News & Insights

Profit-takers took BTC to $98K levels

Profit-takers took BTC to $98K levels

Hot projects + Market overview

I. Mainstream exchange news

  • OKX has launched pre-market trading for the HYPE (Hyperliquid) token and has opened spot trading and coin deposits for the ME (Magic Eden) token.
  • Coinbase International will list MOODENG/USDT, ALGO/USDT, SAND/USDT, and MOG/USDT perpetual contracts.
  • Binance has launched six spot trading pairs including CHZ/USDC and PYTH/USDC.
  • Bithumb, a South Korean cryptocurrency exchange, has added NEIRO, MORPHO, and SUNDOG to its KRW market.
  • Upbit has added support for trading the PUFFER (Puffer) and SWELL (Swell Network) tokens.

II. Mainstream projects and trending events

  • Pudgy Penguins, a collection of 8,888 unique Non-Fungible Tokens on the Ethereum blockchain, will issue PENGU tokens in 2024, with 25.9% allocated to the Pudgy community.
  • Grayscale DeFi Fund's most recent portfolio features a significant allocation to UNI, constituting over 58% of the holdings, with AAVE as the second-largest position, comprising 18.65% of the fund's assets.
  • Cosmos-based Noble blockchain has launched a USDN stablecoin based on the M^0 protocol.
  • Donald Trump has nominated former PayPal COO David O. Sacks as the US White House head of crypto and artificial intelligence.
  • US-listed company Semler Scientific has invested $29.3 million to increase its holdings by 303 BTC.
  • US-listed company Worksport has announced it will purchase Bitcoin and XRP as reserve assets.

III. Funding news

IV. Regulatory news

  • Jeju Island in South Korea, will build a cashless city and introduce a system that will convert virtual assets like Bitcoin into local currency for local transactions.
  • South Korea is planning to allow universities to trade crypto from 2025.
  • Vancouver is planning to include Bitcoin in its city finances to protect the city’s purchasing power from the volatility, debasement, and inflationary pressures associated with traditional currencies.
  • Florida plans to establish a Bitcoin strategic reserve by 2025, potentially investing over $3 billion.

V. Popular projects

Market overview

Bitcoin soared past $100,000 to $104,088, then faced a significant pullback, dropping to $90,500 before recovering.

Market dominance is currently at 55.32%, with a potential bottom between 48%-53%.

If Bitcoin remains stable, altcoins are set for a rebound. The TOTAL3 market cap has risen over 84% from November lows to $1.09 trillion, approaching the historical peak of $1.13 trillion.

DEGENAI: Beneficiary in the AI Sector

DEGENAI, developed by the same team behind Ai16z, is another AI agent fund launched on the daos.fun platform.

Both tokens allow investors to profit from the fund’s investment returns. DEGENAI acts as the fund manager for Ai16z, mainly earning from management fees.

Currently, DEGENAI has a market cap of $55.87 million.

PIP: Hyperliquid ecosystem meme

PIP, featuring a water droplet icon built on Hyperliquid, has seen its market cap reach $45 million as HYPE surged to $13.5.

The valuation of the Hyperliquid ecosystem has escalated to $13.5 billion, drawing increased attention.

PIP's market cap stands at $44 million, reflecting the growing interest within the Hyperliquid platform.

GME: Boosted by Roaring Kitty's return

GME's market value surged to $82.42 million with a 63% increase in its token price, triggered by Roaring Kitty’s recent social media post, which also temporarily halted GME's stock trading.

The token has $3.7 million in on-chain liquidity.

MEMESAI: AI sector rebound

AI Dominateeveryoneism Memes envisions a world where AI and humans empower each other, blending human creativity with computational power to foster unlimited innovation.

Recently, it launched its platform, nuclear.codes, with Andy Ayrey confirming that the developers are members of the Cyborgism organization.

The token has $3 million in on-chain liquidity and a market cap of $55.86 million.

