Bitcoin at $99K and Rising

With DOOD's TGE and Airdrop, Ethereum's Pectra upgrade, and Stripe's stablecoin leap, get the alpha to stay ahead of the curve

Token Metrics Daily
May 08, 2025

Happy Thursday, TM Family!

Welcome to the Token Metrics Daily newsletter, where we cover key market movements, regulatory updates, and early alpha for our readers and investors.

Let’s dive in!

In Today’s Edition

Market Update: Bitcoin Nears $100K, Fed Holds Rates, and Kaito’s Price Action
$DOOD by Doodles: Token Generation Event (TGE) and Airdrop on 9th May 2025
Ethereum Pectra Upgrade is Now Live
Stripe Testing Stablecoins After $1.1B Acquisition of Bridge

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1. Market Update: Bitcoin ~ $100K, Stable Rates, & Kaito

As of this writing, Bitcoin’s price is at $99,579, up 2.6% for the day, teasing a local high of $99,810. This rally is driven by sustained institutional demand through BTC ETFs and buzz around a potential U.S.-U.K. trade deal, though details remain thin. With a market cap of $1.97T, a dominance of 61.8%, and a 24-hour trading volume of $74B, Bitcoin is gaining momentum.

The Federal Reserve decided to keep rates unchanged at 4.25%- 4.50%, reflecting persistent inflation and labor market uncertainty. Three cuts are projected for 2025. Stable rates bolster Bitcoin’s appeal as an inflation hedge, but a hawkish shift could spark volatility. For investors, a break above $100K might ignite a further rally up to $110K, while a failure at resistance could see a pullback at $95K.

Meanwhile, $KAITO, an AI-Web3 token, jumped from $0.83 two days ago to $1.43 today, a significant gain of 72% in a couple of days. The Token Metrics’ trader grade indicator for $KAITO is now bullish.

Kaito is disrupting influencer marketing through its AI-driven algorithm, which monitors creators on X (Twitter) and calculates the mindshare of different ecosystems and social graphs. In turn, it rewards creators, whom they call yappers, through various projects’ airdrops.

2. $DOOD by Doodles: TGE and Airdrop on 9th May 2025

Doodles, a prominent NFT project, is all set to launch its token, $DOON, on Solana tomorrow. It plans to list on Binance, Bybit, OKX, and others. Initially a meme coin, DOOD aims to fuel a gamified ecosystem, rewarding NFT holders and boosting community engagement. This mirrors moves by projects like Pudgy Penguins, blending cultural appeal with token utility.

Originally launched as NFTs on Ethereum, the Doodles team chose Solana for its high-throughput ecosystem activities. $DOOD is designed as a utility token that powers avatar customization, governance, rewards, and ecosystem incentives across the Doodles universe.

Check your eligibility for the potential airdrop here.

3. Ethereum Pectra Upgrade is Now Live

Ethereum’s Pectra upgrade is live, introducing smart accounts (EIP-7702) and doubling blob space to 12 blobs per block (EIP-7691). Smart accounts streamline transactions, such as batched operations and stablecoin fee payments, which enhance the user experience. Increased blob space boosts layer-2 capacity, potentially cutting fees on networks like Arbitrum, Optimism, etc.

Pectra builds on Ethereum’s millions of daily transactions and tens of billions in TVL, reinforcing its DeFi dominance. Lower fees could accelerate adoption, but benefits will unfold gradually as wallets and dApps integrate. Long-term, Pectra sets the stage for 2026’s Fusaka upgrade (PeerDAS, Verkle trees), targeting 100,000 TPS.

The Token Metrics’ trader grade indicator has also turned bullish for $ETH. Visit the platform now to check the analytics and trade $ETH on the platform.

4. Stripe Testing Stablecoins After $1.1B Acquisition of Bridge

After its $1.1B Bridge acquisition, Stripe is testing USDC payments on Solana, Ethereum, and Polygon. Targeting firms beyond the U.S., U.K., and Europe, Stripe aims to simplify cross-border payments. Bridge’s tech lets businesses adopt stablecoins without crypto exposure, a game-changer for mainstream adoption.

The stablecoin market is one of the biggest sectors in the crypto ecosystem, and it thrives on efficiency. Stripe processed $1T in payments last year, indicating the potential scale. Solana’s speed and Polygon’s low costs enhance the pitch, though Ethereum’s security appeals to risk-averse institutions. Regulatory hurdles loom (upcoming stablecoin bill in the U.S.), but Stripe’s move signals confidence.

Meme of The Day

References

That’s all for today, people. Let’s talk tomorrow.

Your Friends at Token Metrics