Bitget Daily Digest | Crypto market rises, DeFi recovers, and on-chain activity increases (November 29)

Market highlights

1. The combination of GameFi and AI has become a hot topic on the blockchain. $RPS reached a market cap of nearly $500 million within six hours of launching on the SOL chain, before dropping to around $56 million. Large-cap memecoins like $ZEREBRO and $GIGA recorded notable short-term gains. In the AI Cabal category, tokens such as $Aejo and $Mona are gaining momentum.

2. Ethereum's Layer 2 TVL has rebounded to above $50 billion, reflecting a 35.3% increase over the past 30 days. Uniswap hit a new high of $38 billion in monthly trading volume, with UNI rising over 44% this week, bringing its market cap to $7.7 billion. These developments indicate a broader recovery in DeFi, supported by increased on-chain activity.

3. The founder of DEXX claims that all affected addresses and amounts have been accounted for. @evilcos from SlowMist detected the DEXX attacker converting stolen tokens into SOL early this morning, though no outbound transfers have been observed yet. Additionally, HECO Network has announced it will shut down on January 15, 2025 (UTC) and will remove certain HRC20 assets.

4. 21Shares has launched PYTH, ONDO, RNDR, and NEAR ETPs in Europe. Meanwhile, Russia has approved a new digital currency tax law, classifying digital currencies as property and exempting mining operations from value-added tax (VAT). Hong Kong is also planning a crypto tax break for hedge funds and high-net-worth families.

 

Market overview

1. Bitcoin (BTC) experienced short-term fluctuations amid a broad market rally, with steady growth across sectors. The AI-focused BRC20 tokens performed particularly well. 

2. U.S. financial markets were closed on Thursday for Thanksgiving, while European stock markets saw a rise. The spreads between French and German bonds narrowed, and oil prices remained stable.

3. Currently priced at 95,977 USDT, BTC faces significant liquidation risks. A 1000-point drop to around 94,977 USDT could result in over $140 million in cumulative long position liquidations. Conversely, a rise to 96,977 USDT could trigger more than $161 million in cumulative short position liquidations. With similar liquidation risks on both sides, traders are advised to manage leverage carefully to avoid large-scale liquidations during market fluctuations. 

4. Over the past 24 hours, BTC saw $3.34 billion in inflows and $3.26 billion in outflows, resulting in a net inflow of $80 million.

5. In the past 24 hours, $ETH, $DOGE, $SOL, $XRP and $BTC led in net outflows in futures trading, signaling potential trading opportunities .

 

Highlights on X

1. Unipcs: D.O.G.E's current status, prospects, and cyclical volatility of memecoins KOL @Unipcs analyzes the D.O.G.E (Department of Government Efficiency) token, noting its strong performance despite the broader market pullback.

 D.O.G.E's trading volume on the Ethereum chain has surpassed several mainstream tokens, and there's a steady increase in new wallet addresses, suggesting robust user growth. The narrative around D.O.G.E as a memecoin remains promising, especially with the potential for media attention during Trump's presidency. The team behind D.O.G.E is also active, rolling out new initiatives. Despite market volatility, D.O.G.E's community continues to show strong support, and its price tends to rebound after corrections.

X post: https://x.com/theunipcs/status/1862266553728708611

 

2. The "behind-the-scenes mechanics" in the memecoin market: From high-stakes speculation to stable returns

A trader named Laughing shared fresh insights into the meme market, highlighting a shift from high-risk, high-reward speculation at launch to more professional trading strategies. Professional teams now leverage their capital and technical advantages to secure stable returns by capitalizing on small price increases, reverse trading, and automated token issuance. Key tactics also involve cultivating "smart money" wallets and rapidly inflating a token's market cap shortly after it launches to create FOMO.

X post: https://x.com/YettaSing/status/1859439995418968556

 

3. Is Solana turning into a deflationary asset? Insights into the impact of Pump Fun on Solana's supply

Easy highlighted on X that Solana is becoming a deflationary asset due to the operations of the Pump Fun project. By locking up a significant portion of tokens, around 12% of Solana's supply is now permanently illiquid. This amount exceeds Solana's annual inflation rate of 7%, effectively reducing the circulating supply and making it a deflationary asset. The development is expected to have a significant impact on the market and warrants close attention.

