On June 6, Bitcoin (BTC) briefly fell to around $100,500 this morning, with the BTC market share reported at 63.9%, reaching a nearly four-year high; Ethereum (ETH) plummeted, directly breaking below the middle band of the daily Bollinger Bands, with today's ETH/BTC exchange rate falling below 0.024; ETH market share dropped to 9.2%; altcoins experienced significant declines, with some tokens falling back to the low points of this price cycle; Circle's first day of trading saw a rise of 168.48%, with a trading volume of $3.941 billion; Elon Musk and Donald Trump clashed, leading to declines in both the US stock and cryptocurrency markets.
Cryptocurrency Market Overview
Mining Popular Tokens
RVN Raven (+32.35%, circulating market cap $219 million) According to Gate's market data, the current price of RVN tokens is $0.0144, with a 24-hour increase of 32.35%. RVN currently has a circulating market cap of $219 million, ranking 183rd in the entire market. According to the latest market dynamics, the short-term surge in RVN price may be influenced by Upbit's announcement of listing the RVN token against the Korean won. RVN's intraday volatility approached 100%, with the current increase narrowing to around 30%. Ravencoin is an open-source blockchain project launched in 2018, optimized based on Bitcoin's code, and uses a proof-of-work (PoW) mechanism. Its main feature is the simplification of the asset issuance process, supporting messaging, asset naming, and token traceability, suitable for various decentralized application scenarios, emphasizing fair distribution, no pre-mining, and no ICO, gaining favor among some decentralization and privacy advocates.
FARTCOIN Fartcoin (+11.26%, circulating market cap $1.044 billion) According to Gate's market data, the current price of FARTCOIN tokens is $1.044, with a 24-hour increase of 11.26%. FARTCOIN currently has a circulating market cap of $1.044 billion, ranking 68th in the entire market. FARTCOIN is currently in a downtrend on the daily level, possibly influenced by Coinbase's announcement of listing FARTCOIN, with the price rebounding over 20% from an intraday low of $0.86. FARTCOIN originated from the experimental project of the AI chatbot Truth Terminal, created through the token platform Pump.fun, with a core focus on its absurd and humorous community culture. Despite limited technological innovation, it has strong community consensus and influence in the AI Meme space. Short-term trends are highly dependent on community enthusiasm and market sentiment, with high volatility and speculation, so investors should be cautious.
HUMA Huma Finance (+7.36%, circulating market cap $72.6 million) According to Gate's market data, the current price of HUMA tokens is $0.0417, with a 24-hour increase of 7.36%. HUMA currently has a circulating market cap of $72.6 million, ranking 419th in the entire market. Huma Finance is a decentralized PayFi protocol based on future income streams (such as salaries, invoices, and cross-border remittances). It tokenizes accounts receivable to achieve on-chain credit. As of 2025, the cumulative on-chain transaction volume has exceeded $4.5 billion, with active funds exceeding $100 million. Although the HUMA token has fallen over 60% since its launch, it has performed relatively well against the backdrop of a general market correction. If it continues to expand on the real income side, HUMA has medium to long-term value potential. Investors should pay attention to its on-chain activity and partnership developments.
Alpha Interpretation
Circle's first day of trading saw a rise of 168.48%, with a trading volume of $3.941 billion. According to Yahoo's data, Circle's first day of trading saw a rise of 168.48%, closing at $83.23, with a trading volume of 47.109 million shares, approximately $3.941 billion. The opening triggered a trading halt twice, peaking at $103.75. Previously, Circle completed its IPO at $31 per share, raising $1.1 billion, with an IPO valuation of $6.2 billion. The original plan was to issue 24 million shares, but due to surging demand, it was expanded to over 34 million shares. The USDC issued by Circle is the second-largest dollar stablecoin globally. Its listing marks a milestone as the first stablecoin company to go public in the US. With the advancement of stablecoin regulatory legislation, Circle is expected to continue expanding its compliance advantages and market share. The stablecoin sector may achieve tenfold growth in the next five years, and Circle could become a leading enterprise in this field.
Musk and Trump Clash, US Stocks and Crypto Markets Decline Simultaneously On the evening of June 5, Tesla CEO Elon Musk and US President Donald Trump had a heated argument on social media platform X. Trump publicly stated he would consider terminating government subsidies for Musk's companies, while Musk retaliated by claiming Trump was involved in the "Lolita Island" scandal. After the incident escalated, Tesla's stock price plummeted over 14%, with a market value evaporating by $153 billion, marking the largest single-day drop in history. Musk's personal wealth shrank by over $19.5 billion. The cryptocurrency market also saw a simultaneous pullback, with Bitcoin briefly falling to $104,000, and a total liquidation of $968 million across the network within 24 hours, with long positions accounting for over 90%. This incident highlights the significant impact of macro-political uncertainty on the correlation between traditional markets and crypto assets. In the short term, investor sentiment is becoming cautious, and it is necessary to continue monitoring the evolution of political conflicts.
Pump.fun Platform: 83.4% of Creators Earn Less Than $1,000 According to data disclosed by Solanafloor, since the launch of the creator revenue-sharing mechanism on Pump.fun on May 12, 83.4% of the 3,566 creators have earned less than $1,000, with 34.9% earning less than $100, and only 1.8% exceeding $5,000. Market news indicates that Pump.fun plans to raise $1 billion through token issuance, with a valuation potentially reaching $4 billion. Once realized, it will become a newly minted unicorn project. As a core platform of the Meme coin craze, its token issuance is highly topical and may trigger a new wave of speculative enthusiasm, concentrating market liquidity and attention, potentially leading to a "drain effect" in the short term.
Related: Circle's Stock Soars 167% on Its First Day on the New York Stock Exchange (NYSE)
Original: “Circle Surges Over 168% on IPO Debut | Musk and Trump Clash Publicly”
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