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Elon Musk's xAI releases its Grok-1 source code

Elon Musk's xAI releases its Grok-1 source code

March 18, 2024

I. Mainstream exchange news

  • Binance launches Book of Meme (BOME) on Earn, Convert, and Margin.
  • Binance launches BOME with a seed tag applied.
  • Binance launches BOME/USDT perpetual contracts with up to 50x leverage.
  • Binance tightened the token listing process to enhance investor protection and extended the lock-up period to at least one year.
  • Binance Web3 wallet completes integration of Solana network.
  • Mask Network announces the launch of staking plans, rewarding participants with Mask ecosystem tokens.
  • Elon Musk's AI company, xAI, releases its Grok-1 source code.
  • DAO Maker is expanding to the Solana network and will launch four Solana IDO projects.
  • Opentensor Foundation said that the Bittensor roadmap will be announced on March 21st.
  • Coinbase executive claims that the US Bitcoin ETF is a "milestone", while the UK ETN is a "positive step".
  • Grayscale submits an amended 19b-4 paper to the US SEC for ETHE to be converted into Ethereum spot ETFs.
  • Parallel releases the whitepaper for the AI survival simulation game Colony, which may go for a public beta at the earliest in Q4 2024.

III. Funding news

  • Castle of Blackwater, an AVAX ecological chain game, initiates a $3.65 million funding.
  • Mobile NFT shooting game studio Carbonated, the developer of "MadWorld", completes $11 million in funding with participation from a16z.
  • Avalon Finance, a lending protocol in the Merlin Chain ecosystem, secures $1.5 million in a seed funding round.
  • Pantera Capital invests in Aevo, a decentralized derivatives trading platform.

IV. Regulatory news

  • India's Finance Minister said crypto assets cannot replace standard currency, and that regulatory issues have been raised to the G20.
  • The Nigerian SEC seeks to increase registration fees for cryptocurrency exchanges.
  • Dubai International Financial Centre (DIFC) issues new digital asset laws.

Market overview

BTC plunged from its high of $73,777 to a low of $64,533, reflecting a decrease of 12.5%. Currently, there are two key points to observe trend changes. One lies around $63,500, which operates as support for various key indicators. Since BTC broke through $43,000 in early February, it has been steadily trading above MA25. If it falls below, it could continue to slide towards the next major support level at $59,000. This price range is a concentrated stock area, also serving as an excellent bottom-grabbing interval. If BTC continues to oscillate and break through $69,500 over time, the probability of this adjustment marking a new low will drastically reduce. This means that the 12.5% fall has achieved its purpose of cleansing the market after reaching new highs. Whether it drops to $59,000 or breaks above $69,500, the nature of this fall is still a correction, and BTC is likely to reach new highs in the future.


As of March 15th, the net inflow of BTC Spot ETF reached $12.15 billion, with a single-day net inflow of $198 million and a single-day trading volume of $5.72 billion. The net assets of the ETF accounted for 4.35% of the BTC market value, among which the key observations are:

GBTC: The daily net outflow is $139 million, the cumulative net outflow is $11.8 billion, the daily trading volume is $1.32 billion, and the current net asset value is $26 billion; 

IBIT: The daily net inflow is $139 million, the cumulative net inflow is $12.51 billion, the single-day trading volume is $2.69 billion, and the current net asset worth is $16 billion;

FBTC: The daily net inflow is $155 million, the cumulative net inflow is $4.11 billion, the daily trading volume is $6.87 billion, and the current net asset value is $9.41 billion; 

Recently, the net inflow rate of ETFs has started to slow down. Apart from IBIT and FBTC, which still maintain high net inflows, the data of a few other ETFs are relatively low and do not offer clear guidance to the market. With the short-term correction of BTC, the ETF maintains a relatively stable total trading volume. However, the net inflow of funds drops to a low point, which to a certain extent indicates a reduction in the market's buying power.

BOME drove a collective explosion of Solana ecosystem memecoins

Binance listed BOME on both spot and perpetual contract markets on March 16th, followed by a surge in BOME, and early large holders started to sell. BOME was listed on multiple prominent central exchanges within just two days. The token's price soared over 400-fold from its low point, pushing its market capitalization beyond $2 billion. This proliferation has sparked a wave of projects where developers increase liquidity pools directly funded by investors, such as NAP, and NOS. Despite this, as an increasing number of such projects continue to emerge, the cycle for turning profits is significantly shrinking. It is crucial to stay vigilant and mindful of potential risks.

WIF soared over 30% within 24 hours

On March 18th, Musk posted a photo of a dog with a hat on platform X, which drew the market's attention. The image of WIF is a Shiba Inu wearing a wool hat, which stimulated market speculation. Currently, WIF has a market value of $3 billion and a trading volume of $670 million in the last 24 hours.

AI track

Nvidia's GTC Conference, running from March 18th to March 21st, is not just a summit about GPU technology but has also become a premier event for global AI developers. It will stimulate projects across the entire AI track. Leading projects such as NEAR, THETA, RNDR, AGIX, FET, and TAO have shown significant growth, while second-tier projects such as NOS, AIOZ, FLUX, TRAC, GLM, and LPT have shown divergent performances. WLD has underperformed due to regulatory and other reasons. Considering its importance in 2024, the AI track might still be noteworthy. This includes close monitoring of leading projects that elevate sector-wide valuations, hype surrounding second-tier projects, and emerging projects and concepts (GPUs, mining, AI) launching their tokens.

The content above is neither a recommendation for investment and trading strategies nor does it constitute an investment offer, solicitation, or recommendation of any product or service. The content is for informational sharing purposes only. Anyone who makes or changes the investment decision based on the content shall undertake the result or loss by himself/herself.

The content of this document has been translated into different languages and shared throughout different platforms. In case of any discrepancy or inconsistency between different posts caused by mistranslations, the English version on our official website shall prevail.

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