounts to influence the market. These actions disrupt investor predictions and have led to a 5% loss for BTC/USD in one day. Massive liquidations of long Bitcoin positions reached $136.5 million, worsening the situation for the bulls. However, some analysts remain optimistic and believe that the depth of the current decline is relatively low compared to previous pullbacks. 🔗 Read the full article here.
Crypto of the day: Fetch.ai (FET)
Fetch.ai is an innovative blockchain-based platform that aims to provide infrastructure for a decentralized and automated digital economy. It enables the creation of autonomous agents that interact and transact efficiently without human intervention. Fetch.ai's added value lies in its ability to decentralize artificial intelligence and machine learning, offering solutions to various sectors such as mobility, finance, and energy.
The platform's native crypto, FET, is primarily used to pay for transactions on the network and for the operations of autonomous agents. Distributed through an ICO and other mechanisms, FET offers benefits such as staking, allowing holders to participate in securing the network and earning rewards. It can be used to access services on the Fetch.ai platform, thus facilitating a dynamic and interactive ecosystem.
Recent performance
Current price: €1.67
Percentage increase/decrease: 22.39% (1-day increase)
Market capitalization: €1,416,086,268
Rank on CoinMarketCap: #60
Traders abandon memecoins: What's happening?
Since April 2024, there has been a significant decrease in the dominance of memecoins in the altcoin market. This dominance even fell below 0.03 in May 2024, signaling a shift in traders' strategies. They seem to be turning away from speculative trading and focusing more on investments based on solid fundamentals. Despite this decline, memecoin liquidity has doubled since the beginning of the year, reaching a historical high of $128 million in June, indicating complexity in the evolution of market sentiment.
Memecoins like Dogwifhat (WIF), Memecoin (MEME), and Book of Meme (BOME) have seen a significant increase in liquidity, but the overall market capitalization of cryptocurrencies has dropped to less than $2.4 trillion, with a specific decline in memecoins to $49.9 billion. This transition could reflect a maturing market, where investors are now seeking assets with real utility and solid fundamentals. Events in 2024, such as the memecoin frenzy on Solana (SOL) and increased institutional interest, have also influenced this dynamic. The decline in memecoin dominance could indicate a shift towards more rigorous fundamental analysis, potentially marking the end of an era of meme-based trading and paving the way for a new phase of sustained growth.
