币神伟哥

Chinese people avoid pits 🕳️coin

$DOGE As of 2025, Dogecoin (DOGE) adds about 14.4 million coins daily, with an annual issuance of about 5.26 billion coins, corresponding to an annual inflation rate of about 3.7%.

This inflation amount is due to:

- Each block reward is 10,000 DOGE;
- The block time is 1 minute, meaning approximately 1,440 blocks are produced daily;
- Therefore, the daily new supply is: 10,000 × 1,440 = 14,400,000 DOGE.

Although there is no upper limit on the total supply, the fixed annual issuance of about 5 billion coins means that over time, its relative inflation rate will gradually decline.

$TKO The platform token TKO of Tokocrypto, an Indonesian exchange, continues to remain sluggish, mainly influenced by the following factors:

1. Severe lack of liquidity
- The 24h real trading volume has long hovered in the range of 300,000 to 1,100,000 USD, only 1/50 to 1/100 of major platform tokens, with poor depth and high slippage, making it difficult for large funds to enter and exit, and prices are prone to "dead water" or sudden crashes.
- Users on Binance forums have complained that "I can only buy with small positions, and I'm afraid that any pump won't hold up."

2. Lack of "consumption" scenarios in the token economic model
- The total supply is 500 million, with about 495 million in circulation, unlocking has basically ended, but the uses provided by the platform such as "fee discounts, coin listing votes, Launchpad staking" are limited, and there is no sustained locking or burning mechanism on the demand side, relying only on small quarterly burns, making it difficult to reverse the oversupply situation.

3. Shrinking national trading volume in Indonesia + policy pressure
- In the first half of 2023, Indonesia's overall crypto trading volume fell by 68.7% year-on-year, with investors shifting to savings products; at the same time, the national-level "PT Bursa Komoditi Nusantara" exchange has been launched, with officials calling on the public to migrate to state-owned platforms, leading to a diversion of Tokocrypto's market share.

4. Project strategy contraction, weakened market presence
- After being fully controlled by Binance, Tokocrypto laid off 58% of its staff, cut non-trading businesses, focused on compliant spot trading, and lacks new narratives like IEO, wealth management, NFTs, etc., making it impossible to create ecological "necessity" scenarios similar to BNB or OKB.

5. Absence of rotations in the crypto bear market and platform token sector
- During the bear market from 2022 to 2024, investors favored BTC, ETH, and stablecoin yield products, showing little interest in "small exchange platform tokens"; even if the market warms up in 2025, funds will prioritize major platform tokens and popular public chains, with TKO not on the core rotation list.

6. Small market cap, dispersed chips, lack of market-making incentives
- The circulating market cap is only 8 to 9 million USD, but the share of addresses in the top 20 is not high, and the chips are relatively dispersed, with no major market makers continuously providing two-sided quotes, leading to "unable to pump or deep dive," and prices naturally fall into a downtrend.

Conclusion: Exhausted liquidity + shrinking local market + limited platform uses + lack of market making and hot narratives are the core reasons for TKO's long-term sluggishness.$TKO

$DASH As of November 2025, the privacy coin sector is at a critical stage of "regulatory pressure" and "technological breakthroughs" occurring simultaneously. The main developments are as follows:

1. The EU's "comprehensive ban" countdown to 2027 has started
- In May 2025, the EU officially passed the Anti-Money Laundering Regulation (AMLR), stating that from July 1, 2027, all financial institutions and crypto service providers

– are prohibited from offering anonymous crypto accounts or wallets;

– are prohibited from providing trading, custody, or payment channels for "privacy coins" such as Monero, Zcash, and Dash.

– Crypto transfers of ≥1000 euros must enforce KYC, and the EU Anti-Money Laundering Agency (AMLA) will directly supervise large platforms.
- Due to the clear two-year buffer period, mainstream exchanges have already started "delisting" in advance from 2025:

– Binance will globally delist XMR in early 2024; Kraken will delist in Ireland and Belgium by the end of 2024, expanding to the entire European Economic Area in 2025; Coinbase will only retain Zcash transparent addresses.

2. The U.S. and G7 are following up, with a prototype of "cross-national cooperation" emerging
- The U.S. Treasury/IRS will categorize privacy coin trading as a "high-risk audit" focus in 2025; FinCEN requires zero-knowledge projects to provide "auditable" solutions.
- In October 2025, the G7 finance ministers' joint statement explicitly named "addressing anonymity risks in crypto assets," indicating that a cross-national regulatory framework may form in 2026-2027.

