During the May Day holiday, many people put down their screens and engaged in life, but the cryptocurrency market never sleeps. From Musk's support for GORK, Binance Alpha's continuous new listings, to OKX DEX's full recovery, the Movement market-making scandal brewing, and Apple's relaxation of App Store rules related to cryptocurrencies, as well as the U.S. listed company Strategy doubling down on Bitcoin, these developments reflect the ongoing changes in the macro and regulatory environment.
This issue of BlockBeats has selected and organized the main cryptocurrency news during the holiday for readers to systematically review and assess market trends.
Binance Alpha Launch Updates
On May 1, Binance Alpha launched SHADOW, Anon, BEETS, GORK (New XAI gork), and Housecoin (House);
On May 3, Binance Alpha launched OBOL;
On May 5, according to the official website, Binance Alpha launched BOOP, JAGER, and DONKEY.
Binance airdropped BOOP to eligible users, with a single account receiving 291 BOOP airdrop tokens, valued at approximately $95. Notably, according to an inquiry by @ai_9684xtpa to Binance customer service, they stated that the airdrop criteria for BOOP are an Alpha score of no less than 137, or a user Alpha score of no less than 99 with a Binance UID ending in 4.
OKX DEX Fully Restores Services
On May 5, OKX CEO Star announced, "OKX DEX will restart today, equipped with real-time abuse detection and blocking systems. OKX Web3 is a Chrome browser and search engine that connects to the blockchain.
Based on our understanding of on-chain data, we help customers access data from hundreds of blockchains in real-time, manage assets across multiple chains, and interact with millions of decentralized applications (dApps)."
According to official news, all services of OKX DEX have now been officially restored. The official statement indicated that this upgrade focused on strengthening the black address database, risk detection, and proactive risk control systems, effectively intercepting malicious activities and ensuring the security of user assets. Meanwhile, OKX Wallet has launched a new one-stop trading service, optimizing market discovery, empowering users to find more trading opportunities, and make better trading decisions, significantly enhancing on-chain trading efficiency and experience.
Musk's Support for Meme Coin Gork
On May 1, Moonshot launched the Solana-based meme coin GORK (New XAI gork), which saw its market cap exceed $50 million within 5 hours.
On May 3, Musk followed the gork X account and replied with a smiley emoji under a related tweet. He also asked the gork X account, "Can we make Grok not hate the word 'Retard' anymore?" Subsequently, gork's market cap surpassed $70 million.
On May 5, Musk changed his X profile picture to a "gork" themed meme and changed his X nickname to "gorklon rust," previously known as "Elon Musk." Following Musk's profile picture change, gork briefly surged over 107% before retreating, with its market cap reaching as high as $100 million, now falling back to $46 million.
Former Pancake Head Dingaling Launches Meme Coin Launch Platform Boop.fun
On April 30, NFT whale and former Pancake head dingaling announced the launch of the Solana-based token issuance platform Boop.fun, which will conduct airdrops to reward trading users.
On May 1, according to GMGN market data, the platform token BOOP on the Solana meme coin launch platform Boop.fun briefly surpassed a market cap of $500 million, currently reported at $461 million, with a trading volume of $62.2 million within an hour and a half of launch. On May 5, according to official news, Binance Alpha launched BOOP on the BSC chain.
Boop.fun launched an airdrop plan for 150 million BOOP tokens, primarily targeting social media influencers and active Solana traders. The airdrop is valued at approximately $350,000, but participants are required to promote the token to quickly unlock rewards, which has sparked some controversy. Some users believe this favors large influencers, with limited benefits for ordinary retail investors.
According to PineAnalytics data, Boop.fun created 10,877 tokens on its first day, with 153 tokens successfully "graduating" to external markets (such as Raydium), and the internal trading volume reaching 138,500 SOL, capturing 1,400 SOL in fees. However, Adam_Tehc data shows that as of May 4, the number of tokens created plummeted by 90% to 1,072, and daily active addresses dropped from 39,000 to 6,800, indicating a decline in user engagement after the initial hype.
