Weekly Institutional Insights — Meme Takes the Spotlight; Rate Cut Expectations Push Equity Higher

May 20, 2024: Broader equity markets jumped following weaker-than-expected inflation data in the U.S., and cryptocurrency followed suit with Bitcoin regaining $66K shortly after the release of data.

Meme coins took the show in both crypto and traditional financial markets after the return of Roaring Kitty. Does this suggest another market top, and investors should watch out for an overhyped market? We need to wait to see whether this hype is a short-lived one.

DePIN remains a market favorite, as Arweave has been on a tear in recent weeks, recording an increase of 81.5% in the past month. The airdrop pipeline is still long, suggesting the bull market is still here.