GameStop Hits 2021 High as 'Roaring Kitty' Returns, Rekindling Meme Stock Mania

M6 Labs Alpha Bytes🚨: 14th May

GM anon ☕🐺

In today’s Alpha Bytes👇

BTC $61,583 (-1.25%), ETH $2,859(-2.3%), SOL $143.77 (-1.6%)

GameStop shares surged 118% to their highest since June 2021 after "Roaring Kitty" Keith Gill returned to social media, igniting a meme stock frenzy. Trading was halted multiple times due to volatility. Gill's posts, which included memes and movie clips, spurred retail investor interest, boosting GameStop and AMC stocks. Analysts warn that current high inflation and interest rates make a repeat of the 2021 rally unlikely to last.

Significant developments have marked recent events in the cryptocurrency world. Russia is set to enforce a new regulatory bill to crack down on crypto.

At the same time, Pudgy Penguins have achieved a remarkable milestone by selling over one million toys in the past year.

Crypto News 📰

  • Russia to crack down on cryptocurrencies with new regulatory bill 

  • Pudgy Penguins sold over 1 million toys in the last 12 months 

  • El Salvador launches a $360 million Bitcoin treasury monitoring website 

  • Tether CEO Paulo Ardoino and Rippe CEO Brad Garlinghouse drama brewing 

  • All $RBN token holders can swap 1:1 to get $AEVO

  • Turkey nears crypto regulation, draft bill focuses on consumer protection and global standards

  • Cryptocurrency exchange Rain likely exploited for $14.8 million: ZachXBT 

  • Dutch court finds Tornado Cash dev Alexey Pertsev guilty of money laundering 

  • dYdX founder steps down from CEO role 

  • US orders Chinese-backed crypto miner to sell land near nuclear missile base 

  • Crypto exchange OKX launches local regulated entity in Australia 

  • Vitalik Buterin proposes Ethereum gas model overhaul 

  • DeFi platforms Lido and Aave surpass Bitcoin and Ethereum in fee generation 

  • Meme coins become top gainers in flat crypto market 

  • The future of spot Ethereum ETFs 

  • Coinbase faces major outage. Users could face inconsistencies in functioning 

  • Latam crypto exchange Bitso launches Web3 wallet 

  • PEPE whale activity explodes amid price rally to new ATH

  • Hong Kong crypto ETF outflows surge to $40 million 

  • Paradigm unveils block trading facility for MATIC, SOL, and XRP Options 

  • SEC’s hostile stance a major threat to US crypto innovation 

  • Russia to crack down on cryptocurrencies with new regulatory bill 

  • Bitcoin miners feeling the pressure of slashed rewards post halving: Kaiko 

  • Ethereum fees from to seven-month low as layer2 competition heats up 

  • Q1 CoinShares most successful quarter with revenue up 216%. 

  • Fidelity leads as spot Bitcoin ETFs begin week with positive flows 

  • CoinDCX unveils streamlined Web3 development in India

  • Tether parent iFinex to aid El Salvador’s crypto rules 

  • CFTC announces $1.8 million settlement with brokerage firm FalconX

  • DeFi may struggle to stay decentralized after new EU law 

  • Deutsche Bank joins Singapore’s asset tokenization project

  • Equalizer DEX hacker drains funds. Investigation underway

Project Updates 🔥👷🏼‍♂️ 

Interesting Threads 🧵

  • An introductory guide on @spellbornegame by @ekonomeest 

  • A thread on Ethereum by @Evan_ss6 

  • How a good market maker will pump a token

  • If markets are so efficient, how do profitable trades exist? @CurveCap

  • Find out why the @fuel_network is changing the crypto world 

  • Limitless leveraged strategies 

  • An introduction to Bankless 

  • Humble Farmer Army: Why $TAO will lead the space 

  • Potato’s Thoughts: Why TON might be the next best thing since sliced bread 

  • Comparing Pooled Security vs Non-Pooled security: Yashas Naik

  • James Hanley: Suggestions for Sanctum Tokenomics 

  • Tariz (Radius): Derivatives market, Fast Finality for rollups 

  • Open Source CBDCs are not going to protect you from the government 

Launches 🚀

Fundraise 🤑

  • Zest Protocol raises $3.5 million in funding round led by Draper Associates 

  • @UXLINKofficial raises $5 million in round led by @SevenXVentures 

  • 0xgen_io (DeFi) $TBD Strategic 

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