1. Attention Value-Market Key Points
1. Market conditions
Web3 Field:
Bitfinex Alpha: The rate hike will stimulate the rise, but then it will pull back, and the bottom of BTC may be between $40,000-50,000
On September 2, Bitfinex Alpha said in its latest report that this month's U.S. interest rate decision is expected to have a significant impact on Bitcoin's short-term volatility and long-term trend. Since the beginning of August, Bitcoin has risen by more than 32%, driven by market participants' expectations that the Federal Reserve will make dovish remarks. A 25 basis point rate cut may mark the beginning of a typical easing cycle, and Bitcoin may achieve long-term price increases as liquidity increases and recession concerns ease. On the other hand, a more aggressive 50 basis point rate cut may lead to price increases, but may be followed by a pullback as recession concerns intensify.
10x Research: Market structure and fundamentals have gradually weakened, with each decline becoming deeper and the recovery weaker
10x Research posted on social media that while it remains optimistic about the medium- and long-term prospects of digital assets, it now seems that caution is needed in the short term. Although the market experienced a V-shaped rebound after the declines in early May, early July, and early August, the underlying market structure and fundamentals have gradually weakened, resulting in each decline becoming deeper and the subsequent recovery being weaker. The latest month-end data suggests that the market may usher in a key turning point in September.
Previously, on August 28, 10x Research said in its analysis that the recent rebound in the Bitcoin market was strategic, and $65,000 was crucial to book profits. As expected, the FOMC meeting minutes and Powell's dovish stance drove the rebound in Bitcoin, and the potential short squeeze pushed up the price of Bitcoin. However, despite its predicted increase of 10%, these gains have now been fully waived, and major risks are beginning to emerge as September approaches.
2. Hot events
TON mini-game Catizen claims to have 34 million users in 6 months since launch
TON mini-game Catizen claims to have 34 million users in the six months since its launch, of which 2.24 million are Telegram Premium users. Catizen claims to be ranked first in revenue among all Telegram applications, with more than 2 million active players on the chain, 800,000 cumulative paying users, and an ARPPU of $33, or a total revenue of $26.4 million. The above data may be mainly driven by the volume of airdrops. Bybit and others have announced that they will list the coin on September 20.
l Tether enters the food industry! Invests $100 million in South American agricultural giant Adecoagro, becoming the third largest shareholder
According to a report by Argentina's Financial Daily this week, Tether, the leading stablecoin issuer of USDT, recently spent another $100 million to purchase 9.8% of the shares of Latin American agricultural giant Adecoagro, becoming Adecoagro's third largest shareholder. This is Tether's first investment in the agriculture and food sectors.
3. Hot topic narrative
The Parallel Ethereum Virtual Machine (Parallel EVM) is an upgraded version of the traditional Ethereum Virtual Machine (EVM). It improves the blockchain transaction throughput and improves the speed and efficiency of transaction processing by processing multiple non-conflicting transactions at the same time. The Ethereum Virtual Machine (EVM) is the consensus and execution mechanism of the Ethereum network, responsible for processing and executing transactions. But in the traditional EVM, transactions and smart contract execution are carried out sequentially. Each transaction must be processed one by one, forming a linear and orderly process. Although simple, this approach may cause bottlenecks, especially as the number of transactions increases. Each transaction has to wait for its turn, and the processing time may increase, resulting in potential delays and higher costs (in terms of gas fees).
Parallel EVM significantly improves the throughput and execution speed of the blockchain by processing multiple non-conflicting transactions at the same time. For example, if Bob wants to make an exchange, Alice wants to mint a new NFT, and Eric wants to stake funds to a validator, these transactions can be processed simultaneously instead of sequentially, reducing transaction processing time and costs. This parallel processing capability enables the blockchain to process more transactions in a shorter time, solving the congestion problem of traditional blockchain systems.
Monad is an EVM-based layer 1 blockchain project that aims to significantly improve the scalability and transaction speed of blockchain through its unique technical features. Monad processes up to 10,000 transactions per second with one-second block time and instant finality. Such high performance is due to the unique Monadbft consensus mechanism and compatibility with the Ethereum Virtual Machine (EVM).
Currently, Monad's parallel EVM supports processing 10,000 transactions per second with a block time of only 1 second. It uses the PoS mechanism to enhance network security and energy efficiency, and is expected to launch the mainnet in the third quarter of 2024.
The official account has also amassed 283,000 followers on Twitter, commanding a passionate and active community. The Ethereum community in particular seems very excited about the upcoming launch of Monad, which will put Monad in a good position to capture early hype and adoption.
4. Potential Catalyst
Elon Musk’s mysterious “Doge” post has once again breathed life into Dogecoin (DOGE), which is expected to recover from its recent slump. The billionaire CEO of Tesla has made similar posts several times, and almost every time these mentions have triggered a surge in the value of the meme coin.
On September 7, Musk posted again on Facebook about the Ministry of Government Efficiency and later posted an AI-generated image with himself and the initials "Doge". This was not the first time that Musk, who is also the owner of the Facebook X social media platform, posted such a post on Saturday. In August, BeInCrypto reported a similar development that affected the price of Dogecoin, causing it to rise by 6%. In addition, the post seems to be in line with speculation that Musk could play a role in Donald Trump's administration if he wins the US election in November.
From an on-chain perspective, Musk’s recent move has triggered a significant spike in the cryptocurrency’s social dominance. This spike means that there has been an increase in active discussions around Doge.
