Crypto Market Overview

• BTC (+1.09% | Current Price: 106,196 USDT): Bitcoin experienced an increased intraday volatility, briefly dropping to around $102,000 before rebounding above the key level of $106,000 again. Sideways movement at higher levels may remain Bitcoin’s primary trend in the near future.
  On Monday, BTC ETFs recorded net inflows of approximately $361 million, with Fidelity’s FBTC receiving around $188 million and Ark’s ARKB around $155 million.

• ETH(+4.85% | Current Price: 2,543 USDT): Ethereum briefly fell below $2,400 during intraday trading, later rebounding and surpassing the $2,500 barrier. As activity increases, ETH market dominance continues to rise, currently standing at 9.27%.
  Monday ETH ETF net flows were negligible.

• Altcoins: Market performance has diverged further, with mixed price movements. The Altcoin Season Index has fallen further to 23.

• Macro: On Monday, U.S. stocks slightly advanced, with the Dow Jones Industrial Average up by 137.33 points, or 0.32%, the S&P 500 gaining 5.22 points (0.09%), and the Nasdaq Composite rising by 4.36 points (0.02%). Investors are digesting Moody’s recent U.S. credit rating downgrade, while also closely watching the As of May 19, 10:00 AM (UTC+8), the spot price of gold was quoted at $3,221.84 per ounce, marking a 24-hour decline of 0.26%.

Trending Tokens

JUP Jupiter (+2.50%,Market Cap: 1.438 billion USD)

According to Gate.io market data, JUP token is currently trading at $0.504, recording a 2.5% increase within the last 24 hours.

Jupiter (JUP) is a decentralized finance (DeFi) aggregation platform built on artificial intelligence (AI) and blockchain technology. Its main goal is to address the liquidity fragmentation and trading inefficiencies faced by decentralized exchanges (DEXs). Jupiter aims to become the leading DEX aggregator in the Solana ecosystem by integrating multiple DEX protocols, on-chain data, and AI optimization algorithms to provide users with the best trading routes, lowest slippage, and efficient asset swaps. With core offerings such as Jupiter Aggregator, Limit Orders, and DCA tools, Jupiter addresses common industry pain points like high transaction costs, poor user experience, and market fragmentation. \
In related news, Jupiter tweeted that it has integrated trading of tokens from the aggregated time-tokenization platform time.fun, which allows users to buy and sell the time of creators, influencers, and experts. All tokens are immediately tradable on Jupiter.

ADA Cardano (+1.63%, Market Cap: 27.146 billion USD)

According to Gate.io market data, ADA token is currently trading at $0.751, showing a 1.63% increase in the past 24 hours.

Cardano (ADA) aims to establish itself as a secure, scalable third-generation blockchain platform leveraging layered architecture and research-driven methods to efficiently support decentralized applications (DApps), smart contracts, and digital assets. Its core mission is to enhance global financial and societal inclusivity and transparency, addressing scalability, interoperability, and governance challenges encountered by earlier blockchains, such as high energy consumption, limited throughput, and community division.

Recently, EMURGO, a Cardano developer, addressed the conversion process for ADA vouchers that remain unclaimed. Although the majority of pre-sale ADA vouchers have been successfully redeemed, a small portion remains unclaimed. IO Group (IOG) has conducted detailed voucher redemption processes, including repeated redemption events and efforts to locate and register participants over seven years. With most original voucher holders residing in Japan, EMURGO has supported IOG in contacting and aiding these holders. While some holders have been successfully identified, others could not be found. The Shelley hard fork rendered ongoing voucher redemption ineffective, necessitating the transfer of vouchers to continue the redemption process. Third-party identification teams have undertaken in-depth efforts to locate holders. EMURGO expressed its understanding of the community’s transparency expectations, supporting independent audits by IOG.

Alpha Insights

SOON Collaborates with Camp Network to Launch CAMP SVM, Focusing on On-Chain Autonomous IP

The Solana Virtual Machine (SVM) Rollup project SOON announced via social media a collaboration with Camp Network to support CAMP SVM’s launch. CAMP SVM, built using SOON Stack, is the first SVM chain fully focused on on-chain autonomous intellectual property (IP). This marks a significant step for the Solana ecosystem, combining blockchain technology with IP management. Being a Layer 1 blockchain leveraging Solana’s high-performance and low-cost infrastructure, CAMP SVM facilitates creators’ instant IP registration, AI-driven collaboration tools, and transparent ownership rights.

