Gate Research: BTC Price Plunges to $56K, Experiences Brief Uptick; Pump.fun Copycat Platforms Flourish

Gate Research Daily Report (August 16): BTC briefly surpassed $59,800 before quickly retreating to $56,000, while ETH fluctuated between $2,500 and $2,700. MakerDAO’s proposal to reduce WBTC collateral may pose liquidity risks. Pump.fun continues to dominate the meme coin market, while Beethoven X, Colend Protocol, and Symbiotic are leading in TVL growth within the DeFi sector. The rebound in U.S. stocks has boosted blockchain shares, while $95 million in funding was secured in the Web3 sector. Keep an eye on airdrop opportunities from Pichi Finance and Grass.

Market Analysis: ETH exhibited strong volatility within the $2,500 - $2,700 range over the past 24 hours, with $2,500 serving as a short-term support level.
Top Performers: The leading tokens over the past 24 hours include CAD, RARE, and VELO.
Spotlight Analysis: Meme launch platforms are attracting significant interest, with a surge in copycat platforms mimicking Pump.fun.
Data Highlights: U.S. stock indices rebounded, providing a boost to both tech and blockchain stocks.
Market Opportunities: The Web3 sector secured $95 million across five funding deals, focusing on AI, DeFi, and security.

Explore today's details 👉🏻 Gate Research: BTC Price Plunges to $56K, Experiences Brief Uptick; Pump.fun Copycat Platforms Flourish

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Gate Team
August 17th, 2024