Market Trends

The past week (12.11-12.15) saw the emergence of several new popular currencies and topics in the market.

1. Market Trends

   The most focused topics in the market this week (12.11-12.15) were:

• Bonk's market value reached a new high, with SOL's 24-hour increase exceeding 500%.
• Inscription series tokens surged, with the possibility of a Fed rate cut in March next year.
• Bitcoin briefly dropped below 41,000, as the market awaits the FOMC interest rate decision.
• Avalanche relayed Solana's volume and price surge, with TIA's coin price breaking new highs.
• The market experienced a pullback, with Ethereum Layer2 TVL surpassing $16 billion, reaching a new high.

1. Popular Projects

   The most popular projects this week (12.11-12.15) were:

• RATS (Token): Benefiting from SATS's listing on Binance, the BRC20 Inscription track saw a significant surge. RATS' price has risen by over 3 times in the past three days, with a 24-hour trading volume of $97 million and a market value of $250 million.
• OZK (Token): OrdiZK, a new BRC20 cross-chain protocol developed using zk-SNARKS technology, has continued to rise in the secondary market after token deployment, with a market value of $5 million and a 24-hour trading volume of $1.85 million, subject to a 5% buy/sell tax.
• BONK (Token): BONK's Solana version was listed on Coinbase, with a total market value reaching $890 million, ranking 75th in the cryptocurrency market. The 24-hour trading volume reached $2.5 billion, with a 45% increase in value. The ERC20 version of the token remains active on the chain.
• BABYGROK (Token): A meme token based on the GROK concept, with high popularity on BSC. There are 52,000 on-chain holding addresses, with a market value of $48.74 million and a 24-hour trading volume of $2.3 million, showing a 55% increase in the past 24 hours. It has been listed on Bitget.
• Ethrunes (NFT): A sudden surge in popularity of the ERC1155 Eth inscription protocol on Ethereum. From on-chain data, the frequency of participation in Minting is very high. NFTs in the 1155 format are displayed on NFT trading markets such as Opensea, with no secondary market trading data. Primary market activities are more prominent, and it is worth continuous attention.
• Pudgy Penguins (NFT): The NFT project Pudgy Penguins announced the launch of Pudgy World Alpha in the first quarter of 2024, supported by zkSync. Pudgy World is a digital experience within its closed-loop physical product. Pudgy Toy holders can scan the accompanying QR code, create an account, redeem features, and customize Forever Pudgy Penguin. An important part of the Pudgy World Alpha release is the introduction of new characters, Pudgy & Peaches.
• Smart Cats (NFT): NFTs related to SmartLayer, with over 800,000 holders. Smart Cats can be fed, cleaned, and operated to upgrade the NFT. Due to users' expectations of future airdrops from SmartLayer, the trading volume of this NFT is very high.
• ETHRUNES (Dapp): A new token protocol based on ERC1155 and inspired by BRC20, with the header rune $ERS already fully minted and available for public market trading on the platform https://ethrunes.xyz/. The protocol can create tokens, NFTs, and convert $eths, $ethi, BTC inscriptions $ordi, $sats, and ERC20 tokens into runes. It is an early-stage high-risk project worth keeping an eye on.
• Inscription (Dapp): The Inscription track is hot, with Polygon producing over 900 types of inscriptions, accounting for 66% of on-chain transactions and gas consumption rankings.

1. Hot Searches

   The most popular topics this week (12.11-12.15) were:

• Bitcoin (Token): Yesterday's Federal Reserve interest rate meeting presented a dovish statement, with the market expecting the Fed to start cutting interest rates as early as March next year. The 10-year Treasury yield fell to below 4%, and the US dollar index dropped below the 103 mark. Representing risk assets, BTC showed an upward trend after the Fed interest rate meeting, with a 5% increase in the past 24 hours.
• SATS (BRC-20 Token): Binance announced the listing of SATS, leading to a significant surge and volatility in its price. This also drove increased trading volume for other BRC20 tokens such as ORDI and RATS, with significant price fluctuations.
• IMX (Token): IMX has recently seen high trading activity, with frequent whale user activities. According to Nansen 2 data, Smart Money flowed into the Ethereum network within 24 hours, with approximately $2.99 million in IMX. According to Lookonchain monitoring, three wallets (possibly belonging to the same whale) withdrew 4.3 million IMX (worth $9.6 million) from Binance and continued to buy on the exchange.

The Bitget Research Institute focuses on "focusing on on-chain data, discovering valuable assets," and provides institutional-level insights for enthusiasts in the crypto world by monitoring on-chain data and regional hot searches in real time to explore cutting-edge value investments. As of now, it has provided early value assets in popular sectors such as the Arbitrum ecosystem, AI ecosystem, and SHIB ecosystem for Bitget's global users. By conducting data-driven in-depth research, it creates a more favorable wealth effect for Bitget's global users.

[Disclaimer] The market carries risks, and investment should be approached with caution. This article does not constitute investment advice, and users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their specific circumstances. Any investment made based on this information is at the investor's own risk.

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