3. Project parties are in a "compliance-style privacy" technology race
- Zcash——achieves optional disclosure with a "viewing key," becoming the only mainstream privacy coin hinted at being "exempt" in the EU draft; Electric Coin Co.'s Zashi wallet has completed the "transparent⇄shielded" conversion in 3 steps, attempting to leave a gap between technology and compliance.
- Dash——active addresses on the mainnet increased by 150% this year, with trading volume up by 268%, but to avoid regulatory pressure, most CEXs only retain "transparent" optional trading, with the Privatesend feature largely delisted.
- Emerging solutions in the Solana ecosystem——GhostWare, Arcium, etc., utilize multi-party computation (MPC) to completely encrypt order books and dark pools, while also being verifiable on-chain, focusing on "institutional usability and regulatory access" for privacy DeFi, having processed over 10,000 SOL in shielded transactions within one month of launch.

$DODO As of November 2025, the latest market trends and updates for DODO Coin are as follows:

1. Price and Market Capitalization
- Real-time Price: Approximately 0.072 (equivalent to about ¥0.52), with a 24-hour decline of approximately 6.69%.
- Market Capitalization: Approximately 49.6 million (around ¥360 million), ranking 774th among global crypto assets.
- Circulating Supply: Approximately 1 billion DODO, currently no clear upper limit information.

2. Trading Activity
- 24-hour Trading Volume: Approximately 26.6 million (around ¥190 million), an increase of 121.5% compared to the previous day, indicating a significant rise in short-term market activity.
- Major Trading Platform: Binance is the largest exchange, with a 24-hour trading volume of DODO/USDT reaching 5.6 million.

3. Price Performance
- Recent Trends: In the past 7 days, up 24.6%, outperforming the average level of the global crypto market (+10.2%).
- Historical Comparison: The current price has fallen 99.4% from its historical high of 8.38, but has increased by approximately 55% from its historical low of 0.032.

$BTC As of late November 2025, the cryptocurrency market is showing the following key dynamics:

1. Market and Volatility
- Bitcoin (BTC) is currently priced at approximately $111,000, with a 24-hour increase of about 1.2% and a daily trading volume reaching $28.1 billion, maintaining its position as the market leader with ample liquidity.
- Ethereum (ETH) is reported at about $3,976, with a 24-hour increase of 2.3% and a daily trading volume of $16.3 billion, showing relatively stable performance.
- The annual volatility for 2025 has reached a near five-year high, with altcoins experiencing an average amplitude of 50% in the third quarter, and market sentiment lingering in the “extreme fear” zone.

2. Macroeconomics and Policy
- The Federal Reserve maintained a hawkish stance in the third quarter of 2025, with a high-interest rate environment causing the cryptocurrency sector to overall decline by about 15%, as funds flowed out of risk assets toward treasury bonds and other risk-free income tools.
- After the Trump administration took office, it proposed a “strategic Bitcoin reserve” plan and appointed pro-crypto officials, boosting market optimism, but tariffs and fiscal stimulus could raise inflation, complicating the outlook for monetary policy.
- The current U.S. Congress is referred to as the “most pro-crypto in history,” with the market generally expecting a more favorable regulatory framework to be introduced before 2026.

3. Stablecoins and ETFs
- Citibank pointed out that the continued expansion of stablecoins, the capital-raising ability of spot ETFs, and the increase in institutional allocation ratios will become important supporting factors for cryptocurrency prices in 2025.
- Market observation: If the macro environment maintains high interest rates, ETF inflows may slow; if interest rate cut expectations rise in 2026, funds are expected to flow back in.

4. Regional Regulatory Progress
- The Central Bank of Ghana plans to submit a cryptocurrency regulatory bill to Parliament in September, aiming to issue licenses to trading platforms in order to regulate the market and attract foreign investment.
- In the United States, the White House has allowed 401(k) plans to invest in cryptocurrencies, with large private equity firms like Blackstone expected to further dominate institutional fund allocation.

5. On-Chain Data Highlights
- The number of active addresses on the Dash network surged by 150% in 2025, with daily transaction volume increasing by 268%, and market capitalization rising to $1.03 billion, indicating that some public chain ecosystems are still expanding rapidly.

$DOGE As of November 21-23, 2025, the latest developments of Dogecoin (DOGE) are as follows:

1. Price and Trend
- The current price is approximately $0.138-$0.143, with a decline of over 12% in the past week. The 24-hour trading volume increased to $2.52 billion, setting a recent high, indicating that bears dominate the market.
- The technical outlook has turned bearish overall: the daily line has continuously broken below the 50-day and 200-day moving averages, with key support at $0.15 being lost. New support has shifted down to around $0.138, and if it breaks below this, it may test the $0.13 area.

