AI tokens down, but #Nvidia shares up 7%

AI Crypto Tokens Are 'Quiet Now', Bleeding Red Across the Board, But One Trader Says That Won't Last

AI-linked crypto tokens have declined over the past 24 hours amid Nvidia's (NVDA) share price surge by more than 7% on May 28, but the drop won't last forever, trader says .

“NVDA rising, AI coins are quiet now, but don't expect that to last,” trader Matthew Hyland wrote in a post on X on May 28.

Nvidia produces computer chips that artificial intelligence companies are increasingly using to run their large language models. Cryptocurrency traders view its share price as an indicator of how AI tokens could move, with NVDA's performance as a measure of market sentiment towards AI.

Nvidia has risen 22% in the last five days to close on May 28 at an all-time high of $1,140, ​​with the stock seeing year-to-date growth of nearly 137%, according to Google Finance.

⁠2024: USD 2.7B was spent on #Electricidad for #Mineria of BTC in the US

Miner profitability dropped sharply after the Bitcoin halving event in April reduced rewards from 6.25 BTC to 3.125 BTC per block
US Bitcoin miners spent $2.7 billion on electricity in the first few months of 2024.

"Since the beginning of 2024, mining in the United States has consumed a whopping 20,822.62 GWh of electrical energy," said Paul Hoffman, an analyst at Best Brokers. "At the average commercial electricity rate of USD 0.1281 per kWh in February, this equates to an expense of USD 2,667,378,196.47." Hoffman further explained that "this amount of energy could charge every electric vehicle in the US 87.52 times or power 1,983,107 homes for a year, representing 1.51% of all US homes."

Globally, 116,550 Bitcoin $BTC worth $8.2 billion have been mined to date, with US miners accounting for 44,102 BTC or 37.84% of global production. Before the halving event in April, the electricity needed to mine 1 BTC was 407,059.01 kilowatt-hours (kWh), which cost around USD 52,144.26. Since then, it now takes 862,635.55 kWh of energy to mine 1 BTC, which costs around $110,503.61 at average trading rates.
Despite its high energy consumption, mining is currently the only global industry driven primarily by sustainable energy. In January, The Bitcoin ESG Forecast revealed that sustainable energy use in Bitcoin mining has risen to a new all-time high of 54.5%, and sustainable mining is up 3.6% overall during 2023.

Following the mining ban in China and its ban in Kazakhstan, miners have predominantly moved to greener grids in North America or sustainable off-grid sites. Approximately 19.5 million Bitcoins have been mined out of the maximum 21 million.

#Memecoin Dominate Cryptocurrency Open Interest Charts
Memecoins dominate the cryptocurrency open interest charts, with Pepe, WIF, DOGE, and BONK occupying 4 of the top 10 spots.

The memecoin frenzy has been the buzz of the crypto community this bull season. Pepe and WIF have broken into the top 20 cryptocurrencies by market capitalization a year after their public launch.

These memecoins have gained significant traction in the cryptocurrency leverage market, where traders short or long their prices.

Four of the top 10 cryptocurrencies by open interest (OI) are memecoins: $PEPE leads with $812.6 million in OI, and $SOL follows with $1.7 billion in OI.

In addition to Pepe, $DOGE Bonk (BONK) and Dogwifhat (WIF) are also in the top 10.

The recent OI surge for memecoins comes from its bullish momentum over the past two weeks, when Pepe hit a new all-time high, while WIF hit a new multi-week high above $3.30.

#Memecoin coded by #ChatGPT reaches a market capitalization of USD 638 million

Memecoin #Turbo rose more than 2,000% in the last three months, raising its market capitalization above USD 600 million

A memecoin created using OpenAI's popular chatbot ChatGPT, with an initial budget of $69, reached a valuation of $638 million more than a year after its initial deployment.

On May 28, prices of the memecoin called Turbo reached a new all-time high of $0.009302. This boosted the meme token's market capitalization to around $638 million, according to coin information tracker CoinGecko.

