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Gate Research Institute: Pump.fun token daily volume exceeds $2 billion, Base stablecoin daily transfer volume jumps to first place for the first time
Summary
Market Commentary
According to the gate market data, as of 4:00 on October 28th (UTC+0) [1]:
Popular Token
According to gate market data, combined with the volume and price performance in the past 24 hours, the popular altcoins are as follows: [1]
SHDW - Daily increase of approximately 25.1%, circulating market capitalization is $85.15 million. $SHDW is a practical Token that powers the Shadow dePIN ecosystem. Users use $SHDW to pay for Decentralization data storage, computing, and other practical programs' computing, storage, and bandwidth. On October 26th, the shdwDrive operator introduced the features of shdwDrive v2 in a tweet. V2 not only provides an infinitely scalable storage network to support AI training and dialogue data, but also lays the foundation for true Decentralization computing that directly supports large language models (LLMs). This pump may be related to the market's optimism about shdwDrive v2.【10】
**SXP **- Single-day increase of approximately 19.5%, with a circulating market value of $162 million. Solar is a DPoS blockchain supported by SXP and Decentralization. In October, Solar Enterprises launched BrighterVPN, a cryptocurrency-centric virtual private network (VPN) that supports SXP payments and is integrated into the Solar Wallet. The recent pump may be related to the project's offline activities in Dubai and recent community collaboration. [11]
**VIRTUAL **- The single-day increase is about 18.2%, with a market capitalization of $487 million. Virtual Protocol is a Decentralization protocol that focuses on creating jointly owned, human-curated plug-and-play game artificial intelligence (AI) agents. Virtual Protocol allows users to create various types of AI characters that can interact and generate profits in different virtual environments. Users can stake these AI characters to share profits. The protocol also provides a governance mechanism that allows holders to participate in the decision-making process. Virtuals company launched its AI robot Luna Virtuals on October 20th and released the AI Token $LUNA, with a market capitalization reaching 240 million dollars at one point. Driven by the significant pump of $LUNA, the price of its parent company Token $VIRTUAL also rose accordingly. Luna allows anyone to issue their own AI proxy robots, a feature that could be an important factor in driving its price pump within a single day. [12]
Highlights Data
BTC ETF net inflow of $402 million yesterday According to SoSoValue data, the net inflow of US BTCSpot ETF on the last trading day (October 25) was $402 million, with a total daily turnover of $2.9 billion. The total net inflow is $21.93 billion, and the total value of BTC managed by the ETF is $65.25 billion, accounting for 4.93% of the total market capitalization.
Net outflow of $19.16 million for ETH fund ETF yesterday According to SoSoValue data, the net outflow of the US ETH Spot ETF on the previous trading day (October 25) was $19.16 million, with a total daily trading volume of $189.9 million. The total net outflow was $504 million, and the total value of ETH managed by the ETF was $6.82 billion, accounting for 2.28% of the total market capitalization.
Farcaster October cumulative revenue is only $10,000 The decentralized social platform Farcaster has recently seen a significant slowdown in revenue growth. According to Dune, after Farcaster's cumulative revenue surpassed 2 million dollars on July 1st, it only rose by 340,000 dollars in the past 4 months, reaching 2.34 million dollars. Dune's data shows that in October, there were only 4 days with daily revenue exceeding 1,000 dollars, and the cumulative revenue was only 10,000 dollars. [13]
Base network's daily stablecoin transfer volume exceeds all other chains for the first time Layer 2 network, based on October 26, 2024, surpassed 18.1 billion US dollars in single-day stablecoin volume, accounting for over 30% of the total stablecoin trading volume on the network that day, surpassing other blockchain networks for the first time. 99.9% of the volume comes from USDC. [14]
Hotspot Comments
Pump.fun issuance token day volume exceeds the sum of the daily volume of other tokens in the Solana ecosystem On October 24th, the volume of Pump.fun's Token on Solana DEX exceeded 2 billion US dollars, surpassing the volume of other Tokens in the Solana ecosystem. Since September, with the increase in user activity on Pump.fun, the cumulative volume of its Tokens has risen rapidly. Some Tokens issued by Pump.fun, such as GOAT, have brought substantial returns to early investors due to rapid price pumping, creating a significant wealth effect. This effect usually stimulates the interest of other investors in the market and promotes active participation by users.[15]
Currently, gate has also launched the Pump section, providing a convenient investment platform for MEME coin, helping users easily discover and seize investment opportunities in 100x coins, while simplifying the operation process and information acquisition difficulty, significantly improving the trading experience [16].
