Bitget Daily Digest | XRP continues to hit new highs, ecosystem memecoins see short-term surges (December 3)

Market highlights

1. $XRP continues to break through new levels, hitting new all-time highs. Interest in ecosystem memecoins has soared compared to DeFi and other infrastructures. Tokens like $ARMY, $589, and $RIPPLE have experienced a sharp surge in short-term trading volumes. 

2. Following Coinbase's announcement to list MOODENG, the Solana-based token has doubled in price in the short term. This has shifted market attention to a squirrel-themed memecoin launched just a week ago. Driven by its concept and market sentiment, funds are flocking to PNUT, with speculation further amplified by U.S.-based capital. 

3. In November, Ethereum staking revenue reached $263 million, with 46,553 ETH burned on-chain. Base chain's TVL surged to $3.636 billion, up 156.23% from $1.419 billion in September, placing it at the top among Ethereum Layer-2 solutions. Keep an eye on BTC/ETH and other leading BASE protocols. 

4. Tether Treasury minted an additional 1 billion USDT on Ethereum, driving a 12% increase in stablecoin supply for November, which reached a record $167.2 billion. The Solana ecosystem experienced net stablecoin inflows exceeding $880 million, boosting its total market cap to approximately $4.7 billion. These inflows point to potential opportunities in Solana's leading protocols and memecoins. 

 

Market overview

1. BTC continues to experience significant price swings, while altcoins show mixed performance. XRP trading volume ranks second only to BTC, with older tokens dominating by trading volume. 

2. Tech stocks boosted the Nasdaq's rebound, driving it to record highs alongside the S&P 500 index, while the Dow retreated from its peak.

3. Currently priced at 95,697 USDT, Bitcoin faces significant liquidation risks. A 1000-point drop to around 94,697USDT could result in over $308 million in cumulative long position liquidations. Conversely, a rise to 96,697 USDT could trigger more than $699 million in cumulative short position liquidations. With short liquidation volumes far surpassing long positions, it's advisable to manage leverage carefully to avoid large-scale liquidations .

4. In the past 24 hours, BTC spot market experienced $4.5 billion in inflows and $4.9 billion in outflows, resulting in a net outflow of $400 million.

5. In the past 24 hours, $HBAR, $AAVE, $DASH, $AERO, and $QI led in net inflows for futures trading, signaling potential opportunities.

 

Highlights on X

1. AB Kuai.Dong: The ambitions of Japan's financial consortiums and Ripple

The meteoric rise in XRP's price is closely tied to the support of Japan's financial conglomerate, SBI Holdings. Since Ripple partnered with SBI Holdings in 2016, the collaboration has steadily advanced Ripple's global payment network. Senior executives at SBI Holdings, such as Yoshitaka Kitao and Genki Oda, have consistently backed Ripple, driving the international adoption of XRP through joint ventures, including banking remittance services across Southeast Asia. Ripple has also made significant strides in Japan's crypto market, even advocating for tax reform.

X post: https://x.com/_FORAB/status/1863524736372007351

 

2. @Michael_Liu93: Why memecoins inevitably face 70% corrections

Memecoins go through cycles of sharp rises and corrections, which stabilizes the market and help prevent "meltdowns" from large sell-offs Their success relies heavily on strong community support. Whether it's generating viral buzz or landing key exchange listings, memecoins need to keep attracting new users and building a thriving, sustainable community.

X post: https://x.com/Michael_Liu93/status/1863445808710070478

 

3. Fencun: Memecoin selection tip and market strategies

Fencun shares his strategies for trading memecoins, including using multiple screens and real-time tools to monitor the market, adjusting filters dynamically to capture opportunities, and avoiding slow Telegram bots. He highlights the importance of skill and quick decision-making, suggesting methods like opening multiple browser tabs and setting audio alerts to improve trading efficiency. Fencun also recommends using tools like ChatGPT, Instagram, and TikTok to access information quickly and increase trading success.

X post: https://x.com/Fencun_nft/status/1863368212399915437

 

4. Gary: Is Base over?

Despite facing challenges, Base's true potential remains untapped. Currently, its developer capabilities are limited, and most products are in early stages. However, with the integration of AI technology, Base has a strong chance of delivering groundbreaking products over time. Additionally, with robust backing from Ethereum and awaiting macro-level funding influxes, Base is still worth close attention. In terms of information flow, the author highlights key resources on Farcaster, including lists of notable Chinese bloggers and overviews of competing products. The author also highlights five rising Chinese X accounts making a name for themselves in the Base ecosystem, along with their notable contributions. Finally, the author emphasizes the pivotal roles of key figures like Vitalik Buterin and Coinbase founder Brian Armstrong in driving the growth of the Base ecosystem.

X post: https://x.com/OTZGary/status/1863399441933475880

 

Institutional insights

1.Bitfinex Alpha: Strong ETF inflows and growing retail interest suggest BTC could still surpass $100,000.

Article: https://blog.bitfinex.com/bitfinex-alpha/bitfinex-alpha-btc-to-break-100k-if-sth-demand-can-meet-lth-supply/

 2.Greeks.live: BTC's short- to mid-term implied volatility (IV) has dropped below 55%, while ETH's short- to mid-term IV remains above 70%.

Article: https://x.com/BTC__options/status/1863588023855898787

 3.Bernstein: Trump administration may approve Ethereum ETF staking yield

Article: https://www.theblock.co/post/328921/ethereum-etf-staking-crypto-trump-sec

 

News updates

1. Federal Reserve's Williams expects further rate cuts from the Fed.

2. Norway's sovereign wealth fund is set to conduct a review of its cryptocurrency investments in 2025.

3. South Korea is intensifying its investigation into crypto price manipulation, extending scrutiny to individual investors.

 

Project updates

1. Grayscale announces that its XRP Trust is now open to qualified investors.

2. A wallet linked to Wintermute bought BULLY a day ago, indicating potential preparations for market-making activities.

3. Magic Eden co-founder states that inquiries regarding eligibility and allocation for the ME token airdrop will commence on December 4.

4. Coinbase adds Solana-based cryptocurrency MOODENG to its listing roadmap.

5. 21X partners with Chainlink to launch an EU-regulated trading and settlement system for tokenized securities.

6. Justin Sun announces that SunPump live streaming is now available.

7. Sonic Labs states that its mainnet blockchain has produced its first block and taken a snapshot for its token airdrop.

8. Standard Chartered's Libeara plans to launch an Ethereum-based tokenized fund in Singapore this month.

9. Polymarket's trading volume in November surpasses $2.5 billion, continuing to hit a record high.

10. Grayscale and three other asset management firms file applications for "risk-averse" Bitcoin ETFs with U.S. regulators.

 

Recommended reads

Do you really know how to use Base's Clanker? 

This article dives into the Clanker tool on the Base platform, which enables token issuance via Farcaster and collects fees. In a short time, it has attracted a significant number of investors, creating opportunities for rapid wealth accumulation.

Read the full article here: https://www.bitgetapp.com/zh-CN/news/detail/12560604388708

 

XRP triples in a week—how to trade ecosystem memecoins? 

Memecoins within the XRP ecosystem are attracting substantial capital inflows. With high volatility comes both opportunity and risk, and this speculative frenzy may further fuel XRP's rise.

Read the full article here: https://www.bitgetapp.com/zh-CN/news/detail/12560604388446