BlockBeats will summarize the key industry news of the week (10.14-10.20) in this article, and recommend in-depth quality articles to help readers better understand the market and grasp industry trends.
Important News Review
Bitcoin performed well this week, breaking through $68,000; the total cryptocurrency market cap rebounded and exceeded $2.4 trillion
This week, Bitcoin steadily rose, mainly fluctuating between $66,000 and $68,000 and breaking through $68,000 multiple times. On October 16, the total cryptocurrency market cap rebounded to $2.434 trillion. On the 18th, top trader Eugene Ng Ah Sio posted on social media that he had closed his short positions, and the open interest in BTC contracts had disappeared as the price of BTC rose, so he had turned bullish. Related reading: 《Is the bull back? Can BTC break new highs in October? | Trader Observation》
This week, the MEME coin GOAT's market cap exceeded $360 million, setting a new record high
On October 17, according to market information, the MEME coin GOAT on the Solana chain saw its market cap exceed $360 million, with a 24-hour increase of 65.37%, setting a new record high. (Note: GOAT is short for Goatseus Maximus, created by the AI Bot "Oracle Terminal". The Oracle Terminal runs in a semi-autonomous mode, and human administrators can approve its Twitter posts and decide who to interact with. In July this year, a16z founder Marc Andreessen sent $50,000 worth of Bitcoin to the Oracle Terminal, making it an overnight sensation.) Related reading: 《GOAT surged a thousandfold in a week, the $50,000 Bitcoin sent by a16z's Andreessen made the AI worth $100 million | What MEME are we pumping today?》, 《GOAT's market cap exceeds $270 million, is AI autonomous issuance the new MEME narrative?》, 《A few words made a top Silicon Valley investor pay $50,000 in Bitcoin, how did this AI bot pull it off?》
The US SEC has officially appealed the Ripple case ruling
On October 18, the U.S. Securities and Exchange Commission (SEC) has officially appealed the ruling made by Judge Analisa Torres on the XRP case, and on Thursday, the regulator filed Form C with the U.S. Second Circuit Court of Appeals. This has once again sparked a legal dispute over whether the sale of XRP tokens on cryptocurrency trading platforms meets the criteria for securities. The regulator has questioned key aspects of the court's ruling, including the acquittal of Ripple executives and the non-cash distribution of XRP. The outcome of this case could have a significant impact on future cryptocurrency regulation.
BlockBeats previously reported that on October 3, the SEC is appealing the previous ruling by the U.S. Second Circuit Court of Appeals regarding the Web3 payments company Ripple, according to documents filed on Wednesday. The SEC spokesperson said "We believe the district court's decision in the Ripple case conflicts with decades of Supreme Court precedent and the securities laws, and we look forward to presenting our arguments in the Second Circuit." Previously, the judge had ordered Ripple to pay a $125 million civil penalty on August 7, far lower than the $20 billion penalty the SEC had initially demanded. The ruling also partially granted and denied the SEC's motion for preliminary remedies regarding Ripple's sale of XRP tokens.
Worldcoin rebranded as World Network, and announced that World Chain has gone live on mainnet
On October 18, according to The Block, Sam Altman-backed Worldcoin has officially rebranded to World Network (abbreviated as World), and its Layer2 network World Chain has gone live on mainnet. Optimism, Alchemy, Uniswap, Safe, Dune, and Etherscan will support the launch of this blockchain. The blockchain is built using the OP Stack, and World Network says user transactions account for 44% of OP Mainnet activity, making it the largest application on the network. Related reading: 《Are they also pumping MEME on Worldcoin? The degens have already started charging on Worldchain》
Trust Wallet announces the launch of its first Launchpool, allowing users to lock TWT or slisBNB to earn rewards
On October 14, according to official news, the multi-chain wallet Trust Wallet has announced the launch of its first Launchpool, where users can lock TWT or slisBNB tokens to earn rewards, which will start accumulating from the moment the user locks the tokens.
Canary submits a Litecoin ETF application to the US SEC
On October 16, according to data on the US SEC website, cryptocurrency investment firm Canary Capital has submitted a registration application for a spot LTC exchange-traded fund (ETF) to the US Securities and Exchange Commission. BlockBeats previously reported that on October 9, Canary Capital submitted a registration application for a spot XRP exchange-traded fund (ETF) to the US Securities and Exchange Commission, making it the second company to apply for such a product this month.
