OVERVIEW

Memecoin Mania Returns? 🤩

In case you missed it, RoaringKitty’s X account became active for the first time since June 18, 2021. 👀

As a result, $GME opened up +50% and moved up as much as +120% before retracing part of the move. $AMC also spiked and is up +82% as traders looked for the next “meme stock” to begin squeezing.

In today’s Litepaper, we’re looking at the memecoin market because it, too, has spiked. Specifically, we’re taking a look at $PEPE, $DOGE, $FLOKI, and $BONK. 📰

Also on deck: a big cage match between Ripple and Tether and a look at where Pudgy Penguins NFTs are expanding.

Before we dive in, here’s today’s crypto market heatmap:

And here’s a look at crypto’s total and altcoin market cap YTD:

NEWS
Memecoin Mania Returns? 🐶 

$BONK's daily candlestick might not look like much at first glance, but don't let its modest appearance fool you. In relation to yesterday's candlestick, it’s actually kind of a big deal. We're looking at a Bullish Engulfing pattern here—basically a VIP in the world of Japanese Candlestick analysis.

There’s a resistance hurdle waiting at the $0.000024800 mark that the bulls need to clear. If they manage to bulldoze through that barrier, they'll likely run into another snag near the upper trendline of the rising wedge, right around the most recent swing highs in the $0.000042000 territory.

The RSI is what traders are finding most interesting. The trendline is from the weekly chart (not shown). The weekly RSI is pressed right against that descending trendline. And on the daily chart, the RSI is bouncing off the support level at 40. If there is follow through momentum from buyers, BONK could have a nice expansion move higher.

But bulls should be aware of how close the price is to the lower trendline of the rising wedge’s pattern. Remember: the rising wedge is an inherently bearish chart pattern. 🐻

Similar to BONK’s daily chart, $DOGE has a bullish engulfing candlestick forming on its daily chart. Dogecoin also has an inverse head-and-shoulder pattern developing.

For bulls, resistance is kind of a pain in the ass because there are two resistance levels in close proximity to each other: the 38.2% Fibonacci retracement at $0.1561 and the neckline of the inverse head-and-shoulder pattern at $0.1613.

The bears need to contend with a strong support level at the 50% Fibonacci retracement at $0.1387. To breathe more life into a bearish continuation move, they’ll likely need to pull off a daily close below the $0.1300 level. 📈

The top trending crypto today is $PEPE, which, at one point today, was the second highest trending asset on the Stocktwits platform. If it wasn’t for $GME, it easily would have been number one.

Not much to say here other than it looks like bulls are making an attempt at another expansion move. PEPE’s already made new all-time highs today, and if it closes above $0.00000996, it’ll be the new all-time highest daily close. 🕵️‍♂️

This is one hell of a tricky-looking chart. $FLOKI initially broke out below the triangle pattern on May 10, but bears were unable or unwilling to capitalize on the break. Today, FLOKI’s returned inside the triangle pattern. If it continues to move up and closes above the triangle, that may create one hell of a bear trap. 🪤

NEWS
Crypto Cage Match: XRP vs. Tether 🤼‍♂️

Cue the dramatics! In the latest crypto theater, Ripple ($XRP) and Tether ($USDT) take center stage, serving us a blend of Elizabethan intrigue and Silicon Valley scandal. Ripple's Brad Garlinghouse drops hints of a storm brewing over Tether just as Ripple preps its own stablecoin to enter the fray. On the flip side, Tether's Paolo Ardoino hops on Twitter, swinging at what he claims is pure fear, uncertainty, and doubt tossed from Ripple's corner. 🎭

Shadow Play by Ripple

On the "World Class" podcast, Garlinghouse cast a shadow of FUD over Tether's future, hinting that U.S. regulators are itching to disrupt Tether's stablecoin reign. He paints a vivid picture: regulators sharpening their pencils, ready to scribble new rules that could shake Tether to its core.

Tether's Counterstrike

Ardoino, not one to sit back and watch his empire get smeared, strikes back with force. He mounts a strong defense of Tether's compliance and stability, essentially telling Garlinghouse to mind his own business and suggesting Ripple's noise might be a ploy to hype their upcoming stablecoin. Ardoino's response on Twitter highlights Tether's adherence to regulations and its critical role in markets that traditional banks dare not go.

