GM fellow Asterials. With the current scenario in the market, can we still make profits? Memecoins fever has not died out and protocols like Lido are innovating on their current tokens.

It’s Sunday people lets get right to it🔥

• 🤡The Memecoin and NFT fever is now happening on Dogecoin & Litecoin

• 👛Lido finance dives into staking & buybacks for LDO

• 📉Bitcoin dips below $27k

The Memecoin and NFT fever is now happening on Dogecoin & Litecoin

Meme tokens and NFTs are capturing the attention of crypto enthusiasts, and their influence is expanding beyond Bitcoin.

Dogecoin and Litecoin, two prominent cryptocurrencies, are now experiencing the fever of meme coins and NFTs.

All three chains - Bitcoin, Dogecoin, and Litecoin - are witnessing a surge in network activity, reaching all-time highs. This increased activity can be attributed to the migration of Ordinals technology from Bitcoin to Dogecoin and Litecoin.

The adoption of Ordinals technology has led to a significant increase in daily transactions on Dogecoin and Litecoin.

This technology allows the inclusion of inscribed assets like artwork and profile pictures on the blockchain, expanding the possibilities for creativity and self-expression.

The introduction of BRC-20 tokens and meme coins has further propelled the meme token and NFT frenzy on Dogecoin and Litecoin. Dogecoin, in particular, has experienced a surge in daily transactions, surpassing even Bitcoin's volume, thanks to the creation of meme coins known as "Doginals."

The adoption of LTC-20 and DRC-20 standards on Litecoin and Dogecoin, respectively, has facilitated the creation and trading of meme tokens on these networks.

This has not only increased blockchain activity but also brought a new level of excitement to the communities surrounding these cryptocurrencies.

By enabling the inclusion of inscribed data like videos and images on the blockchain, these networks have seen increased activity and engagement.

❓ However, as meme tokens and JPEGs become more prevalent on Dogecoin and Litecoin, concerns about rising transaction costs and potential network issues have emerged.

Lido Finance dives into Staking and Buybacks for LDO token

Lido Finance is currently exploring the possibility of introducing a staking feature for its LDO token.

This means that LDO token holders can soon:

• Stake their tokens

• Earn interest off staking

• Put their tokens to work!

If this proposal gets the green light, up to 50% of the Lido DAO's revenue would be distributed among the stakers. It's a win-win situation, allowing LDO holders to earn a slice of the pie while contributing to the protocol's growth.

Stakers would also take on an important role as "insurance providers of last resort."

However, it's worth noting that they could face the risk of losing up to 30% of their staked funds in the event of a hypothetical mass-slashing scenario.

Safety first, right?

Lido Finance's move to introduce staking for LDO aims to add more utility to the token.

Currently, LDO primarily functions as a voting token within the Lido ecosystem. This expansion could open up new avenues for LDO holders to participate and benefit from the protocol.

Although the proposal is still in its early stages, it has already sparked diverse reactions among token holders.

Some have expressed concerns, while others are eagerly anticipating the potential utility and rewards that staking could bring to LDO.

🔒 With a total value locked (TVL) of nearly $12 billion, Lido Finance is a heavyweight in the DeFi realm. Their commitment to exploring innovative features like staking and buybacks demonstrates their dedication to offering exciting opportunities for their community.

Bitcoin Takes a Dip Below $27K as Fed Chair Powell Expresses Modestly Dovish Stance

With Powell suggesting that the central bank may take a step back from its series of rate hikes, Bitcoin's price has felt the impact, trading below the $27,000 level.

As always, the crypto market is sensitive to any news from the Federal Reserve.

Market sentiment seems to align with Powell's comments, as nearly 4 out of 5 traders expect the U.S. central bank to pause its rate hikes at the upcoming June meeting.

Traders are closely monitoring the central bank's stance on interest rates.

Powell also highlighted developments in the banking sector that contribute to tighter credit conditions.

This could potentially impact economic growth, hiring, and inflation. It's a reminder that financial stability plays a significant role in shaping market dynamics.

While most top cryptocurrencies experienced gains, equity markets saw modest declines.

The crypto market remains vibrant and responsive to both internal and external factors, showcasing its unique dynamics.

Bonus News

• Experts has doubts over Ledger’s new Bitcoin recovery feature. I thought the main purpose was not to share our keys anywhere.

• Treasury Bonds soars as crypto investors chase TradFi yield. Are we getting back into tradfi?

• Apple just banned their employees from using ChatGPT. They are worried about privacy? Wonder why 😂😂

Disclaimer: This is not any kind of financial advise. This newsletter is solely informational; it does not constitute investment advice, a solicitation to buy or sell any securities, or a recommendation regarding how to manage your money. Be cautious and conduct your own study, please.