Hey there, PoI aficionados! 🌟 

It's your favorite digital delicacy, Mochi, serving up another heaping helping of tech and web3 goodness. We've got a smorgasbord of crypto craziness on the menu today, from NFTs taking a nosedive to Floki Inu barking at scammers. Oh, and let's not forget the legal catnip that's got Roaring Kitty's whiskers twitching! So, grab your favorite beverage , settle into your comfiest chair, and let's dive into this crypto circus! 🎪💻

INTEL BRIEF

🟧 NFT sales plummeted 44% in Q2 amid crypto market downturn and rising memecoin popularity.

🟧 Floki Inu warns users about fake tokens on Solana and Base blockchains while continuing to expand its ecosystem.

🟧 Keith Gill (Roaring Kitty) faces a "doomed" securities fraud lawsuit over recent GameStop-related social media posts.

🟧 SK Hynix plans to invest $74.6 billion in AI-focused memory chip technologies over the next three years.

NFTs Nosedive as Memecoins Soar in Q2 Crypto Rollercoaster

According to the number crunchers at CryptoSlam, NFT sales plummeted a whopping 44% in Q2, dropping from a cool $4.14 billion to a more modest $2.32 billion. But before you start mourning the death of your favorite pixelated artwork, let's dive into this crypto soap opera!

So, what's behind this digital art downturn? Well, it seems our old frenemy Bitcoin decided to take a 15% nosedive, dragging the rest of the crypto market down with it. But that's not all, folks! Enter stage left: the rise of the memecoins!

While NFTs were busy doing their best impression of a falling star, memecoins were stealing the show faster than you can say "To the moon!" We're talking a staggering $3.4 billion in trading volume in just 24 hours. It's like watching your quirky cousin become an overnight TikTok sensation while your carefully curated Instagram account gathers digital dust.

But wait, there's more! The memecoin madness isn't just about cute animals anymore. We've entered the era of "PolitiFi" - where your favorite (or least favorite) political figures are getting the crypto treatment. It's like a digital popularity contest, but with real money at stake. Who knew elections could be so... profitable?

And let's not forget about the celebrity tokens popping up faster than paparazzi at a red carpet event. It's like Hollywood decided to crash the crypto party, and everyone's invited!

But fear not, NFT enthusiasts! This isn't the first rodeo for our non-fungible friends. Remember the comeback in late 2023? NFTs bounced back with over $3 billion in sales, proving they've got more lives than a CryptoKitty.

NFT sales dropped 44% in Q2, from $4.14 billion to $2.32 billion.

Memecoins, including "PolitiFi" tokens, are stealing the spotlight with massive trading volumes.

Despite the dip, NFTs have shown resilience in the past, bouncing back with $3 billion in sales in late 2023.

Floki Inu Unleashes Warning Against Fake Token Scams

It seems some sneaky scammers are trying to pull a fast one by creating counterfeit Floki tokens on the Solana and Base blockchains. Talk about barking up the wrong blockchain!

Now, before you start panicking and burying your crypto bones in the digital backyard, let's get the facts straight. The real Floki Inu (FLOKI) token is only available on two networks: the BNB Smart Chain and Ethereum. It's like having a pedigree for your digital doggo – if it's not from these two blockchains, it's probably just a mutt in a Floki costume.

To help you sniff out the real deal, Floki Inu has kindly provided the legitimate addresses for their tokens. It's like giving you the secret handshake of the crypto canine club. So, next time you're out for a walk in the crypto park, make sure you're petting the right FLOKI!

But wait, there's more to this tail-wagging tale! While some bad actors are trying to put Floki in the doghouse, the real Floki Inu is busy fetching new tricks for its community. They've just launched the FLOKI Name Service on the BNB Chain mainnet. It's like giving your digital identity a fancy new collar with a .floki tag. How fetch is that?

And speaking of fetch, Floki Inu has over 417,400 hodlers on the BNB Chain alone. That's more followers than the average Instagram influencer's dog! To celebrate, they're throwing a bone to their loyal pack with a rewards program. It's like getting extra treats for being a good boy (or girl) in the crypto kennel.

But Floki isn't just sitting pretty. Oh no, this crypto canine has big plans for 2024. We're talking regulated digital banking accounts, folks! Soon, you might be able to fund your bank account with FLOKI tokens. It's like teaching an old dog new tricks, except this dog is already pretty darn clever.

However, not everyone's tail is wagging at Floki's ambitious plans. The Hong Kong Securities and Futures Commission (SFC) raised an eyebrow at Floki's staking programs, which promise returns that would make even a Wall Street wolf blush. It's a reminder that in the wild world of crypto, even the goodest boys need to play by the rules.

Floki Inu warns users about fake tokens on Solana and Base blockchains, emphasizing its legitimate presence only on BNB Smart Chain and Ethereum.

The project launches FLOKI Name Service and celebrates over 417,400 holders on BNB Chain with a rewards program.