Grass Foundation: The final eligibility check page for Airdrop One will be launched on October 21
On October 14, the Grass Foundation posted on X that the final eligibility check page for Airdrop One will be launched on October 21, 2024. The foundation added that the claims will not be opened, nor will they be launched on October 21, this is just a checker. Users are advised to be vigilant and avoid being scammed, as there are currently no on-chain transactions that require signing.
Sui Foundation responds to allegations of $400 million token sell-off by insiders: There was no early sell-off or violation of the lock-up plan
On October 15, the Sui Foundation responded to the allegation that "Sui insiders sold $400 million worth of tokens during the price increase": There were no insiders, including Foundation or Mysten Labs employees (including Mysten Labs founders) and ML investors, who sold $400 million worth of tokens, either individually or in aggregate, during the price increase. Insiders did not engage in any early sell-offs or violations of the lock-up and circulation supply plan.
The techno-utopian project Praxis secures $525 million in investment commitments, but the market is skeptical about the authenticity of the investment
On October 16, the techno-utopian project Praxis announced that it has secured $525 million in investment commitments, with plans to build a technologically advanced city in an undetermined location, and can start receiving financing from GEM Digital after its cryptocurrency is listed.
BlockBeats note: Venture capital firm GEM Digital is known for providing large-scale financing commitments to companies, and has previously provided large-scale financing commitments for multiple projects. However, after the project tokens were listed, most of them had a lukewarm response or even a linear decline of over 90%, as most of the investments were in obscure projects. Investment commitments refer to venture capital firms promising to invest a specific amount in a startup or company, but not necessarily actually providing the funds. Previous projects that signed investment commitments with GEM Digital have disclosed that "the firm stated in the contract that it would not directly wire the funds, but rather fill the investment through the profits from selling the tokens." Related reading: 《Is Praxis' $500 million financing "commitment" GEM Digital's capital control game?》
a16z crypto report: The global number of cryptocurrency holders is about 617 million, and the number of active addresses and usage rate have reached historic highs
On October 17, according to a research report released by a16z crypto on Wednesday, the number of active cryptocurrency addresses and usage rate have reached historic highs this year. The report estimates that as of September, there are about 617 million global cryptocurrency holders, with 60 million monthly active users. By 2024, the number of monthly active cryptocurrency addresses will exceed 220 million, with Base leading the EVM chains with 22 million addresses, and Solana dominating the non-EVM chains with over 100 million addresses. The number of mobile wallet users this year is also the highest, with the US accounting for 12% of global users. Related reading: 《a16z Annual Crypto Report: Crypto Activity Hits New Highs, Becomes Key Topic in US Elections》
Trump Announces Launch of World Liberty Finance, WLFI Sales Exceed $9 Million; WLFI Updates Public Sale Terms
On October 16, Trump announced the official launch of World Liberty Finance. As of 7:25 PM local time, approximately 610 million WLFI tokens have been sold, with 19.4 billion tokens remaining. Calculated at a unit price of $0.015, this means sales have reached approximately $9.15 million. The project's website went live between 8 AM and 9 AM local time on Tuesday, experiencing intermittent downtime during this period. Reports indicate the project raised $5 million within the first hour. According to the roadmap shared with potential investors, the initial WLFI sale will seek to raise $300 million, selling 20% of the token supply at a $1.5 billion FDV.
According to the updated WLFI token sale terms and conditions of World Liberty Financial, WLFI is for governance purposes only and not an investment instrument; all WLFI are currently locked indefinitely in wallets or smart contracts and are non-transferable; if the transferability of WLFI is to be unlocked in the future through a governance process, it must meet the following conditions: confirmed compliance with applicable laws, at least 12 months after the token sale completion; due to the non-transferability of the tokens, the company has not taken any action and does not plan to create a secondary market for the tokens; token purchases are non-refundable, except as required by applicable law; WLF reserves the right to reject or cancel token purchase requests.
Polymarket Probability of Trump Winning 2024 US Presidency Rises to 60.1%, Hitting New High
On October 16, according to data from the prediction website Polymarket, the probability of Trump winning the 2024 US presidential election has risen to 60.1%, a new all-time high. The probability of Vice President Harris being elected is 39.8%.