2. ETF and Institutional Products
- The Grayscale DOGE spot ETF has been approved by the NYSE and is scheduled to begin trading this week, providing a new compliant channel for U.S. investors.
- 21Shares has simultaneously launched a 2x leveraged DOGE ETF aimed at high-risk investors, expanding the selection of leveraged tools.

3. On-chain and Fund Flow
- Recently, there was a short-term selling wave: $500 million was traded within 3 minutes, with the price quickly dropping from $0.144 to $0.138, indicating that whales or quantitative trading are concentrating on unloading.
- In the past 24 hours, there were 4,608 buyer addresses and 2,455 seller addresses, with a buy-sell ratio of about 1.9:1, but the overall volume still leans towards net outflow, with increased inflow to exchanges.

4. Market Sentiment and Forecast
- The sentiment indicator is in "extreme fear," with the overall market decline dragging meme coins to deleverage. DOGE's monthly decline is 26%, underperforming similar assets like TRUMP.
- Model prediction: If the daily increase is 0.014%, it will only recover to $0.143 after 5 days; the year-end target is $0.21, but it needs to break through the resistance zone of $0.17-$0.18 to achieve this.

5. Macro and Policy
- Bitcoin breaking below $85,000 triggered a systemic correction, with the total crypto market capitalization evaporating $120 billion in 24 hours. The decrease in risk appetite puts pressure on DOGE.
- Musk continues to publicly support DOGE; in May, he posted a tribute image on X platform that drove a short-term surge, but he hasn't spoken out recently, and social media interest has cooled.

In summary, DOGE has a bearish short-term technical outlook, with $0.138 as key support. If the overall market continues to weaken, it may test $0.13; in the medium to long term, we need to observe ETF fund inflows and whether the Musk effect can reignite buying interest.

$XMR as of November 20, 2025, the latest updates on Monero (XMR) are as follows:

1. Price and Market Performance
- The current price is approximately $372.64, down $6.29 in the last 24 hours, having broken the key psychological barrier of $400, and has retraced over 15% from previous highs.
- The price in RMB varies significantly, with different platforms showing fluctuations in the range of 1515-2800 yuan, highlighting the market's high volatility.

2. Technical Upgrades
- FCMP++ Protocol: The first testnet (alpha stressnet) is now online, and this upgrade is seen as an important factor for long-term value support.
- Tail Emission Mechanism: A fixed reward of 0.6 XMR per block ensures miner incentives and network security, with dynamic block size design optimizing congestion handling.

3. Price Forecast
- The average price forecast for November 2025 is $343.07, with a maximum of $373.16; the expected average price for the year is $736.85, potentially rising to $756.06 in an optimistic scenario.
- Technical models indicate that $297.80 is a key support level, and $338.39 is an important resistance level, currently in a range-bound oscillation pattern.

4. Market Sentiment
- The RSI indicator has fallen below 48, with technical analysis showing short-term pullback pressure, but the privacy features and upgrade prospects still attract attention from long-term investors.

$WLFI As of November 22, 2025, the key progress of the Trump family's cryptocurrency project WLFI (World Liberty Financial) is as follows:

1. On-chain transfers and signs of selling pressure

On the day of listing, the project team distributed 2 billion WLFI from the strategic reserve wallet (address 0xA71) to 56 addresses; among them, 26 were exchange recharge addresses, which flowed into the market on the same day. On September 20, another 2 addresses transferred 644.3 billion WLFI (approximately $14.19 million) to Binance, showing that early chips continued to move towards exchanges, indicating potential selling pressure remains significant.

2. Token transferability officially in effect

On July 4 (American Independence Day), the community proposal to "enable WLFI token transferability" was approved and immediately took effect; early supporters' first tranche can circulate freely, while the remaining unlock will be decided by a secondary vote from the community, and the team's and advisors' tokens remain under a longer lock-up period.

3. Compliance disputes and asset freeze

On November 13, Justin Sun publicly accused WLFI of freezing its related assets without clear reasons, triggering a new round of discussions in the market regarding the project's compliance and asset security.

4. Ecosystem cooperation and stablecoin expansion
- AB Chain: On November 13, WLFI stablecoin USD1 launched on AB Chain, aimed at enhancing DeFi liquidity; during the same period, AB token experienced a short-term surge of 52% before a pullback.
- Aave ecosystem: According to the governance proposal from August, AaveDAO will receive 7% of the total supply of WLFI tokens (currently valued at approximately $2.79 billion), and enjoy 20% of the protocol fee sharing from WLFI Aave v3 instance for liquidity mining and governance participation.
- Multi-chain integration: USD1 has landed on cooperation chains such as Solana, Plume, Lista DAO, Vaulta (formerly EOS), and integrated with top DEXs like Raydium, Kamino, PancakeSwap, forming a "RWA + stablecoin + DeFi" matrix.

