BlockBeats will organize the key industry news content of the week (11.11-11.17) in this article, and recommend in-depth articles to help readers better understand the market and learn about industry trends.
Important News Review
This week, Bitcoin hit a new high of $100,000; Bitcoin ETF fund inflows hit a new high
Bitcoin broke through $90,000 this week, setting a new record high. At the same time, the cumulative trading volume of the US Bitcoin spot ETF has exceeded $500 billion since its launch in January this year. BlackRock IBIT set a new daily trading volume record of $5.2 billion on November 13, and its asset size exceeded $40 billion in just 211 days, breaking the 1,253-day record previously held by the IEMG fund. Since Trump won the election, the ETF has attracted $4.7 billion in inflows, with a total net inflow of $28.3 billion since its listing. Currently, the asset management scale of all Bitcoin ETFs is about $88.5 billion, of which IBIT ranks first with a scale of $41.1 billion. Related reading: " Bitcoin breaks through $90,000, what is the reason for the pull? "
CZ and Vitalik made the DeSci track popular, and the ecological meme increased a thousand times in a week
In the past week, DeSci has suddenly become a hot topic again. Since Binance Labs announced its investment in BIO Protocol, DeSci tokens such as VITA, GROW, and RSC have all risen sharply, and have maintained strong performance during the recent market correction. The BIO Genesis event, which had not been very popular before, was immediately filled up, and even the pump small experiment platform previously launched by the BIO team was "resurrected" again. Now, it seems that all the hot money in crypto is running into DeSci. Related reading: "The biological experiment meme has increased a thousand times in a week, and hot money is running into DeSci"
More than 13 million US dollars were stolen from the on-chain trading terminal DEXX; multiple meme coins were smashed
On November 16, user assets of the on-chain trading terminal DEXX were stolen, and multiple meme coins experienced a large-scale crash in the early morning. In the afternoon of the same day, SlowMist released the DEXX incident report (as of 17:00 on November 16), and had received more than 590 reports of stolen funds from the community. After deduplication, more than 500 independent victims were confirmed, and the total loss was estimated to be approximately US$13 million (the specific amount may vary with price fluctuations). DEXX founder Roy said that he would compensate users for their losses, and the team has communicated with law enforcement agencies in many places to file a case, hoping to communicate with the hacker. So far, many users have reported that their account assets have been isolated to a safe address. Related reading: "Is it theft by the insiders or the work of hackers, tracking the DEXX theft incident | Timeline"
Trump appointed Elon Musk to head the Department of Government Efficiency (DOGE), which led to a surge in the popularity of the meme with the same name
On November 13, the new US President Trump said that Elon Musk will work with American patriot Vivek Ramaswamy to lead the Department of Government Efficiency (abbreviated as "DOGE"). Musk then released the LOGO of the Department of Government Efficiency, which is a Shiba Inu image with the words Department of Government Efficiency. According to Musk's post, "All actions of the Department of Government Efficiency will be posted online... There will also be a ranking of the craziest and stupidest expenses you pay for taxes." On November 14, the department sent out its first tweet, calling on people with lofty ideals to submit resumes for related jobs. The use of DOGE as the abbreviation of the name of the Department of Government Efficiency also triggered a surge in the meme of the same name in the crypto market. On November 12, Dogecoin (DOGE) surged to $0.43, a nearly three-year high.
