Nov 25, 2024

Crypto Monday: Weekly market prep

1. Trump's crypto advisory committee to establish Bitcoin reserve amidst growing corporate adoption

Donald Trump's "Crypto Advisory Committee" is expected to establish a Bitcoin reserve, potentially leading other countries to consider Bitcoin as part of their strategic reserves due to FOMO (fear of missing out) at a sovereign level. Many crypto firms, including Ripple, Kraken, and Circle, are vying for seats on this committee.

Additionally, an increasing number of companies, such as Steakholder Foods and Enlivex Therapeutics, are adopting Bitcoin strategies by incorporating it as a reserve asset. This trend could lead to price volatility due to large institutional purchases or sales and might prompt more regulatory policies related to corporate governance. However, the influx of funds increases liquidity in the market.

2. Musk RT’ed CHILLGUY amid viral TikTok meme

Elon Musk retweeted a post related to CHILLGUY, originally a TikTok meme created by artist Phillip Banks in 2023, characterized as a laid-back figure who is unfazed by everything. The retweet included a blogger's review of Grok's performance linked to the CHILLGUY concept.

Following concerns from the creator about brands using the image for promotion, the CHILLGUY memecoin community established a donation wallet, stating they are fans who would redirect funds to a charity specified by Banks if he chooses not to accept them.

This highlights the potential of TikTok memes for viral spread and market impact. Previous TikTok-driven concepts, like MOODNEG (a popular hippo) and PNUT (a squirrel mistakenly euthanized), demonstrate this potential.

3. ai16z launches ELIZA airdrop

ai16z is the first decentralized AI trading fund based on Solana. The AI agent eliza is supported by ai16z, and its namesake token eliza was created and allocated to the ai16z foundation's wallet. On November 19, ai16z partner Shaw posted an update clarifying that the eliza token and ai16z will be distinctly separated, with an official version of the ELIZA token to be released soon.

A total of 100 million tokens will be distributed based on holding proportions, with 20% available immediately and the remainder unlocking daily. The ai16z DAO holds over 10% of the token supply, with an additional 3% held in Squads wallets for future development. This unlocking strategy prevents immediate sell-offs and provides a buffer for seeking partnerships. All proceeds are dedicated to supporting the ai16z DAO and ai16zeliza projects.

4. Overview of biotech and AI projects in DeSci Ecosystem

Binance Labs is committed to long-term investments in integrating encryption technology with biotechnology and AI, focusing on foundational advancements for significant impact.

Projects overview:

bioDAO: Develops research, drugs, and products in specific scientific domains, organized into multiple DAOs.
vitadao: Funds early-stage longevity research, raising over $5 million, including investment from Pfizer Ventures.
Pump.science: A platform dedicated to issuing biotech-related tokens.
Rif, uro: Focuses on the antibiotic Rifampicin and Urostasin compounds for their antibacterial and health effects.
sci-hub: Sci-Hub provides free access to millions of academic papers, bypassing paywalls, with significant usage in China. The sci-hub memecoin community recently announced plans to donate 20% of their supply to official Sci-Hub, which has now opened a donation channel on the Solana network.

5. Magic Eden CEO announces imminent TGE for the ME token

Magic Eden's CEO announced that the TGE (Token Generation Event) for the ME token is slated for the coming weeks. This cross-chain NFT marketplace, driven by a Chinese team, has raised a total of $149.4 million over three funding rounds, with investments from Electric Capital, Greylock, Paradigm, and Coinbase Ventures. The last round in June 2022 raised $130 million, valuing the company at $1.6 billion.

According to Whales Market, the ME token's pre-TGE price is $3.40, projecting a fully diluted valuation (FDV) of $3.4 billion—double its last round valuation—and a market cap of $425 million, suggesting potential undervaluation compared to peers such as Blur, which holds a market cap of $510 million.

ME tokenomics announced: The total amount is 1 billion and will be distributed within four years.

Category	Sub-category	Percentage	Description
Team and contributors （49.8%）	Contributor	26.2%	Including project contractors, consultants and company employees. More than 60% of the tokens will be locked for at least 18 months after TGE and linearly unlocked thereafter;
Team and contributors （49.8%）	Strategic Player	23.6%	All strategic players provided important guidance during the development of the ME Foundation agreement, and this section will be locked for at least 12 months after the TGE and linearly unlocked thereafter.
Community （50.2%）	Initial airdrops	12.5%	Rewards for users of the Bitcoin, Solana and EVM ecosystem. Tokens will all be unlocked at the time of TGE and distributed to users through Magic Eden’s mobile dApp, and unclaimed amounts will be returned to ME participants as part of the community distribution in the future rewards;
Community （50.2%）	Community and ecosystem	37.7%	22.5% is awarded to active users of the ME protocol, mainly distributed through the reward plan; 15.2% of the remaining total supply will be used for ecosystem development;

6. ETHGlobal Bangkok hackathon unveils top projects featuring sectors including AI and Telegram mini-Apps

ETHGlobal's latest hackathon in Bangkok, following Devcon, showcased 10 winning projects, including AI agents and Telegram mini-apps, reflecting current high-interest domains in the tech community.

Notable judges included Ethereum co-founder Vitalik Buterin and leaders from Aave and Base, highlighting the event's prestige. The hackathon attracted 713 project submissions and offered a $750,000 prize pool, with innovations ranging from AI DAO tools to GameFi projects, signaling strong market interest in AI and health-related applications.

NFA

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