5. Huge valuation and futures selling pressure

Before going live, the WLFI futures price peaked at $0.55, with a fully diluted valuation (FDV) reaching $550 billion at one point; the current price is approximately $0.22, with FDV still reaching $220 billion, far exceeding popular assets like LINK and HYPE. Early investors' cost was only about $0.015, and unlocking 20% can yield more than 14 times profit, thus the market generally expects significant selling pressure on the launch day, with Binance contract positions reaching as high as 1.27 billion (approximately $279 million), making the long-short game fierce.

$XPL 截至2025年11月17日（CoinW最新数据），XPL（Plasma）核心动态如下：

1. Current Price and Trading
- Current price is 0.239 USD, 24h increase is 7.62%, 24h trading volume is approximately 6.23 million USD, circulating supply is 1.8 billion.
- Significantly down from the peak of 1.8 USD at the beginning of September, a drop of about 87% from the high point, with market capitalization ranking also declining.

2. Mainnet and Ecosystem Progress
- Plasma mainnet Beta was launched on September 25, simultaneously introducing the stablecoin native digital bank Plasma One, supporting USDT zero-fee transfers and 4% cashback, initially covering 150 countries and 150 million merchants.
- On the first day of launch, there was a commitment of 2 billion USD in stablecoins, with plans to integrate into over 100 DeFi protocols such as Aave and Ethena, for lending, staking, and yield strategies.
- In Q1 2026, external validator staking (PoS) will be initiated, with an annual inflation reward of 5%; on July 28 of the same year, 1 billion XPL (accounting for 10% of total supply) will be unlocked for public sale in the US, requiring attention to potential selling pressure.

3. Token Supply and Unlocking
- Total supply is 10 billion, with current circulation of about 1.8 billion. In 2026, ecosystem incentives will release 32% (approximately 320 million) for liquidity mining and partner airdrops.
- The early public offering price was 0.05 USD, currently yielding a profit of about 3.8 times; some whale addresses have profits exceeding 47 million USD.

4. Listings and Trading
- Has been listed on major platforms such as Binance, OKX, Bybit, and Gate, supporting spot, leverage, perpetual contracts, and simple earning services.
- At the end of September, Binance Alpha airdrop was temporarily suspended due to excessive traffic but has since resumed.

5. Market Outlook
- Models predict a price range of 1.10–2.00 USD in 2025 (based on TVL and fee growth), but the current 0.24 USD is far below the lower prediction limit, indicating that the market is still digesting early gains and unlocking expectations.
- Key catalysts: Plasma One user growth, 2 billion stablecoin actual TVL implementation, inflation absorption capacity after staking starts in 2026.

$XPL XPL (Plasma) project core information is as follows:

1. Founders and Executives
- Paul Faecks – Founder and CEO, established Plasma in 2024, previously focused on scalable blockchain infrastructure development.
- Hans Walter Behrens – Chief Technology Officer, responsible for PlasmaBFT consensus and EVM compatible architecture, previously involved in high-throughput protocol design.
- Lucid – Chief Operating Officer, overseeing daily operations and external collaborations.
- Vincent Rong – Ecosystem Lead, promoting developers and integration solutions.
- Nathan Lenga – Growth Lead, focusing on market expansion and user acquisition.

Before the mainnet launch in September 2025, the team will further introduce:
- Murat Firat (Product Lead)
- Adam Jacobs (Global Payments Lead)
- Usmann Khan (Protocol Security Lead)
Strengthening payments, compliance, and security.

2. Institutional and Capital Background
- Cumulative financing around $74–75 million, main rounds:
- 2024-10 Seed round $3.5 million (led by Bitfinex)
- 2025-02 Series A $20.5 million (led by Bitfinex + Framework)
- 2025-05 Strategic round (participation from Founders Fund)
- 2025-07 Public offering $50 million ($0.05/XPL, oversubscribed by 6 times)
- Core investors include Bitfinex, Tether, Founders Fund, Framework, Bybit, 6th Man Ventures, etc., providing stablecoin liquidity and exchange resources for the project.

3. Project Positioning
Plasma is a “stablecoin-native” EVM compatible Layer-1, focusing on zero-fee transfers of USDT, instant settlement, and privacy payments, aiming to become a payment-grade public chain for emerging markets and institutional users; upon mainnet launch, it secured $2 billion in pre-committed stablecoin liquidity.

$SOL As of November 22, 2025, the latest developments for SOL (Solana) are as follows:

1. Price and Market Performance
- Continuous Pullback: SOL has declined about 10% in the past week, with a 24h drop of 4%, currently priced around $127, down 57% from the high of $209 (January 19, 2025), with a market cap of approximately 50.3 billion Jordanian Dinars (≈ $71 billion), still ranked 6th.
- Decreased Trading Volume: The 24h trading volume is around $5.5 billion, down 53% from previous peak levels, with a strong wait-and-see sentiment in the market.

