Weekly Review | Meme market is back; Bitcoin breaks through $68,000; US SEC appeals Ripple case ruling
This week, the total market value of cryptocurrencies rebounded to $2.434 trillion; Worldcoin was renamed World Network, and its Layer2 network World Chain mainnet was launched; Trump project World Liberty Finance pre-sale was launched
BlockBeats will organize the key industry news content of the week (10.14-10.20) in this article, and recommend in-depth articles to help readers better understand the market and learn about industry trends.
Important News Review
Bitcoin performed well this week, breaking through $68,000; the total market value of cryptocurrencies rebounded to break through $2.4 trillion
During this week, Bitcoin rose steadily, mainly floating between $66,000 and $68,000 and breaking through $68,000 several times. On October 16, the total market value of cryptocurrencies rebounded to $2.434 trillion. On the 18th, top trader Eugene Ng Ah Sio posted on social media that he had closed his short position and that Bitcoin's open interest had disappeared as the price of BTC rose, so it had flipped to long. Related reading: 《Bull returns quickly? Can BTC break a new high in October? ｜Trader Observation》
This week, the market value of Meme coin GOAT exceeded 360 million US dollars, setting a new record
On October 17, according to market information, the market value of Meme coin GOAT on the Solana chain exceeded 360 million US dollars, with a 24-hour increase of 65.37%, setting a new record. (Note: GOAT stands for Goatseus Maximus, created by the AI Bot "Truth Terminal". The Truth Terminal operates in semi-autonomous mode, and human administrators can approve its Twitter posts and decide who to interact with. In July of this year, a16z founder Marc Andreessen invested $50,000 worth of Bitcoin in the Truth Terminal, making it an instant hit.) Related reading: "GOAT increased a thousand times in a week, a16z transferred $50,000 to AI, and the first coin was worth $100 million | What is the meme hype today? ", "GOAT's market value exceeded $270 million, and AI's autonomous coin issuance became a new narrative for Meme? 》、《A few words made the top Silicon Valley investor pay $50,000 in Bitcoin. How did this AI robot do it? 》
The U.S. SEC formally appeals the ruling on the Ripple case
On October 18, the U.S. Securities and Exchange Commission (SEC) has formally appealed the XRP ruling made by Judge Analisa Torres. On Thursday, the regulator filed a Form C with the U.S. Court of Appeals for the Second Circuit. This has once again sparked a legal battle over whether the XRP sales of cryptocurrency trading platforms meet the conditions of securities. The regulator has questioned key aspects of the court's ruling, including the acquittal of Ripple executives and the distribution of XRP in non-cash form. The outcome of the case may have a significant impact on future cryptocurrency regulation.
BlockBeats previously reported that on October 3, the U.S. SEC was appealing the U.S. Second Circuit Court of Appeals' previous ruling on Web3 payment company Ripple, according to documents on Wednesday. An SEC spokesperson said, "We believe that the district court's ruling in the Ripple case conflicts with decades of Supreme Court precedent and securities laws, and we look forward to stating our reasons in the Second Circuit." Previously, the judge ordered Ripple to pay a $125 million civil penalty on August 7, far less than the $2 billion fine initially requested by the SEC. The ruling also partially approved and rejected the SEC's preliminary remedy motion regarding Ripple's sale of XRP tokens.
Worldcoin rebranded as World Network and announced that World Chain has been launched on the mainnet
On October 18, according to The Block, Sam Altman-backed Worldcoin was officially renamed World Network (abbreviated as World), and its Layer2 network World Chain mainnet has been launched. Optimism, Alchemy, Uniswap, Safe, Dune and Etherscan will support the launch of the blockchain. The blockchain is built using OP Stack, and World Network says user transactions account for about 44% of OP Mainnet activity, making it the largest application on the network. Related reading: 《Worldcoin also hypes memes? Degens have already rushed up on Worldchain》
Trust Wallet announced that it will soon launch its first Launchpool, and users can lock TWT or slisBNB to participate
On October 14, according to official news, the multi-chain wallet Trust Wallet announced that it will soon launch its first Launchpool. Users can lock TWT or slisBNB tokens in two pools to receive rewards, and the rewards will begin to accumulate from the moment the user locks the token.
Canary submits Litecoin ETF application to the US SEC
On October 16, according to the official website of the US SEC, cryptocurrency investment company Canary Capital submitted a spot LTC exchange-traded fund (ETF) registration application to the US Securities and Exchange Commission (SEC). BlockBeats previously reported that on October 9, Canary Capital submitted a spot XRP exchange-traded fund (ETF) registration application to the US Securities and Exchange Commission (SEC), becoming the second company to apply for such a product this month.