ALCH: AI product suite

In Sacred Laboratory, users can create and fine-tune various apps using the Wizard Chat Bot, adding unique features.

Completed apps are uploaded to Arcane Forge, priced in ALCH tokens. Users can purchase these apps and optionally pay tips.

The total supply of ALCH is 1 billion, with 85% allocated for liquidity, 5% for marketing, 7% for funds and ecosystem development, and 3% for the team. The current market cap is $65 million.

TOSHI: Popular Meme on Base

TOSHI, a Base memecoin, is named after Brian Armstrong’s cat, the founder and CEO of Coinbase.

The token is held by over 472,000 addresses, indicating widespread interest and distribution within the community.

It has gained traction with $3 million in on-chain liquidity and a market cap of $1.44 million. 

On-chain daily

1. PrawnPrawn is a memecoin on the Solana network inspired by Pepé the King Prawn, a puppet character from Málaga, Spain, first appearing on Muppets Tonight in 1996. Known for his flirtatious personality and comedic charm, Pepé frequently performed alongside his elephant friend Seymour.

2. isaacisaac is a memecoin on the Solana network, inspired by the 2013 video of a crypto user, Isaac, celebrating Bitcoin surpassing $100. Recently, Isaac released a new video to commemorate Bitcoin breaking $100,000.

3. ERIC

ERIC is a memecoin on the Solana network inspired by Flat Eric, a yellow puppet character created by French musician Quentin Dupieux (aka Mr. Oizo) in 1999. Flat Eric gained fame through Levi’s commercials promoting the Sta-Prest One Crease Denim series, often featuring humorous road trip adventures with his friend Angel.

4. ELF

ELF is a memecoin on the Solana network centered around a Christmas elf, created as a holiday-themed speculative token.

5. PRONUTPRONUT is a memecoin on the Solana network inspired by the concept of a mad scientist AI Agent.

6. SKICAT

SKICAT is a memecoin on the Base network, conceptualized as the cat version of SKI DOG.

Bitcoin ecosystem overview

BTC Mainnet Gas Fee Update:

  • The current BTC transaction fee is 4 satoshis/byte
  • The price trend remains consistently low, with overall stability.

Fractal Bitcoin Gas Fee Update:

  • Transaction fees are now 32 satoshis/byte
  • Gas Fee has seen a significant increase, and trading activity is high.

Inscription, Rune, and Fractal Bitcoin Leading Token Tracking:

ORDI:

  • Current Price: $48.00
  • 24-Hour Change: +1.35%
  • Market Cap: $1.01 billion

DOG:

  • Current Price: $0.0066
  • 24-Hour Change: -4.82%
  • Market Cap: $667.4 million

FB:

  • Current Price: $6.38
  • 24-Hour Change: +3.31%
  • Market Cap: $47.78 million

Today's Popular Projects:

Bitsky: A fractal Bitcoin inscription project. 

  • Current Market Cap: $48.29 million
  • 24-Hour Trading Volume: $26.45K
  • Change: -2.8%
  • Number of Holders: 1,620.

PARTY: A five-character BRC20 inscription (similar to Pizza) with high popularity. Upcoming BTC.fun will launch Fun.game events where users can earn points exchangeable for PARTY. 

  • Current Market Cap: $16.38 million
  • 24-Hour Trading Volume: $72.32K
  • Change: +21.04%
  • Number of Holders: 3,317.

CPGT•SATOSHI•NAKAMOTO: Potentially a ground-pushing rune project. 

  • Current Market Cap: $3.9 million
  • 24-Hour Trading Volume: $68.62K
  • Change: +17.31%
  • Number of Holders: 2,619.

Performances of today's top three tracks

AI: Overall Daily Sector Change: +6.89%

1. Fartcoin: An AI memecoin on Solana, considered a beta version of GOAT. The original mission of Truth Terminal was to tell fart jokes, aiming for a more pure meme experience.

