The crypto market does not have a rest key; it only has a constantly changing narrative rhythm and market probing. As the holiday comes to an end, BlockBeats has compiled for you the events and signals worth paying attention to during the Dragon Boat Festival.

The "Flash in the Pan" of LOUD Token

The SocialFi project Loudio (LOUD) completed its IAO through HoloworldAI's HoloLaunch platform on May 31st. Out of a total token supply of 1 billion, 45% was allocated to this round of fundraising, raising approximately 400 SOL. The project was initiated by @0x_ultra, a developer who previously participated in the DeFi protocol Jones DAO, and its conceptualization highly relies on Kaito AI's on-chain social scoring system.

What caught the most attention in its early launch was the extremely low initial FDV, which was only $150,000. Coupled with the threshold for participating in the IAO set at only 0.2 SOL per person, there was a significant speculative enthusiasm within the Solana community.

LOUD evaluates the originality and virality of content posted on Platform X through Kaito AI. Each week, 72% of the trading fees are distributed back to the top 25 posters on the leaderboard, with another 18% allocated to KAITO stakers and 10% to the creator fund. In a bid to compete for a spot on the leaderboard, some users have been posting a large amount of homogenized content on Platform X, and even resorting to clickbait techniques to attract engagement, sparking some backlash from the community.

At the time of writing, LOUD's total market value is $6.57 million, down 80% from its peak market value.

Labubu Craze Sparks Meme Coin Copyright Dispute

During the holiday season, the Solana ecosystem meme coin $LABUBU, inspired by the Bubble Mart trend, surpassed a market value of $70 million, reaching a new all-time high.

Looking back at the success of the Labubu token, the most obvious reason is its IP foundation and the community's viral effect. Labubu is a popular toy IP under POP MART, officially certified by the Tourism Authority of Thailand, and has been loved and promoted by celebrities multiple times, further enhancing Labubu's global visibility and triggering a global frenzy. The unique ways of official promotion and airdrop opportunities required participants to post cute LABUBU photos along with the original tweet, and ask friends to like and retweet the tweet, accelerating Labubu's breakout publicity.

Related Reading:《The New Consensus of Young People: Labubu, CSGO, and Meme Coins》

Therefore, the rise of $LABUBU is attributed to Labubu's strong cultural influence as a globally popular IP. However, some in the community have expressed concerns about its copyright infringement risk, believing that this may hinder its long-term development, such as being unable to list on regulated trading platforms.

Entering the Game through a SPAC: "MicroStrategy" Move

Another hot topic during the holiday is the news of SharpLink Gaming's ambition to become the Ethereum version of "MicroStrategy," a Nasdaq-listed company. On May 27, SharpLink Gaming announced a $425 million financing agreement through a private investment in public equity (PIPE), with ConsenSys Software Inc. as the lead investor and participants including ParaFi Capital, Electric Capital, Pantera Capital, Galaxy Digital, and other well-known crypto venture capital firms, aiming to advance its Ethereum financial strategy.

Related Reading:《Ethereum's Version of "Strategy Moment"? SharpLink Gaming's $425 Million Bet on ETH Reserve》

Subsequently, SharpLink Gaming filed a Form S-3 ASR with the U.S. SEC and signed an at-the-market (ATM) offering sales agreement with A.G.P. Under this agreement, up to $1 billion of common stock can be issued and sold through A.G.P at market price. The proceeds from the bulk of the issuance will be used to purchase the native cryptocurrency ETH of the Ethereum blockchain, with plans to use the funds raised in this offering for operational funding needs, general corporate purposes, operational expenses, etc.

However, on June 2, SharpLink Gaming's stock price dropped more than 20% pre-market, with a 5-day increase of 1,918.26%.

Whale James Wynn Also Starts "On-Chain Begging"

On the eve of the Dragon Boat Festival holiday, James Wynn was liquidated due to a high-leverage BTC long position, with his $100 million position being forcibly closed. According to Lookonchain data, his cumulative loss amounted to a staggering $9.36 million, with a total loss of $17.72 million. Subsequently, James Wynn liquidated all his positions and withdrew the remaining approximately 460,000 USDC from his HyperLiquid account, completely clearing out.

However, just a day after being liquidated, James Wynn redeemed the 126,116 HYPE tokens he had previously staked (worth about $4.12 million), sold them at an average price of $32.7, realizing a $1.05 million profit. This transaction was seen as his "last hope," yet shortly after, he reentered the battlefield.

On June 2nd, James Wynn once again opened a 40x leveraged BTC long position, holding 944.93 BTC with an entry price of $105,890.3 and a liquidation price of $104,580, with minimal downside risk. As the market continued to oscillate downwards, he continuously added collateral on-chain, adjusting the liquidation price to $104,360, $104,150, and eventually pushing it near $103,610, with only about a $20 space from the actual market price.

As leverage approached the liquidation threshold, Wynn initiated a fundraise plea on social media, publicly stating: "If you want to fight against market makers and support me, please transfer USDC to the specified address." He promised that if the transaction succeeded, he would return the crowdfunded funds at a 1:1 ratio. This move quickly sparked controversy, with even Liang Xi cursing in James' comment section, calling this behavior "infringement."

Related Read: "Who Is Directing James Wynn's Liquidation?"

Circle Raises Valuation Ahead of Listing

Recently, Circle has expanded its Nasdaq IPO size, increasing its valuation from the previous $5.4 billion to $7.2 billion. The company and some shareholders will issue 32 million shares, priced in the range of $27 to $28 per share, raising up to $896 million, and this valuation adjustment reflects the capital market's high attention to the stablecoin and RWA narrative.

Driven by this, several on-chain projects have become capital chase targets, mainly including:

1. ONDO: Collaborated with BlackRock to issue the OUSG US Treasury bond token, currently with a market value of 26 billion USD;

2. KTA: Base-layer RWA project, with a recent price surge of over 10x;

3. ENA: Stablecoin sentiment concept stock, already included in Coinbase's listing plan;

4. B: BSC-based meme stablecoin, gaining market attention possibly due to Circle transferring USDC to Binance.

Related Reading: "Circle Near IPO, What are the Investment Targets?"

Circle's IPO is considered a landmark event for the cryptocurrency native industry following Coinbase and Antalpha's steps into the Nasdaq capital market. It not only validates the stablecoin infrastructure business model but is also seen as a significant signal of mainstream capital acceptance of on-chain US dollar and RWA narrative.

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