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Today, the market once again played out a classic scene—the rate cut expectations materialized, and the coin prices instead plummeted. BTC dropped directly to $89,389, ETH retreated to $3,167, BNB also couldn't hold up and fell to $861, and SOL even returned to $129.
The Federal Reserve's Powell is playing a good Tai Chi: he neither rules out no rate cut nor rules out small or even large cuts. In the end, they actually cut by 25 basis points, but then the Bank of Japan turned around and raised interest rates, which directly offset the impact. The market is so surreal.
On-chain activity is quite lively. Tesla announced a collaboration with prefab housing company BOXABL, causing related concept tokens to surge to a market cap of $3 million, up to 87 times. There was also a KOL with 260,000 followers who was hacked for $60,000, and the community crowdfunded to issue a POM token for relief, reaching a peak market cap of $800,000, a 20x increase.
The Meme track didn't stay idle either. On BNB Chain, a penguin-themed BudgyBenguin appeared, reaching a peak market cap of $600,000, a 7x increase; there's also a coin called CALVIN, the "conspiracy mascot," which surged to a high of $1.8 million in market cap, with 32x gains making many people envious.
Recently, Binance's Yiyi has been very active, saying they will airdrop to people in their friend circle who lost money, then quickly questioning the long-term value of Meme coins. This attitude change is quite rapid.