Movement Market-Making Scandal, Co-Founder Suspended
After Movement Labs' native token MOVE was listed on exchanges like Binance in December 2024, market maker Web3Port allegedly sold 66 million MOVE tokens, profiting $38 million, leading to a sharp drop in the token's price. As a result, Binance imposed penalties on the market maker, freezing its profits.
A Coindesk investigation revealed that the Movement Foundation signed a market-making agreement with an entity named Rentech, which controlled about 5% of the MOVE token supply. The agreement included controversial clauses allowing Rentech to liquidate its holdings once the fully diluted valuation of MOVE reached $5 billion and to share profits with the foundation, raising market concerns about "self-serving arbitrage."
The agreement was initially pushed internally by Rushi Manche. On May 2, Movement Labs announced the temporary suspension of Rushi Manche, citing that a third-party organization, Groom Lake, is reviewing organizational governance and recent market-making events.
As a result of the scandal, Coinbase announced it would suspend trading of MOVE tokens starting May 15, 2025, stating that it failed to meet listing standards. The price of MOVE tokens plummeted significantly after the scandal broke, with a single-day drop of 22.3% on May 2, falling to approximately $0.1951.
Trump Operations Overview
On May 1, Trump indicated that a "big beautiful bill" is coming, possibly larger than tariffs. Regarding trade agreements, Trump stated: "I think we are doing very well." On May 2, Trump mentioned that he is working hard on the "big beautiful bill" and just received the latest news from congressional leaders about the tax bill; if the big bill does not pass, taxes will increase by 68%. Currently, the tax bill is progressing smoothly and is fully on schedule.
On May 4, Trump stated he does not expect a third presidential term.
On May 5, when asked if he would fire Powell before 2026, Trump gave the clearest denial so far: "No, no, no. Why would I do that? I can wait; it won't be long before I can change people."
Additionally, Trump downplayed concerns about the possibility of an economic recession, stating that the U.S. is in a transitional period, and he is not worried about the economy shrinking during his term, but he does not rule out that possibility. When further pressed on whether he would take responsibility for the impact of his tariff policies on the economy, Trump stated that he would ultimately take responsibility for everything.
On May 5, Trump posted a TRUMP Meme coin dinner poster on his social platform Truth Social. Previously, the TRUMP official stated that Trump himself would attend the dinner on May 22.
Other News
Strategy Launches "42/42 Plan," Aiming to Raise $84 Billion in Two Years to Purchase Bitcoin
On May 2, Strategy is now more focused on Bitcoin rather than software business, reporting a first-quarter loss of $4.23 billion (or $16.49 per share), far exceeding expectations. Revenue fell 3.6% to $111.1 million, missing forecasts.
The company launched an ambitious "42/42 Plan," aiming to raise $84 billion in two years to purchase Bitcoin, following last year's implementation of the $42 billion "21/21 Plan." Analysts noted that despite market volatility, the stock remains a strong proxy for Bitcoin, trading at 2.13 times its net asset value, showing solid performance.
Apple Eases Cryptocurrency-Related Rules in U.S. App Store
On May 3, Apple updated its iOS App Store review guidelines following a court ruling this week, easing restrictions on developers in the U.S. App Store. The new rules allow developers to offer external payment methods in their apps and support users in purchasing non-fungible tokens (NFTs) through third-party markets.
It is worth noting that cryptocurrency applications still need to comply with strict Apple regulations, including prohibiting the provision of task completion reward tokens, banning initial coin offerings (ICOs), and prohibiting the use of user devices for mining.
Three上悠亚 Meme Coin MIKAMI Presale Ends, Raising 23,333 SOL, Approximately $3.47 Million
On May 3, the presale of the Three上悠亚 meme token MIKAMI ended at 11:00 AM, raising a total of 23,333 SOL (approximately $3.47 million) within 72 hours. According to data from @1999_eth's dashboard, 77% of investments were in the range of 0-1 SOL, 19.6% in the range of 1-10 SOL, and only 3.4% above 10 SOL.
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