2. Institutional Product Trends
- Intensive ETF Launches: Fidelity, 21Shares, VanEck, and others have recently launched Solana ETFs, with significant capital inflows, indicating that institutional demand continues to grow, seen as a "highlight in a declining market."

3. Ecosystem and Technology
- Seeker Phone Release: Solana launched the second-generation Web3 phone "Seeker" at the Token2049 conference, with pre-sale orders exceeding $700,000, far surpassing the first-generation Saga, positioning it not just for meme coins but as a comprehensive platform for chain games, DePIN, and payment scenarios.
- Cross-Chain Interoperability: The official team is promoting bridging modules with networks like Bitcoin and Ethereum, facilitating asset and DApp interoperability to enhance multi-chain liquidity.

4. On-Chain Data
- In the past 24h, there were approximately 39,000 on-chain transactions, with 32,000 buyer addresses and 9,600 seller addresses, resulting in a buy-sell ratio of 3.3:1, with short-term funds primarily flowing in.

5. Outlook and Key Levels
- Technical Levels: $127 is viewed by some traders as the "ideal bullish zone," with upper targets of $136–140; if it falls below $120, it may retest support at $115.
- Long-Term Drivers: The shipment of the Seeker phone, continuous capital inflow from ETFs, and the implementation of multi-chain interoperability are seen as the three major highlights for ecosystem expansion from the end of 2025 to 2026; whether it can bring back on-chain activity will determine if SOL can challenge its previous highs.

$TAO As of November 23, 2025, the latest update on TAO (Bittensor) coin is as follows:

1. Price and Market Performance
- Short-term Correction: Over the past week, TAO's price has significantly dropped by about 20%, retreating from a high of $539 to around $300, representing a decline of 41%. The current price is approximately 1,491.22 Brazilian Reais (equivalent to about $300) [^^103^][^^105^].
- Volume Shrinkage: Along with the price decline, TAO's trading volume has also contracted, with a 55% decrease in weekly trading volume and a 30% reduction in monthly trading volume, resulting in significantly weakened market liquidity [^^103^].

2. Major Events in Token Economics
- First Halving Completed: On October 12, 2025, TAO experienced its first block reward halving, reducing the mining output from 7,200 coins per block to 3,600 coins, with the annualized inflation rate decreasing from about 15% to 7.5%. The increased scarcity is seen as a medium to long-term positive [^^101^].

3. Technical and Ecological Progress
- Network Upgrade: The Bittensor team is continuously optimizing protocol performance. The new protocol upgrade announced in October 2024 has improved the network's data processing capacity, providing higher throughput for AI model training and inference [^^104^].
- Institutional Attention: Around the halving, several institutions released bullish reports, with BTCC analysts setting a target price of $700–900, suggesting that the supply-demand imbalance post-halving may drive a new round of increases [^^101^].

4. Technical Levels and Trading Tips
- Key Ranges: The current support level is around $300; if it breaks or tests $280; resistance above is at $355, and if it breaks out with volume, the short-term target is aimed at $420–480 [^^101^].
- Indicator Status: The daily RSI has fallen back to a neutral-low area, and the MACD negative bars are shortening, indicating weakening bearish momentum. However, with insufficient volume, a directional breakout still requires a volume increase [^^101^].

5. Risk Warning
- High volatility remains unchanged, with recent declines significantly higher than similar Layer 1 assets. If the broader market continues to weaken, TAO may again test previous lows [^^103^].
- The halving benefits have been partially priced in, and future trends will depend on actual ecosystem adoption and capital inflow. Investors are advised to set stop-loss orders and manage their positions.

$NMR As of late November 2025, the latest updates on NMR (Numeraire) are as follows:

1. Price and Liquidity
- Current price is approximately $12.2–13.2, with a 24h volatility of 14.6%, positioned in the neutral zone (RSI 55.4) [^^99^].
- 24h trading volume is around $95.7 million, a decrease of 45% compared to the previous day, ranking 129th in the cryptocurrency market [^^91^].

2. On-chain Staking and Supply
- The on-chain locked amount has surpassed 7 million coins, accounting for about 87% of the circulating supply, becoming a core support for the price; the peak locking in August previously drove the price up to $17.28 [^^91^].
- The 1 million coins from the strategic buyback completed in July are still having an effect, further alleviating the selling pressure of the remaining approximately 3 million coins in circulation [^^97^].

