The first quote|Meme coins bucked the trend and big pump, GME meme soared by more than 2000%; Google Cloud became a "super representative candidate" for the TRON network; Kima and Mastercard Labs develop "Decentralized Finance credit cards"; Inflation came in higher than expected, but Powell's speech calmed the market

Crypto World Daily Summary: Google Cloud Becomes a "Super Representative Candidate" of the TRON Network; GME unofficial memecoin soars by more than 2000%; Kima and Mastercard Labs Develop "Decentralized Finance Credit Card"

Let's take a look at Bitcoin ETF's trading activity, according to Farside Investor data, Grayscale Bitcoin Spot ETF (GBTC) continued to have an outflow of $50.9 million on May 14; Meanwhile, Fidelity Bitcoin Spot ETF (FBTC) saw inflows of $8.1 million and ARK 21Shares Bitcoin Spot ETF (ARKB) saw inflows of $133.1 million.

TRON DAO announced today that Google Cloud has officially joined the list of super representative candidates for the TRON Blockchain. Super Representatives are responsible for generating blocks and packaging transactions on the TRON network, helping to maintain the stability and security of Blockchain governance.

TRON DAO is a community governance DAO (DAO) whose mission is to drive and govern the TRON network through Blockchain technology and decentralized application (dApps). Founded in September 2017, the TRON network has achieved significant rise since its launch in Mainnet 2018, with TRON currently owning the largest USD Tether (USDT) stablecoin Circulating Supply, valued at nearly $56 billion, surpassing Ethereum since April 2021.

The initiative builds on TRON's existing partnership with Google Cloud to enable TRON's data to be used on BigQuery, Google Cloud's fully managed serverless data warehouse. This enables developers to conduct advanced analytics to gain insight into the intricacies of Blockchain transactions and smart contracts on the TRON network. Not only does it simplify data-driven decision-making, but it also paves the way for building more complex decentralized applications (dApps).

BigQuery's scalability and cost-effectiveness enhance the TRON ecosystem and enable its vision of a decentralization internet. In addition, TRON will leverage a range of Google Cloud solutions to enhance its capabilities in the Web3 space, including Compute Engine for scalable compute resources and Kubernetes Engine for managing containerized applications. These tools will further strengthen TRON's technical capabilities.

GameStop's unofficial namesake Solana Memecoin, GME, has a market capitalization of more than $100 million. GME memecoin has returned a whopping 2,291% over the past week. The big pump was primarily driven by investor interest in GameStop Corp stock, which is listed on the New York Stock Exchange exchange. GameStop Corp's stock has surged 228% in the last five trading days.

This upward pump is also fueled by the sudden return of Keith Gill. Yesterday's report: After Jill's return to social media platform X under the name "Roaring Kitty", Pepe coin (PEPE) hit an all-time high. He was a key figure in the meme frenzy in the encryption market two years ago and is believed to be the main driver behind the GameStop shorts squeeze triggered by Reddit in 2021. Within 24 hours of his return to the social media platform X, GameStop's stock price pumped 111%.

This wave of market craze not only attracted ordinary investors, but also benefited GameStop's executives. GameStop's CEO and chairman, Ryan Cohen, who reportedly owns 12% of the company, made $1 billion worth of unrealized capital gains as a result of the short squeeze.

Israeli fintech company Kima is partnering with Mastercard's FinSec Innovation Lab to develop a project to connect DeFi (Decentralized Finance) tools with TradFi services such as credit cards and banking account. The initiative hopes to "make Decentralized Finance credit cards a reality" and is supported by the Israel Innovation Agency.

Kima is expanding rapidly, announcing long partnerships, also joining the incubator for artificial intelligence protocol ChainGPT and using AI in its Liquidity management Algorithm. The goal of this project is to build a bridge between Decentralized Finance and TradFi, help users overcome technical and regulatory barriers in Decentralized Finance adoption, and make it easier for users to manage their assets.

Kima is a peer-to-peer transfer and payment protocol designed to run Blockchain without smart contracts. The company plans to expand its existing protocol and expects to launch Mainnet and Token in the second quarter of 2024. FinSec will operate the Kima Node and become a major shareholder in the network – FinSec is backed by Israel's National Cyber Authority, the Ministry of Finance, and the Innovation Agency and focuses on working with fintech and cybersecurity startups.

Market analysis: BTC continues to fluctuate, and Meme pumps against the trend

Market Trend:

Bitcoin (BTC) falls below $62,000 and continues its volatile trend, while alt coins generally fall. After the BTC Halving, the Mining Computing Power fell for two consecutive months, and the current mainstream Mining Rig shutdown price in the market is around $55,000. On the macroeconomic front, U.S. stocks pumped, but U.S. producer price index (PPI) data reached a one-year high, and inflation issues still plagued markets.

