Crypto markets saw a relatively quiet weekend. ETH and BTC crabbed within tight 1-2% ranges, with OI sitting at $5B and $16B respectively. In the rumor mill, Gemini confirmed that Digital Currency Group (DCG), the parent company of Coindesk and Genesis, missed a debt payment on its $630M debt obligation to Gemini.
If the $630M cannot be recovered, Gemini and other parties will work on a Genesis reorganization plan without DCG. Further, Gemini plans to file a master claim today with the goal of recovering over $1.1B of crypto belonging to 230,000 Gemini Earn users.
While majors’ price action was boring, a couple of tokens stole the spotlight over the weekend. PEPE rallied 20% on Saturday to squeeze some shorts and keep the meme vision alive. Another token, LBR, the governance token of Lybra Finance, also pulled an impressive 700% move.
Lybra is a Liquity fork that utilizes stETH as collateral to mint an interest-bearing stablecoin. This token is extremely volatile and the overall safety of the protocol is not guaranteed. Proceed with caution if you want to chase any of these tokens. As for me, I will sit in some comfy USDC and let the onchain barbarians fight it out.