Bitget Daily Digest | BTC faces short-term drop, XRP ETF filed by WisdomTree
Market highlights
1. Memecoin sector faces widespread declines: Popular memecoins, including the AI memecoin Desic, have seen significant pullbacks. On the Solana chain, live streaming content on Pump.fun spiraled out of control, resulting in the feature being disabled.
2. Bullish momentum continues for the Solana chain: Monthly DEX trading volume on Solana has surpassed $100 billion for the first time. Stablecoin inflows reached $620 million last week, marking the largest weekly inflow on record. Over $300 million worth of assets were bridged into Solana from other chains during the same period. With this influx of funds, premium memecoins on Solana present promising trading opportunities.
3. Elon Musk talks up $DOGE again: Musk tweeted, "DOGE is inevitable," accompanied by a Shiba Inu image. Meanwhile, the Dogecoin Foundation unveiled its Dogebox initiative, aiming to help one million grassroots retailers adopt Dogecoin payments next year.
4. WisdomTree files for XRP ETF: ETF provider WisdomTree has filed for an XRP ETF in Delaware, USA. According to CryptoQuant, open interest in XRP futures recently reached an all-time high of $1.8 billion. Investors should remain cautious of short-term volatility.
5. $WHY and $CHEEMS futures plunge: Both coins saw sharp price drops after being listed on major exchanges. Formula News accused insiders of "market manipulation," noting such actions erode market confidence.
Market overview
1. BTC faces a short-term drop as the market pulls back, with smaller and fan coins experiencing price pumps aimed at gaining attention .
2. U.S. markets showed resilience as the Dow Jones and small-cap stocks hit record highs, spurred by the nomination of a new Treasury Secretary and easing Middle East tensions. Meanwhile, the dollar, gold, and oil prices fell, and U.S. Treasury yields surged..
3. Currently priced at 93,908 USDT, BTC faces significant liquidation risks. A 1000-point drop to around 92,908 USDT could result in over $370 million in cumulative long position liquidations. Conversely, a rise to 94,908 USDT could trigger more than $226 million in cumulative short position liquidations. With similar long/short liquidation potential, it’s advised to manage leverage wisely to avoid large-scale liquidations during market fluctuations.
4. Over the past day, BTC experienced $5.79 billion in spot inflows and $6.63 billion in outflows, resulting in a net outflow of $840 million.
5. Over the past 24 hours, $BTC, $ETH, $DOGE, $SOL, and $XRP led in futures trading net outflows, signaling potential trading opportunities .
Highlights on X
1. @Timo explores the Anti & Pro mechanism in DeSci projects:
@Timo provides an in-depth analysis of the Anti & Pro mechanism, highlighting its ability to optimize traditional AMM models while offering new infrastructure for DeSci projects. This mechanism reduces investment risks and boosts project revenue. He breaks down its logic and advantages thoroughly with practical examples.
The core concept behind Anti & Pro mechanism is the discrete AMM model, facilitating market-making through interactions between $ANTI and $PRO coins. Unlike continuous AMM models, this discrete design better handles clear market boundaries. For example, in high-risk, high-return fields like new drug R&D, this mechanism effectively mitigates investor risks.
Here’s an example:
Assume a new drug R&D team seeks to raise 100 SOL. Investor A, who believes in a 70% success probability, allocates 7 SOL to buy $PRO (success coin) and 3 SOL to buy $ANTI (failure coin). These coins are deposited into a Collider contract, where the investor receives $BARYON and $PHOTON coins. If the project succeeds, $BARYON's value rises, allowing the investor to earn additional returns while optimizing their portfolio. Even if the project fails, the $ANTI allocation significantly limits overall losses.
Key advantages:
Enables investors to express confidence levels precisely while diversifying risk automatically.
Transparent operations ensure fairness, as smart contracts handle revenue distribution without human intervention.
For DeSci projects, this not only enhances their appeal to investors but also enables project teams to achieve greater capital efficiency and unlock higher return potential.
@Timo emphasizes that Anti & Pro could become the ideal market infrastructure for DeSci projects, reducing risks and enabling smarter investment decisions. It allows projects to improve funding efficiency while unlocking long-term growth potential. Although innovation carries inherent risks, @Timo views this as a much-needed breakthrough in the Solana ecosystem and anticipates its first successful application in a DeSci project.