However, the high-profile Musk seems to have caused dissatisfaction among insiders of the Trump team. On November 14, according to a report by NBC News in the United States, according to two people familiar with the matter, Musk has been frequently appearing at Trump's home in Palm Beach, Florida, Mar-a-Lago, since Election Day. He has been with Trump almost all day, participating in calls and meetings. He constantly expressed his views on Trump's second term, and even stepped on the boundaries of Trump's transition team, giving people the feeling that he seemed to be "staying for a long time." The two sources said that Musk's frequent appearances began to dissatisfy some people in Trump's core circle. These people entered Trump's circle earlier than Musk and believed that he was a little offside in the transition process. Related reading: " Bloomberg: The super player behind the US election, "oligarch" Musk has a new career ", " How did 50 billion Dogecoins allow Musk to enter the new US government department? "
U.S. SEC Chairman Gary Gensler hints at leaving; Powell refuses to say whether he will stay, saying the Fed is in no rush to cut interest rates
On November 15, according to market news, Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), issued a statement suggesting that he might leave the SEC. Trump had previously said that he would bypass the Senate's confirmation process to appoint members of his government, which seems to include replacing Gary Gensler, chairman of the Securities and Exchange Commission (SEC). During the campaign, Trump promised the cryptocurrency industry that if he was re-elected, he would fire SEC Chairman Gensler on "the first day." In addition, the stay of Federal Reserve Chairman Powell has also become a topic of concern to all walks of life. At an event in Dallas, when asked whether he would consider becoming the first Federal Reserve chairman to remain on the Federal Reserve Board at the end of his term as chairman in more than 70 years, Federal Reserve Chairman Powell simply said, "I must serve to the end. This is the most important thing during my term. This is what I decided and what I considered." Powell's term as a member of the Board of Governors will expire in January 2028. On November 15, Powell said that due to the strong U.S. economy, the Fed does not need to "rush" to lower interest rates, and the Fed will "watch carefully" to ensure that certain inflation indicators remain within acceptable ranges.
Binance launches ACT and PNUT; Musk’s tweets help trigger AI Meme and “animal rescue” narrative trend
On November 11 this week, Binance launched AI meme coin ACT and US election concept meme coin PNUT. Both tokens rose sharply after they were launched, triggering market fomo. On November 13, Musk tweeted that "America was saved by a squirrel and a meme coin." Subsequently, PNUT rose violently, with the price exceeding US$2.5 at one point, a 24-hour increase of 446%, and a market value approaching US$2.5 billion. Related reading: " America's new "spiritual totem"? Reviewing the American political movement launched by the internet celebrity squirrel Peanut ", " Victory of the community: After being backstabbed by the developer, AI MEME coin ACT will be launched on Binance and rise more than tenfold "
Binance will list Usual (USUAL) on Launchpool and Pre-Market
Binance announced that it will launch the 61st project Usual (USUAL) on Launchpool at 18:00 Beijing time on November 19, and start pre-market trading. Users can lock BNB and FDUSD to participate in mining, and the mining period is from 00:00 on November 15 to 8:59 on November 19, 2024, Beijing time. As soon as the news came out, the price of BNB once hit US$660 in the short term, with a 24-hour increase of more than 6%, and then fell slightly due to the influence of the market. Related reading: " Interpretation of Binance Launchpool's new project Usual: Innovation combining RWA and stablecoins "
AI Meme market is gradually rising, and many meme projects have increased 10 times in three days
Since the beginning of November, AI Meme tokens such as ai16z and GOAT have emerged and quickly attracted the attention of the market. The market value has skyrocketed and the popularity has remained high. This week, thanks to Binance's launch of the AI Meme coin ACT, the AI Meme market has become more popular instead of decreasing. In just less than three days, the market value of ACT has increased by more than 30 times, jumping to a high of US$800 million. At the same time, the market value of AI Meme leader GOAT has also crossed the US$1 billion mark, becoming the first token on the Pump.fun platform to break this milestone. The market value of tokens such as Shoggoth, ai16z, MemesAI, and LUM have all increased nearly tenfold in three days. Related reading: " Inventory of AI meme potential stocks, an average of 10 times in three days"
Polymarket founder is under investigation by the Biden administration, and the FBI raids his residence in the early morning
On November 14, the New York Post reported that people familiar with the matter revealed that Polymarket founder Shayne Coplan's home in Soho, New York, was raided by the Federal Bureau of Investigation (FBI) - around 6:00 a.m. on November 13, Coplan was awakened at home, and FBI law enforcement officers asked him to hand over his mobile phone and electronic devices, but did not arrest Coplan. A source said: "The current government is likely trying to accuse Polymarket of manipulating the market and manipulating polls to support Trump." The FBI raid caused a strong response in the cryptocurrency community, and supporters launched the "Free Shayne" campaign and created related tokens to show their support. This phenomenon is quite similar to the recent "Free Jorgie Boy" incident, reflecting the crypto community's sensitive response to regulatory actions. Shayne Coplan said that Polymarket was not biased in this election and the Biden administration should reflect on itself. Musk agreed with this and responded with approval. Coplan then replied with an "eagle" emoji. The meme community also responded quickly to this incident. The market value of the meme token FREE Shayne Coplan (the token symbol is an "eagle") with the theme of "Free Coplan" once reached 30 million US dollars. Related reading: "Animals Rescue" Narrative Update: Jorgie Monkey and Eagle Become New Meme Favorites ", " Polymarket Founder Suspected of Manipulating the Market After FBI Raid at 6 A.M. " " Polymarket Research Report: So Popular That It Caused an FBI Investigation; Attracting 500 Million Users Annually, and Monthly Trading Volume Increased by More Than 60 Times "