Market Hot Spots:

1. **Meme zone continues to pump: ** PEPE, PEOPLE, FLOKI, HARRYPOTTER and other meme tokens bucked the trend and pumped. These Tokens all belong to the Ethereum meme, where PEOPLE is the meme Token associated with the US election.
2. **New coins falling: **BB, REZ, etc. have fallen sharply, while coins such as OMNI, SAGA, TNSR, W have fallen to 50% slump. Marketplace users are no longer as keen to buy these market capitalization larger VC coin as they used to.
3. AI Concept Frustrated: AI Concept Token WLD fall down dramatically, as about 4% of the total WLD Token will be unlocked every day starting in July, estimated at around $50 million at current prices.

Overall, the market remains in Fluctuation, with Bitcoin continuing to fall and affecting the entire Crypto Assets market. The continued upward pump of meme zone shows that investors continue to pay attention to this concept, while the fall of new coin shows that the market is cautious about investment risks. Users need to pay close attention to market movements and adopt investment strategies accordingly.

Macro: Inflation was higher than expected, but Powell made reassuring comments and the market pumped overall

On May 14, the Nasdaq closed at new highs, with the S&P 500 and the Dow pumping as markets awaited CPI data while investors digested the day's data and awaited an important upcoming consumer inflation report. The Nasdaq hit a new closing high, while the S&P 500 and Dow Jones also pumped.

In terms of market performance, the Dow Jones pumped 0.32%, the S&P 500 pumped 0.48%, and the Nasdaq pumped 0.75%

U.S. producer prices (PPI) in April beat expectations, largely due to a significant pump in the cost of services and goods, suggesting that inflation remained stubbornly high at the start of the second quarter, a data that cut traders' bets on the first rate cut in September.

However, Powell said at banking events in Amsterdam that the PPI data was "mixed" rather than "overheated" as the previous data was revised lower. Therefore, despite the recent higher-than-expected inflation, the Central Bank will not raise interest rates at its next meeting, which brings some confidence to investors.

For now, though, investors are still awaiting Wednesday's consumer price index (CPI) data to assess whether the "unexpected pump" in the first quarter will continue into April. Persistent inflation and a strong labor market have caused financial markets and longest economists to postpone expectations of the Fed's first rate cut from March to September.

Due to high inflation, investors have dropped their expectations for a US rate cut this year, which is now expected to be cut by 43 basis points this year and 150 basis points in early 2024. Ryan Brandham said, "Based on weaker-than-expected U.S. labor market data, the market's recent expectations for a rate cut have been increasing, but if prices don't follow, then hopes of a rate cut will be dashed." ”

All eyes are now on Wednesday's U.S. consumer price report, which is expected to show a pump 0.3% month-on-month increase in CPI in April, down from a 0.4% increase in the previous month, according to a Reuters poll.

Among the 11 major sector zone in the S&P 500, consumer goods zone fall the largest fall 0.2%, while technology zone pump the largest pump 0.9%. More representative was Alphabet, Google's parent company, which showcased its latest advancements in using artificial intelligence in its business, including an enhanced Gemini chatbot and improvements to the search engine, driving its stock price pump up 0.7%.

Asian equities were pump fall mixed on 15 May, while the USD was lower. Traders are weighing mixed U.S. producer price data and bracing for an important consumer price report later in the day that could influence Fed policy. The MSCI Asia-Pacific equity index pumped 0.38% after hitting a fresh 15-month high earlier in the session, with Japan's Nikkei pumping 0.58%.

In China, the Blue-Chip Stocks Index falls 0.16% in early trade, while Hong Kong's Hang Seng Index falls 0.22%. U.S. President Joe Biden's announcement of significant tariff increases on a range of Chinese imports has affected market sentiment.

In the coin market, the euro approached a one-month high and last traded at $1.0817 as traders hesitated to act ahead of the CPI report.

On the commodity front, oil prices edged higher as massive wildfires threatened Canada's oil sands and the market expected a decline in U.S. crude and gasoline inventories later in the day. U.S. crude pump 0.4% to $82.71 a barrel and Brent pump 0.5% to $78.39 a barrel.

by Sherry S. & Icing. This article represents the views of the author only and does not constitute any trading advice. The content of this article is original, the copyright is owned by Gate.io, if you need to reprint, please indicate the author and source, otherwise you will be held legally responsible.