6/11/24: This Is Fine, Roaring Kitty 🐱🦄🇨🇳

Author

Valko
June 11, 2024

Top News

  1. Roaring Kitty down over $350M on GameStop

  2. Uniswap Labs acquires 'Crypto: The Game'

  3. ICBC says Bitcoin is better than Gold

Specs’ Breakdown

1. Roaring Kitty down over $350M on GameStop

⌐◪-◪ → Roaring Kitty has lost over $350M in the last few days on GameStop, meaning he was very briefly a billionaire on paper.

At a surface level, this shows even top traders can get wrecked if they don’t take profits and practice risk management.

Going deeper, many wonder if this was his plan all along. To force the hand of the powers that be, making the asset itself at a market level.

Perhaps it was always a win-win for him:

a) Win by making a lot of money
b) Win by making the system show its true colors

What do you think → Is this part of Roaring Kitty’s master plan, or did he just get rekt? Let me know in Specs Chat.

2. Uniswap Labs acquires 'Crypto: The Game'

⌐◪-◪ → Uniswap Labs is expanding its influence in the web3 space by acquiring 'Crypto: The Game'.

This not only proves crypto games can actually be fun, but it also highlights the value of organic attention in the market, and more specifically in crypto. The game — a twist on Survivor — has essentially become crypto’s own reality TV show.

I’m curious to see what Uniswap has in store for the next season and how long they can keep the community engaged and the game going.

This is just another flash in the pan, but that doesn’t mean we can’t enjoy it (and maybe for some, make money off it).

Let me know what you think Uniswap has planned in Specs Chat.

3. ICBC says Bitcoin is better than Gold

⌐◪-◪ → The Industrial and Commercial Bank of China (ICBC) — the world's largest bank with $6.2T in AUM just said Bitcoin is better than Gold, and Gold is better than the US Dollar.

More specifically, they cited Bitcoin’s scarcity, ease of transfer, and divisibility — the 3rd note they made to investors in the last 3 months about Bitcoin. Bullish.

This isn't just about China warming up to crypto; it signals a significant shift in how traditional financial institutions view the growing importance of digital assets.

What do we think ICBC will do next? Let me know in Specs Chat.

Gradually, then suddenly.

Everything Else

⛓️ Crypto & DeFi

  • OP Mainnet implements 'fault proofs' to strengthen rollup

  • Farcaster activity falls after huge spike

  • Bitcoin price falls below $67K as ETF inflow streak ends

  • Uniswap Labs hires ex-Coinbase executive as Chief Legal Officer

  • Cardano on track for Voltaire upgrade this month

  • ZKsync to airdrop 3.6B ZK tokens next week

  • Exactly 13 years ago, a website gave away 10,000 BTC

🏦 Wall Street & VC

  • Coinbase might get added to the S&P500

  • US spot BTC ETFs see $65M net outflows, ending 19-day streak

  • Binance Labs invests in Ethereum Layer 2 developer Zircuit

  • Nexus Labs closes $25M Series A to scale verifiable computation

  • Squads Labs raises $10M, unveils new smart wallet called Fuse

🏛️ Legal & Regulatory

🌎 Rest of the World

🖼️ NFTs & Metaverse

  • NFTFi hits $25M fully diluted value

  • Fantasy wins another Blast Gold Jackpot

  • Abella Danger token sees massive volume, burns 1/3rd of supply

  • Ariana Grande shares Michi meme with her 378M followers

  • PRIME delays token unlock schedule to June 2025

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