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Est. read time: 4 minutes

Messi promoting about a memecoin has to be a bottom signal… right?

Let’s digest: 

1. Lionel Messi Promotes Memecoin

2. Crypto Advocates Meet with U.S. Lawmakers in DC Roundtable

3. NFT Market Trends Upward

📈 MARKETS

NFT Market Flash

📰 TODAY’S TOP STORY

Lionel Messi Promotes Memecoin

In a surprising social media twist, Lionel Messi's Instagram account, which boasts over half a billion followers, featured a story promoting the Solana-based memecoin, WATER.

The post on Monday sparked immediate market reactions but left many questioning its authenticity.

• The Instagram story showed Messi with the WATER memecoin logo, causing a rapid 55% surge in the token's value on CoinGecko.

• However, this gain was short-lived, with half of it dissipating shortly after.

• This incident mirrors a previous unconfirmed promotion by Hulk Hogan, another celebrity whose social media activity temporarily influenced a memecoin's market value last month.

Messi, known globally for his football prowess, has not yet confirmed his involvement with the promotion, leading to speculation about the legitimacy of the post. The memecoin’s account on X has yet to confirm anything…

• The WATER memecoin is said to have been developed in collaboration with the creators of another volatile Solana memecoin, BEER.

• According to its website, WATER is purely a meme token without intrinsic value or financial return expectations.

The lack of direct confirmation from Messi’s team and the quick market fluctuations following the post have stirred discussions about the credibility and impact of celebrity endorsements in the cryptocurrency space.

 🖼️ Crypto

Crypto Advocates Engage with U.S. Lawmakers in DC Roundtable

Key U.S. lawmakers and crypto industry leaders convened at a roundtable in Washington, D.C., to discuss the future of digital assets.

Notable attendees included Representatives Ro Khanna, Joe Neguse, Senator Kristin Gillibrand, and Anita Dunn, a senior adviser to President Joe Biden, acting in her personal capacity.

The discussion also featured prominent voices from the crypto sector such as Crypto Council for Innovation CEO Sheila Warren, Coinbase's Chief Legal Officer Paul Grewal, and Ripple CEO Brad Garlinghouse.

• This meeting comes at a crucial time as the House of Representatives prepares to vote on overriding President Biden’s veto of a new SEC rule.

• This rule requires banks to list cryptocurrencies as liabilities, a significant regulatory shift for the industry.

• The vote requires a two-thirds majority to pass.

Industry representatives expressed optimism about the United States leading in blockchain technology and digital assets, emphasizing the importance of nonpartisan support for the sector’s growth.

Denelle Dixon, CEO of the Stellar Development Foundation, highlighted the critical nature of U.S. leadership in fostering the industry, while Garlinghouse hinted at the roundtable being a promising step towards actionable government policies.

However, he also pointed out ongoing partisan divides and criticized SEC Chair Gary Gensler’s approach to digital assets.

Dunn’s participation may indicate a potential shift in President Biden’s stance on crypto, aligning with broader discussions within both major political parties regarding digital assets and their regulation.

🟠 Crypto

NFT Market Bucks Trend with Sales Uptick Amid Crypto Slump

In a week marked by a broader downturn in the crypto market, the NFT sector showcased resilience with a significant uptick in sales. 

Over the past week, the NFT market witnessed an 8.1% increase in sales, totaling approximately $109 million, despite prevailing market challenges.

The surge in NFT transactions, which saw a remarkable 45.57% rise, indicates a growing interest in digital collectibles across various blockchains.

• Ethereum continued to lead the pack, garnering $36.48 million in sales—a 14.04% increase from the previous week.

• Solana followed with impressive growth, securing $22.46 million in sales, up by 39.03%.

• Polygon experienced a slight dip in its sales volume, down 5.36% to $19.66 million.

• Bitcoin's NFT sales also decreased by 14.7%, totaling $15.72 million.

Despite these mixed performances, the overall number of NFT transactions increased, signaling robust activity in the sector.

The week’s top-selling NFT, Cryptopunk #2, fetched a whopping $386,916.

The buyer and seller dynamics were equally encouraging, with the number of NFT buyers increasing by 20.93% to 809,923, and sellers rising by 14.05% to 363,190.

Non-fungible News

• Gaming: Rise of Crypto Integration in Gaming

• NFTs: Polygon Surpasses Bitcoin in NFT Sales

• Crypto: China is Flipping on Crypto

💡 INSIGHT

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