Grass Foundation: Airdrop One final qualification query page will be launched on October 21
On October 14, the Grass Foundation issued a statement on X that the final qualification query page for Airdrop One will be launched on October 21, 2024. The foundation added that claims will not be open and will not go live on October 21st, and this is just a checker. Users are advised to remain vigilant and avoid being deceived. There are currently no on-chain transactions that require signatures.
Sui Foundation responds to allegations that insiders sold $400 million in tokens: There was no preemptive selling or violation of the lock-up plan
On October 15, the Sui Foundation responded to allegations that "Sui insiders sold $400 million worth of tokens during the rise": No insiders, including employees of the foundation or Mysten Labs (including the founder of Mysten Labs) and investors in ML sold $400 million worth of tokens during the rise, either individually or in combination. Insiders did not engage in any preemptive selling or violation of the lock-up and circulation supply plan.
Technology Utopia Project Praxis Receives $525 Million Investment Commitment, Market Questions Its Investment Authenticity
On October 16, the technology utopia project Praxis announced that it had received a $525 million investment commitment, and plans to build a technologically advanced city in an undetermined location. After its cryptocurrency is listed, it can start to receive financing from GEM Digital.
BlockBeats Note: The venture capital firm GEM Digital is famous for providing large financing commitments to companies. It has previously provided large financing commitments for multiple projects, but when the project tokens were launched, most of them received mediocre responses or even linearly fell by more than 90%, and most of the investments were unpopular projects. An investment commitment is a promise by a venture capital firm to invest a specific amount in a startup or company, but it may not actually invest. A project that had previously signed an investment commitment with GEM Digital disclosed that "the agency stated in the contract that it would not pay the money directly, but would use the profits from the sale of the tokens to make up for the investment." Related reading: "Praxis' $500 million financing "commitment", is it a capital manipulation game by GEM Digital?"
a16z crypto report: The number of global cryptocurrency holders is about 617 million, and the number of active cryptocurrency addresses and usage rates have reached an all-time high
On October 17, according to a research report released by a16z crypto on Wednesday, the number of active cryptocurrency addresses and usage rates this year reached an all-time high. The report estimates that as of September, there were about 617 million cryptocurrency holders worldwide and 60 million monthly active users. In 2024, monthly active crypto addresses will rise to more than 220 million, with Base topping the Ethereum EVM chain with 22 million addresses, while Solana dominates the non-EVM chain with more than 100 million addresses. This year also saw the largest number of mobile wallet users, with the United States accounting for 12% of global users. Related reading: "a16z Annual Crypto Report: Crypto Activity Reaches a New High and Becomes a Key Topic in the US Election"
Trump Announces the Launch of World Liberty Finance, WLFI Sales Exceed $9 Million; WLFI Updates Public Sale Terms
On October 16, Trump announced the official launch of World Liberty Finance. As of 7:25 p.m. local time, approximately 610 million WLFI tokens had been sold, leaving 19.4 billion tokens. At a unit price of $0.015, this means sales of approximately $9.15 million. The project's website went live between 8 and 9 a.m. local time on Tuesday, with intermittent outages during the period. The project reportedly raised $5 million in the first hour. According to the roadmap shared with potential investors, WLFI's initial sale will seek to raise $300 million and sell 20% of the token supply at a FDV of $1.5 billion.
According to the terms and conditions for the sale of WLFI tokens updated by World Liberty Financial, WLFI is only used for governance and not as an investment tool; all WLFI is currently locked in wallets or smart contracts indefinitely and cannot be transferred; if you want to unlock the transferability of WLFI through the protocol governance process in the future, the following conditions must be met: determine that it does not violate applicable laws and at least 12 months after the completion of the token sale; because the tokens are not transferable, the company has not taken any action at present and does not plan to create a secondary market for the tokens; tokens cannot be refunded after purchase unless required by applicable law; WLF reserves the right to reject or cancel token purchase requests.
Polymarket's probability of Trump being elected president rises to 60.1%, a record high
On October 16, according to the prediction website Polymarket, Trump's current probability of being elected as the US president in 2024 has risen to 60.1%, a record high. Vice President Harris's probability of being elected is 39.8%.
