Market Dynamics
Bitcoin prices continue to soar, nearing historical highs. Last week, the well-known institution MicroStrategy made another move, purchasing 1,045 bitcoins. The cryptocurrency market shows a general upward trend, with altcoins rising collectively, and the Ethereum to Bitcoin exchange rate also gradually strengthening. Meanwhile, the US stock market rose in tandem, and negotiations between China and the US held in London achieved positive results, injecting confidence into the market.
Crypto Market Hotspot Tracking
- New Forces in Stablecoin Public Chains: The public chain project Plasma, focusing on the stablecoin sector, has drawn significant attention. Its initial staking activity was exceptionally hot, quickly raising $500 million, with renowned figure Justin Sun also participating by withdrawing from the Aave platform. It is reported that Plasma is specifically designed for USDT, having successfully completed $24 million in financing prior, and currently boasts a total valuation of $500 million.
- Metaverse Track Heats Up: The Solana-based metaverse project Verse has seen its market value rise to $1 billion, although the actual circulation accounts for only 3%. Additionally, a new project developed by a Dubai team has launched on the Pumpfun platform, resembling an open-world game like Grand Theft Auto (GTA), attracting widespread market attention.
- Contract Platform Turmoil: The on-chain contract trading platform Hype has seen its price continuously rise recently, with its market value nearing $40 billion, close to historical highs. Notably, the once influential whale trader James has unfortunately faced complete liquidation during this round of volatility.
- Meme Coin Popularity Resurges: The price of Fartcoin keeps climbing, and Coinbase has also launched its contract trading accordingly. The meme coin Useless within the Bonk ecosystem has also performed well, attracting the attention of numerous investors under the recommendation of well-known opinion leader Bonk Guy.
- Thunderstorm Incident Triggers Shockwaves: The KTA project on the Base chain suffered a setback, being exposed for project fraud issues. There are signs that market makers are selling large amounts of chips at high prices, resulting in a sharp decline in KTA prices and significant losses for many investors.