X post: https://x.com/timotimoqi/status/1861036016255254609
2. @cryptic's analysis of $LUCE bottom and growth potential
@cryptic suggests that $LUCE has formed a bottom structure and holds significant growth potential. He expresses confidence in this non-AI memecoin project, citing the following reasons:
Upcoming developments: $LUCE is launching on a new spot trading market, enhancing accessibility. Despite market volatility, its holder count continues to grow, demonstrating strong community support.
@cryptic points out $LUCE's two unique selling points:
Only anime-themed coin
Backed by the Vatican
Building on these points, $LUCE has access to a vast and diverse pool of potential users. With a combined audience of approximately 600 million anime fans and 1.4 billion Catholics worldwide, $LUCE uniquely connects these vast communities, making it a highly relatable and appealing coin. With $LUCE set to be listed on a new spot trading market tomorrow, users will gain easier access to purchase the coin, significantly expanding its reach.
Additionally, @cryptic highlights $LUCE's strong popularity in Asia, driven by its anime theme, which positions it as one of the rare memecoin projects that appeal to both Western and Asian audiences.
He concludes that $LUCE is a "hold-with-ease" coin, thanks to its unique narrative and broad audience base, which provide significant growth potential.
X post: https://x.com/crypticd22/status/1860929765470838966
3. @hitesh.eth unveils $MODE's growth potential and market positioning
@hitesh.eth identifies $MODE as the next coin to watch after $VIRTUAL, highlighting its potential through the following key points:
Ecosystem and valuation: $MODE is part of the OP Superchain ecosystem, serving as a Layer-2 scaling solution with a fully diluted valuation (FDV) under $220 million. It stands out as one of the first projects to integrate DeFi with AI, creating an ecosystem centered around DeFi AI agents.
$MODE has introduced a DeFi AI agent marketplace, which already features 37 agents actively live. Developers can launch agents through the $MODE network to perform the following functionalities:
Managing liquidity pools (LP) on platforms like Balancer.
Operating yield-bearing vaults.
Executing natural language-based trades.
Generating yields in USDC through the $MODE network.
@hitesh.eth highlights the potential of DeFi AI agents, recalling his early work with @nashfinanceX in exploring their applications in DeFi before they became widely adopted. They believe that, as a pioneer in the DeFi AI agent sector, $MODE has a first-mover advantage that positions it well for user adoption and ecosystem expansion.
As part of the Optimism Superchain ecosystem, $MODE's technical and market positioning unlocks significant growth opportunities, paving the way for the further integration of DeFi and AI.
X post: https://x.com/hmalviya9/status/1860910916948394112
4. @BroLeon: Dissecting the issues and logic behind the $CHEEMS and $WHY listings on Binance
KOL @BroLeon analyzes Binance's recent listing of $CHEEMS and $WHY futures, unpacking the underlying market dynamics and ecosystem challenges. They argue that while Binance's move supports the BNB Chain, it also exposes significant issues within the ecosystem:
Binance's decision to list two BNB Chain projects consecutively demonstrates its commitment to rejuvenating the BNB Chain and addressing market demands. However, savvy investors have used this signal to inflate market expectations, manipulate prices, and induce retail investors to chase the hype.
While there is little doubt that Binance's listing team conducts thorough market research, @BroLeon questions whether these projects have communities strong enough to justify their valuations and market capitalization. According to them, the community activity and sentiment surrounding these projects do not align with their market cap and appear to signal insider trading manipulation. They remain skeptical about whether these inflated memecoin projects will contribute to the revitalization of BNB Chain.
@BroLeon sees Binance's decision to list these coins as futures contracts rather than spot trading as a strategic move. This approach allows Binance to test the true strength of these projects' communities. When expectations falter, insider investors can quickly sell off their positions, exposing the weaknesses of these projects. In contrast to memecoin projects on Solana, such as $GOAT and $MOODENG, BNB Chain projects may experience sharper price declines due to a lack of organic community support.
@BroLeon criticizes the short-term mentality of insiders, warning that such behavior undermines the ecosystem, hinders the growth of memecoin projects, and erodes trust in BNB Chain initiatives. This cycle of manipulation may lead Binance to become more cautious in future listings of BNB Chain projects.