Harris Proposes Loan Program and Supports Crypto Regulatory Framework to Attract Black Male Voters
On October 14, US Vice President Harris is strengthening her outreach to Black male voters, promising to provide channels for economic security. Meanwhile, polls show Trump is gaining support from Black voters. On Monday, Harris unveiled a new plan to provide loans for Black entrepreneurs and others facing financing barriers. According to Harris' campaign platform to attract Black male voters, the plan will offer 1 million loans, with up to $20,000 in potential forgiveness. Harris also pledged to support a cryptocurrency regulatory framework, providing more investment certainty for the 20% of Black Americans who own or have owned digital assets. She stated she will work with Congress to legalize recreational marijuana and ensure Black men can start businesses and find jobs in the thriving cannabis industry.
Sonic Unveils Token Economics, Airdrop to Account for 6% of Initial Supply
On October 15, Sonic Labs released a Litepaper, mentioning that to take Sonic to new heights, the team is introducing token economics based on successful community governance proposals, with the following key points: 1. At launch, the circulating supply of S will be around 2.88 billion, with a total supply of 3.175 billion, comparable to FTM's supply; 2. Six months after launch, the network will provide 6% of the initial total supply for an airdrop to reward Opera and Sonic users, with vesting over 9 months; 3. Six months after launch, the network will mint 1.5% of the initial total supply annually for 6 years to fund growth, burning any unused tokens; 4. Starting 4 years after Sonic's launch, the annual inflation rate will be 1.75% to reward validators.
This Week's Popular Articles
How to Earn Money on Pump.fun Using ChatGPT?
In the Pump market, new tokens are being launched every moment. While others are still struggling to find memecoins that can generate excess returns, @AlphaBatcher has already realized automated and precise trading using ChatGPT. This methodology does not require a large amount of capital or strong programming skills, and we can empower our memecoin investments with AI.
GOAT Market Cap Exceeds $270 Million, Is AI-Autonomous Minting a New Meme Narrative?
No one asks, the market cap exceeds $100 million. That's right, it's the meme coin $GOAT, autonomously minted by an AI Bot. This meme coin, whose name means "goatseus maximus", was conceived by an AI Bot called "truth_terminal". Its market cap has already exceeded $100 million, making it a recent big dog.
Grayscale Selects 35 Tokens: Minimum FDV of $300 Million, More Suitable for Large Investors
As one of the bridges connecting Web3 and mainstream finance, Grayscale's initiatives in the crypto industry have been closely watched. From the initial Bitcoin, Ethereum and many other well-known token trusts, to the launch of the Bitcoin Spot ETF and Ethereum Spot ETF this year, Grayscale's contributions to the crypto industry are evident. Recently, Grayscale listed 35 crypto assets it is considering adding to its products in the future. This article first categorizes the 35 tokens by sector, and then sorts them by market capitalization, sharing their price trends over the past two years through charts.
Behind the Meme Frenzy: The Rise of Retail and the Innovation Bottleneck
Retail investors hope to regain power, complex token economics are abandoned, exchanges list low-quality tokens to boost user registration rates, leading to a decline in listing quality and reduced innovation - the above reasons explain why meme coins are currently dominating the market. The market is currently very enthusiastic about meme coins, and to change this trend, a truly innovative crypto narrative is needed to replace it. Although AI has potential, its integration with crypto still appears vague. In the future, DeFi may see some breakthroughs, but it still needs time to be validated.
If You Also Want to Become a Meme Master, Murad's Reading List is a Must-See
Murad rose to fame as a new meme leader with his 2049 speech, single-handedly putting meme coins under a reasonable investment logic, including cult meme, pvp/pve, meme price and belief index, etc. Where does this theory come from? We can get a glimpse from his meme reading list, recommended for those who also want to systematically study meme culture.
2024 Airdrop Review: From Wealth Myth to Survival Struggle, Can Airdrops Still Be Farmed?
Airdrop, a term that most crypto users have seen before, may be the easiest way to make money, or the fastest way to ruin your health. The debate over the pros and cons of airdrops has been going on for two or three years, from "equal rain" to "low guarantee", to "witch hunting" "points"...... Whether you like this model or not, it has deeply influenced many projects in the blockchain industry.
Bull Market Returning? Can BTC Break New Highs in October? | Trader Observation
On the US market on October 10, BTC fell below the $60,000 mark, with a single $10 million long position being liquidated, and then began to rise unilaterally, with a maximum increase of 15.83%, which was extremely unexpected and had basically no retracement. How should we view this intensity of unilateral rise? Is this a consensus that the bull market has returned, or a volume-constrained sustained lure, and traders in the market have their own views.
Vitalik's New Article: What Areas Can Ethereum's PoS Still Improve? How to Achieve It?
