1. Market Overview
Bitcoin price drops to $105,781. Ethereum fell to $2,632 this morning after breaking $2,788 last night. The three major U.S. stock indices opened higher, with Nvidia rising over 5%, demonstrating strong market vitality.
2. Cryptocurrency Market Highlights
WalletConnect token ($WCT) price hits a new high
(WCT briefly touched 1.3941 USDT today, setting a historical new high, with a 24-hour increase of 35.19%. WCT is the native token of the @WalletConnect network, which provides decentralized connectivity protocols for the Web3 ecosystem, supporting secure interactions between wallets and decentralized applications (dApps) across multiple chains, including Solana and Ethereum.
Recently$WCT The recent price surge is primarily attributed to its expansion within the Solana ecosystem. It achieved native cross-chain capabilities through Wormhole NTT and announced an airdrop of 5 million WCT (valued at approximately $3 million) to active Solana users, with partners including @phantom and @JupiterExchange. The airdrop news and strong growth in the Solana ecosystem (TVL reaching $5.2 billion, SOL price up 15%) have sparked market enthusiasm, boosting WCT's trading volume and community participation, making it a market focal point.
$Labubu Meme coin rebounds strongly
SOL ecosystem meme (Labubu rebounded strongly today, with a maximum 24-hour increase of 123.48%, total market cap reaching 53.3M. Labubu is a community-driven Meme coin inspired by popular blind box dolls, and its rebound is attributed to the official Binance (BN) Twitter account's retweet exposure, significantly boosting market enthusiasm and bringing Labubu Meme coin back into the investors' view, leading to a substantial increase in trading volume.
Loud Meme Coin is about to be released, sparking heated discussions
Loud ($LOUD), an experimental Meme coin centered on social participation incentives, is set to be released on the Solana chain. The project, initiated by @0x_ultra, aims to reward the top 25 users with social influence rankings each week through trading fee rewards, distributed in SOL via @KaitoAI. The Loud official website is now live, and the community is actively discussing its 'attention economy' mechanism. Some investors are optimistic about its innovative model, believing it brings new vitality and possibilities to the Meme coin space; however, others question its long-term value, concerned that this model relying on social influence may struggle to consistently attract users and maintain coin prices.
3. Macroeconomic Developments
Trump meets with Powell urging rate cuts
On May 29, U.S. President Trump met with Federal Reserve Chairman Powell at the White House for the first time, discussing economic growth, employment, and inflation issues. Trump explicitly stated that Powell's decision not to lower interest rates was a 'wrong decision,' claiming that the current high rates put the U.S. at a disadvantage in economic competition with countries like China. He hopes to stimulate the economy through rate cuts to enhance the U.S.'s position in global economic competition.
However, Powell emphasized that the Federal Reserve will make independent decisions based on objective economic data, unaffected by political pressures. The Federal Open Market Committee will formulate monetary policy to support employment and stabilize prices based on prudent, objective, and non-political analysis. This meeting has sparked heightened market attention regarding the direction of U.S. monetary policy, with investors closely monitoring any potential policy adjustments.
4. Other Updates
BERA price decline
BERA briefly dropped to 2.52 USDT, with a 24-hour decline of 9.27%. The reasons for its price fluctuations remain unclear and may be influenced by various factors such as overall market sentiment, changes in the project's fundamentals, or fund flows. Investors should continue to pay attention to relevant news.
SEC lawsuit progress against Binance
The U.S. Securities and Exchange Commission (SEC) is seeking to withdraw its lawsuit against Binance. Previously, Binance faced several allegations, including involvement in anti-money laundering, unauthorized fund transfers, and violations of sanctions. The reasons behind the SEC's actions remain to be further observed, and this development may significantly impact the regulatory environment of the cryptocurrency market and Binance's future growth, with market participants closely monitoring the follow-up developments of this event.
