Solana meme coin Moo Deng surged 32.9% to a market cap of $183 million on Thursday, according to CoinGecko. The jump comes as plans for the viral baby hippo’s birthday next week were revealed by Khao Kheow Open Zoo.

The Thailand-based Zoo will be throwing a three-day event next week, including a Moo Deng-themed art exhibition, a photo gallery, and a parade of animal mascots. The Zoo will also gift Moo Deng a giant cake on her birthday, June 10, when she turns one year old.

Pygmy hippo Moo Deng captured the hearts of the internet from a zoo in Thailand in September last year, thanks to a stream of adorable pictures and videos. The then-two-month-old hippo was so popular that her enclosure was crowded from the moment the Zoo opened, with tourists travelling from far and wide to catch a glimpse of the meme sensation.

In turn, an unofficial Solana meme coin of the same name quickly skyrocketed to a market cap of $336 million in September, according to DEX Screener, before dropping 81% to $63 million over the following month. Moo Deng season wasn’t over, however, as the token surged 1,004% to $702.85 million by mid-November 2024, following a listing from centralized exchange Binance among other things.

Moo Deng then fell 94% to $39 million as attention for the adorable hippo waned, before a healthy 718% pump back up to $320 million, which it fell 58% from to $135 million.

The latest surge comes as the internet has regained interest in Moo Deng, with her birthday inching closer. On Thursday, a Moo Deng content creator claimed that the U.S. embassy in Thailand sent the cute hippo a gift, but the Zoo has yet to open it.

It’s worth noting that other Moo Deng tokens haven’t seen as much impact from the news, with the Ethereum token climbing just 5.6% to a market cap of $11.8 million. Similarly, the Sui-based Sudeng token jumped 13.9% to $18.9 million.

Good Morning, Asia. Here’s what’s making news in the markets:

Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk’s Crypto Daybook Americas.

The newly launched REX-Osprey Solana + Staking ETF (SSK), the first crypto staking exchange-traded fund (ETF) listed in the U.S., ended the day with $33 million in volume, with Bloomberg ETF analyst Eric Balchunas calling the launch better than the average ETF listing.

The ETF offers investors indirect access to Solana while earning staking rewards without needing technical expertise.

While the volume was much lower than the launch of BTC and ETH ETFs, Balchunas noted that the trading volume was much stronger than recent Solana futures ETF listings or XRP futures ETFs launches.

SOL is trading above $150 on the news, up roughly 4%, according to CoinDesk market data.

In late May, the Securities and Exchange Commission ruled that crypto staking does not violate securities laws, paving the way for issuers to offer such staking products.

There’s no ETH staking ETF currently offered in the U.S., although 3iQ offers one on the Toronto Stock Exchange.

Hong Kong’s market regulator, the Securities and Futures Commission, released staking rules in April, and local issuers offer ETH staking ETFs on the city’s stock exchange.

BlackRock’s Bitcoin ETF Now Out-Earns Its Flagship S&P 500 Fund

BlackRock’s iShares Bitcoin ETF (IBIT) is now generating more annual revenue than its flagship iShares Core S&P 500 ETF (IVV), according to a new report by Presto Research.

IBIT, with just $75 billion in assets under management, is expected to bring in $187.2 million a year from its 0.25% fee. IVV, by contrast, holds a massive $624 billion but charges just 0.03%, yielding slightly less in absolute revenue.

The difference isn’t just a quirk of fee structures—it’s a window into how institutional investors view crypto exposure in 2025. “IBIT’s fees are 8.3 times higher than IVV’s,” Presto Research notes, “but investors are paying up.”

In a world where every basis point usually matters, the willingness to pay a premium for BTC via a trusted wrapper underscores just how early we are in crypto’s institutional adoption cycle. As Presto points out, even Coinbase’s base spot trading fee is higher, at 60 bps.

