Gate Research Institute: LABUBU Token market capitalization exceeds $55 million|Vietnam recognizes the legal status of encryption assets.

Crypto Market Panorama

  • BTC (+0.25% | Current price 105,800 USDT): Last week, Bitcoin was affected by the geopolitical situation in the Middle East, briefly dipping to a low of 103,000 USD during the trading session. It subsequently stabilized and rebounded, but encountered resistance around 106,000 USD, forming a clear pressure level in the short term. In terms of capital, last Friday, Bitcoin spot ETF had a net inflow of 301 million USD in a single day, with BlackRock's IBIT contributing 238 million USD, indicating that institutional buying remains resilient.
  • ETH (+1.51% | Current price 2,567 USDT): Affected by the overall market pullback, ETH weakened again, with the ETH/BTC exchange rate dipping to 0.023 and market share dropping to 9.22%. In terms of capital flow, last Friday saw a net outflow of 2.176 million USD in Ethereum spot ETFs, ending a previous streak of 19 consecutive trading days of net inflow. Among them, Fidelity's FETH had a single-day net outflow of 8.8451 million USD, reflecting a cautious short-term market sentiment.
  • Altcoins: The market has weakened again, with most sectors experiencing declines. The Fear and Greed Index has risen to 61, indicating some recovery in market sentiment.
  • Macro: The intensification of geopolitical risks has triggered a rise in global risk aversion, leading to significant market volatility. WTI crude oil futures opened with a surge of 6%, while Brent crude oil futures rose nearly 5%, but both subsequently retreated, with current gains narrowing to about 1.5%. U.S. stock index futures gradually turned to slight increases after a low opening, indicating a slight recovery in market sentiment. Spot gold experienced sharp fluctuations, briefly climbing to $3,450 per ounce before quickly falling back, reflecting a pullback in safe-haven assets.

Popular Tokens on Juejin

JTO Jito* Token (+17.17%, circulating market value 2.343 billion USD)*

According to Gate.io market data, the current price of JTO token is $2.342, with a 24-hour increase of 17.17%. The current circulating market capitalization of JTO is $2.343 billion.

JTO is the governance token of the Jito network, marking an important milestone in the development of the Jito ecosystem. As a governance token, JTO grants holders the right to participate in key decisions, allowing them to directly influence the future direction of the Jito network. By holding and using JTO, community members can make proposals, participate in voting, and drive improvements to the protocol, ensuring that the Jito network can continue to innovate and keep pace with the times. The design of JTO aims to enhance community engagement and decentralized governance capacity, promoting a transparent and democratic decision-making process to adapt to the changing market demands and the broader goals and vision of the Solana ecosystem.

Since the JTO token hit a temporary low in April, it has experienced multiple rounds of declines but has not effectively broken through the key support level, indicating strong buying support below. With the highs gradually moving up, the price trend shows a clear signal of reversal. It is worth noting that JTO was previously included in Grayscale's potential investment product watchlist, which has enhanced market expectations for its institutional path, constituting a medium to long-term positive factor that is likely to provide continued support for its subsequent market performance.

LM LeisureMeta Token (+ 24.56%, circulating market cap 18.31 million USD)

According to Gate.io market data, the current price of LM token is $0.0036, with a 24-hour increase of 24.56%. The current circulating market value of LM is $18.31 million.

LeisureMeta is a pioneer in driving the realization of Web 3.0 value, achieving the value of rights in Web 3.0, and introducing a brand new employment model and source of income - Web 3.0 creators. LeisureMeta operates its own blockchain, and the LM token on the LeisureMeta chain can be exchanged for the ERC20 LM token on Ethereum through a gateway between LeisureMeta and Ethereum.

The price of LeisureMeta (LM) tokens has recently increased, primarily driven by its "I LIKE LM" community attracting K-POP fans and NFT enthusiasts, leading to heightened trading activity and increased demand. LM supports NFT minting and trading with low gas fees, and its fan economy model attracts Web3 users. Recently, trading volume has surged, with daily trading exceeding $10,000, and short-term incremental funds may continue to drive the price up.

HOUSE Housecoin Token* (+27.12%, circulating market cap 41.26 million USD)*

According to Gate.io market data, the current price of the HOUSE token is 0.0414 USD, with a 24-hour increase of 27.68%. The current circulating market cap of HOUSE is 41.26 million USD.

