24H Hot Tokens & Headlines | SpaceX Plans IPO at $135 Per Share Next Week, Valuation at $1.75 Trillion; U.S. Sanctions Iranian Crypto Exchange and Related Individuals (June 3)

1. Popular Tokens on CEX

CEX Top 10 by Trading Volume and 24h Changes:

• BTC: -6.23%
• ETH: -6.77%
• SOL: -7.68%
• XRP: -5.02%
• BNB: -5.74%
• ZEC: +14.23%
• DOGE: -8.08%
• NEAR: +2.84%
• SUI: -6.71%
• XLM: -5.63%

24h Gainers List (Data source: OKX):

• LIT: +21.04%
• ARG: +15.25%
• ZEC: +14.80%
• POR: +12.95%
• ONDO: +11.02%
• ZORA: +7.62%
• MENGO: +6.97%
• ICP: +6.52%
• CITY: +5.49%
• ENA: +4.35%

24h Equity Token Gainers List (Data source: msx.com):

• MRVL: +45.38%
• SWMR: +35.96%
• COHX: +35.51%
• LITX: +27.08%
• AEHR: +21.76%
• SOXL: +19.18%
• PENG: +18.89%
• MSTZ: +18.2%
• COHR: +17.75%
• AAOX: +17.21%

2. Top 5 On-chain Meme Tokens (Data source: GMGN):

• WOK
• Apple Life
• Sigma
• DJT
• Equity Life

Headlines

SpaceX Plans IPO Next Week at $135 Per Share, Valuation Reaches $1.75 Trillion

SpaceX plans to issue 555.6 million shares at $135 each in its Initial Public Offering (IPO), aiming to raise approximately $75 billion, corresponding to a company valuation of about $1.75 trillion. According to sources familiar with the matter, SpaceX plans to conduct the IPO next week.

US Sanctions Iranian Crypto Exchanges and Related Individuals

On June 2, local time, the US Treasury Department's Office of Foreign Assets Control (OFAC) updated the Specially Designated Nationals and Blocked Persons List (SDN List), adding several Iranian cryptocurrency exchanges and associated individuals to the sanctions list.

Trump Signs Executive Order to Promote Advanced AI Innovation and Security

The White House: US President Donald Trump signed an executive order to promote advanced artificial intelligence innovation and security. According to the order, the National Security Systems Council, the Department of Defense, and the Department of Homeland Security must prioritize advancing the cybersecurity of related information systems within 30 days. The Treasury, Department of Defense, and Department of Homeland Security will develop confidential benchmark testing procedures within 60 days to evaluate the advanced cyber capabilities of AI models and determine the classification criteria for "protected frontier models." Furthermore, the order explicitly states it does not authorize imposing mandatory government licensing, pre-approval, or permit requirements for the development, release, or distribution of new AI models. The Department of Justice will also prioritize enforcing relevant federal criminal laws to combat illegal access to or disruption of computers using AI.

Musk Could Become the World's First Trillionaire

Leverage Shares stated that if SpaceX ultimately goes public at a valuation between $1.75 trillion and $2 trillion, Musk's approximately 43% stake would be worth between $752 billion and $860 billion. Combined with his holdings in Tesla and other companies, his total net worth could reach the trillion-dollar level.

Industry News

Grayscale Hyperliquid ETF to Begin Trading Tomorrow

Grayscale officially announced that the Grayscale Hyperliquid Staking ETF (HYPG) will begin trading tomorrow.

Data: Crypto Derivatives Trading Volume Drops to Late 2023 Levels

Data shows that the total trading volume of crypto futures on major exchanges fell to nearly a 12-month low in May, with a monthly volume of approximately $2.9 trillion, returning to levels not seen since late 2023 and significantly lower than the monthly peak of $6-7 trillion during the active period last year.

This decline reflects an overall cooldown in speculative trading in the crypto market, with spot trading volume and on-chain activity also being relatively weak. Trading volume remains highly concentrated among a few leading platforms, with Binance continuing to dominate, followed by OKX, Bybit, and Gate; smaller trading platforms are experiencing more significant liquidity loss during this low-activity cycle.

Meanwhile, the CFTC is paving the way for opening crypto perpetual contracts in the US market. For a product that has primarily existed in offshore markets, this could represent a significant structural opportunity.