This collaboration could have profound implications for the Web3 ecosystem and the creator economy. Integrating AI and blockchain, CAMP SVM offers new potential for IP creation, management, and monetization, gaining considerable attention from developers and community members. However, as an emerging project, CAMP SVM’s practical applications and market acceptance remain unproven, especially concerning legal and practical challenges in managing on-chain IP rights.

Sahara AI Launches SIWA Developer Testnet

Sahara AI announced the launch of its SIWA testnet, a blockchain platform focused on securely verifying and tracking AI digital assets on-chain, marking significant progress toward a decentralized AI ecosystem. The first stage of SIWA allows developers to register datasets as ERC-721 NFTs, generating verifiable and transparent ownership records. This mechanism offers novel solutions for intellectual property protection related to AI data and models, resolving issues in traditional AI development such as opaque data origins and insufficient contributor rewards. Utilizing blockchain’s immutability, Sahara AI ensures dataset provenance, enhancing trust among developers and end-users.

This development may fundamentally shift decentralized AI management and trade, laying groundwork for future AI-asset governance. However, challenges like data privacy, legal compliance, and large-scale on-chain computation costs persist. Community discussions on social media display optimism toward Sahara AI’s leadership in integrating blockchain and AI, though the long-term performance and growth of the ecosystem require further evaluation upon mainnet launch.

US SEC Delays Decision on Proposed Solana ETFs

The U.S. Securities and Exchange Commission (SEC) announced a delay in deciding on applications for cash-based Solana ETFs submitted by 21Shares, Bitwise, VanEck, and Canary Capital. The delay was explained by the need for additional time to evaluate legal and policy complexities involved. This move aligns with the SEC’s traditionally cautious stance regarding approvals of financial products connected to crypto assets. The SEC emphasized that this delay does not indicate the eventual approval or denial, but rather indicates careful consideration surrounding questions of Solana’s (SOL) potential classification as a security and ETF regulatory compliance.

Previously, these four asset-management firms submitted 19b-4 regulatory filings through Cboe BZX Exchange to list a Solana ETF in the U.S. These applications initially were withdrawn in 2024 amid SEC regulatory concerns but re-submitted by Cboe in early 2025, highlighting sustained optimism about Solana ETFs. High market expectations regarding Solana ETFs partly stem from Solana blockchain’s strong performance and rapid growth—its price surged by over 2,500% in the past year, surpassing the market capitalization of major corporations like Starbucks and Nike.

Gate Launchpool

Token Sale Details

• Project: Wayfinder
• Token Name: PROMPT
• Subscription Deadline: May 26, 2025 at 20:00 (UTC+8)
• Subscription Methods: GT, USDT
• Personal purchase cap: 1,000 GT, 5,000 USDT
• Total tokens distributed via airdrop: 150,000 PROMPT

Project Overview

Wayfinder, developed by Parallel, introduces an AI-focused protocol designed to bring AI agents onto the blockchain, supporting Colony’s gameplay. It allows AI agents (“Shells”) to execute transactions on-chain and interact with decentralized applications. It has potential use cases both within gaming scenarios and for other purposes. For example, games can utilize Wayfinder to operate AI characters or manage scarce in-game resources. Besides gaming, the protocol can also be applied in intelligent trading executions, NFT minting, and AI customer support scenarios.


References：

• Gate, https://www.gate.io/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• CoinGecko, https://www.coingecko.com/categories
• Investing, https://investing.com/
• Believe, https://www.believescreener.com/
• CoinMarketCap, https://coinmarketcap.com/cmclaunch/
• x, https://x.com/soon_svm/status/1924495068997820628
• x, https://x.com/SaharaLabsAI/status/1924465527503937646
• Cointelegraph, https://cointelegraph.com/news/is-xrp-price-rally-over-for-now
• Gate, https://www.gate.io/zh/launchpool

Gate Research is a comprehensive platform offering in-depth blockchain and cryptocurrency research, including technical analysis, market reviews, trend forecasts, and macroeconomic insights.

Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.