Harris proposes loan plan and supports crypto regulatory framework to win black male votes
On October 14, US Vice President Harris is stepping up her outreach to black male voters, promising to provide channels for economic security. Meanwhile, polls show that Trump is gaining support from black voters. Harris proposed a new plan on Monday to provide loans to black entrepreneurs and others who face barriers to financing. According to Harris' campaign outline for winning over black male voters, the plan will provide 1 million loans with up to $20,000 forgiven. Harris also pledged to support a regulatory framework for cryptocurrencies that would provide more investment certainty to the 20% of black Americans who own or have owned digital assets. She said she would work with Congress to legalize recreational marijuana and ensure that black men can start businesses and find jobs in the booming marijuana industry.
Sonic announces token economics, airdrop accounts for 6% of initial supply
On October 15, Sonic Labs released Litepaper, which mentioned that in order to expand Sonic to a new level, the team is introducing token economics based on a successful community governance proposal. The key points are as follows: 1. At the time of official launch, the circulating supply of S will be approximately 2.88 billion, and the total supply will be 3.175 billion, which is comparable to the supply of FTM; 2. Six months after launch, the network will provide 6% of the initial total supply for airdrops to reward Opera and Sonic users, and vesting will be carried out within 9 months after the airdrop; 3. Six months after launch, the network will mint 1.5% of the initial total supply each year for six years to fund growth and destroy any unused tokens; 4. Starting four years after the launch of Sonic, the annual inflation rate will be 1.75% to reward validators.
Hot articles this week
《How to make money on Pump.fun with ChatGPT? 》
In the Pump market, new tokens are being launched every moment. While others in the market are still searching for memecoins that can earn excess returns, @AlphaBatcher has already used Chatgpt to achieve automated precision trading. This methodology does not require a large amount of capital or strong programming skills. We can use AI to empower our memecoin investments.
No one asks about AI Bot, but the market value exceeds 100 million and everyone knows it. That's right, I'm talking about the meme coin $GOAT issued by AI Bot's self-conversation. This meme coin, which is pronounced as the word "goat", is called goatseus maximus. It was thought up by an AI Bot called "Truth Terminal" (@truth_terminal) talking to itself. The market value has exceeded 100 million, which is considered a big golden dog that has emerged recently.
As one of the bridges connecting Web3 and mainstream finance, Grayscale's initiatives in the crypto industry have attracted much attention. From the initial trust products of Bitcoin, Ethereum, and many well-known tokens to the launch of Bitcoin spot ETF and Ethereum spot ETF this year, Grayscale's contribution to the crypto industry is obvious to all. Recently, Grayscale listed the crypto assets that it is considering adding to its products in the future, totaling 35 currencies. This article first classifies the 35 currencies by track, and at the same time sorts them by the market value of each currency, and shares the price trends of the past two years with readers through diagrams.
"Behind the meme craze: the rise of retail investors and the bottleneck of innovation"
Retail investors want to take back power, complex token economics designs are abandoned, and exchanges continue to list low-quality tokens in order to increase user registration rates, resulting in a decline in listing quality and a decrease in innovation. The above reasons explain why meme coins currently dominate the market. The market is currently very enthusiastic about meme coins. If you want to change this trend, you need a truly innovative crypto narrative to replace it. Although AI has potential, its combination with encryption still seems vague. There may be some breakthroughs in DeFi in the future, but it still takes time to verify.
"If you also want to become a meme master, you must read Murad's book list"
Murad became a new meme leader with his 2049 speech, and single-handedly gave meme coins a reasonable investment logic, cult meme, pvp/pve, meme price and belief index, etc. So where does this theory come from? We can get a glimpse of it from his meme book list, and recommend it to people who want to systematically study meme culture.
Airdrop, a word that most cryptocurrency users have seen, may be the easiest way to make money, or it may be the fastest way to ruin your body. The debate over the pros and cons of airdrops has been going on for two or three years, from "equal treatment" to "minimum living allowance", to "checking witches" and "points"... Whether you like this model or not, it has deeply affected many projects in the blockchain industry.
《Bull returns quickly? Can BTC break new highs in October? ｜Trader Observation》
On October 10, BTC fell below the $60,000 mark in the U.S. market, and a single long order of $10 million was liquidated, and then it began to rise unilaterally, with the highest increase reaching 15.83%. The intensity of this unilateral rise was extremely unexpected, and it rose rapidly without any callback. How should we view this strong rise? Is it a consensus that the bull market has returned or a false breakthrough caused by a continuous increase in volume? Traders in the market have their own opinions.
