Bitget Daily Digest | AI memecoins hype returns, US CPI data approaches (November 13)
Market highlights
1. With the surge of $ACT, the market cap of $GOAT and AI-driven VC DAO ai16z on the Solana chain surpassed US$100 million.
2. Veteran meme $DOGE has seen multi-day surge, briefly reaching a $60 billion market cap and climbing to sixth place. Watch $Neiro and the Ethereum-based D.O.G.E. narrative, as they may pick up sentiment and funding spillover from $DOGE's momentum.
3. Bitget Launchpool's PEAQ is now open for investment, featuring a BGB prize pool at 328% APR and a new user USDT pool at 508% APR.
4. October’s core CPI and CPI data will be released at 9:30 PM (UTC +8). Watch for results that could trigger market shifts based on inflation expectations.
Market overview
1. BTC shows short-term consolidation, with $DOGE reaching top trading volumes and classic memecoins like PEPE and BONK leading gains.
2.The S&P 500 and Nasdaq dropped for the first time post-election, Tesla fell over 6%, and European stocks and U.S. bonds saw significant declines.
3. Currently at 88,101 USDT, BTC faces significant liquidation risks. If BTC drops by 1000 points to around 87,101 USDT, cumulative long position liquidations will exceed $490 million. Conversely, if BTC rises to around 89,101 USDT, cumulative short position liquidations will exceed $890 million. With short liquidation volumes far surpassing long positions, it's advisable to manage leverage carefully to avoid large-scale liquidations .
4. Over the past day, BTC saw $9.95 billion in inflows and $9.81 billion in outflows, resulting in a net inflow of $140 million.
5. Over the past 24 hours, $BTC, $ETH, $DOGE, $SOL and $SUI led in futures trading net outflows, signaling potential trading opportunities.
Highlights on X
1. @Unipcs mentions potential opportunity in $FLOKI and $DOGE correlation
@Unipcs mentions that the trends of $FLOKI and $DOGE have historically been highly similar. However, while $DOGE's market cap has surged by nearly $40 billion, $FLOKI’s remains at around $180 million. Key insights include:
Historical trend comparison: $FLOKI and $DOGE have been showing consistent upward trends, but after significant increases in $DOGE, $FLOKI remains relatively flat.
Current opportunity: $FLOKI appears undervalued and hasn’t yet reached the market cap levels seen in $DOGE’s recent rally.
Investment strategy: Unipcs suggests a bullish outlook for $DOGE but highlights that betting on $DOGE-related altcoins like $FLOKI could yield higher returns during parabolic market trends.
Market outlook:
@Unipcs encourages investors to monitor $FLOKI's potential for a catch-up rally, suggesting that as a “Beta” asset influenced by $DOGE, it may see a stronger uptrend.
X post: https://x.com/theunipcs/status/1856195353894068729
2. @CRG points out that $WIF may reach a critical breakthrough
@CRG analyzes $WIF’s recent breakout, noting that it is currently in a retest phase after surpassing a resistance level. Key insights include:
Breakout and retest: $WIF has broken through a critical resistance and is undergoing a retest. @CRG believes this breakout is legitimate given current bullish sentiment.
Alternative scenario: Should the retest fail, he expects the price to establish a higher low near the trendline, though he views this as a less likely outcome.
Market sentiment: @CRG describes the market as “extremely bullish” and anticipates that all breakouts are likely to hold.
Market outlook:
@CRG advises investors to keep an eye on $WIF’s performance post-retest, expecting current optimism to support further gains. He remains confident in $WIF’s continued upward momentum.
X post: https://x.com/MacroCRG/status/1856293983623790998
3. @0xWizard sees potential in ACT and NEIRO
KOL @0xWizard suggests that $ACT and $NEIRO are the two most promising altcoins that may achieve 10x gains in the current bull market. Key insights include:
Unique sectors: Both $ACT and $NEIRO belong to emerging sectors with distinct market positions.
Impressive first-day data: Both tokens showed impressive trading volume and market cap on their launch days on top exchanges.
Clear concept: For those interested in the AI sector, $ACT is a promising choice; for those following the $DOGE effect, $NEIRO is more appealing.
Market outlook:
@0xWizard believes that $ACT and $NEIRO, branded as "people's AI" and "people's dog", have significant potential to surge in the current market. @0xWizard believes the two community-backed tokens, due to their unique sector and concepts, have the potential to become standout assets in the current bull run.
