Market Dynamics
Bitcoin (BTC) has started a rebound, with altcoins following suit in a sharp recovery. It is worth noting that MicroStrategy only added 245 BTC last week. Meanwhile, the U.S. stock market is showing an upward trend, driven by positive factors such as the Fed potentially cutting interest rates early and a ceasefire agreement in the Middle East conflict. The stablecoin sector is experiencing an explosion, with Circle's market cap soaring to $60 billion, achieving a tenfold increase within just half a month since its listing.
Market Highlights
① Project Dynamics and Sector Trends: Binance has launched the newt project, which is jointly developed by Magic Labs and Polygon Labs, aiming to build a unified blockchain network for cross-chain single wallet and balance management functionalities. Binance Wallet has also launched the first phase of the XNY presale. Codatta, as a decentralized AI data infrastructure, has garnered significant attention. Additionally, token prices on the BSC chain, such as BR, Banana, and Tut, have surged significantly, with the BR contract's short-selling rate dropping to -0.7%, indicating considerable short pressure.
② The Rise of Stablecoin Concepts: Stablecoin concept tokens like KAIA, SEI, and LQTY have collectively risen. The Korean social public chain Kakap Pay is about to issue a stablecoin, while SEI has been selected as a stablecoin public chain by a U.S. state, further boosting the relevance of related concepts.
③ On-chain AI Platforms in Demand: The on-chain AI launch platform BID has seen its prices continue to rise and reach new highs. As a strong competitor to Virtual, BID is set to launch a new version and has already established a presence on the BSC and Base chains.
④ Meme Coin Craze: Meme tokens on the Solana chain, such as Useless and Labubu, have shown astonishing growth. Among them, Useless, based on the Bonk platform, has performed particularly well, surging 20 times within half a month from its bottom, becoming the market focus.
