Cryptocurrency Market Weekly Highlights: Volatility and Opportunities Coexist
SkyAI Token Soars 100 Times, Meme Coins like Wizard and DARK Spike and Plunge, Bitget Exchange Faces Backlash, ABCE Announces Shift from Investment to Incubator... The market is bustling, with as many opportunities to make money as there are risks to fall into.
SkyAI: A Hundredfold Surge, Is It a Bull or a Bubble?
SkyAI was undoubtedly the hottest project last week, having just raised $45 million. After launching its token on Sunday, its market value skyrocketed to $45 million, rising over 100 times compared to its initial price.
However, this hundredfold myth looks appealing, but the risks behind it are not small. SkyAI primarily focuses on AI + blockchain, which is a novel concept, but its current market value of $45 million seems a bit inflated.
Meme Coins: Did the Wizards Fly High Only to Fall?
Speaking of Meme coins, Wizard, DARK, and RFC also gained popularity last week. On Saturday, Wizard's market cap broke $10 million, and DARK and RFC surged significantly. However, over the weekend, there was a massive plunge, with Wizard dropping back to $8 million, and the others didn't fare much better.
ourBIT and B Token: The Victory of Yield Farming
In contrast to the rollercoaster of Meme coins, ourBIT exchange's B token was much more stable. After locking on Sunday, the price rose quite well, and those who participated in the interactions can check if their wallets are full. OurBIT's strategy is simple: attract people to play through airdrops and staking, and the token price naturally increases.
Bitcoin Ecosystem: Methane Project Peaks and Drops
The Bitcoin ecosystem was also quite lively last weekend, especially with the Methane project, whose price soared to $300 per unit on Saturday, reaching a peak market cap, but then corrected to around $14 million on Sunday. This fluctuation was mainly due to the market's high enthusiasm for the Bitcoin ecosystem and the tendency for new projects to be hyped up.
Bitget Controversy: Exchange Faces a Setback
The biggest news on Sunday was likely the 'setback' of Bitget exchange. The price of the Voxel project suddenly fluctuated wildly, and both grid trading and contracts saw profits for some, but Bitget ultimately decided to roll back the trades. The harshest criticism came from the fact that Bitget's CEO Gracy had previously made bold claims, which netizens are now ridiculing, a clear case of a 'boomerang'.
Rolling back trades essentially tells everyone that the rules can be changed at will; where is the fairness in that? Bitget is likely to lose quite a few followers this time. In the future, if CEXs want to thrive, transparency and reliability are key, otherwise they will eventually be outcompeted by DEXs.