Peter Brandt's Forecast on XRP/BTC: Zero

And while this schoolyard fight between Garlinghouse and Ardoino is going on, the one and only Peter Brandt walks into the waring XRP vs. USDT fight like John Wick walking through a hail of bullets: chill as f*ck and posts his forecast on XRP/BTC:

You can imagine how that went over with the XRP community: it’s like Brandt said something about their mom. 😆

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NEWS
Pudgy Penguins Hits Target Shelves: More than Just Cute Faces 🐧

Pudgy Penguins, those adorable digital natives with a penchant for plush, have just made a splashy entrance into Target ($TGT) stores nationwide, marking their second major U.S. retail foray after Walmart ($WMT) in less than a year. 🐧

This isn't your typical "stuffed animal meets big box store" tale; it’s a strategic play that blurs the lines between cuddly toys and cutting-edge blockchain technology.

This lineup isn’t just a random assortment of plushies but a carefully curated collection of six clip-on characters, each backed by the Pudgy Penguins brand, renowned for its integration of Web3 tech into tangible products.

Here's the real kicker: every toy comes equipped with a QR code. Scanning it will unlock new traits in Pudgy World, the expansive online game that lets players customize their digital penguin personas on the zkSync blockchain. ⛓️

Luca Netz, the big boss at Pudgy Penguins, was all about the big reveal. “Launching in Target isn’t just about growth; it’s about redefining what mainstream retail can look like with a little blockchain magic,” Netz declared.

But wait, there’s more: owning these toys means cashing in on royalties. Thanks to the Pudgy Penguins’ newly minted OverpassIP platform, NFT holders see real-time royalty benefits from these sales, turning ordinary toy buying into an investment in digital assets. This platform isn’t just a ledger; it’s a revolution in NFT licensing and a testament to the toys' tangible value beyond the checkout counter. 🤑

NEWS
Crypto News In Three Sentences 📰

🎯 North Korean Hackers Launch 'Durian' Malware Assault on Crypto Exchanges
Kimsuky, a notorious North Korean hacking group, has ramped up its cyber warfare with 'Durian,' a newly-minted malware targeting South Korean crypto firms. This aggressive strain, deploying tools like the 'AppleSeed' backdoor and 'LazyLoad,' showcases a complex infiltration tactic that leverages legitimate security software used by these firms. From Cointelegraph.

🚀 Franklin Templeton Dives Deep Into Blockchain Waters
At the forefront of traditional finance's embrace of blockchain, Franklin Templeton’s CEO Jenny Johnson champions the revolutionary potential of blockchain technology for cutting operational costs. Speaking at the Milken Institute Global Conference, Johnson unveiled plans to explore on-chain ETFs, pointing to blockchain's efficiency as a game-changer for the investment world. DailyCoin has more.

⚙️ Polkadot's Network Evolution with Asynchronous Backing
Polkadot ($DOT) introduces 'Asynchronous Backing,' a significant upgrade set to turbocharge its blockchain's performance, allowing faster transaction speeds and expanded block capacity. This technical leap is designed to support complex Web3 applications, pushing the boundaries of what's possible across gaming and DeFi landscapes. More from CryptoPotato.

🔒 A Phishing Tale with a Happy Ending
In an unexpected twist, a crypto whale recovers $71 million in Wrapped Bitcoin stolen in a phishing attack, thanks to the attacker's surprising change of heart after negotiations. The phishing technique used—'Address Poisoning'—exploited wallet address similarities to misdirect funds, showcasing the sophisticated risks in digital asset security. Full story at Finbold.

💸 Druckenmiller's Warning on US Fiscal Policy
Billionaire Stanley Druckenmiller criticizes the U.S. government's lavish spending, arguing it threatens to stifle innovation in crucial tech sectors like blockchain and AI. In a CNBC interview, he laments the potential squandering of what could be a transformative era for productivity enhancements, hampered by rising interest rates and reduced private capital availability. From DailyHODL.

🔄 Story 6: Uniswap's Strategic Fee Adjustment Ruffles Feathers
Uniswap's ($UNI) recent decision to hike transaction fees on its interface from 0.15% to 0.25% sparks a shift in user activity, with its DEX market share dipping slightly as traders explore more cost-effective options. Despite the backlash, the increased fees have bolstered Uniswap Labs' revenues. Uniswap's move highlights the broader challenges facing DeFi platforms in sustaining growth while adapting to changing user preferences and market dynamics. The block has more.

Links That Don’t Suck 🔗

🤔 How does the order book work?

🥱 Bitcoin is boring but bizarre meme coin antics continue

🦈 Shark Tank’s Mark Cuban slams SEC: ‘Trying to destroy crypto’

🏦 BofA announced: “June will be a month to remember”, here’s why

🤯 Billion-dollar bank prepares for $450,000,000 fine from US government

🤣 Sam Bankman-Fried maintains innocence while subsisting on rice and beans in prison

🤬 JPMorgan Chase blocks $100 chocolate purchase, approves $49,000 illicit wire transfer

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