Whoever Has The Crypto VooDoo Doll, Quit Hitting It

Longs liquidated, Floki's special friend, Hoskinson goes beast mode, Karken IPO incoming, and evil, vile hamsters


Whoever Has The Crypto VooDoo Doll, Quit Hitting It 🎎 

It was looking like a nice, green Friday until about 1:00 pm EST when Bitcoin started a path from $70,721 to $68,421 in one hour. 😭 

Now, take a look at Coinglass’s liquidations data:

Coinglass Liquidations

As of 3:30 pm EST, over the past four hours, $318 million in long positions were liquidated across the various crypto derivatives exchanges, compared to only $18 million in short positions. We guess the inevitable crypto breakout will have to wait another week…

Nevertheless, in today’s Litepaper, we’re looking at DWF Labs’ support of Floki and Cardano’s Charles Hoskinson fighting back against FUD.

Also on deck: Kraken is prepping for an IPO to be the second publically traded crypto exchange, and lastly, there is a story about hamsters. 📰

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:

DWF Labs Goes Deep Into Floki With $12 Million 💸 

DWF Labs, the digital asset market-making powerhouse, is plowing into Floki with a $12 million commitment to purchase $FLOKI tokens. 🐶 

According to Floki’s blog, part of the buy comes straight from the market, and the rest from Floki's treasury, signaling their unwavering support for this meme coin that’s got to make $DOGE feel a little flaccid.

DWF Labs' Bold Bet on Floki's Future

This isn’t DWF Labs' first ride with Floki; they pledged $10 million to the project a few months back. The latest $12 million injection will stiffen Floki's standing in the crypto world.

The $12 million coincides with the launch of key products this year, including the mainnet version of the Valhalla metaverse game and the Floki Trading Bot. They’re definitely not playing around; it’s a full-on thrust to the top.

The roadmap also includes the .Floki Decentralized Domain Name and Website Service, among other utility products, are all part of their grand plan to spread and penetrate multiple markets all at once. 🔫 

Floki & DWF Labs Are More Like FWBs Than Just BFFs

Since announcing their partnership in May 2023, DWF Labs has been instrumental in Floki's journey. They’ve facilitated crucial exchange listings, brokered partnerships with industry heavyweights, and consistently supported Floki's progress.

Friends with benefits indeed. There is no doubt that either Floki or DWF Labs will be pulling out of each other’s mutually beneficial relationship. Floki’s reach is huge, and DWF Labs has its hands in all the right places. A perfect match. 👩‍❤️‍💋‍👨 

Cardano’s Hoskinson Handlin’ The Hate 🔨 

Charles Hoskinson is fed up with the media's endless doom-and-gloom about Cardano ($ADA). He's called out the media’s "pathetic" coverage and revealed Cardano's real progress. 👊 

The Hosk Throws Down Hard Hittin Hammers

Hoskinson lambasted the media for their dismal portrayal of the blockchain, dismissing their claims as out of touch with reality. According to Hoskinson, Cardano’s fundamentals are strong, and the ecosystem is thriving with rapid growth in community DApps.

Hoskinson believes Cardano's value is underappreciated, despite its robust fundamentals. "Never in my career have I seen such a profound disconnect between reality and opinion with the cryptocurrency influencer and media perception of Cardano versus its actual fundamentals," he vented. 🌍

The End Is Nigh - But Not The End You Think

Cardano is gearing up for its most significant upgrade yet—the Chang Hard Fork. Scheduled for Q2, the fork will roll out in two phases, starting with deploying governance features and setting the stage for decentralized voting and governance actions. The second phase will fully transition CIP (Cardano Improvement Protocol) 1694, unlocking on-chain governance's full potential. 🌐

Hoskinson's vision is clear: Cardano is here to stay, solving real-world issues. Critics can keep doubting, but Cardano will continue pushing the boundaries of blockchain technology. 🌍

Release The Kraken 🐙 

Kraken, the ancient titan of U.S. crypto exchanges, is finally making moves toward a potential IPO next year. According to Bloomberg, Kraken is looking to rake in over $100 million in a pre-IPO round to fuel this ambitious leap. 🦑 

Kraken's IPO Ambitions

Kraken has been itching to go public for years, but market crashes and regulatory nightmares have thrown a wrench in the works. Now, with the crypto market rallying and Capitol Hill showing some regulatory backbone, Kraken sees its chance.

If it pulls this off, Kraken will join Coinbase ($COIN) as the only publicly traded pure-play crypto exchange. 🤯 

Kraken’s IPO could be the shot in the arm the market needs, signaling a maturing industry and a more stable regulatory environment. The exchange’s readiness to go public shows the growing institutional interest and the creeping acceptance of crypto in mainstream finance.

Kraken’s spokesperson summed it up best: “We are always exploring strategic paths toward Kraken’s Mission: accelerating the global adoption of crypto. We remain fully focused on investing in this goal.” 🌐

This Is How Civilization Ends: 100 Million People Tapping Hamsters on Their Phones 🐹 

I can hardly believe I’m writing this, but here we are. Hamster Kombat, a game where you tap away like a maniac on Telegram, has hit 100 million players. 🐹

Yes, you read that right—100 million people are obsessed with this hamster clicker game. I’m not joking. This is real life. I feel like I'm in an episode of the Black Mirror.

