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And this is one of the reasons why trust in crypto is hard to come by...
Another day, Another scam.
MemeCore $M crashed -85% in the last 24 hours, wiping out $2.7 billion in market cap and liquidating $8 million in longs.
Reasons:
- According to reports, an estimated 99% of the supply is held by insiders, making the float smaller.
- This makes it easier to manipulate token prices, which is why MemeCore's FDV hit $34.5 billion at one point.
- Currently, on-chain liquidity for $M is around $100K while the market cap is still at $900M.
- This means even a relatively small sell could nuke the price, and this is exactly what happened today.
The UK just fired a shot at USDT.
Bank of England scrapped personal holding limits and set a £40B cap per stablecoin.
Translation: they want sterling stablecoins to actually matter. Launches as early as 2027.
This doesn't look too good...
Bitcoin ETF flows look pretty bad so far.
Not everyone has reported yet, but the numbers we do have aren't exactly encouraging.
BlackRock sold over 1,000 BTC yesterday.
HODL sold another 68 BTC.
Combined ETF flows currently sit at roughly -1,410 BTC.
I know some people are expecting a bounce here, but I don't really see a reason for it yet.
Bitcoin has now spent the last 16+ hours sitting around support without doing much of anything.
Support has been support.
It hasn't been a bounce.
If buyers were stepping in aggressively, I'd expect to see that reflected in price by now.
Instead, spot demand still looks weak and ETF flows aren't helping.
For now, I think lower remains the more likely direction.
Nothing new. We've been back and forth on this at least five times now.
ETF outflows spike, crypto dips, people panic.
Then the inflows return, and everyone acts surprised.
This is getting out of control 😄
🚨UNBELIEVABLE: SPACEX FLIPS MICROSOFT TO BECOME THE 4TH MOST VALUABLE COMPANY ON EARTH
$SPCX now trades above $229 per share in overnight trading, effectively valuing the company at $2.97 TRILLION.
The rocket manufacturer has surged nearly 70% since its IPO on Friday, adding more than $1.2T in market value.
Hard to argue with the parallels here. But I'd push back on one thing.
1999 was retail mania at the very top.
This $3.5T is sitting in private hands: SpaceX, OpenAI, Anthropic aren't dumping shares on grandma's 401k.
That doesn't mean valuations are sane.
🚨 THE AI BUBBLE MAY HAVE JUST PEAKED.
In 1999, IPO mania marked the exact top before the NASDAQ crashed -78% and erased $5 TRILLION.
Now look at 2026:
SpaceX at $1.75T.
OpenAI at $852B.
Anthropic at $900B.
That is $3.5 TRILLION from just 3 AI companies.
The entire U.S. IPO market raised only $469B in the last 10 years combined.
This is no longer normal market behavior.
This is late-stage bubble behavior.
So, it seems the world's first official trillionaire is going to be @elonmusk , and it becomes official today!
So, tomorrow is June 12th, the day of the SpaceX IPO.
The question is: will @elonmusk become the world's first trillionaire?
Everyone is lining up for @SpaceX IPO allocations this week.
🚨 BLOODBATH IN ASIAN MARKETS.
Over $1 trillion has been wiped out across Asian stock markets today.
• KOSPI: -357 trillion won
• Nikkei: -21 trillion yen
• Shanghai: -0.83 trillion yuan
• Shenzhen: -1.36 trillion yuan
• Hang Seng: -0.44 trillion HKD
• Taiwan: -1.63 trillion TWD
South Korea, China and Japan are leading the crash.
