Binance Launchpool’s 48th project, Space and Time (SXT) , faced a storm of criticism as its token price crashed "$70% " from its pre-market peak of $0.56 ahead of its May 8 listing. The Web3 data warehouse project, backed by Microsoft and Chainlink, is now at the center of a debate over its viability .
Why the Drop? Pre-Market Volatility: OTC trading on Gate.io saw speculative swings, with short-sellers targeting SXT’s high FDV ($10B) and inflation risks. Skepticism Over Proof of SQL: Critics question whether its zero-knowledge data verification can compete with rivals like The Graph . Unlock Pressure: Monthly token releases (~150M SXT) could further depress prices short-term .
Binance’s Role: Despite the backlash, SXT’s Launchpool rewards (125M tokens) attracted stakers, highlighting Binance’s influence in onboarding new projects .
1. No Rate Changes for Now - The Fed maintained its benchmark rate for the fifth consecutive meeting, emphasizing a "wait-and-see" approach as it assesses the impact of recent tariffs on inflation and employment . - Futures markets had priced in a near-zero chance of a rate cut today, with most economists expecting the first potential reduction in July or September .
2. Tariffs Cloud the Economic Outlook - The Fed acknowledged that Trump’s *steep tariffs on imports" , particularly from China, could "raise inflation and weaken growth ", but the full effects remain unclear . - While "hard data (e.g., jobs, GDP)" still shows resilience, "soft data (e.g., business sentiment)" has deteriorated sharply, creating a policy dilemma .
3. Powell’s Press Conference: Patience Remains Key - Chair "Jerome Powell" reiterated that the Fed needs "more clarity"before adjusting policy, stating, "We are well positioned to wait for greater certainty before making any changes" . - He avoided signaling a specific timeline for rate cuts but noted that "labor market strength"gives the Fed flexibility to remain patient .
4. Market Reactions & Future Expectations - Stocks were "little changed" post-announcement, while Treasury yields held steady, reflecting investor acceptance of the Fed’s cautious stance . - Analysts now see "July as the earliest possible rate cut", with Goldman Sachs projecting three reductions by year-end .
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Trump Meme Coin Surges 60%: Check Latest Price; Why Is It Rising, How To Buy?
Donald Trump’s official meme coin $TRUMP on Wednesday surged over 60 per cent to $16.17. The move comes after a post went viral announcing “the most EXCLUSIVE INVITATION in the world" that promised the top 220 buyers of the Trump meme coin a private gala dinner with the US President on May 22.
According to the post, the top 25 holders would also receive “an ultra-exclusive private VIP reception with the President" and a “special tour",
Trump addresses Digital Asset Summit, urges Congress to pass stablecoin bill
On today’s show, Solana’s SOL token dips as the first Solana futures ETF hit markets. Plus, President Trump becomes the first sitting president to address a crypto conference when he shared a video message with attendees at the Digital Asset Summit in New York City. The president slammed the Biden administration’s ‘regulatory war’ on crypto and urged Congress to pass ‘landmark’ crypto legislation. And, Framework Ventures’ Michael Anderson discusses recent U.S. regulatory advancements for crypto. $SOL