Crypto Market Weekly Report: Notcoin Sparks Attention Economy Boom, Pump.fun Faces Attack Incident

Macro Market Overview

The April CPI data from the United States shows a slight decline in inflation, with the year-on-year increase in core CPI reaching its lowest level in nearly three years. This data has sparked market expectations for a potential interest rate cut by the Federal Reserve, with a probability of over 80% for a 25 basis point cut in September. As a result, the US stock market has reached a historic high, and the US dollar index has fallen significantly. The crypto market has closely followed the strong rebound in the US stock market.

crypto market performance

This week, Bitcoin has fluctuated upward, while the Ethereum/Bitcoin exchange rate has fallen to a three-year low. The market is mainly focused on the Meme and AI-related sectors. It is worth noting that GME stocks, which caused a sensation in the U.S. stock market, surged several times, driving the speculation sentiment for Meme coins.

1. Meme coins related to the US elections, such as PEOPLE and MAGA, have surged, and these tokens are expected to continue being speculated until the November elections.

2. Bouncebit (BB) performed mediocrely after being listed on a certain trading platform. BB is a Bitcoin re-staking protocol that plans to develop a stablecoin with a futures arbitrage algorithm similar to Ethna in the future. Recently, Bitcoin ecosystem projects have generally underperformed compared to the broader market.

3. Notcoin is a game Meme coin in the TON ecosystem, obtained through mobile click mining, with 30 million users and 5 million daily active users. Notcoin adopted a 100% full circulation method when it was listed on a trading platform.

Bitcoin market analysis

On-chain data shows that investment sentiment has cooled after the halving. Although historically, Bitcoin halving is considered a long-term positive event, it often triggers market sell-offs in the short term, as seen in 2016 and 2020.

The market value of stablecoins remains stable, and the long-term funding fundamentals are still positive. The current MVRV-Z Score is 2.4, indicating that the market is generally in a state of loss.

Institutional funds have returned to net inflows, but the inflow of funds into Ethereum is insufficient, and the market expects that the Ethereum spot ETF is unlikely to be approved in the short term.

In the futures market, the funding rate is close to 0, indicating a relative balance of power between the bulls and bears. The open interest in Bitcoin futures has surged, suggesting that major funds are entering the market. The long-short ratio is 0.8, reflecting a bearish market sentiment.

In the spot market, Bitcoin has rebounded slightly. Before the Federal Reserve may cut interest rates in September, the market is likely to maintain a wide-ranging oscillation. It is worth noting that Bitcoin mining has seen a decline in hash rate for two consecutive months, and the shutdown price for mining machines is around 55,000 dollars.

Public Chain TVL Analysis

This week's total TVL reached $93.2 billion, an increase of about $2.7 billion compared to last week, with a growth rate of approximately 3%. Most mainstream public chains saw an increase in TVL, with the ETH chain rising by 2%, the TRON chain increasing by 4%, and the SOLANA chain soaring by 11%. The standout performer is the MODE chain, with a TVL of $500 million, a weekly growth rate of 17%, and a monthly growth rate of 175%.

NFT market trends

The performance of blue-chip projects in the NFT market varies, and overall it remains in a low-level sideways state, with no obvious signs of recovery yet. BAYC fell by 6%, CryptoPunks rose by 3%, and Milady dropped by 7%. The trading volume in the NFT market continues to decline, with a decrease in both new and repeat users.

project financing and development

1. EthStorage has received the third grant from Optimism to enhance the availability of EIP-4844 Blobs through the integration of the OP Stack.

2. Accseal has made significant progress in the field of zero-knowledge proof hardware acceleration and plans to establish a strategic partnership with Ingonyama to enter the ZK cloud computing space.

3. bitSmiley launched the Merlin mainnet and allocated 1.5% of its tokens for the liquidity reward program, while users can earn bitPoint points for dual rewards.