@BroLeon emphasizes that revitalizing BNB Chain requires more than Binance's backing—it also demands the identification and support of memecoin projects with real potential and solid fundamentals. If these projects continue to be exploited by insider traders, they could ultimately harm the ecosystem. They urge project owners of $CHEEMS and $WHY to focus on building authentic communities and cultures. External support from Binance may provide opportunities, but the projects must earn back market confidence.
Additionally, @BroLeon points to the success of Solana's memecoin projects, which have thrived through community-driven efforts, rather than relying on official support. They advise BNB Chain projects to adopt a similar model, focusing on grassroots community engagement rather than depending solely on Binance.
Finally, @BroLeon calls on the official BNB Chain infrastructure team to remain vigilant against potential vulnerabilities. Failure to address such issues could not only damage investor trust but also degrade the reputation of the entire ecosystem, ultimately deterring external capital inflows.
In conclusion, while @BroLeon acknowledges that Binance's strategy for supporting the BNB Chain is solid, he stresses the need for ecosystem-wide reform. Without addressing the short-sighted behavior that undermines long-term growth, the BNB Chain may struggle to achieve a true resurgence.
X post: https://x.com/BroLeonAus/status/1861031145766523010
Institutional insights
1.Kingswood: Bitcoin is no longer a niche investment
Read the full article here: https://tr.investing.com/news/cryptocurrency-news/kingswood-bitcoin-hala-ana-akm-bir-portfoy-icin-uygun-bir-yatrm-degil-3158341
2.QCP: The market experienced a healthy pullback over the weekend, with short-term focus shifting to ETH.
Read the full article here: t.me/QCPbroadcast/1368
3.Beam Capital Management: Bitcoin and stocks remain resilient despite rising borrowing costs.
Read the full article here: https://www.marketwatch.com/story/bitcoins-rally-is-making-some-investors-nervous-about-the-stock-market-8752cd49
News updates
1. The U.S. special counsel drops election interference case against Donald Trump.
2. Surinamese presidential candidate Maya Parbhoe promises to make Bitcoin (BTC) legal tender if elected.
3. The Hong Kong Securities and Futures Commission is processing 15 virtual asset trading platform license applications.
4. South Korea's Democratic Party is in discussions with the ruling party to delay the implementation of crypto taxes for two years.
5. Russian power provider Rosseti cracks down on an illegal crypto mining farm, seizing 110 mining rigs.
Project updates
1. GMX proposes increasing its buyback and fee allocation from 27% to 90%.
2. The Movement Network Foundation announces the tokenomics of $MOVE, with 60% of the total supply allocated to the community.
3. pump.fun suspends its live-streaming feature.
4. Justin Sun invests $30 million in the Trump family crypto project, World Liberty Financial (WLFI), becoming its largest investor.
5. Avalanche launches the Avalanche9000 upgrade on testnet, alongside a $40 million retroactive rewards program.
6. Bitwise plans to support STRK staking and share public validators.
7. DeSci quantum concept-related memecoin project ANTI & PRO releases its whitepaper.
8. A ZKsync governance proposal suggests reducing the on-chain execution delay from 21 hours to 3 hours.
9. Bitcoin public chain Side to launch a new token distribution model, "The Last One."
10. Sui partners with Babylon and Lombard to provide native LBTC minting services.
Token unlocks
Cardano (ADA): Unlocking 18.58 million ADA, valued at $20.25 million, accounting for 0.1% of the circulating supply
Recommended reads
Solana ETF approval outlook: From "highly unlikely" to "achievable by late 2025" — what are the challenges ahead?
Although Solana faces challenges such as a lack of support from a mature futures market and potential classification as a security, its ETF application is making steady progress in light of anticipated regulatory changes.
Read the full article here: https://www.bitgetapp.com/zh-CN/news/detail/12560604370966
Exploring the memecoin universe: Top memecoins dominate, frog-themed memecoins lead in liquidity
While the memecoin remains highly popular, it lacks robust tools for macro-level analysis. Many discussions focus on PvP excitement, without considering which memecoins are most likely to succeed or the key traits behind the top performers.
Read the full article here: https://www.bitgetapp.com/zh-CN/news/detail/12560604370609
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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