X post: https://x.com/EasyEatsBodega/status/1861900077226401986

 

4. Emerging trends in the BTC ecosystem: Innovation amidst turbulence

0xWizard observed ongoing changes in the BTC ecosystem, citing projects like Nervos (CKB) and Merlin as examples of proactive development, signaling a potential new bull run. While suspected Ponzi scheme projects are generating hype around Bitcoin inscriptions, their high risks raise questions about long-term sustainability. CKB is expanding to the Dogecoin chain through the development of RGB++ protocol, which is expected to boost on-chain activity.  Meanwhile, Merlin is employing strategies similar to Pump.Fun to enhance ecosystem engagement and drive price growth. Ultimately, the key to the next bull run lies in fostering activity within the ecosystem of major projects, as smaller side projects may struggle to maintain liquidity.

X post: https://x.com/0xcryptowizard/status/1862031173146558579

 

Institutional insights 

1.CryptoQuant: Considering its growth rate, Bitcoin's dominance is unlikely to decline soon

X post: https://x.com/ki_young_ju/status/1862140895560425766

 2.Standard Chartered: Stablecoins are shifting toward broader applications in TradFi, with significant room for growth

Read the full article here: https://cryptoslate.com/standard-chartered-calls-stablecoins-cryptos-first-killer-app/

 3.QCP Capital: ETH is showing strong performance and is likely to retest its historical high. The next key resistance level for ETH/BTC is at 0.04

Read the full article here: t.me/QCPbroadcast/1371

4.JP Morgan: The Trump administration could provide a clearer regulatory framework for the crypto market

Read the full article here: https://www.barrons.com/articles/tesla-bitcoin-soared-election-valuations-2ea243fa

 

News updates

1. Switzerland's Canton of Bern has approved a proposal to explore Bitcoin mining as a solution to energy waste.

2. Hong Kong CEO John Lee announced plans to implement the IFRS-aligned green bond roadmap in the coming weeks, incorporating blockchain technology.

3. North Korean hackers have stolen billions in cryptocurrency by impersonating venture capitalists.

4. Xu Zhengyu: Hong Kong will continue to promote the application of tokenization technology in the capital markets.

5. A former Binance executive has filed a whistleblower lawsuit in the UK, claiming a colleague solicited a bribe.

6. PeckShield, a blockchain security firm, reported that cryptocurrency exchange XT.com suffered a hack worth $1.7 million of crypto.

 

Project updates

1. Worldcoin launched a new World ID passport verification system, rewarding holders with WLD tokens.

2. Echelon, a lending protocol on Aptos, has launched Echelon Chain, an appchain on Initia's Interwoven Stack with Move.

3. Clanker plans to distribute user fee-sharing profits on December 4.

4. TON released the TON Teleport BTC whitepaper, aiming to integrate Bitcoin liquidity into its ecosystem.

5. DEXX founder announced that the assessment of affected addresses and total losses is nearly complete, and a compensation channel will be opened on the DEXX platform.

6. Data: Pump.Fun's income rose to a record $79 million in November.

7. Raydium, Jito, and Solana's protocol fee income surpassed Ethereum's for the first time in the past 30 days.

8. Dmail Network announced the rules for the second round of Staking, offering dual-token rewards for staking users.

9. ListaDAO releases multiple updates and launches PSM with up to 283% APR.

10. Aethir announced the first batch of projects funded by its $100 million ecosystem fund to accelerate support for AI agents.

 

Token unlocks

Immutable X (IMX): 24.52 million tokens will be unlocked, valued at $38.74 million, accounting for 1.5% of the circulating supply.

 

Recommended reads

Solana vs. Ethereum: Can Solana overtake? Here's a comparative analysis of data, market sentiment, and catalysts 

This article examines Solana's potential to outperform Ethereum, analyzing key factors such as data, market sentiment, and narratives, along with the potential drivers behind Ethereum's price growth.

Read the full article here: https://www.bitgetapp.com/zh-CN/news/detail/12560604379826

 

Base net capital inflow surpasses Solana: Is a Base Era approaching? 

Base chain activity and capital inflows are surging, showing promising growth trends. Platforms like Virtuals and Farcaster are driving innovation and user engagement on the Base chain.

Read the full article here: https://www.bitgetapp.com/zh-CN/news/detail/12560604379645