PAULY’s PORK sizzles $92 million market cap

January 31, 2024

I. Mainstream exchange news

• Cryptocurrency exchange Bitpanda announced it will be exiting the Dutch market
• OKX will support Stellar network's mainnet upgrade
• Coinbase has added Render (RENDER) to its listing roadmap
• Bithumb will list NEO and GAS tokens in the Korean won market

II. Mainstream projects and trending events

• Jupiter is launching an airdrop for JUP tokens tonight, with around 955,000 eligible wallets
• ZetaChain announced launching on the mainnet in the next few days
• Circle said will launch USDC natively on the Celo network
• Vitalik published an article titled, "Prospects and Challenges of Crypto + AI Applications"
• DWF Lab started to integrate Solana ecosystem trading aggregator Jupiter for proprietary trading
• Bitcoin Spot ETFs reached a net fund inflow of $255 million on the 12th trading day
• Starknet will cooperate with Celestia to build a high-throughput Layer 3 network
• De.Fi will launch the 1st season airdrop plan for DEFI tokens in February
  

III. Funding news

• Decentralized derivatives trading platform BBO Exchange completed a $2.7 million pre-seed round of financing
• Binance Labs invests in Ethereum liquidity staking protocol Puffer Finance
• Uncorlated Ventures raised $315 million for its new fund, 20% of which will be used to support crypto startups
• Liquidity aggregation investment strategy protocol Doubler completed seed funding round led by Youbi Capital
• Bitcoin DEX Portal completed a $34 million seed round of funding with participation from Coinbase Ventures among others
• Web3 decentralized artificial intelligence training network PublicAI completed its $2 million seed round funding
• Web3 social game Forgotten Playland completed $7 million in fundraising with participation from Spartan Group and others

IV. Regulatory news

• German police temporarily seized 50,000 bitcoins worth around $2.1 billion in an operation to combat online piracy
• Japan will resolve legal issues related to issuing digital yen by Q3 2024

Market overview: Fed signals multiple rate cuts in 2024, affecting BTC and US stocks

The Federal Reserve, during its December 2023 FOMC meeting, lowered its 2024 median interest rate projection from 5% to 4.6%, indicating an expectation of at least three rate cuts in the coming year. The market anticipates a commencement of rate cuts in May (with less than a 50% probability in March) and a total of five reductions throughout the year, bringing the rate down to 4%. The focus is now on this Wednesday's (January 30th) FOMC meeting and Chairman Powell's market outlook, which will directly impact the performance of BTC and US stocks. Bitcoin has recently rebounded to a resistance level at $43,500, with a key resistance at $45,000; failure to firmly hold above $43,500 may lead to a retest of the short-term support at $42,000.

IV. Popular projects 

Brain-computer interface hype spikes on crypto platforms

On January 30th, Elon Musk announced on his social platform X (formerly Twitter) that the first human subject has successfully received a Neuralink implant and is recovering well. The preliminary outcomes show promising neuronal spike detection. Musk also revealed Neuralink's debut product, "Telepathy." Following the announcement, the established on-chain project Neuralink surged by 37 times in a single day. Telepathy, a new memecoin, was launched on both Ethereum and Solana, with values rising by 10 and 41 times at their peaks, respectively, before retracting. While brain-computer interface technology holds revolutionary potential, its current intersection with cryptocurrency is limited, with the surge largely driven by meme token speculation.

PAULY’s PORK sizzles $92 million market cap

Renowned crypto influencer PAULY has introduced a fork token of PEPE called PORK, featuring a pig-shaped Pepe for its image IP. PORK has gained traction within the community, with significant PEPE holders purchasing on-chain. PORK's market capitalization has reached $92 million, with a liquidity of $5.63 million and a 24-hour trading volume of $60.5 million, indicating high on-chain activity.

GG, the AR hunger games on Solana, opens for player invitations

Supported by VCs including Delphi, GG introduces an immersive experience with two playable roles. As hunters, players explore Host City for AR GBoxes, collecting valuable 'G's that could yield major prizes. Away from Host City, players can sponsor and reap rewards from their chosen hunters. The beta version is slated for a spring release, with the full version following in autumn. Players can now earn 'G's by extending invites to new users.

ETH strengthens against BTC amidst Dencun upgrade and ETF prospects

Ethereum's Dencun upgrade successfully deployed on the Sepolia testnet on January 31st, setting the stage for a mainnet release by late February or early March. Further bolstering Ethereum's position, Standard Chartered's FX chief Geoffrey hinted at a potential US SEC approval for an Ethereum Spot ETF by May 23rd. These developments have favored Ethereum's exchange rate over Bitcoin, though its ability to establish an independent market direction is yet to be determined.

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