3. Institutional Fund Movements
- In August 2025, JPMorgan's asset management department committed up to $500 million in investment, causing NMR to surge 123% on the same day, surpassing $17 [^^94^][^^97^].
- The $30 million Series C financing (led by a university endowment fund) in the same month also triggered a short-term increase of 15%, indicating that the price is highly sensitive to institutional funds [^^97^].

4. Technical and Sentiment Indicators
- The 50-day and 200-day moving averages have risen to $13.17 and $11.91, respectively, maintaining a mildly bullish technical outlook [^^99^].
- Social media heat and community discussion activity have significantly increased, but short-term profit-taking still exists, leading to frequent pullbacks following rapid rises.

$AAVE As of late November 2025, Aave (AAVE) has made the following progress:

1. Aave V4 upgrade has entered the testnet phase
- The new version adopts a "Hub & Spoke" modular architecture, where the core component Liquidity Hub aggregates the liquidity of Prime and Core markets, allowing funds to dynamically flow to the demand side, reducing the island effect; Spokes allow each market to independently set risk parameters, while being governed uniformly by the Hub, balancing innovation and security.
- The testnet is live, and the official release of the mainnet is expected in mid-2025, marking an important step in the "Aave 2030" long-term roadmap.

2. The "Aave App" for retail investors is online
- On November 17, the official savings application of the same name was launched, now available on the Apple App Store (waitlist system). Users can deposit directly from their bank accounts, earning a base annual yield of 5% without needing a self-custody wallet, and can earn up to 9% APY after completing invites and automatic deposit tasks, while also providing a balance guarantee of up to $1 million.
- This product has established deposit channels with around 12,000 traditional banks and is positioned as a new type of "hybrid new bank," aiming to bring DeFi's high returns to ordinary savers.

3. Institutional collaborations and asset expansion
- In October, Aave collaborated with on-chain asset management firm Maple to introduce the yield-generating institutional-grade asset syrupUSDT into Aave's Plasma instance as collateral, with plans to expand to the core market to bring in more institutional-grade yield sources for the protocol.
- Blockdaemon and Aave Labs reached a strategic cooperation to integrate Aave Vaults into Blockdaemon Earn Stack, providing a one-stop DeFi lending channel for institutional clients.

4. Token economics dynamics
- The DAO has initiated a weekly $1 million buyback paired with a "fee conversion" mechanism, using 10% of the protocol's revenue to purchase AAVE on the secondary market to distribute to ecosystem participants, aiming to continually reduce circulating supply and strengthen price support.
- The native stablecoin GHO has a market cap exceeding $220 million, growing 53% since the beginning of the year, becoming a new source of protocol fees and buybacks.

5. Price and risk reminder
- The current price is approximately 1,159 yuan (≈$160), up 2.4% in the last 24h, with a market cap of about 17.7 billion yuan, ranking 36th.
- The institutional model gives an average price target of about $300 for 2025.

$LINK As of November 22, 2025, the latest updates on LINK (Chainlink) tokens are as follows:

1. Price Trends
- Short-term rebound: On November 18, LINK rose 4.17% in a single day driven by the market rebound, returning to around $14, with trading volume increasing by 95% compared to the daily average, indicating signs of accumulation by major players.
- Weakness throughout the week: Over the past week, the overall decline was about 16%, currently reported in the range of $14.38–$14.90, with a volatility of 25.5%, approximately 2.3 times that of Bitcoin, indicating high risk.
- Renminbi valuation: The latest price is about ¥83.95, with a 24h amplitude of 5.8%, a trading volume of ¥6.57 billion, and a market capitalization of ¥58.5 billion.

2. Technology and Ecosystem
- Staking incentives: On November 11, "Chainlink Rewards Season 1" launched, allowing users to participate in 9 Build projects to earn points and share in the airdrop, aiming to enhance on-chain activity and token locking.
- Technical levels: $13.58 has become a short-term support; if it stays above $14.00, the target above is $14.25–$14.50; if it falls below, it will retest the critical low of $13.74.

3. Market Sentiment and Predictions
- Sentiment indicators: The Fear and Greed Index is at 16, indicating "extreme fear"; analysts' opinions are divided, with some viewing $13–$26 as a "forbidden sale zone" while others are bullish, predicting it could break $100 by the end of the year.
- Medium to long-term outlook: Models predict an average price of $14.36 in 2025, with an optimistic scenario of $18.8; by 2030, it may rise to $30–$43, with the core driving force still being the expansion of oracle services and multi-chain integration.

4. Risk Warnings
- High volatility: The weekly decline and annualized volatility are significantly higher than Bitcoin, with a Sharpe ratio of only 0.03; low-risk preference investors should be cautious.
- Unlocking pressure: The circulating supply is approximately 697 million tokens (accounting for 70% of total supply), and subsequent unlocking by the ecosystem and team may still bring selling pressure.