Linea tokens will be issued in Q1 2025
On November 13, Linea, the Ethereum zkEVM L2 Rollup developed by Consensys, announced the establishment of the Linea Association to promote Linea governance. The newly established association will have three main goals: to support Linea technology, to develop the Linea market, and to further advance Linea's decentralized roadmap. One of the core features of the Linea Association's operations is token holder governance, which means that Linea tokens will be issued in the first quarter of 2025. According to the plan, the Linea Association will be able to provide governance rights to token holders, allowing them to participate in certain activities of the association. The association will be responsible for managing the core Linea intellectual property and treasury to support its mission.
The Altcoin projects collectively "compromised" with the market, and published a post jokingly saying that they are now transforming into "Meme coins"
On November 15, several Altcoin project Official Twitter, including Litecoin, yearn.fi, Manta, TRON DAO, and Renzo, posted on social media, jokingly saying, "Given the current market conditions, I think we are actually a Meme coin project." BlockBeats Note: As the price of Bitcoin falls, Altcoin are once again generally hit hard. Currently, only Meme coins are following Bitcoin in the "bull market carnival". As of press time, about 90% of the top 20 gainers on the Coingecko crypto market are Meme coins. The ETH/BTC exchange rate fell to 0.03457, a new low since this round of bull market. Bitcoin's market share (BTC.D) hit 61.35% yesterday, continuing to hit a new high since this round of bull market.
MicroStrategy increased its holdings of 27,200 BTC for approximately $2.03 billion
MicroStrategy founder Michael Saylor posted on social media that MicroStrategy has increased its holdings of 27,200 bitcoins at an average price of approximately $74,463, with a total value of approximately $2.03 billion. As of November 10, 2024, MicroStrategy holds 279,420 bitcoins, with a total purchase cost of approximately $11.9 billion and an average purchase price of approximately $42,692.
Ethereum Foundation releases 2024 review report; core developers propose new Beam Chain
On November 12, at the main venue of the Devcon event in Bangkok, Ethereum core developer Justin Drake announced Ethereum's "most ambitious" consensus layer change proposal in the past few years - Beam Chain, which introduced a series of ZK technologies to replace the "old" Ethereum Beacon Chain. At the meeting, Justin said that the development of the new consensus layer may continue until 2030. In addition, the Ethereum Foundation released a retrospective report for 2024, and it seems that the foundation's work is about to end this year. This report mainly involves three aspects: applications, infrastructure, and community. Related reading: " Can the new Beam Chain proposed by Ethereum change the situation of ETH? ", " Ethereum Foundation: What happened to Ethereum in 2024? "
Uniswap Launches L2 Unichain
On November 12, Uniswap’s new verification network Unichain is about to go live, and it has supported early developers to access the Unichain mainnet. The specification bridge has not yet been finalized. The RPC during developer access was briefly opened today and then disabled later that day. However, since some users have transferred funds to Unichain through related contracts, these users’ funds are currently unable to be transferred out. Officials said that detailed information on the public RPC will be released when it is ready, and bridge users can still withdraw funds to the Ethereum mainnet. On the same day, Circle stated that its US dollar stablecoin USDC will soon support Uniswap Labs’ new L2 Unichain designed for DeFi. Related reading: " Unichain went online in a hurry. What projects can be rushed now? "
OpenSea, the former NFT leader, may issue tokens
On November 4, OpenSea Official Twitter announced that it will launch a "new OpenSea" in December and opened a site for registering test addresses. So far, there are more than 700,000 addresses on the waiting list. This means that OpenSea may issue coins. Related reading: " The leading NFT platform with a valuation of tens of billions of dollars is finally going to issue coins? "
This week's hot articles
"Now I say that I am the richest post-00s with the most cash flow that can be verified on Zhihu. Does anyone object?" This is Vida's somewhat provocative self-introduction. He claims to be the richest post-00s on Zhihu, with at least $7 million in spare money (about RMB 51 million). Because of his fast trading speed and huge profits, he has received five investigation notices from Binance's risk control department. Seeing this, many people would think that this is another eye-catching speech by Zhihu's pretentious man. But what if all this is true? On November 11, ACT rose rapidly, and the time he bought ACT was even 7 seconds faster than the release time of Binance's Chinese coin listing announcement.