  • Daily Increase: +34.8%
  • Current Price: $0.246
  • Market Cap: $246 million
  • 24-Hour Trading Volume: $63 million
  • Recent Updates: Null

2. Zerebro: A memecoin on Solana, featuring cross-chain, cross-platform AI meme coins for artists, with a cult-like atmosphere.

  • Daily Increase: +29.6%
  • Current Price: $0.443
  • Market Cap: $443 million
  • 24-Hour Trading Volume: $222 million
  • Recent Updates: Recently launched music on major streaming platforms

3. AI16Z: An AI venture fund using an AI model that simulates the investment decisions of a16z partner Marc Andreessen.

  • Daily Increase: +25.3%
  • Current Price: $0.47
  • Market Cap: $517 million
  • 24-Hour Trading Volume: $28.4 million
  • Recent Updates: Plugin update, becoming smarter

GameFi: Overall Daily Sector Change: +5.76%

1. MYRIA: Myria is a blockchain game development studio and Ethereum Layer 2 solution aimed at scaling digital assets, NFTs, and blockchain games.

  • Daily Increase: +30.3%
  • Current Price: $0.000248
  • Market Cap: $62.68 million
  • 24-Hour Trading Volume: $4.6 million

2. VIRTUAL: An AI agent distribution platform on Base.

  • Daily Increase: +20%
  • Current Price: $1.91
  • Market Cap: $1.9 billion
  • 24-Hour Trading Volume: $289 million
  • Recent Updates: Partnership with Holoworld

3. MemeFi: A Telegram-based game that layers complex socio-economic elements over PvP and PvE gameplay. The key serves as an access gate to shared rewards from specific player activities, increasing returns.

  • Daily Increase: +16.7%
  • Current Price: $0.0096
  • Market Cap: $96 million
  • 24-Hour Trading Volume: $279 million

DeFi: Overall Daily Sector Change: +5.3%

1. MORPHO: A lending protocol combining liquidity pool models from Compound or AAVE with a P2P matching engine for capital efficiency in order books.

  • Daily Increase: +54%
  • Current Price: $2.41
  • Market Cap: $334 million
  • 24-Hour Trading Volume: $420 million

2. ZRX: A decentralized trading infrastructure that enables easy integration of all tokenized assets, including cryptocurrencies, DeFi tokens, and NFTs, at optimal prices and low trading costs.

  • Daily Increase: +34.6%
  • Current Price: $0.839
  • Market Cap: $712 million
  • 24-Hour Trading Volume: $839K

3. DRIFT: A Solana-based on-chain asset trading platform offering services including Perps and prediction markets.

  • Daily Increase: +25.9%
  • Current Price: $1.823
  • Market Cap: $481 million
  • 24-Hour Trading Volume: $605 million

Disclaimer

The development and market cap of stablecoins mentioned in the above content are speculative and based on market analysis at the time of writing and should not be interpreted as guaranteed outcomes. Market conditions can fluctuate widely and unpredictably due to numerous factors such as regulatory changes, market demand, and global economic developments. 

The information provided in this article is for general informational purposes only and does not constitute financial, investment, legal, or professional advice of any kind. While we have made every effort to ensure that the information contained herein is accurate and up-to-date, we make no guarantees as to its completeness or accuracy. The content is based on information available during writing and may be subject to change.

Please note that this article includes references to third-party websites and data provided solely for convenience and informational purposes. We do not endorse or assume any responsibility for the content, accuracy, or reliability of any information, products, or services offered by third parties.

Cryptocurrencies involve significant risk and are NOT suitable for the majority of investors. The value of digital currencies can be extremely volatile, and you should carefully consider your investment objectives, level of experience, and risk appetite before participating in any staking or investment activities.

We strongly recommend that you seek independent advice from a qualified professional before making any investment or financial decisions related to cryptocurrencies. We shall in NO case be liable for any loss or damage arising directly or indirectly from the use of or reliance on the information contained in this article.

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