IBIT’s growth story also highlights the power of brand. Institutions want Bitcoin—but they want it with BlackRock’s name on the label. While S&P 500 ETFs have become commoditized, crypto ETFs still command premium pricing.

With IBIT holding the lion’s share of Bitcoin ETF market inflows, it’s increasingly clear: the institutionalization of crypto isn’t coming. It’s already happening.

Market Movements:

BTC: Bitcoin surged 3.6% over 24 hours to break above $109,000, buoyed by strong volume, new support between $109,064–$109,359, and improving global sentiment following the US-Vietnam trade deal despite continued Middle East tensions.

ETH: ETH surged 8.6% to $2,608 in a high-volume breakout fueled by growing institutional interest and bullish momentum, forming new support at $2,565 and testing resistance near $2,617.

Gold: HSBC raised its 2025–2026 gold price forecasts to $3,215 and $3,125 per ounce, citing geopolitical risks and strong investor demand, according to Reuters.

Nikkei 225: Asia-Pacific markets traded mixed Thursday, with Japan’s Nikkei 225 down 0.15%, as investors awaited details of the U.S.-Vietnam trade deal announced by President Trump.

S&P 500: The S&P 500 rose 0.47% to 6,227.42 on Wednesday after Trump announced a U.S.-Vietnam trade deal, though a surprise drop in June private payrolls raised economic concerns.

Elsewhere in Crypto:

• Ripple Applies for Federal Bank Trust Charter, XRP Jumps 3% (CoinDesk)
• Moku Chief Business Officer shares why crypto gaming is broken — and how to fix it (Blockworks)
• NY Bankruptcy Judge Gives Celsius the Green Light to Pursue $4.3B Lawsuit Against Tether (CoinDesk)

Monero price is shaping a bullish rounded bottom pattern as it approaches key resistance levels. A successful retest of support could spark a rotation toward the $417 high time frame target.

Monero’s (XMR) price action is beginning to take shape as a potential rounded bottom, a classic reversal structure that hints at accumulation at current levels. The altcoin recently tested resistance near the value area high, which also aligns with dynamic compression from the Bollinger Bands. If bulls can reclaim higher ground after a retest, the probability of a larger rally toward $417 becomes more likely.

Key technical points

• Value Area High Resistance: Currently rejecting from the upper boundary of the volume profile, aligned with Bollinger Band resistance.
• $269 High-Diagram Support Zone: Critical region with confluence from the 0.618 Fibonacci level and VWAP SR.
• Rounded Bottom Formation: Potential reversal structure forming over a multi-week base.

The initial barrier for Monero lies at the value area high, a level currently reinforced by Bollinger Band compression. This combination suggests strong resistance, and the reaction at this level will likely dictate the next leg of price action. A rejection here would likely lead to a pullback into the $269 region, which holds significance as a structural support zone.

This $269 area is underpinned by strong technical confluence. It marks the 0.618 Fibonacci retracement from the previous swing move, coupled with anchored VWAP support from the recent impulse. Additionally, this zone aligns with the base of the developing rounded bottom, reinforcing its importance as a foundation for reversal.

Should this level hold in the coming weeks, Monero’s structure will begin to resemble a confirmed rounded bottom. This formation often precedes a sustained bullish phase and, if validated, could open the door for a move toward the $417 resistance, a high time frame ceiling established in prior cycles.

One important factor to monitor is the volume profile throughout this structure. Rounded bottom patterns often develop during periods of low volume, followed by a gradual increase as price approaches the neckline. If Monero begins to show a steady rise in volume near the $269 support during any corrective move, it would signal renewed buyer interest and strengthen the case for a breakout.

Traders should remain patient, as this type of formation typically unfolds over an extended timeframe but often results in explosive continuation once confirmed.

What to expect in the coming price action

If Monero holds above the $269 support zone following a pullback, bulls may regain control and drive a slow but steady rally toward the $417 resistance. However, failure to defend this key level could invalidate the rounded bottom setup and delay bullish continuation.