MEME coin Pnut has become a hot topic among Degens, and its market value has exceeded the $1 billion mark in just a few days. This craze is related to the news that the American Internet celebrity squirrel Peanut was euthanized after being "arrested". The public's regret for Peanut's unfortunate experience is spreading across the Internet, especially with the "fueling" of public figures such as Musk, which has turned this incident into an American political movement, arousing strong indignation and widespread condemnation across the Internet.
I MEME coin Act I: The AI Prophecy (ACT) once fell into a trough after experiencing multiple backstabs from Dev (deployers), but now it has ushered in a dramatic plot reversal. On November 11, Binance announced the launch of ACT and added a seed tag to it. After this news ignited market sentiment, ACT soared more than ten times in a short period of time. This is also a dark horse among the few low-market-cap MEME coins launched by Binance this year.
"Counting the potential stocks of AI meme, increasing 10 times on average in three days"
Since Binance announced the launch of AI Meme Coin ACT, the AI Meme market has been boiling instantly. In less than three days, the market value of ACT has increased by more than 30 times, jumping to a high of 800 million US dollars. In view of the market's attention to the low-market-cap AI Meme coin market, this week we reviewed some AI Meme potential coins. This article is a review of the performance of these AI Meme coins.
Binance, the leading CEX, has also recently launched a number of new meme coins. The meme culture is still in a stage of continuous development, from the earliest meme coins Doge and Pepe, these already popular Internet animal meme images and their "related products" Bome, etc., to the recently popular new concept "AI Meme" GOAT, ACT, etc., and some new animal meme images, Neiro, Mew. This article compares the rebound of these meme coins since Trump took office and their current market value in detail.
《Four stages of the market, which stage are we in now? 》
The crypto market goes through four stages: rebirth, excitement, ecstasy, and rupture. The first stage is bear market fatigue, the market rebounds, but most people don't notice it; the second stage is that the market gradually warms up, but generally do not believe that the bull market is coming; the third stage is that prices rise, market sentiment is high, but speculators have not yet poured in; the fourth stage is that the market is frenzy, speculators and large companies enter, and bubbles begin to form. It is recommended to focus on your own strategy, avoid blindly following the trend, enjoy this short period of prosperity, and be prepared for future changes. Support has been confirmed, so how high can the price of Bitcoin reach in this round of bull market?
"The bull market has begun. How high can BTC rise this time?"
On November 6, Bitcoin broke out of a six-month consolidation range and broke through $73,000. The reason behind this is closely related to Trump's victory and the start of the interest rate cut cycle. From the policy side to the release of funds, we are currently in the "early bull" period. Since the previous high point of Bitcoin is the bottom of the new round, we can boldly assume that Bitcoin's $73,000 is the support price of this round of bull market.
