🇺🇸 NFT holder's meet Trump

Plus: memes are here to stay

Author

Journals GG
May 08, 2024

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Today’s edition is brought to you by MEXC. A revolutionary exchange that let’s you trade new coins before they 100x.

Good Morning!

The markets have started to cool again, as we look for Bitcoin to either break back down below support or to set a higher low. Some big stories over the last 24 hours include.

Let’s jump into the news.👇️ 

Markets

Nearly All FTX Creditors Will Get 118% of Their Funds Back in Cash, Estate Says in New Plan (3 minute read)
FTX is hitting back from bankruptcy with a bold move, pitching a plan to shell out 118% in cash to 98% of its creditors within just 60 days post-court approval. This hot new strategy, laid out in recent court filings, also promises non-government creditors 100% of their claims plus 9% interest.

The Delaware bankruptcy court still has to give the nod, but if it goes through, it’s a major step up from October's forecast of only a 90% payout. FTX’s current boss, John Jay Ray III, had already upped the ante in January, promising full repayment. Despite a thriving crypto market boosting FTX's cash reserves, the company swears this isn't why they're now flush with funds, as many frustrated customers continue to miss out on crypto gains while their money's tied up.

The most important trend in crypto? It’s always been memecoins (2 minute read)
Forget the technical jargon and financial strategies dominating crypto talk; it's all about memecoins now. These tokens, plastered with anime and animal images, are not just a fad but a major gateway drawing the next billion users to crypto, at least that’s what some are saying.

They might look playful with dogs in hats, but they're serious business, sparking massive interest thanks to their blend of fun and potential financial gain. Why this craze? For starters, entertainment sells big—just look at the $2 trillion global media market. Memecoins like $DOGE, $PEPE, and $BONK serve up laughs and a sense of community, making them more than just digital curiosities; they're part of a booming entertainment economy.

Dogwifhat was sent to space earlier this year.

There’s more to it than that. People are drawn to the thrill of the gamble, and memecoins offer this in spades. The rush of risking a little for a possibly huge payout mirrors the allure of casinos and lotteries, which rake in billions annually. Combine this with the unpredictable excitement of airdrops, and it's clear: memecoins are here to stay.

Let us know what you think.

FTX estate's auction for third tranche of locked Solana gets underway (3 minute read)
The FTX estate is diving into another round of Solana sales, with their third tranche hitting the auction block on May 9. They're steadily chipping away at offloading a massive stash of 41 million locked Solana coins, set to unlock gradually over four years, with staking rewards following the same schedule.

This isn’t the first sale, back in March, they sold Solana at $64 apiece to big-name bidders like Galaxy Trading and Pantera, pulling in a hefty $1.7 billion. Then, just last month, they raised an additional $232 million by auctioning off 1.8 million Solana, fetching bids between $85 to $110 each.

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Misc

Trump to dine with NFT buyers on day off from court (3 minute read)
Today, Trump is switching gears from court to cocktails at Mar-a-Lago, hosting a high-ticket dinner for fans who purchased his "Mugshot Edition" NFTs. These NFTs, a reference to his Fulton County mugshot tied to charges of trying to overturn Georgia's 2020 election results, feature everything from the mugshot itself to more flamboyant depictions like Trump as a lightning-handed superhero.

The NFTs aren’t tied to his campaign but it sure is lucrative, having netted him between $100,000 to $1 million last year. The top spenders, who dropped nearly $10,000 for 100 NFTs, get the added perk of a VIP cocktail party and some tangible memorabilia—pieces of the suit and tie Trump wore during his arrest.

Japanese crypto exchange Coincheck sets Q3 as deadline for going public on Nasdaq (2 minute read)
Japanese crypto exchange Coincheck is making a bold move into the U.S. market, having just published a confidential draft registration to the SEC. This strategic play is part of their plan to merge with Thunder Bridge Capital Partners IV, a U.S.-based SPAC. While this proposal is still under the watchful eyes of the SEC for review and approval, Coincheck is optimistic about sealing the deal by the latter half of the year, banking on the thumbs-up from Thunder Bridge IV's shareholders.

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