Vitalik responds to the questioning of Ethereum Foundation dumping Vitalik released a long article on X platform, responding to the doubts about the regular sale of ETH by the ETH Foundation. He explained that these funds are used to pay the salaries of Ethereum developers and researchers, to maintain the Proof of Stake (PoS) mechanism, enabling key functions such as low transaction fees, confirmation within 30 seconds, and ensuring that the network has been uninterrupted since 2016.
Currently, the ETH/BTC price continues to fall. As of October 28th, 4:00 (UTC+0), the price has fallen to 0.036, reaching a new three-year low. This weak price may affect the community's trust in the foundation. Some investors and supporters may consider the foundation's dumping behavior as a direct cause of the price fall, further exacerbating the price pressure.
In addition, Vitalik also shared insights into the technical roadmap of Ethereum, detailing the impact of the 'Merge,' 'Surge,' 'Scourge,' 'Verge,' and 'Purge' development stages on the future of Ethereum. This sharing is expected to bring more confidence in the long-term development of Ethereum to the community and follow.【17】
daos.fun raised more than 7,880 Sol After one day of launch, daos.fun raised over 7,880 Sol. daos.fun is a Decentralized Autonomous Organization (DAO) platform, with creators having one week to raise the required SOL funds. The fundraising process is a fair sale, with all participants purchasing DAO Tokens at the same price. After the fundraising, the creators will control the raised SOL and invest in their chosen Solana protocol. When the funds expire, the DAO Wallet will be frozen, and the profitable SOL will be distributed back to the Tokenholders. Users can choose to destroy their DAO Tokens to redeem the underlying assets of DAO, or sell the Tokens on the market when the Market Cap exceeds the fundraising amount. [18]
The vast majority of projects are concentrated on higher fundraising amounts, with the first two projects accounting for most of the fundraising, indicating that market participants tend to purchase tokens from top creators. An AI robot fund called ai16z on the daos.fun platform mimics the trading behavior of Marc Andreessen, with the fund quickly rising from an initial $1 million in assets to a historical high of nearly $100 million, sparking market discussions after Andreessen himself responded and interacted with it on social platforms. However, the TokenMarket Cap has now fallen to $54 million, and the fund is scheduled to expire in October 2025. Currently, the token has been listed in the gate innovation zone.【19】
Trump proposes to abolish federal income tax, once hinted that BTC can alleviate US national debt pressure Former US President Trump recently proposed on the Joe Rogan podcast that if he returns to the White House in 2024, he will consider replacing federal income tax with import tariffs and has hinted at 'giving some BTC to creditors' to resolve the US national debt problem. While these ideas are innovative, they have sparked deeper discussions on the application of Cryptocurrency.
The proposal to repay national debt with BTC highlights the follow of encryption assets, but its actual feasibility is relatively low. BTC's price fluctuation is strong, and as a tool for repaying high national debt, it may lead to severe fluctuation in the market. Considering the limited acceptance of cryptocurrency by major creditors globally, especially sovereign countries and large institutional investors, they are more inclined towards traditional Fiat Currency or low-risk assets, making it extremely difficult to repay national debt with BTC. In addition, this proposal also indicates Trump's recognition of the potential of Decentralization assets, which may further drive policymakers to follow the mainstream application potential of cryptocurrency in the future.
The potential impact of this statement is that it suggests that the US political sphere may be more open to considering the role of Cryptocurrency in sovereign finance. Despite the current obstacles, this idea has fueled discussions on whether Cryptocurrencies like Bitcoin can be more widely applied to national financial issues, thereby bringing new opportunities for the encryption industry to follow and policy discussions.[20]
Financing Information
According to RootData, in the past 24 hours, a total of 3 projects publicly announced financing, with the highest financing amount being 15 million US dollars, totaling over 19 million US dollars, involving privacy, DePIN, social zone. Here are the top three financing scales: [21]
**Bluesky ** —— Bluesky completed a $15 million Series A financing, led by Blockchain Capital, with participation from SevenX Ventures and others. Bluesky is building the AT Protocol, a new foundation for the Social Web, which empowers creators to be independent of platforms, developers to have the freedom to build, and users to make choices in their experiences.
Hana Network - Hana Network has completed a $4 million financing round with participation from Alliance DAO, SushiSwap, and others. Hana Network is a financial system with a Social Web effect and has launched a deposit and withdrawal solution called Hana gateway. Hana Network aims to achieve user-driven fund distribution through existing open Social Web.
Pulse —— The amount of this round of financing and the investor have not been disclosed yet. Pulse is building an open health network that allows users to freely use their data and be rewarded for it.
Airdrop opportunity
Drop
Drop is a Cross-Chain Interaction Liquidity stake protocol that completed a $4 million seed round of financing on October 17th this year and launched Testnet activities on October 23rd. Testnet, in collaboration with Celestia, has introduced the Interchain account feature to enhance the security of Liquidity stake.【22】
4.stake or cancel stake
**References:**
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