A Hundred Million Hamster Tapping Freaks Addicts

In just a few days, Hamster Kombat shot from 60 million to 100 million players. What kind of game gets 40 million new players in less than a week? One that’s absurdly simple and promises future crypto rewards, apparently.

You start by tapping a golden coin to earn currency, which you use to build your fictional hamster-led crypto exchange. Upgrades range from adding Bitcoin pairs to setting up KYC processes and, yes, I shit you not, the Joe Rogan podcast. 🎤

What's that you ask? Are you wondering if I just wrote hamster-led crypto exchange? That, too, is real.

Each upgrade boosts your passive income, turning your little hamster exchange into a virtual powerhouse. 🏠️ 

What The Hell Is This Even I Don’t Why Is This How Did We Ever Get

The game’s social media stats are as insane as its player count. Over 27 million Telegram subscribers, nearly 17 million YouTube followers, and almost six million Twitter followers. 🤯 

How to Play This Madness

This link will start the process of you voluntarily taking part in the regression of humanity's progress by touching hamsters with your finger in the hopes of making money. May God have mercy on your soul.

  • Tapping: Earn coins by tapping a golden coin in the Telegram app. Just keep tapping. Seriously.

  • Upgrades: Use your coins to buy upgrades for your hamster exchange.

  • Boosters: Claim free daily boosters up to six times per day.

  • Mine Tab: Spend coins on various upgrades to increase passive income.

Can Haz Airdurp Wen?

The airdrop is the carrot on the stick. While there’s no exact date yet, the game’s transparency suggests it won’t keep players hanging forever. Just the anticipation is enough to keep users frantically tapping away. 🐹

Crypto News In Three Sentences 📰

💳 Binance Enables Mastercard Payments, Restores Card Feature 

Binance ($BNB) has resumed its card payment services in partnership with Mastercard ($MA), allowing users to purchase assets and make transfers. This reinstatement follows the suspension of Binance's card services due to regulatory challenges last year. The exchange is also planning to update users on the future of Binance-branded Visa ($V) cards. More from DailyCoin.

🎭 NY Attorney Charges Three Tied to 'Evolved Apes' NFT Scam 

Three British nationals involved in the "Evolved Apes" NFT rug pull have been charged with wire fraud and money laundering. They allegedly drove up NFT prices with false promises of a video game, then pocketed $2.7 million worth of investor funds. The defendants face up to 20 years in prison for their scam. Cointelegraph has more.

💪 Did Hulk Hogan Really Pump and Dump a Solana Meme Coin? 

Hulk Hogan's X account promoted a meme coin called HULK, which quickly tanked, prompting Hogan to deny any involvement on Instagram. The account, now wiped clean, shared multiple posts about the coin, leading to a suspected pump-and-dump scheme. The HULK token's value plummeted 85% after peaking at a $19 million market cap. From Decrypt.

💼 $1.5 Trillion Asset Manager Franklin Templeton Explores New Crypto Fund 

Franklin Templeton is considering a new private fund focusing on altcoins like Solana ($SOL), XRP ($XRP), and Shiba Inu ($SHIB). This move signals the firm's confidence in crypto assets beyond Bitcoin and Ethereum, despite regulatory hurdles. Franklin Templeton's foray into the altcoin market follows the SEC's approval of its spot Ether ETF applications. More from Zycrypto.

📑 FTX Creditor Group Files Objection Against Bankruptcy Reorganization Plan 

A group of FTX creditors, led by Sunil Kavuri, objects to the exchange's reorganization plan, arguing it forces a taxable event. The plan proposes cash repayments, which creditors claim would impose unnecessary tax burdens. The objection demands in-kind repayment to avoid taxes, citing IRS settlements and property rights issues. CryptoSlate has more.

🚀 Goldman Sachs Predicts 'Wall of Money' for Summer Stock Market Rally 

Goldman Sachs ($GS) forecasts a summer stock surge fueled by a 'wall of money' from passive investments, with retail investors re-emerging in July. Historically, the first 15 days of July have been the best two-week stretch for equities since 1928. Retail and institutional investors might also boost the crypto space, with BlackRock's Bitcoin ETF ($IBIT) holdings surpassing Grayscale's ($GBTC) due to lower fees. From CryptoGlobe.

Links That Don’t Suck 🔗

Get In Touch 📬

Follow our social channels for great, real-time content on Stocktwits and Twitter. And check out our YouTube channel for in-depth video content! 📲

Email me (Jonathan Morgan) your feedback; I’d love to hear from you. 📧

Want to sponsor this newsletter and reach hundreds of thousands of crypto enthusiasts? Reach us here. 👍

Disclaimer: Content, news, research, tools, and securities symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or to engage in any particular investment strategy. Read the full terms & conditions here. 🔍