The market cap of real-world assets (RWA) has surged to $5.54 billion, marking a remarkable increase of over 31% in the last 24 hours. Similarly, the memecoin market cap has also witnessed a notable uptick, rising by over 16% during the same period. Among the top five memecoins, excluding Shiba Inu, all have recorded double-digit gains.

The RWA token market cap’s significant surge is evident across the top performers in the sub-sector. Notably, the native token of the Polymesh blockchain experienced a staggering 86.5% surge, followed by Centrifuge with a rise of 46.5%, and Ondo with a notable increase of 33% within the past 24 hours. Polymesh, a blockchain project tailored for security tokens, is one of the many protocols engaged in the tokenization of real-world assets, facilitating the conversion of asset rights into digital tokens on a blockchain.

Real-world assets span a broad spectrum, encompassing tangible and intangible items ranging from physical properties to patents and copyrights. The tokenization of these assets holds the promise of revolutionizing their handling and trading, potentially leading to increased liquidity, accessibility, and efficiency in asset management.

In the realm of memecoins, the market cap has also surged by 16.0% over the past day. Notably, all of the top five memecoins by market capitalization have witnessed significant gains, except for Shiba Inu, which saw a more modest 7% increase within the same period.

Among the top five memecoins, Floki has displayed the most remarkable rally, surging by over 38% within the past 24 hours, as per data from The Block’s Price Page at 6:19 a.m. ET.

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CoinGecko Research has identified the Solana network as the leading blockchain ecosystem of the year thus far. According to their report published on Wednesday, the layer 1 blockchain now commands 49.3% of global crypto investor interest in chain-specific narratives.

The report attributes Solana’s dominant mindshare to its resurgence back to 2021 highs, coupled with the impressive performance of key ecosystem project tokens such as Pyth and native meme coins like dogwifhat.

Thursday’s Coinbase market update further underscores Solana’s significance, revealing approximately $11 billion in transactions conducted on the Solana blockchain in just 24 hours on Monday. This surge in activity was driven by a plethora of smaller tokens, notably meme coins.

Memecoin Craze Fuels Solana Network Activity

Solana’s recent surge in activity has been primarily observed on decentralized exchanges (DEXs) like Jupiter and Raydium, where traders have been actively engaging with meme coins such as Bonk and Slerf. For close to four months, decentralized exchanges (DEXs) built on Solana have been consistently capturing a larger portion of the market compared to Ethereum-based DEXs such as Uniswap.

Tristan Frizza, Founder of Zeta Markets, commented on the spike in onchain meme coin speculation, highlighting coins like Slerf achieving staggering market caps of over $500 million within hours. This frenzy has largely been facilitated by automated market makers like Raydium, Orca, and the Jupiter aggregator, which enable token creators to swiftly establish new liquidity pools and trade these tokens.

In the past week, Solana’s onchain volumes have witnessed a significant surge, accompanied by a notable increase in network fees. As per The Block’s Data Dashboard, the daily transaction fees on the Solana network have been steadily increasing since the start of March, culminating in a record high of $5.08 million on Monday.

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On Wednesday, a significant crypto whale moved 12,000 ETH to Binance, as reported by Lookonchain. Despite ongoing regulatory concerns, Ether saw an 11% surge in value on the same day.

The investor, identified as a whale due to their substantial holdings acquired since 2017, transferred a sizable amount of ETH to Binance, possibly indicating an intention to liquidate the holding. The transaction, conducted by the address x50b42514389F25E1f471C8F03f6f5954df0204b0, amounted to $42.8 million at the time of transfer, constituting about 0.01% of the total circulating supply of Ethereum.

This transfer follows a similar move just a day prior when the same address shifted nearly 9,000 ETH to Binance, accompanied by the withdrawal of 30 million USDT (Tether), the largest dollar-pegged cryptocurrency.

The action prompted speculation within the crypto community, with Lookonchain suggesting the possibility of the whale selling the ETH. Such transfers to cryptocurrency exchanges often precede the selling or utilization of coins for margin trading in derivatives markets, potentially leading to increased price volatility.