Housecoin ($HOUSE) is a meme token based on the Solana blockchain, themed around hedging the real estate market, and aims to express a protest against high global housing prices through humor and satire. Its core idea claims that "1 $HOUSE token will be worth 1 house," using an exaggerated slogan to attract the attention of the younger generation and the crypto community, reflecting widespread anxiety about the real estate market bubble and the difficulties of purchasing a home. Housecoin combines economic pain points with meme culture through a community-driven narrative, creating a digital asset that is both entertaining and speculative.

The price of HOUSE tokens has risen rapidly recently, mainly due to its successful leveraging of the community hype and sentiment within the Solana ecosystem. By positioning itself ironically as "1 $HOUSE = 1 house," it accurately captured the young demographic's resonance with high housing prices, thereby attracting a large number of retail investors and igniting FOMO. The volume of discussions on social media surged by 210%, further propelling the price upward.

Alpha Interpretation

Ethereum spot ETF has seen net inflows for five consecutive weeks.

The Ethereum spot ETF performed strongly last week (from June 9 to 13), with a net inflow of $528 million for the week, marking five consecutive weeks of net inflow, and none of the nine ETFs experienced net outflows. Among them, BlackRock's ETHA led with a weekly net inflow of $381 million, bringing its total net inflow to $5.24 billion, highlighting its dominant position among institutional investors. Fidelity's FETH followed closely behind, with a weekly net inflow of $78.49 million and a cumulative net inflow of $1.59 billion, reflecting the proactive positioning of traditional financial giants in the crypto market.

The total net asset value of Ethereum spot ETFs has reached 10.03 billion USD, accounting for 3.26% of Ethereum's total market value, indicating that ETFs have become an important component of the Ethereum market. The Ethereum ecosystem continues to expand, with widespread DeFi and NFT applications driving network activity and ETH demand. If the regulatory environment remains friendly and institutional participation continues to rise, ETFs are expected to further drive up ETH prices while attracting more investors into the crypto ecosystem, strengthening Ethereum's network effects and value foundation.

Popular Meme Coin LABUBU market cap exceeds 55 million USD

On June 16, according to GMGN market information, the Meme coin LABUBU, based on the Pop Mart潮玩 IP, has a market value exceeding $55 million, currently reported at $55.03 million, with a 24-hour increase of over 54%. According to relevant page information, LABUBU is modeled after the Pop Mart旗下潮玩 IP Labubu, which is popular worldwide, with Thailand even hosting a grand welcome ceremony for it.

The market value of LABUBU tokens surged by 54% in a short period, reflecting the strong market appeal of the Bubble Mart LABUBU IP behind it. As a representative of global潮玩 culture, LABUBU, combined with the viral spread of social media (such as TikTok and Instagram) and celebrity effects (like Blackpink member Lisa and the Thai princess), provides a natural traffic foundation for Meme coins. This combination of IP and encryption successfully transforms the fan economy of physical潮玩 into a speculative frenzy for digital assets.

Despite LABUBU's impressive short-term performance, its nature as a Meme coin leads to significant price volatility. The lack of official authorization, absence of a white paper, and unclear team characteristics further increase the uncertainty of the investment. Investors should be wary of the typical Meme coin pattern of "hype - speculation - crash."

The National Assembly of Vietnam passed the "Law on Digital Technology Industry", recognizing the legal status of encryption assets.

On June 14, the National Assembly of Vietnam approved the "Digital Technology Industry Law," which brings digital assets under regulatory oversight and officially recognizes the legal status of encryption assets. The law will take effect on January 1, 2026, defining encryption assets as digital assets verified using encryption or similar digital technologies during the creation, issuance, storage, or transfer process, and categorizes digital assets into two types: virtual assets and encryption assets.

The bill first incorporates encryption assets into the national legal framework and grants them legal status, while reflecting Vietnam's positive response to the rapidly growing crypto market. It has been reported that Vietnam has approximately 17 million encryption users, with crypto remittances reaching 16 billion USD in 2024, showcasing its leading position in the global decentralized finance (DeFi) sector. With the legalization of encryption assets, Vietnam's large user base injects vitality into the entire crypto market, while further attracting user participation, enhancing market confidence, and promoting the localization of blockchain technology applications in the Vietnamese market.

Gate Launchpool

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Reference Materials:

Gate Research Institute is a comprehensive blockchain and encryption currency research platform that provides readers with in-depth content, including technical analysis, hot insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.

Disclaimer Investing in the crypto market involves high risks. Users are advised to conduct independent research and fully understand the nature of the assets and products being purchased before making any investment decisions. [Gate]http://gate.com/( does not accept any responsibility for any losses or damages resulting from such investment decisions.

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