$BTC As of November 23, 2025, the latest developments in the cryptocurrency market are as follows:

1. Market Trends
- Bitcoin: Continued decline this week, breaking the key support level of $90,000 on November 18, reaching a low of $86,057, marking a seven-month low, currently priced at approximately $86,540. Market sentiment is extremely negative, and panic selling has amplified volatility.
- Ethereum: Weakening in sync, breaking below the $3,000 mark, hitting a low of $2,850, with a 24-hour decline of about 4.5%, forming a correlated downward pattern with Bitcoin.

2. Capital Flows
- ETF Dynamics: Despite the price drop, long-term holders net accumulated 186,000 BTC over the past month, creating the largest accumulation scale in this cycle, indicating that institutions are quietly positioning at the bottom.
- Institutional Holdings: In Q3 2025, institutions purchased approximately 944,000 BTC, with total holdings exceeding 3.8 million BTC, worth about $435 billion, with institutional accumulation exceeding $500 million over the past 30 days.

3. Regulation and Policy
- Ukraine: Plans to legalize cryptocurrencies in Q1 2025, with a tax model resembling that of securities, taxing profits when assets are converted into fiat currency.
- Kenya: Implemented its first cryptocurrency bill on November 4, with Bitcoin ATMs appearing in Nairobi malls, offering cash exchange services for cryptocurrencies.

4. Security Incidents
- Hacker Theft: Total cryptocurrency theft in the first half of 2025 exceeded $2.17 billion, surpassing the total for all of 2024, with an attack by North Korea's Lazarus Group on Bybit leading to approximately $1.5 billion stolen.

5. Macroeconomic Factors
- U.S. Policy: Trump's administration's cryptocurrency policies, Federal Reserve monetary policy, and U.S. government debt are seen as the three major influencing factors for Bitcoin in 2025. Strategic Bitcoin reserve plans and pro-cryptocurrency nominations may drive the market, but high interest rates and tariff policies could exacerbate inflation and limit room for rate cuts.
- Stablecoins and ETFs: Citigroup points out that six major factors, including stablecoin issuance, ongoing capital influx into spot ETFs, and relaxed regulations, will determine the trends of cryptocurrencies in 2025.

6. Industry Outlook
- Bitstamp CEO: Predicts that cryptocurrencies will strengthen and gain global recognition in 2025, with ETFs and increased regulatory transparency driving mainstream adoption.
- Coinbase Research Report: Believes that the Federal Reserve's rate cuts in 2025 and a pro-cryptocurrency Congress in the U.S. will support high-risk assets, with budget deficit spending potentially further boosting cryptocurrency valuations.

$XRP As of November 23, 2025 (UTC), the market focus for XRP (Ripple) is centered on "oversold rebound vs. institutional selling pressure" with key information as follows:

1. Price and Trading Volume
- The latest quote is approximately $1.91, marking a three-day closing low, with a 24h decrease of 0.7%. After hitting a daily low of $1.895, there was a 0.5% rebound in the closing hours.
- Trading volume surged 67% compared to the average, reaching $182.1 million, confirming significant selling pressure from whales; in just one hour during the closing, 2.76 million XRP were traded, breaking the previous downward trend.

2. Fund Flows
- In the past 48 hours, nearly 200 million XRP (approximately $400 million) were detected flowing from whale wallets to exchanges, creating a short-term supply shock, which is viewed as the main reason for this rapid decline.
- During the same period, the newly launched XRP ETF by Bitwise had a first-day trading volume of $25.7 million, with assets under management of $107.6 million, indicating that institutional demand still exists, but it has not fully offset the selling pressure.

3. Technical Indicators
- $1.96 is seen as the "bull-bear watershed"; if it cannot break above with volume, this level will turn into strong resistance; the lower range of $1.89–$1.90 is the current box bottom, and falling below may trigger programmed selling.
- The RSI has entered the traditional oversold zone, indicating a short-term technical rebound is needed, but it requires accompanying trading volume; otherwise, it may continue to weaken along the descending channel.

4. Future Focus Points
- From late November to early December, there are still custodial unlocks (1 billion XRP) and several ETF approval windows, with the market generally adopting a wait-and-see attitude; any regulatory or official Ripple developments could catalyze a break out of the $1.89–$1.96 range.
- If risk appetite continues to decline, mainstream coins like Bitcoin may test lower levels again, and XRP could also test the $1.85 area; conversely, if institutional buying returns and pushes the price back above $1.96, it may challenge the $2.00–$2.15 range again.

