Coins by Cryptorank
Insights and analysisEditorial office

🤖 Meet the non-human-made bizarre meme coin

Tanja Nechet

News editor

May 5, 2023 at 07:06

Hiya, to those anticipating Friday! The buidlbee’s crypto community team did the best (as we usually do) and gathered for you the juiciest stuff. Below, you will read briefly about the main events in the market, their analytics, and a selection of interesting ways to earn on the activities.

Here is a more extensive recap:

  • The “fun” in the U.S. banking sector continues;
  • Terrible commissions in the Ethereum and Bitcoin networks – analyzing the reasons;
  • The most bizarre meme coin not created by a human – TURBO;
  • JasmyCoin (JASMY) is preparing to break through (TA);
  • Earning AURORA tokens.

And now on to the highlights of the day:

The brand new newsletter with insights, market analysis and daily opportunities.

Let’s grow together!

  • The U.S. unemployment rate in April was 3.4%. This is the lowest rate since the beginning of this year and lower than the expected 3.6% and 3.5% in the previous month. U.S. nonfarm payrolls rose 253,000 seasonally adjusted in April, the lowest since December 2022.
  • Bitcoin mining pool f2pool announced 100 10² Islands Bitcoin NFT to celebrate its 10th anniversary and showed support for the Ordinals.
  • Binance will list FLOKI (FLOKI) and Pepe (PEPE) on the innovation zone at 00:00 on May 6, and open spot trading pairs of FLOKI/USDT, FLOKI/TUSD, PEPE/USDT, and PEPE/TUSD.
  • Uniswap’s active users have hit a high since May 2021 due to the increased popularity of meme coins.
  • Reuters: Since 2021, Israel has seized about 190 cryptocurrency accounts on the cryptocurrency exchange Binance, including those linked to the Islamic State and belonging to Palestinian firms affiliated with the Islamist group Hamas. Binance responded that it was working closely with international counterterrorism authorities on these seizures.

The fun with U.S. banks: show must go on!

Shares of 100% of all regional banks in the United States today, for the first time in the history of the U.S., are in the red. Some are doing quite badly, and trading on them has been stopped; some are just starting to fall and have reached a modest -15%.

All this chaos comes the day after Federal Reserve Chairman Jerome Powell said that the U.S. banking system is stronger than ever.

Nearly half of the 4,800 U.S. banks have already used up their capital reserves and are operating with negative capital. They may be able to find creative ways not to report these losses under U.S. accounting rules, but that won’t make them solvent — a recent report from the Hoover Institution says so.

That report also indicates that more than 2,315 U.S. banks have assets that are worth less than their liabilities. The market value of their loan portfolios is $2 trillion below their reported book value. While the smartest take their money out of the dying banks, the rest can be advised to buy some popcorn while waiting for the interesting events ahead.

Problems with crazy commissions in the crypto

The world of cryptocurrencies has its own problems; the most pressing right now is the huge commissions, and this applies to both Bitcoin and Ethereum at the same time.

Due to the hype around meme coins, Ethereum fees have reached an annual high. The average cost per transaction on Ethereum has now exceeded $15.82.

The situation with Bitcoin, where the effective fee is currently around $7-9, is more confusing. So far, different researchers have cited three very different reasons for the increase in the network’s load:

  • The most popular explanation for the rise in commissions to historic highs is BRC-20 tokens (a new standard that involves committing a serialized JSON to a Bitcoin transaction similar to Ordinal inscriptions). It’s a fancy new thing that pleases zoomers and infuriates Bitcoin maximalists. You can read more about it here.
  • User @SuperTestnet is having fun finding a way to attack the Ordinals protocol. It’s a vulnerability that allows to destroy other people’s inscriptions, and that’s what he is doing right now. You can read more about it here.

And finally, the third reason — the spam attack on the Bitcoin network that is carried out in the form of crypto-dusting (that we wrote about here) — is the so-called spam storm. In the last few days, a huge amount of unconfirmed transactions (~300k) accumulated in the Bitcoin network’s mempool. That hasn’t happened for a long time! And most of the coins used for the attack come from the Binance exchange.

💲💲💲 Opportunities

[1] 🔔 All-new meme token

The new #TURBO meme, created by ChatGPT, quickly surpassed its $50M capitalization and now has about 10k holders. You can read more about it here. The initial stage of the #TURBO promotion is very similar to the hype surrounding other meme coins. If you like the success of #PEPE (but missed its launch), here’s another opportunity to catch the next rocket.

[2]  JasmyCoin (JASMY) bullish potential

JasmyCoin (JASMY) is a cryptocurrency project of Jasmy Corporation, a Tokyo-based Internet of Things (IoT) company.  Jasmy specializes in buying/selling data, and the Jasmy platform combines two categories: service providers and data users.

JASMY forms another retest of the strong resistance line. The previous attempt to break through the resistance resulted in a retest of the strong support at $0.005742.

Analyst RLinda paid attention to the support, which might indicate that the whales were actively gaining liquidity in these areas. Another retest of the resistance is forming now.

  • Strong support: $0.00675 and $0.00574.
  • Strong resistance: the descending line (channel boundary), the level of $0.008325.

If the breakout attempt is successful, then it will have bullish potential with further growth to $0.008325 and $0.01200.

[3] 🔔 How to get Aurora rewards

Aurora helps Ethereum and dApps users easily migrate to the NEAR blockchain. It allows you to do two different things: upload Solidity smart contracts and interact with them on the NEAR blockchain; and move assets (including ERC-20 tokens) between Ethereum, NEAR, and Aurora via Rainbow Bridge.

Aurora has launched quests on the Zealy platform (formerly called Crew3) and 2048. They will give experience (XP) for completing the activities, which can be exchanged for Aurora tokens at the end of May.

Step-by-step instructions:

  • Go to this site and connect the wallet.
  • In the search box, type in Aurora and click “Add to Metamask.”
  • Go to the project page in Zealy and connect the wallet and Discord.
  • Sign up for the social networks of the project and complete all possible tasks.
  • We proceed to the Wordle game and connect a wallet.
  • Guess the word by trying on the letters. If the letter is highlighted in green, it means it is present in the word and in the right place. If the letter is highlighted in orange, it means that it is present in the word but not in its place. The gray color indicates that the letter is not in the word.
  • After you guess the word, you need to copy your result and post it on any of the social networks.

The campaign will be active for one month. Don’t forget that many tasks are updated daily!

Don’t forget to subscribe to our newsletter and do your own research (DYOR)! See you again on May 9!

All information provided on this website is for educational and informational purposes only. Please consult with our Disclaimer.

Home » Insights and analysis » 🤖 Meet the non-human-made bizarre meme coin

Your complaint has been sent to a moderator