😶 U.S. authorities drive out DeFi and DEX

And also: what happens to meme coins, why events in the U.S. are in France's hands, and what happens if the U.S. defaults in June?

Hiya, precious crypto fans and degens! The buidlbee crypto community team is back with you. And of course, we are in your inbox for a good reason. We brought a lot of nice stuff today:

  • New analytics about meme tokens - still something to wonder about;

  • New bizarre threats from the US regulator;

  • Is the SUI short-term pump coming?

  • Technical Analysis: Decentraland (MANA) has completed a wave of correction. What's next?

  • Gaining NFT and XP for activity on LayerZero.

And here are the main events of the day: short and simple.

  • Axie Infinity Classic is now available on the App Store.

  • Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam said that DeFi crypto exchanges can be regulated by U.S. law even if they operate independently.

  • Ripple announces the Ripple CBDC Platform, a comprehensive solution for central banks, governments, and financial institutions to issue their own central bank digital currency.

  • Two ecosystem projects of the Sui network - TURBOS and SUIA - went live and experienced a sharp fall in price.

  • Westpac Bank banned customers from trading on Binance.

  • The complexity of BTC mining reached a new record level: it increased by 3.22% to 49.55 trillion. The network's hash rate is 366.37 EH/s.

  • Pakistan to ban crypto.

🎈 A new batch of meme analytics

  • BlackRock, one of the top 3 largest investment banks in the world, made x10 on PEPE meme-token trades — buying at $0.0000002431 and selling at $0.000002627. What is interesting is not even the excellent earnings, but the fact that the largest banks in the world are involved in meme coin trading.

  • Open interest in the PEPE Perpetual Contract (1000 PEPE USDT) on Binance for ~$70 million, with short positions strongly prevailing over long ones. Such a negative sanction most likely will cause at least a short-term reversal to balance the market, so at least a short-term growth of PEPE is probable soon.

  • It is also reported that some Western stars bought parts of the Milady collection; for example, Woody Allen bought Milady NFT. A tweet by Elon caused many other prominent celebrities, such as Jared Fogle, Garry Glitter, R. Kelly, and Ghislaine Maxwell, to buy one for a staggering 7 ETH each.

  • The unrealized profit of the top 10 holders of the cryptocurrency Milady Meme Coin (LADYS) exceeded $20.4 million, according to analyst Lookonchain. These addresses hold 180 trillion LADYS tokens, representing 20.3% of the coins issued. In other words, being in profit, the top holders of tokens of this meme coin are in no hurry to sell them yet to fix the profit.

💥 Instability in the U.S. economy

Yesterday, Bloomberg predicted the collapse of the stock and cryptocurrency markets if the U.S. defaults in June.

A graph of America’s debt ceiling rising

⚖ The SEC saw security in $FIL and wants to regulate DeFi/DEX

  • The regulator announced this today in response to Grayscale's application. The latter had applied for the registration of the corresponding trust, but the SEC rejected it. The market is already unresponsive to the new accusations by the SEC.

  • In addition, the US authorities said today that they want to regulate DeFi and DEX "to the fullest extent of the law," even though they are just code-based protocols. It is not clear how this is technically possible, and the community has not yet responded to this strange statement.

🔀 France invites cryptocurrency companies from the U.S.

According to CoinDesk, the secretary general of the French Finance Authority said that the country would welcome cryptocurrency companies that are leaving the U.S. markets amid tightening regulation. There are already about 74 cryptocurrency-related organizations registered in France. And their number may grow after the EU Council unanimously approves the bill to regulate the crypto-market (MiCA).

💲 Ideas

[1] 🔔 The SUI short-term pump is coming?

The big news is that Coinbase will list #SUI tomorrow. It's a good option for short-term speculation, but it could be a bad idea to stay in that token for long. And here's why:

  • It's clear from the token allocation chart published by the Binance exchange that a huge volume of SUI (75% of tokens) will be unlocked in October 2023.

  • The native Sui blockchain token currently has a market depth of about $3 million combined on the five largest exchanges. That's a pretty shallow depth, so there's a high probability of a dramatic drop in price if any large market sales are attempted.

Overview of SUI token liquidity

[2] 🔔 $MANA getting ready to grow?

The Decentraland token, MANA, showed good growth, but then there was a correction. And apparently, the correction wave (2) is complete. And now MANA is trying to start a growth wave (3), according to analysts of P_S_trade.

It is considered to be the longest, and given that there are many liquidity zones above, the way up will not be easy. The chart below shows options for what growth and correction waves might look like.

The intermediate targets for MANA growth are $0.90 and $1.85.

The final zone for MANA to remove it from your portfolio, now seen in a likely wave (3), could be around $2.25-2.50.

[3] 🔔 Working on rating in LayerZero

Below are all the available quests on Layer3 that are linked to the LayerZero network. You can get NFT and XP for them, thereby easing your rating and your chances of receiving future rewards.

LayerZero is a new smart contract platform and interoperability protocol designed to seamlessly connect multiple chains.

List of quests:

Cryptocurrencies and Web3 are the future! We believe in this as much as you do. Onward together! 🔝

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