The meme token has seen significant gains over the past three months, going from a valuation of $27 million to over $600 million. This indicates a 2,262% increase in market capitalization in the last 90 days.

Currently, the price of the token is around USD 0.009158, which is 6.9% less than its all-time high. However, the memecoin is up 13,192.3% compared to its all-time low of $0.00006518 in September 2023.

Digital artist Rhett Mankind, creator of Turbo, believes the token's success is due to its decentralized nature. On the project's official website, Mankind mentioned that the token “exploded in popularity” due to his lack of involvement in its management. Mankind wrote:

“Everyone else is coming up with ideas and how to do something, and they're implementing it much better than I could do it myself.”
Mankind created the Turbo memecoin over a year ago. The digital artist used creative prompts to guide the artificial intelligence (AI) chatbot in creating what he described as “the next big” memecoin.

⁠A large part of Spaniards consider physical money to be essential

Many Spaniards consider physical money essential and prefer it over technology, which is increasingly gaining strength in the market.

The growing development of payment technologies is gaining more and more strength in the market, combined with environmental protection that is increasingly pushing for the decrease in cash and card payments. However, Julio César Fernández, executive of Cecabank of Spain, assured that cash will not disappear completely, as published by DiarioJurídico.com

Julio César Fernández, who serves as Director of Business Development and Operations of Technological Services at Cecabank, recalled during the 10th edition of Revolution Banking:

“Cash will not disappear completely, since 65% of people consider it indispensable today”

#España #Dinero

⁠#DonaldTrump 's cryptocurrency portfolio briefly surpasses $10 million

Memecoin #MAGA rose to an all-time high on May 27, boosting Trump's cryptocurrency holdings

Former US President Donald Trump's on-chain crypto asset holdings briefly surpassed $10 million on Monday, driven primarily by his top holding token, TRUMP.

On May 27, blockchain intelligence company Arkham reported that presidential candidate Donald Trump's crypto asset portfolio exceeded $10 million.

The rise to a seven-figure portfolio was catalyzed by the MAGA memecoin, TRUMP, which rose to an all-time high of $13.24 on May 27.

According to Arkham, Donald Trump holds 579,290 TRUMP tokens, a currency valued at about USD 6.79 million.

#Memecoin has risen 53% in the last week following Donald Trump's support for cryptocurrencies.

“I am very positive and open-minded about cryptocurrency companies, and everything related to this new and burgeoning industry,” he said on May 25.

On May 21, Trump's 2024 campaign launched a fundraising page for people to donate in cryptocurrency.

However, TRUMP prices have declined 8.8% from that peak in a drop to $12.04 at the time of writing, according to CoinGecko.
This has seen the entire portfolio fall back to $9.5 million as cryptocurrency markets fell during early trading on May 28.

MAGA launched in August to donate to America's veterans and protect children. Although named after the former president, it is not officially affiliated with or endorsed by Donald Trump.

⁠Identified the "#Hacker " involved in scams with famous memecoins, according to a crypto detective

A person associated with the launch of Caitlyn Jenner's #JENNER coin misused the identities of five other prominent figures, but not Jenner herself.

A member of the crypto community on Roxo, who appears to be an 18-year-old Miami resident with 17,100 followers, posted his solution to a mysterious wave of suspicious tweets posted over the weekend of May 25-26.

"She [Jenner] was never hacked, her team was socially manipulated by a guy named Sahil," Roxo tweeted. Instead, he suggested that the other celebrities were fooled. Roxo reproduced a Telegram post by Sahil Arora and several photos from his account, including one of him posing with Rich The Kid. Roxo also noted that the coins released on pump.fun on behalf of Soul Ja Boy, Rich The Kid, Kazumi, and Knöll were all connected to Arora's wallet address.

The JENNER coin was a legitimate toss that completely confused Jenner's "team," according to Roxo. They also replayed a tweet on Jenner's X account urging her followers to "send her some of your favorite memecoins" to the address Roxo identified as Arora's. The post was on their account when Roxo posted, they said, but it has apparently since been deleted.

