Crypto Market Weekly Report: Notcoin Sparks Attention Economy Boom, Pump.fun Faces Security Incident

Market View

macro liquidity

In April, the CPI growth rate in the United States slowed down, and the year-on-year increase in core CPI hit a three-year low. Market expectations for interest rate cuts reignited, with a probability of over 80% for a 25 basis point cut at the September Federal Reserve meeting. U.S. stocks reached a historical high, and the dollar index plummeted. The crypto market rebounded strongly along with U.S. stocks.

overall market行情

This week, Bitcoin has experienced a fluctuating rebound, while the Ethereum/Bitcoin exchange rate has fallen to a three-year low. The market's main focus revolves around the Meme and AI sectors, with GME's surge driving the Meme speculation sentiment.

1. PEOPLE and other Meme coins related to the US election have surged, and it is expected that the hype will continue until the November election.

2. Bouncebit's performance on a certain exchange has been mediocre. BB is a BTC re-staking protocol, and it plans to create an algorithmic stablecoin similar to futures arbitrage in the future.

3. Notcoin is a TON ecosystem game Meme coin, obtained through mobile click mining, with 30 million users and 5 million daily active users.

Bitcoin market

1. On-chain data

After the halving, investment sentiment has cooled, similar to the short-term sell-off reactions after the halvings in 2016 and 2020. The market capitalization of stablecoins remains flat, and the fundamentals of long-term capital remain positive. The MVRV indicator is at 2.4, entering a mid-stage. Institutional funds have resumed net inflows, but the inflow of ETH funds is insufficient.

2. Futures Market

This week's funding rate is close to 0. BTC open interest has surged, and market leaders are entering. The futures long-short ratio is 0.8, and market sentiment is somewhat pessimistic.

3. Spot Market

BTC has rebounded slightly, and the market may fluctuate widely before the Federal Reserve's interest rate cut in September. Mining has seen a continuous decline in hash power for two months, with the current shutdown price around 55,000 dollars. In this cycle, the circulation rate of altcoins is relatively low, making them susceptible to the impact of unlocked chips. Fully circulating community Meme coins have become the main consensus in the market.

Market Data

total locked amount of public chain

This week's total TVL is approximately $93.2 billion, an increase of $2.7 billion, with a growth rate of 3%. Most mainstream public chains saw an increase in TVL, with the SOLANA chain rising by 11%, and the MODE chain performing impressively, with a monthly increase of 175%.

NFT market

The NFT market blue-chip projects are showing mixed gains and losses, with the overall market continuing to consolidate at low levels. Trading volume continues to decline, and the number of first-time buyers and repeat users is decreasing.

project financing

This week, several projects completed financing, involving Layer2, DeFi, AI, and other fields.

Post-Investment Dynamics

1. EthStorage received its third grant from Optimism to expand the availability of EIP-4844 Blobs.

2. Accseal has made progress in the ZKP hardware acceleration field and plans to collaborate with Ingonyama to expand its ZK cloud computing business.

3. bitSmiley launches the Merlin mainnet and introduces a dual reward program.