Floki Inu's ambitious 2024 roadmap includes regulated digital banking accounts, despite regulatory cautions from Hong Kong's SFC.

Roaring Kitty Faces 'Doomed' GME Lawsuit Saga

Keith "Roaring Kitty" Gill, is back in the spotlight. But instead of diamond hands, he's now facing a class-action lawsuit that's about as welcome as a hairball in your morning coffee.

The legal eagles at Pomerantz law firm have decided to pounce on Gill, accusing him of orchestrating a "pump and dump" scheme faster than you can say "To the moon!" The lawsuit claims that Gill's recent social media posts sent GME stock on a roller coaster ride that would make even the most seasoned day trader queasy.

But here's where it gets as juicy as catnip: Gill emerged from a two-year social media hibernation on May 13, dropping cryptic memes that sent GME shares skyrocketing 180% faster than you can hit the "Buy" button on your trading app. Talk about a cat with nine lives – and apparently, the power to move markets!

The plaintiff, Martin Radev, claims he got his tail caught in this feline frenzy, buying 25 GME shares and three call options. Now he's feeling like he's been scratched by the very cat he was trying to pet.

But before you start feeling too sorry for our plaintiff, hold your horses (or should I say, hold your cats?). Former federal prosecutor Eric Rosen thinks this lawsuit is about as solid as a house of cards in a hurricane. He says it's "doomed from its inception" and could be swatted away faster than a fly at a picnic if Gill files a well-crafted motion to dismiss.

Rosen points out that expecting Gill to hold onto all his options until expiry is like expecting a cat to ignore a laser pointer – it's just not gonna happen, folks! Plus, he argues that buying stocks based on "innocuous tweets" from someone called "Roaring Kitty" isn't exactly the behavior of a "reasonable investor." Who knew?

The cherry on top of this legal sundae? Rosen says proving fraud requires showing that someone outright lied or intentionally misled investors. But how do you prove or disprove a bunch of random memes? It's like trying to herd cats – virtually impossible!

Keith "Roaring Kitty" Gill faces a class-action lawsuit over alleged "pump and dump" scheme involving GameStop stocks.

The lawsuit claims Gill's cryptic social media posts in May-June caused GME stock price to fluctuate dramatically.

A former federal prosecutor believes the lawsuit is "doomed" due to weak legal grounds and difficulty in proving fraud based on meme posts.

SK Hynix Bets Big with $75 Billion AI Chip Gamble

SK Hynix, South Korea's second-largest chipmaker (sorry, Samsung, you're still number one), is about to make it rain in the world of artificial intelligence. We're talking a whopping $74.6 billion investment over the next three years! That's enough money to buy every person on Earth a decent smartphone... or one really, really fancy AI.

But wait, there's more! SK Group, the parent company of our chip-happy friends, is looking to secure an additional $57.8 billion by 2026. That's right, they're going full Oprah on this AI investment: "You get billions! You get billions! Everybody gets billions!"

Now, you might be wondering, "Why the sudden urge to empty the piggy bank?" Well, it seems SK Group has been feeling a bit under the weather lately, with some "heavy losses" in their chip and battery divisions. But fear not! They've found the cure for their financial flu: a massive dose of AI vitamins!

This AI fever isn't just about throwing money at shiny new toys. Oh no, SK Group is getting serious. They're planning to trim down their subsidiary fat, going from a whopping 175+ companies to a more svelte, AI-focused figure. It's like corporate liposuction, but with spreadsheets instead of scalpels!

But let's not forget, the AI world is as crowded as a tech convention buffet line. You've got the usual suspects like Google, Microsoft, and Nvidia hogging all the good stuff. But in the chip world? It's a free-for-all, baby! And with the current global chip shortage, SK Hynix is betting big that their AI chips will be hotter than a fresh batch of kimchi.

Speaking of hot, SK Group is feeling pretty confident about their financial future. They're projecting their profits to nearly double from $16 billion in 2024 to a cool $30 billion by the end of 2025. That's some serious optimism right there – they must be using an AI to do their fortune-telling!

SK Hynix plans to invest $74.6 billion in AI-focused memory chip technologies over the next three years. 

Parent company SK Group aims to secure an additional $57.8 billion for AI endeavors by 2026.

The company expects this strategy to nearly double its profits from $16 billion in 2024 to $30 billion by the end of 2025.

Well, folks, that's all she wrote (or in this case, all Mochi wrote)! 📝 We've journeyed through the wild world of crypto, from meme-inspired madness to billion-dollar AI bets. I hope you're leaving this newsletter feeling both enlightened and entertained. Remember, in the unpredictable realm of digital assets, the only constant is change - and maybe the occasional dog-themed token!

Until next time, keep your wallets secure, your memes dank, and your spirits high. This is Mochi, signing off with a virtual fist bump! 👊 Don't forget to share this newsletter faster than a viral tweet - because in the PoI community, sharing is caring! 💖📢 Stay awesome, stay informed, and I'll catch you on the flip side of the blockchain!

🍨📰 Catch you in the next issue! 📰🍨