Jenner has redoubled her efforts to promote JENNER. "That ad for a third party token was taken down! As I've said from the beginning, the only focus I have is $Jenner and the ad I posted confused too many people and wasn't worth it. As I've said time and time again, "I'm completely focused on my $Jenner token," he posted on X.

⁠Co-founder of #YouTube supports memecoin based on the platform's "first cat"

A cat video recorded 20 years ago by former YouTube CTO Steve Chen is now the basis of a memecoin with a market capitalization of more than $20 million

Steve Chen, co-founder and former CTO of video platform YouTube, has been supporting a memecoin project based on one of the first cat videos uploaded to the website in 2005.

Speaking to Cointelegraph from Taiwan on May 27, Chen, who has an estimated net worth of more than $1 billion, said he had been spending between 80 and 100 hours a week backing the Pajamas memecoin (PAJAMAS). Based on the “first cat video uploaded to YouTube” by Chen in 2005, the project is available on the Solana blockchain.

"This is my cat, Pajamas, playing and dancing to Nick Drake," read the description of the video, uploaded to YouTube on May 22, 2005.

Chen told Cointelegraph that he was not initially involved in memecoin when the project was first launched, but about a hundred users tagged him in X, which led him to purchase the token. According to the YouTube co-founder, the memecoin project was just one of many he was currently involved in in the tech space, including an AI-based exchange-traded fund and investments in Taiwan-based startups.

Pajamas, the real cat, is no longer with us, as the video was filmed 20 years ago. Kabosu, the basis for the Dogecoin (DOGE) logo and related meme, also passed away on May 24 at the age of 18. Chen said that becoming more involved in the Web3 world through the project led him to discover a "complete lack of trust that everyone has in each other."

$PEPE reached an all-time high, but could plummet 40% in June

PEPE's current trend reflects price behavior that occurred before a 40% crash in January

The price of Pepe (PEPE) rose to an all-time high on May 27, a rise driven by the recent approval of key Ether exchange-traded fund (ETF) applications
in the US, leading traders to view Ethereum-based memecoins as high-risk, high-reward opportunities.

The price of #Pepe soared by 7.60%, reaching an all-time high of USD 0.00001725. This marks an impressive 88% increase since the US Securities Commission (SEC) approved Ether ETF applications on May 20.

Other standard Ethereum memecoins, including Dogecoin $DOGE , Shiba Inu $SHIB , and Mog Coin (MOG), also posted significant gains after the approval of ETF applications.

PEPE's richest investors are selling
PEPE's bearish technical outlook is further reinforced by the profit-taking activities of its wealthiest investors.

Notably, during the market uptrend, the supply of PEPE held by entities with balances greater than 1 billion tokens has decreased. This indicates that these whales have been selling at local price peaks. Consequently, the supply of PEPE in the hands of smaller investors has increased.

However, there have been individual cases where traders have withdrawn millions of dollars worth of PEPE tokens from exchanges after the latest surge, reflecting their intention to hold the memecoin rather than sell it at its current levels.

The impact of these withdrawals on overall whale supply data remains to be seen, raising the risks of a PEPE correction in June.

⁠Memecoin Team #CAT Linked to GCR Hack, ZachXBT Reveals

According to on-chain researcher, the creators of the CAT memecoin hacked crypto influencer GCR to manipulate some coin prices

An investigation has linked the team behind a newly launched memecoin to the recent hack of a cryptocurrency influencer's account.

An analysis by pseudonymous researcher ZachXBT revealed that Sol's team—creators of the Solana-based CAT memecoin—compromised the X account of cryptocurrency influencer Gigantic-Cassocked-Rebirth (GCR) on May 26, with the intention of manipulating the price of specific currencies.

The team was reported to have rigged its own coin flip on May 24 to gain control of over 63% of CAT's supply. More than $5 million worth of the CAT memecoin was then sold, with the proceeds split between multiple wallets.