1) The Loom project was initially hyped up by everyone. When it launched on Saturday, the price soared, and the market cap reached 8 million USD. However, it collapsed shortly after, and now the market cap is only 2 million USD, a drop of over 80%. This is a typical insider play: a sharp rise followed by a crash, leaving those who chased the high in significant losses.
2) The outrageous UUU project seems to be connected to an employee at Binance. The price also surged before plummeting, eventually going to zero. It is said that this employee made over 100,000 USD from this operation, engaging in insider trading and manipulating the market, leading to significant losses for others. In fact, such incidents are common on other chains as well. For instance, anyone who has played with meme coins on the Solana chain has likely been scammed by similar projects. When faced with such projects, it’s best to remain calm.
Other projects on the BNB chain are also performing mediocrely. For example, the leading project Mubarakah dropped to 130 before rising to 150, but overall enthusiasm is still quite lacking. It feels like there are fewer and fewer projects worth playing on the BNB chain.
3) $NIL
The NIL project just launched today. This project is purely a VC operation, and the background is quite complicated. It is rumored that it may be driven by interest groups from Dubai. There are too many such cases in the crypto space; even if the interest group changes, the outcome remains the same: harvesting the sheep.
Mainstream DeFi and meme coins are currently stagnant. The Trump coin previously surged just because Trump said a few words on social media, but now people have lost confidence in him. The mainstream meme coin market is struggling to show signs of life, and the same applies to DeFi projects, like UNI, which dropped from 19 USD to 6 USD, a decline of over 70%. Anyone holding altcoins is in for a rough ride.
➤ There is some good news regarding Bitcoin spot ETFs; there has been a net inflow in the past week, ending two months of decline. However, the inflow isn't substantial, and Ethereum is faring even worse, still experiencing net outflows. It's truly a case of being unable to lift oneself out of the mud.
On Binance's list of price fluctuations, some old projects have started to harvest again. For example, $AUCTION has dropped over 60%. The manipulation methods are too ruthless, and the market is very difficult to navigate; it's better to wait for opportunities.