On November 11, within seconds of Binance announcing the launch of ACT, he spent 1,558 SOL (about 320,000 US dollars) to buy 10.9 million ACTs, making a profit of more than 20 million RMB in 10 minutes! Users questioned whether this was a "rat warehouse" because he bought the tokens 7 seconds faster than the Chinese announcement of the listing. The "Formula News" team explained: Binance's English announcement was faster than the Chinese announcement. They monitored the English announcement and sent the transaction 2.4 seconds after the announcement. As a result, "news trading" has once again entered people's sight. By writing scripts, renting servers, writing automatic trading programs, and then monitoring certain favorable events such as Binance listing and Upbit listing, people can often reap considerable profits by "being one step ahead".
"How did 50 billion Dogecoins allow Musk to enter the new US government department?"
At 9:30 a.m. on November 13, Trump issued a statement announcing the appointment of Elon Musk to lead the Department of Government Efficiency (DOGE) to eliminate government bureaucracy, cut excessive regulation, cut wasteful spending, and reorganize federal agencies. Musk then released the logo of the Department of Government Efficiency and said that it would "make government more interesting." Since then, a new government department named after memecoin has appeared on the American political stage. So where did the department "DOGE" come from?
"The 'King of Memes' that Crosses Cycles: How Was DOGE Created?"
After the "Trump effect" swept the cryptocurrency market and drove the price of BTC close to $90,000, the "Musk effect" also roared. As the former "Godfather of DOGE", the most driven is naturally the "No. 1 Meme Coin" - DOGE. According to data from the Coingecko website, DOGE's market value has skyrocketed in just two days, and currently ranks sixth in the cryptocurrency market value with a market value of over $63 billion. This article briefly analyzes the recent trend of DOGE and the future development direction of Memecoin
"Can the new Beam Chain proposed by Ethereum change the situation of ETH?"
At the main venue of the Devcon event in Bangkok, Ethereum core developer Justin Drake announced Ethereum's "most ambitious" consensus layer change proposal in the past few years - Beam Chain, which introduced a series of ZK technologies to replace the "old" Ethereum Beacon Chain. At the meeting, Justin said that the development of the new consensus layer may continue until 2030. However, the market does not seem to buy it. While the press conference was going on, the price of Ethereum fell rapidly. Everyone seemed to be wondering: Does the foundation have another excuse to sell coins?
"Bloomberg: The super player behind the US election, "oligarch" Musk has a new business"
Musk is clearly no underdog. His alliance with Trump is a classic story of power. One of the protagonists is a demagogic, domineering billionaire, and the other is an equally domineering billionaire who happens to be the richest man in the world. It is also a story about money. We don’t know the full amount of Musk’s financial contribution to Trump’s election, but it was at least more than $132 million. How much will these contributions pay off over the next four years? In the first three days after the election, Tesla’s market value rose 25%, and Musk’s personal net worth increased by $50 billion to more than $300 billion.
Ethereum Foundation: What Happened to Ethereum in 2024?
What’s happening with Ethereum in 2024? We can break it down into 3 themes: Applications: The ecosystem of products and services built on Ethereum. Infrastructure: The technology that makes it all possible. Community: You, me, and everyone else who uses or contributes to Ethereum.
"33 Years of Crypto War: Started with Biden and Ended with Biden"
In late autumn of 2024, Washington, DC. Golden maple leaves are slowly falling from the sycamore trees of the White House. President Biden stands in front of the window of the Oval Office, looking at the city he is about to say goodbye to. Thirty-three years ago, as a senator, Biden proposed the famous S.266 bill. At that time, he would never have thought that this seemingly ordinary bill would become the fuse of a "crypto war" that has lasted for more than 30 years.
"Animal Rescue" Narrative Update: Jorgie the Monkey and the Eagle Become New Meme Favorites
On November 14, the "animal rescue" narrative gradually derived new meme coins, trying to create new waves with different specific hot events after PNUT's squirrel war. The most noteworthy ones are Jorgie (the monkey taken away by the police) and Free Shayne Coplan Eagle (the petition after the Polymarket founder was arrested).