X post: https://x.com/0xcryptowizard/status/1856273081418826066
4 Rocky: Key macro data and market impact
@Rocky highlights several macroeconomic indicators and their potential impact on the market. Key insights include:
China's M1 data: October M1 growth rose from -7.4% in September to -6.1%, with M2 up by 7.5% year-on-year, and aggregate financing for the real economy increasing by ¥1.4 trillion. This shows that economic stimulus may be taking effect, potentially channeling funds to support a rebound in Web3.
U.S. bond yields and dollar index: The 10-year Treasury yield reached 4.39%, while the U.S. dollar index rose to 106, indicating sustained pressure on global capital markets.
Upcoming events: Release of U.S. October CPI data on Wednesday, October PPI data on Thursday, and a speech by Fed Chair Jerome Powell on Thursday.
Market outlook:
@Rocky believes that inflation expectations may already influence market prices, suggesting that the upcoming inflation data could be less favorable than anticipated.
X post: https://x.com/Rocky_Bitcoin/status/1856370493798134213
Institutional insights
1.Pepperstone: Bitcoin is in 'beast mode,' likely to enter a digestion phase following its steep rise.
2.Bloomberg analyst: Ethereum ETFs saw impressive inflows yesterday and this week, indicating promising potential
Article: https://x.com/EricBalchunas/status/1856346407856112115
3.Coinbase: Crypto will be the next version of the stock market and the Internet
Original link: https://x.com/brian_armstrong/status/1856352738579206485
News updates
1. Italy caps its cryptocurrency tax rate at 28%.
2. Federal Reserve Governor Christopher Waller states that stablecoins must be regulated to prevent the risk of runs.
3. The Digital Chamber urges US lawmakers to pass stablecoin legislation immediately.
4. UK plans to issue digital government bonds, paving the way for tokenized government debt.
5. Russian President Vladimir Putin proposes establishing a BRICS digital asset platform.
Project updates
1. Suilend to launch a new token allocation model "mdrops", intended for the launch of the SEND token.
2. BNBChain receives a $10 million credit investment from Google Cloud to support the development of MVB projects.
3. Ethereum proposed a new consensus layer update called "Beam Chain".
4. Unichain disables its public RPC, impacting the transfer of user funds
5. Lisk, an Ethereum Layer-2 protocol, launches its mainnet and announces airdrop plans.
6. The dYdX community has passed a proposal to reduce trading rewards by 44% and transfer 45 million DYDX to the SubDAO control account.
7. Deutsche Telekom partners with Meta Pool, a liquid staking solution in the NEAR ecosystem, as part of its Enterprise Node Operator program.
8. Changpeng Zhao (CZ) announced his education initiative, Giggle Academy, will incorporate artificial intelligence.
9. World ID launches verification in Brazil.
10. Canary Capital files registration for an HBAR ETF.
11. Starknet to launch STRK staking on its mainnet on November 26.
Token unlocks
1. EigenLayer (EIGEN): To unlock 1.29 million tokens valued at $4.08 million, making up 0.7% of the circulating supply.
2. Render (RENDER): To unlock 490,000 tokens valued at $2.49 million, making up 0.1% of the circulating supply.
3. Ethena (ENA): To unlock 12.87 million tokens valued at $65.45 million, making up 0.5% of the circulating supply.
4. Axie (AXS): To unlock 820,000 tokens valued at $4.13 million, making up 0.5% of the circulating supply.
Recommended reads
Arthur Hayes's new article: The path to Bitcoin revival under Trump's economic policy
Hayes argues that Trump's new economic policies could stimulate U.S. manufacturing, potentially boosting Bitcoin and other crypto assets. Drawing on Deng Xiaoping's pragmatic philosophy—'It doesn't matter if a cat is black or white, as long as it catches mice'—Hayes suggests a version of American capitalism that might adopt China-style targeted economic policies to maintain competitiveness in the global market. With the Fed's policies gradually easing, he anticipates a renewed rally for Bitcoin.
Link: https://www.bitgetapp.com/zh-CN/news/detail/12560604343366
Top 10 wealth winners after Trump's election victory
Trump's win shook up the political landscape and brought substantial gains to a select group of wealth giants. Which individuals and crypto market sectors emerged as winners during this surge? Take a look at the real winners of this election!
Link: https://www.bitgetapp.com/zh-CN/news/detail/12560604343361
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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