Despite regulatory uncertainties, Ether’s value soared to $3,500 on Wednesday, marking an 11% increase from the previous day’s decline. The market rally persisted despite reports of the U.S. Securities and Exchange Commission’s consideration of classifying ETH as a security, a move that could impact the listing of spot ether exchange-traded funds and introduce stricter regulations for Ethereum-related projects.

However, data from Deribit’s options market indicates that traders maintain a more bearish outlook on Ether compared to Bitcoin (BTC). Options expiring in one week and one month show a premium on Ether’s put options, suggesting a prevailing sentiment of caution among traders.

A put option grants the purchaser the right, but not the obligation, to sell the underlying asset at a predetermined price on or before a specified date, indicating a bearish stance and a strategy to profit from or hedge against potential price declines.

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Cryptocurrency exchange OKX has informed its clients that it will no longer offer services in India. Customers are required to close their positions by the end of April, after which they can only withdraw their funds. The exchange cited regulatory considerations in the country as the reason for this decision.

In a notice, OKX informed its Indian clients that they must close all margin positions, as well as positions in perpetual, futures, and options, and withdraw all funds by April 30. The notice stated that after this date, accounts will be restricted to withdrawals only.

India brought digital asset service providers under its anti-money laundering framework in March 2023. Exchanges intending to operate in the country are required to register with the Financial Intelligence Unit India (FIU IND) and adhere to regulatory guidelines. However, as of the end of 2023, OKX had not completed this registration process.

The Indian government has been cracking down on exchanges operating illegally within its borders. In December, the FIU IND issued notices to nine exchanges deemed to be operating illegally, including Binance, Kraken, and MEXC Global. Notably, OKX should have been included in this list.

According to sources familiar with the matter, several of the exchanges that received notices have engaged in discussions with Indian authorities to resolve the situation.

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The cryptocurrency markets witnessed a tumultuous 24-hour period influenced by regulatory uncertainties and macroeconomic decisions.

Overnight, the crypto markets experienced significant volatility with bitcoin and ether initially declining before bouncing back to trade 15% higher than their lows on Wednesday.

The drop on Wednesday was attributed to profit-taking following last week’s rally and a wave of leveraged bets on higher prices, with some traders pointing to a technical downtrend.

Market sentiment shifted after U.S. Federal Reserve Chair Jerome Powell’s dovish FOMC speech, leading to a surge in BTC, ETH, and other major tokens, particularly layer-2 platforms and meme coins.

The inherent volatility of crypto markets was evident as bitcoin (BTC) and ether (ETH) fluctuated, ultimately rebounding to trade 15% above their Wednesday lows.

BTC and ETH recorded gains of up to 11% in the past 24 hours, leading the rally among major tokens. Other tokens like Solana’s SOL, Cardano’s ADA, and BNB Chain’s BNB also saw gains of up to 8%, according to data from CoinGecko. The CoinDesk 20 Index, measuring the broader crypto market, was up by 7.62%.

Layer-2 platform tokens, based on Ethereum, experienced an average increase of 25% in the past day, as per CoinGecko data. Meme coins followed suit with a 16% surge.

On Wednesday, markets began to decline in early Asian trading due to profit-taking and leveraged bets, resulting in a 15% drop in overall market capitalization over the past week. Some traders speculated that bitcoin showed signs of a technical downtrend, indicating potential further losses.

Sentiment shifted later in the day after Jerome Powell’s FOMC speech, which maintained a dovish tone despite higher-than-expected inflation figures.

Singapore-based trading firm QCP Capital noted in a daily update that spot transactions were driving demand, rather than futures-led trading, suggesting genuine market demand.

Dogecoin (DOGE) saw an 18% jump following news of a Coinbase filing on March 7, indicating plans to offer DOGE, Litecoin (LTC), and Bitcoin cash (BCH) futures by April 1.

Some traders viewed this move as a potential precursor to a spot DOGE exchange-traded fund (ETF).

Coinbase, known for its stringent listing criteria and regulatory compliance, stated in the filing that DOGE had evolved beyond a mere “joke” token, highlighting its enduring popularity and strong community support.

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