US CFTC Chairman Seeks to Withdraw $5 Million Settlement with Gemini

US Commodity Futures Trading Commission (CFTC) Chairman Michael Selig stated that enforcement actions during the Biden administration were "politically targeted" against the co-founders of crypto exchange Gemini, adding that he is pushing to correct the handling of related cases.

Under Michael Selig's leadership, the CFTC last week asked a federal court to withdraw the agency's $5 million settlement with Gemini reached in January 2025. The settlement was agreed upon before the Donald Trump administration took over the commission.

Project News

Prediction Market Limitless: User-Generated Markets Feature is Live

Prediction market platform Limitless announced that the user-generated markets feature is officially live. Users can select an asset, choose an outcome, and launch a market. Each creator will receive a fee share from trading activity in their markets.

Coinbase Invests in Ethena by Buying ENA on the Open Market, Teases New Partnership

Coinbase Ventures stated it has invested in Ethena by purchasing ENA tokens through the open market. Following the announcement, ENA rose approximately 6% over the past 24 hours.

Ethena stated the two parties will collaborate to promote the development of on-chain finance and savings products. Coinbase also mentioned they will establish closer cooperation, which involves the stablecoin USDC from Circle.

Ethena founder Guy Young said that Ethena's products will be integrated next week to reach Coinbase's over 100 million user base for the first time, supporting its dollar savings products. The market is watching how the two parties will cooperate around USDC and Ethena's synthetic dollar, USDe.

Investment & Financing

AI Startup Special Raises Funding Round Led by a16z

AI startup Special announced the completion of a funding round led by Andreessen Horowitz (a16z), with participation from Valor Equity Partners founder Antonio Gracias, former xAI CFO Anthony Armstrong, Steve Davis, Coinbase CEO Brian Armstrong, and Palantir Technologies CTO Shyam Sankar. The project was founded by Nate Cavanaugh and Justin Fox and primarily operates by acquiring companies and using AI to reduce costs.

Noble Mobile Acquires Crypto Wireless Operator Helium Mobile

CoinDesk reported that Andrew Yang's Noble Mobile has acquired crypto-driven wireless operator Helium Mobile, combining Noble's mobile services business with Helium's blockchain-based wireless network.

Regulatory Developments

Clarity Act Placed on US Senate Legislative Calendar, Next Major Procedure is Full Senate Vote

Bitcoin News reported that the Clarity Act has been formally submitted by the US Senate Banking Committee and placed on the Senate legislative calendar. The committee voted to advance the bill on May 14, and as of June 1, the process has been completed. The bill can now be scheduled for consideration by the full Senate, with the next major procedure being a vote on the Senate floor.

Voices

Bitwise CIO: Crypto Investing Shifts from Momentum Trading to 'Contrarian Bets'

Bitwise CIO Matt Hougan stated that, with US stocks continuing to rise, AI stocks attracting significant capital, and regulatory uncertainty around the US Clarity Act, crypto assets are shifting from past momentum trading to "contrarian bets" with a more long-term fundamental focus.

Hougan pointed out that against the backdrop of the Nasdaq 100 rising 43% year-on-year and AI concepts occupying market attention, the appeal for institutional investors to allocate to crypto assets has decreased somewhat. However, he said this does not mean the crypto industry is disappearing, but rather that the investment logic is changing, requiring a longer-term perspective and stronger fundamental judgment.

He also noted that the current "crypto winter" differs from previous ones, as capital is not simply flowing into large-cap assets like Bitcoin but is beginning to reward projects with independent fundamental narratives. For instance, Hyperliquid, BNB, Zcash, and Stellar have all seen notable rises recently, indicating the market is paying more attention to the actual progress and differentiating logic of specific projects.

Goldman Sachs CEO: Greed in the Market Outweighs Fear

Goldman Sachs CEO David Solomon stated that the stock market's boom is driven by the desire for profits, which outweighs concerns about economic turmoil and inflation risks. "Right now, greed far exceeds fear, and capital is plentiful," Solomon said on Tuesday. Solomon also acknowledged that the risk of rising inflation could prompt the Federal Reserve to hike interest rates. "I believe inflationary pressures are real, and if they exceed expectations, I think the Fed will act," he added.