January 26, 2024
Market overview: BTC and ETH reinforced short-term bottom levels
Bitcoin (BTC) and Ethereum (ETH) have rebounded from their recent lows, with BTC hitting $39,555 and ETH at $2,171. Grayscale has continued to transfer assets, moving 12,213 BTC to Coinbase Prime yesterday. Over the past week, its GBTC holdings have decreased by 15%, while ten Bitcoin spot ETFs now collectively exceed 640,000 BTC. Approximately 50% of the BTC outflow from Grayscale has been redirected to other ETFs, indicating a gradual decrease in selling pressure. Meanwhile, the U.S. government announced plans to auction off $130 million worth of Bitcoin obtained from the Silk Road. Recent market trends suggest potential wide fluctuations for BTC within the $38,000 to $42,000 range.
Snowman skyrockets 200-fold with impressive market impact
ICE's latest meme coin, Snowman, has seen an astounding 200-fold increase from its lowest point, drawing considerable market attention. Launched on January 24, Snowman's success stems from ICE's reputation as a project enabling free token mining through a smartphone app, amassing over one million downloads on the Google Play Store, and garnering a robust Twitter following of 1.9 million. Notably, one user generated a profit of $651,000 from a 2931u investment. To date, Snowman boasts an on-chain liquidity of $791,000 and an impressive 24-hour trading volume of $12.07 million.
Dora achieves a tenfold token rebound
Dora Factory, a multi-chain DAO infrastructure, has recently experienced a tenfold rebound in its token value from its bottom. Primarily focused on supporting start-up teams and DAOs, Dora provides foundational services like multi-chain authorization, private voting, and Bounty services. Additionally, Dora has been instrumental in advancing hackathon movements, aiming to foster the growth of open-source communities and cutting-edge technology developers. Unlike platforms like IDO, Dora engages directly with many start-up project teams, capturing more value during periods of strong market liquidity.
JUP to issue tokens on January 31st with high market anticipation
The launch on January 31st of JUP, a token from Solana's DeFi platform Jupiter, is attracting considerable market attention especially after founder Meow previously disclosed details about the inaugural LFG Launchpad Beta project, WEN. This announcement has not only boosted momentum for Jupiter but also served as a gauge for buyer interest. WEN plans to distribute 70% of its tokens across over one million wallets. This allocation includes active Jupiter users from the past six months, top NFT collectors, Ovols holders, and Genesis saga owners, ensuring an equitable distribution per wallet. Additionally, 20% of WEN tokens will be allocated to the DLMM pool at launch, while 10% will be assigned to the WEN vault for purposes deemed suitable by LP to promote WEN culture or advance WNS. Furthermore, 1% is earmarked for LFG Launchpad, 0.75% for the future Jupiter DAO, and 0.25% for the team.
ALT token surges 52-fold following Binance launch
The ALT token, newly listed on Binance on January 25th, has seen a remarkable 52-fold increase in price from its opening value. GRS, the primary market maker for ALT, received 40 million ALT from the initial distribution contract and has allocated 15 million of these for liquidity on Binance, MEXC, and Gate. The token's wealth effect is noteworthy, with the potential for substantial airdrop earnings. OG NFT holders are slated to receive 150,000 ALT, while Sloth NFT holders will be granted 30,000 ALT.
Animoca’s MocaverseNFT announces upcoming MOCA token launch
MocaverseNFT, a collection of 8888 NFTs under the Animoca brand, revealed plans to launch the MOCA token on January 25th, with specific utilities yet to be disclosed. This series has shown resilience in the market, climbing from a low of nearly 0.5 Ethereum in August, 2023 to a current floor price of 5.5 Ethereum. The NFT community is eagerly anticipating future enhancements from Animoca.
Dencun upgrade expected to launch on mainnet by March
Ethereum developers have scheduled the final "Dencun" testnet upgrade, aiming for a mainnet launch by the end of February or early March. Currently, the focus is on the strong performance of OP and the broader sector's interest in staking, re-staking, and leading Layer 2 projects.
Fan tokens show strength amid market downturn
Fan tokens like CHZ, LAZIO, and SANTOS show strong performance, driven by concentrated ownership for retail attraction and price resilience against market downtrends, along with momentum from news events and a strategic profit-taking approach before the realization phase. The current hype is centered around the upcoming European Championship, suggesting a need to find profit-taking opportunities between half a month to a month before the actual matches. Future focus will be on whether this sector can maintain its independent trajectory.
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