Market Dynamics
Bitcoin (BTC) has entered a correction mode, and altcoins in the cryptocurrency market are generally showing a downward trend. The current on-chain market indicates a unique revival style of old coins, with some viewpoints suggesting that this is actually the capital groups in the market engaging in manipulation. Meanwhile, U.S. stocks have experienced a decline, and the U.S. dollar index has also fallen. In terms of geopolitics, tensions between Israel and Iran have escalated, leading to conflicts between both sides.
Market Highlights
1. Trump's family Defi project attracts attention: The Defi project WLFI has garnered significant attention, with its pre-market valuation surpassing $10 billion. The project's first round of financing was valued at $1.5 billion, and during the second round, the valuation skyrocketed to $5 billion. Notable investor Sun Yuchen purchased a 3% stake, investing about $45 million, with estimated profits of at least $300 million as the project's market value grows. Additionally, this move helps establish connections with the U.S. political sphere.
2. BN Alpha project encounters a downturn: Major volume-inflating projects under BN Alpha, such as KOGE and ZKJ, have seen significant price drops. Due to the project's slim hopes of launching spot trading on the BN platform, they took advantage of the favorable liquidity created by retail traders to dump their holdings. Currently, BN Alpha's trading volume has decreased by 50% compared to its peak.
3. Public chain SOL rebounds: The public chain SOL has recently shown signs of a rebound, with market expectations that its spot ETF may be approved in the short term. As a leading project in the SOL staking field, JTO has also followed the rise in SOL prices.