《Vitalik's New Article: Where else can Ethereum PoS be improved? How to achieve it? 》
Originally, "merger" referred to the most important event in the history of the Ethereum protocol since its launch: the long-awaited and hard-won transition from proof of work to proof of stake. Today, Ethereum has been a stable and running proof of stake system for nearly two years, and this proof of stake has performed very well in terms of stability, performance, and avoiding centralization risks. However, there are still some important areas for improvement in proof of stake.
Vitalik's new article: The possible future of Ethereum, The Surge
This year, the Rollup-centered roadmap has achieved important results: with the launch of EIP-4844 blobs, the data bandwidth of Ethereum L1 has increased significantly, and multiple Ethereum Virtual Machine (EVM) Rollups have entered the first phase. Each L2 exists as a "shard" with its own internal rules and logic, and the diversity and diversification of shard implementations is now a reality.
《Ethereum Didn't Win the L1 War, and Projects That Can't Adapt to the Market Will Be Eliminated》
This article explores the current situation and challenges in the blockchain field: L1s that fail to adapt to innovation (such as Cosmos) are facing serious difficulties, while emerging L1s (such as Sui, Sei, and Aptos) still need to continue to innovate to gain a foothold in the long run despite some attention in the short term. At the same time, the newly emerging L2s are similar to the L1s of the past, lacking differentiation and innovation, and facing survival pressures. Although some diversified trends are beginning to emerge in the market, overall, Ethereum has not won the L1 war. Instead, alternative L1s and L2s are working hard to create a new future of their own.
"Grayscale Research: Potential Impact of the US Election on Cryptocurrency"
The results of the US election may have a significant impact on the crypto industry. The next president and Congress may pass legislation specifically targeting cryptocurrencies and may make adjustments to tax and spending policies that affect financial markets more broadly. Regardless of which party is in power, comprehensive bipartisan legislation may be the best long-term solution for the US crypto industry.
"Analyzing the holdings of top crypto VCs, what is their investment strategy in this cycle? 》
We are in the strangest crypto cycle in history, and no one knows what will happen next. At this time, it may be inspiring to see what others are doing. So, I spent the whole weekend to find out what VCs are doing recently. Are they doing anything interesting? Are they as keen on junk coins as we are? Or do they still keep some tokens from the past?
《Wealth Opportunities Under the Middle East War: Will Bitcoin Surge?》
This article mainly discusses the impact of the Middle East war on the Bitcoin market. Arthur Hayes believes that as the war escalates, the United States will increase its debt to support Israel, and the Federal Reserve will expand its balance sheet by printing money, which will drive up the price of Bitcoin. It is speculated that even if the war causes the computing power of Iranian Bitcoin miners to drop to 0%, Bitcoin will hardly have any significant impact. Although the war is severely inflationary, Bitcoin as "digital gold" will still maintain its value.
《After the bull market returns, who can stand out in the Bitcoin ecosystem? 》
The market is eagerly waiting for Bitcoin to break through the $70,000 mark. In the eyes of many players, this time, if Bitcoin can break through $70,000 and stand firm near this price mark, the long-awaited bull market will officially begin. Based on the current situation, what prospects can we see for the Bitcoin ecosystem? Even more lively is the rune market, where several leading assets have also seen a sharp rise.
What is the hype of meme today? Series of articles
Today, $GOAT continued to rise, bringing a wave of hype for a number of AI meme coins. During this period, some players also mined the new coin pawpaw from the big address of popcat. The "follow the banker" narrative pushed pawpaw to increase 40 times in three hours, and then plummeted 70% in 15 minutes.
The AI coin issuance craze has temporarily subsided. SYDNEY (Truth terminal's Girlfriend), which was launched today, reached a market value of 4 million US dollars within half an hour of its launch, and then quickly fell and collapsed. The cult and abstract culture tokens previously promoted by Marud have ushered in the "harvest period" in the past two days.
Today's meme hype column introduces an AI Bot that was launched in June this year - Truth Terminal (@truth_terminal), which runs in semi-autonomous mode. Human administrators can approve its Twitter posts and decide who to interact with. What made it famous was that a16z founder Marc Andreessen gave it $50,000 worth of Bitcoin. Andy Ayrey, the founder of Truth Terminal, said that Truth Terminal is not a crypto project, but "a study of the tail risks of meme contagion and unsupervised unlimited creativity in the era of [large language models]." As Truth Terminal's speeches have become more and more meme-spreading, many related hype targets have gradually appeared in the market.
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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