Daily Top Performer — SuperRare (RARE)

Last week, the SPX index was up by 3.93%, driven by strong performances in technology, consumer cyclical, and financial sectors.

The crypto market was up on Wednesday morning, with Bitcoin and Ether showing slight gains. The SPX index rose by 3.93% last week, driven by strong performances in the technology, consumer cyclical, and financial sectors. Investors are now awaiting Fed Chair Jerome Powell's upcoming speech and the latest FOMC minutes for further indications of future monetary policy.

Among cryptocurrencies, RARE surged 30.6% after the announcement of SuperRare Salon featuring Cory Van Lew’s ‘SLEEP DEMONZ’ series on August 19.

Today's Top Performer

SuperRare (RARE), launched in 2018, is an NFT marketplace specializing in high-quality digital art from selected artists, focusing on art-based NFTs and not including gaming, music, or domain NFTs. Artists tokenize their unique artwork for sale or auction. Launched initially as an exclusive art gallery, SuperRare introduced its RARE token in 2021 for decentralized governance through a DAO. SuperRare has announced the next event in their SuperRare Salon series, featuring artist Cory Van Lew. Set for August 19th, the salon will offer an exclusive preview of Van Lew's new series "SLEEP DEMONZ" to members of the Inner Circle on Hypersub. The series includes 18 oil on linen works, each reflecting Van Lew’s personal struggles with addiction and its impact on his relationship with his child. These deeply personal pieces explore themes of dreams and nightmares, highlighting a critical turning point in his life and art. Invitations to the event are available to Inner Circle subscribers.

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Talk of the Town

Justin Sun's DeFi platform, Sun.io, has launched SunPump, a memecoin launchpad on the Tron network. SunPump allows users to create memecoins without coding, similar to PumpFun, and charges a creation fee and a trading fee. It integrates a bonding curve mechanism, where the price increases with each purchase, to ensure liquidity. This mechanism, though also used by PumpFun, hasn't stopped sudden market manipulations. SunPump's debut was marked by the rapid success of new memecoins like Sundog and Suncat, with substantial market caps. To support traffic demands, SunPump is expanding its server capacity and has initiated a $10 million incentive program for meme-focused tokens. Meanwhile, Tron's TRX remains stable in price following a high transaction volume recorded earlier in the month.

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Bitcoin Spot ETF Flows

Date

GBTC (M USD)

Non-GBTC (M USD)

Total (M USD)

12 August 2024

(11.8)

39.6

27.8

13 August 2024

(28.6)

67.6

39.0

14 August 2024

(56.9)

(24.5)

(81.4)

15 August 2024

(25.0)

36.1

11.1

16 August 2024

(72.9)

108.8

35.9

Total (weekly)

(195.2)

227.6

32.4

Current Total: 

(inception-to-date)

(19,646)

37,020

17,374

Between August 12 and August 16, 2024, the BTC spot ETF data shows that GBTC experienced a net outflow of $195.2 million, while non-GBTC funds saw a net inflow of $227.6 million, leading to an overall net inflow of $32.4 million for the period. Currently, GBTC funds are at $19,646 million, non-GBTC funds at $37,020 million, with the total for all funds amounting to $17,374 million.

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Airdrop to Watch

Chainbase, the world's largest omnichain data network, has launched its Genesis event, offering retroactive points to users based on past wallet activities. The platform, which recently raised $16.5 million in funding, integrates blockchain data into a transparent, permissionless layer. To claim Genesis points, users need to connect their EVM wallet to the Chainbase testnet, complete the onboarding process, and use the "Scan Wallet" feature. Additionally, users can perform tasks to maximize their points, with the entire process designed to take less than five minutes.

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