Initially, "The Merge" refers to the most important event in the history of the Ethereum protocol since its launch: the long-awaited and hard-won transition from Proof-of-Work to Proof-of-Stake. Now, Ethereum has been a stable Proof-of-Stake system for nearly two years, and this Proof-of-Stake has performed exceptionally well in terms of stability, performance, and avoiding centralization risks. However, Proof-of-Stake still has some important areas that need improvement.
《Vitalik's New Article: The Possible Future of Ethereum, The Surge》
This year, the Rollup-centric roadmap has made important progress: with the launch of EIP-4844 blobs, the data bandwidth of Ethereum L1 has increased significantly, and multiple Ethereum Virtual Machine (EVM) Rollups have entered the first stage. Each L2 exists as a "shard" with its own internal rules and logic, and the diversity and pluralism of shard implementation have now become a reality.
《Ethereum Has Not Won the L1 War, Projects Unable to Adapt to the Market Will Be Eliminated》
This article explores the current state and challenges of the blockchain field: L1s that fail to adapt to innovation (such as Cosmos) are facing serious difficulties, while emerging L1s (such as Sui, Sei, and Aptos) have gained some attention in the short term but still need to continuously innovate to stand firm in the long run. At the same time, the newly emerged L2s are similar to the past L1s, lacking differentiation and innovation, and facing survival pressure. Although some diversification trends are beginning to emerge in the market, overall, Ethereum has not won the L1 war. Instead, alternative L1s and L2s are striving to create their own new future.
《Grayscale Research: Potential Impact of the US Election on Cryptocurrencies》
The outcome of the US election could have a significant impact on the crypto industry. The next president and Congress may enact legislation specifically targeting cryptocurrencies, and may also make adjustments to tax and spending policies that could affect financial markets more broadly. Regardless of which party is in power, comprehensive bipartisan legislation may be the best long-term solution for the US crypto industry.
《Analysis of Top Crypto VC Holdings, What Is Their Investment Strategy This Cycle?》
We are in the strangest crypto cycle in history, and no one knows what will happen next. At this time, looking at what others are doing may provide some inspiration. So, I spent the whole weekend understanding what VCs have been up to recently. Do they have any interesting moves? Are they as enthusiastic about shit coins as we are? Or do they still hold some tokens from the past?
《Wealth Opportunities Amid Middle East Conflicts: Will Bitcoin See a Surge?》
This article mainly explores the impact of the Middle East war on the Bitcoin market. Arthur Hayes believes that as the war escalates, the US will increase borrowing to support Israel, and the Federal Reserve will expand its balance sheet through money printing, which will drive up the price of Bitcoin. It is speculated that even if the war causes Iranian Bitcoin miners' computing power to drop to 0%, it will have almost no significant impact on Bitcoin. Although the war is causing severe inflation, Bitcoin as "digital gold" will still maintain its value.
《Who Can Break Out After the Bull Run, in the Bitcoin Ecosystem?》
The market is eagerly awaiting Bitcoin to break through the $70,000 mark. In the eyes of many players, this time, if Bitcoin can break through $70,000 and stabilize around this price level, the long-awaited bull market will officially begin. Looking at the present, what prospects can we see in the Bitcoin ecosystem? The more lively is the meme market, where several leading meme assets have also seen significant increases.
meme Today's Hype Series
Today, $GOAT continues to rise, sparking a wave of hype around AI meme coins. During this period, players also dug up a new coin called pawpaw from the large holder address of popcat, and the "follow the trend" narrative drove pawpaw to a 40-fold increase in three hours, followed by a 70% crash in 15 minutes.
The AI token issuance fever has temporarily subsided. SYDNEY (Truth terminal's Girlfriend), which went online today, saw its market cap surge to $4 million within half an hour, and then quickly plummeted and collapsed. Meanwhile, the cult and abstract culture tokens previously promoted by Marud have seen their "harvest period" in the past two days.
In today's "What's the Meme Hype Today" column, I'm introducing an AI Bot that went online back in June - Truth Terminal (@truth_terminal), which operates in a semi-autonomous mode, where human administrators can approve its Twitter posts and decide who it interacts with, and what made it an overnight sensation was that a16z founder Marc Andreessen gave it $50,000 worth of BTC. Truth Terminal's founder Andy Ayrey said Truth Terminal is not a crypto project, but "research on the tail risks of meme contagion and [large language model] era unconstrained creativity." As Truth Terminal's statements become increasingly meme-propagating, the market has also gradually seen the emergence of many related speculative targets.
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