"Polymarket founder suspected of market manipulation after FBI raid at 6am"
On November 14, people familiar with the matter revealed that Polymarket founder Shayne Coplan encountered a surprise inspection by the Federal Bureau of Investigation (FBI) at his home in Soho, New York. At around 6:00 a.m. local time, Coplan was awakened at home, and FBI law enforcement officers asked him to hand over his mobile phone and electronic devices, but did not arrest Coplan. The reason for the surprise inspection was that the U.S. Department of Justice (DOJ) was investigating Polymarket, accusing the platform of violating the "blocking U.S. user access" agreement reached with the Commodity Futures Trading Commission (CFTC) in 2022, and continuing to accept transactions from U.S. users.
Polymarket prediction platform is on the rise. Why does the world need Polymarket? Will Polymarket's popularity continue after the US election? Is Polymarket the next killer app for cryptocurrencies? Will there be a Polymarket token? This article takes readers through this prediction platform that became famous because of the US election. Can it become a killer app for cryptocurrencies?
《Vitalik's new article: Not just a prediction market, Polymarket may reshape information finance》
For many people, prediction markets are betting on elections, and betting on elections is gambling — if it’s fun. But fundamentally, it’s no more fun than buying random tokens on pump.fun. So in this post, I aim to explain why this concept excites me. In short, I believe that (i) even existing prediction markets are a very useful tool for the world, but also that (ii) prediction markets are just one example of a larger, very powerful category that has the potential to create better implementations of social media, science, journalism, governance, and other fields. I’m going to call this category “info finance.”
"Unichain is launched in a hurry. What projects can be launched now?"
On November 12, the community suddenly discovered that Unichain, a L2 focused on DeFi, was launched, and UNI soared. The new chain made by Uniswap, the world's largest DEX, is imperative for everyone, whether it is for fun or for fun. But after actual operation, it was found that the infrastructure is not yet perfect. For example, the gas for a cross-chain transfer is about 0.04ETH, 130 US dollars, and the gas for the on-chain Swap is also relatively abstract. Later, the developer explained in the community that Unichain has not yet been officially launched. But in fact, everyone can already see some of the ecological progress.
Vitalik, 42 Days in Chiang Mai
Chiang Mai, a large international village, is where Vitalik recently lived for about 42 days. For him, who flies 55 times a year on average and "moves" almost every week, it is rare to live in a city for so long. Vitalik said that this is Zuzalu 2.0. The great increase in the density and breadth of Web3 talents has made this place a temporary "amusement park" for Vitalik's thoughts. Vitalik visits two or three "Web3 villages" almost every day to communicate with the villagers.
Why DeFi and AI started this bull market
This article reveals the advent of a new era of finance: the integration of cryptocurrency, DeFi, AI and social media is sweeping traditional finance and driving a huge change. With the on-chain asset transfer, wealth transfer and the rise of a new generation of investors, the global financial order is gradually being overturned. Although the road to reform is full of challenges, the opportunities are unprecedented - those who dare to explore will stand at the forefront of this wealth explosion and lead the future.
Around AI agents, from simple bots to complex intelligent entities, everyone is thinking about what more sparks AI and Crypto will create. The AI Agents report elaborates on recent AI Agent-related highlights, from the issuance of Truth Terminal coins, to Virtuals' IAO platform, to daos.fun's new model, and analyzes subsequent trends. Is it the beginning of a great thing, or a flash in the pan? How far can AI Agent go?
"Interpretation of Binance Launchpool's new project Usual: Innovation combining RWA and stablecoins"
On November 14, Binance launched the 61st project Usual (USUAL) on Launchpool at 18:00 Beijing time on November 19, and opened pre-market trading. As soon as the news came out, the price of BNB once hit $660 in the short term, and temporarily reported $648, with a 24-hour increase of more than 6%. This article will take you to understand Binance Launchpool's latest project Usual and the token economic model.
Since the announcement of Magic Eden’s coin issuance, NFT players have been looking forward to the airdrop of $ME coming soon. At the end of the year when Bitcoin prices hit new highs, NFT players are increasingly looking forward to the arrival of $ME. The former king OpenSea also seems to be bringing good news that NFT players have been waiting for too long - OpenSea may be issuing coins.
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