☀️ Good Morning! We have observed that Meme Coins have emerged as a dominant trend over the past two months, reflected in the surge in trading volume – up 779% compared to in January. How crazy is that!
🔥 What is meme coin and why it leads to market surge?
Meme coin refers to a type of cryptocurrency that is based on internet memes and often has humorous or satirical themes. These coins are often highly volatile and speculative, with their value driven more by social media hype and speculation than by any underlying fundamentals. Examples of meme coins include Pepe (PEPE), Milady (LADYS), and Dogecoin (DOGE).
Ordinals are the reason why meme coins have been surging recently. Ordinals is a project on the Bitcoin network recently launched in January. The project first started supporting inscribing artworks and profile pictures but later also started inserting BRC-20 tokens into the same protocol.
After the launch of BRC-20 (Bitcoin Request for comment) by a pseudonymous creator Domo in March, the ordinal inscriptions have hit a new high. This development has allowed the creation of fungible tokens on the Bitcoin network. This opened the door for literally any user to create meme tokens in the blockchain.
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$RSS3 Statistics (as of May 21, 2023)
|24h Volume / Market Cap ratio||0.016|
|7d Low / 7d High||$0.108 / $0.117|
Market DeFi Index
Last week’s crypto market prices were flat at -0.95%. Volume and volatility dropped by -25.68% and -57.16%, respectively.
🧐 Bitcoin (BTC) and Ethereum (ETH) were both flat at -0.6% and +0.4%, respectively, in the past seven days. Other selected top-cap tokens mostly showed slight decreases.
Source: Crypto.com Research
RSS3 Network Metrics (as of May 21, 2023)
|Total API Calls||202.5M|
|Total Open Web Activities||370.6M|
|Last 7-Days Active Personas||58,425|
- 🎖Added support for Lens Momoka, we continue to cover everyone and every piece of content on the popular Web3 social media platform!
- 🙌 Improved the coverage for ENS/Lens/BNB domains profiles with real-time updates.
- 🏋️♀️ Expanded data utilization for collectibles, donations, and governance for model training. We are polishing the training experience and testing it rigorously.
- 🎬 Behind the scenes, we are improving the search results by analyzing the anonymized querying history.
- 🎒 We are aiming to release a brand new version of Hoot.it, packed with tons of improvements, by next week!
- 😎 The AI squad is making substantial progress. We've got some new leads lined up, including 5 Layer1 & Layer2 projects, 2 Metaverse, and 1 promising DeFi project. We're eagerly following up and try making more collaborations happen.
- 🚀 4 new leads from the #HKWeb3Festival who are super interested in our API integration in wallets. We're following up with them and keeping the momentum going.
- 🎙 We've set up a forum for our awesome community to foster better communication on topics of RSS3 Network and Hoot.it. It's all about staying connected and constantly improving our products.
Stay tuned for more updates, and keep the good vibes flowing!
📭 Til next week!
💡 RSS3 is an information dissemination protocol designed to achieve free, efficient, and secure information flow on the Open Web. We bridge Web3 to AI, search, social media, and beyond.