$ASTER As of November 23, 2025, the Aster (ASTER) token has the following latest updates:

1. Significant adjustments to token economics
- The team has confirmed the cancellation of multiple unlocks originally scheduled for 2025, deferring the majority of the total supply of 8 billion until the summer of 2026 or even 2035, leading to a sharp reduction in short-term selling pressure.
- The only exception is that on December 15, 2025, a one-time unlock of 200 million tokens (approximately 9% of the current circulation) will occur according to the airdrop plan, for S3 season rewards, while the remaining ecological quota will continue to be locked.
- To avoid data confusion, the project party will transfer the "unlocked but unused ecological tokens" to a public unlock address, and promises not to withdraw tokens from that address, strengthening market confidence.

2. Exchange and liquidity progress
- Coinbase opened ASTER/USD spot trading at 1 AM (Beijing time) on November 21 in compliant regions, and has simultaneously included spot grid, DCA, and other bot services, providing a new liquidity entry.
- Driven by this news, ASTER's 24-hour spot + derivatives trading volume once exceeded $900 million, with the price briefly spiking to $1.90 before retreating, currently oscillating in the $1.10–$1.20 range.

3. Product roadmap and community activities
- The Aster Chain dedicated privacy derivatives L1 public testing network is expected to launch by the end of the year, with the mainnet scheduled for Q1 2026, at which point it will support on-chain matching, dark pools, and zero-knowledge proof of holdings, aiming to become the "killer of decentralized exchanges."
- The Dual Harvest Trading Competition (November 17 - December 21) has a total prize pool of $10 million, requiring a weekly trading volume of ≥ $100,000 to be on the leaderboard, aimed at continuously amplifying platform depth and attracting institutional market-making.
- The Rocket Launch Accelerator has distributed over $3 million in early project rewards, with the next phase focusing on introducing RWA and AI-related tokens to expand ecological diversity.

4. Market perspectives and risk warnings
- Bullish logic: Daily average transaction fees of $15 million - $26.9 million (higher than some leading CEX), along with CZ's public support and large-scale locking, has led the market to anticipate a valuation reassessment, with an optimistic target price of $3 - $10.
- Bearish concerns: The unlocking of 200 million tokens on December 2 accounts for approximately 9% of the current circulation, and if retail investors sell off or trading volume declines, the price may fall back to the $1.05 or even $0.80 - $1.00 range.
- Technical aspects: A "negative signal" failure breakout has occurred on the four-hour level, and if it cannot re-establish itself above $1.30, it may maintain a short-term downward oscillation.

$ZEC As of late November 2025, the privacy coin sector has seen the following key developments:

1. Price and market cap volatility
- Zcash (ZEC) was only $35 in August, surged to $744 in November, with an increase of about 20 times over three months; it has now fallen back to the $550–600 range, with a market cap of about $8.6 billion, surpassing Monero (XMR) to take the top position in privacy coins.
- High leverage and emotional trading have led to extreme volatility: in three days, it dropped from $744 to $488, then rebounded back above $600, with a fluctuation exceeding 40%.

2. Technical and ecological progress
- ECC released the Q4 2025 roadmap, focusing on reducing technical debt, optimizing the privacy experience of the Zashi wallet, and adding temporary transparent addresses and multi-signature support for the Keystone hardware wallet; the shielded supply has surpassed 4.5 million coins, accounting for 28% of the circulating supply, reaching a historical high.
- Zashi has integrated with NEAR Intents, enabling cross-chain privacy exchanges, with ZEC-related intents accounting for over 30% of the platform's total, becoming a major traffic entry point.
- Merchant adoption rate has rarely increased: Cryptwerk data shows that 12.29% of online merchants now accept ZEC payments, surpassing transparent networks like Solana and Cardano, with 14 new merchants added within 24 hours.

3. Regulatory and compliance pressures
- The EU's Anti-Money Laundering Regulation (AMLR) officially lists “high anonymity crypto assets” as restricted, and starting in 2027, assets like Monero and Grin, which are “default fully private,” may be fully delisted from exchanges within the EU; Zcash, due to its “optional privacy” model, still has a chance to retain compliance space.
- The U.S. SEC has not yet clarified its stance on privacy coins, viewed as a key variable for the next phase of market direction.

4. Market sentiment and institutional movements
- Grayscale launched a Zcash trust, and BitMEX co-founder Arthur Hayes predicted “ZEC could reach $10,000,” becoming a significant catalyst for this market cycle; open futures contracts are nearing $1 billion, showing a clear bullish dominance.
- Industry research reports indicate that privacy coins are transitioning from “single anonymous coins” to “privacy infrastructures,” with modularity, compliance, and cross-chain privacy becoming the main technical routes for 2025-2026.