Watch out for fake breakout trends as the halving nears

April 12, 2024

Hot projects + Market overview

I. Mainstream exchange news

• Binance launches Bittensor (TAO) with a seed tag applied.
• HashKey Capital's 9th license has been approved for an upgrade by the Hong Kong SFC, which will allow them to offer virtual asset fund products to retail investors.
• OKX's Web3 wallet launches the Runes market page.
• Coinbase to launch Pepe perpetual futures contracts on April 18th.
• COINBASE derivatives launch Bitcoin Cash and Litecoin futures contracts.
• Coinbase Global Exchange launches ORDI and WLD perpetual contracts.
• Binance launches TAO U-denominated perpetual contract.
• Kraken to delist the privacy token Monero (XMR) in Ireland and Belgium.

II. Mainstream projects and trending events

• Masa Network announces the launch of its mainnet and the release of the MASA token.
• Runestone's floor price reached a new high of 0.095 BTC this morning, currently trading at 0.092 BTC.
• Base's TVL breaks through $5 billion, setting a new historical record.
• Chainlink launches the cross-chain token transport application Transporter, supporting multiple blockchains including Ethereum.
• Crypto index provider CF Benchmarks launches Bitcoin Volatility Index.
• Bitfinex Securities to launch El Salvador's first tokenized debt project to fund the construction of a new Hilton hotel.

III. Funding news

• Binance Labs invests in the Bitcoin collateral chain BounceBit.
• Blockchain recruitment company Veremark completes a new round of funding for $3 million.
• AI-driven crypto application Sharpe completes seed round funding, with participation from Animoca Brands.
• Web3 gaming studio Sortium completes financing of over $4 million, with participation from ARK Investment Management.
• Decentralized GPU infrastructure startup GPU.net completes a $5.25 million Series A funding round.
• On-chain prediction layer Azuro raises a total of $11 million.
• DePIN platform Uplink completes a $10 million in funding led by Framework Ventures.

IV. Regulatory news

• Paraguay reconsiders its Bitcoin mining ban, considering selling surplus energy to miners from a hydroelectric plant.
• US House of Representatives meets to discuss strategy for stablecoin legislation.

V. Popular projects 

Market overview 

BTC's broad-range fluctuation zone is between $67,300 and $71,800. If it falls below $67,300, it is very likely to drop back to $62,000. The narrow-range fluctuation zone is between $68,800 and $71,000. If these figures hold, the bulls retain momentum to continue attacking $71,800. As the halving approaches, remain alert for a fake breakout trend of a sharp increase followed by a fall.

BTC Spot ETF

As of April 11th, updated data show that the total net inflow of BTC spot ETF is $12.38 billion, with a single-day net outflow of $109 million, and a single-day trading volume of $2.5 billion. The net assets of the ETF account for 4.25% of the BTC market value, with the main observations:

GBTC: The daily net outflow was $124 million, and the cumulative net outflow amounted to $16.11 billion. The daily turnover reached $644 million, and the net asset value stood at $22.14 billion.

IBIT: The daily net inflow totaled $191 million. The cumulative net inflow reached $15.141 billion. The daily turnover data and asset value have not been updated yet.

FBTC: The daily net inflow totaled $4.61 million. The cumulative net inflow reached $8.05  billion. The daily turnover data is $482 million and the current asset value reached $10.68 billion.

Fjord is to release its token, FJO, on April 16th

Fjord is a community-centered platform dedicated to connecting innovative projects with actively participating supporters. Based on the principles of fairness and transparency, Fjord offers various token sale methods, including Liquidity Bootstrapping Pool(LBP). Fjord has currently raised $920 million, with product revenues exceeding $25 million. Fjord has supported the launch of more than 600 projects, with a transaction volume exceeding $1.4 billion. LBP will sell 7.5% of tokens, and the Token Generation Event (TGE) will release 15% of tokens, making it a high-profile IDO platform recently.

AirPuff (APUFF) completes a $9 million public funding round

AirPuff is a protocol tailored for airdrops, designed to offer an all-in-one service and strategy, empowering users to optimize their involvement with limited capital and secure maximum airdrop rewards. AirPuff provides up to 15x leverage for users to amplify their positions through borrowing, and earn score multipliers, hence increasing their airdrop points which leads to higher rewards. Recently, AirPuff raised $9 million in a public funding round via Fjord, boasting a current market capitalization of $73.3 million and a TVL of $21.7 million.

Pump.fun (PUMP) is increasing in popularity 

Pump.fun is a platform dedicated to trading memecoins, initially launched for Solana. Users can deploy tokens on Pump.fun at costs as low as $2. The first memecoin released on the platform was TEST, which generated over $5 million in revenue. Other memecoins on Pump.fun, like Bert, WEI, and SC were previously popular, but they come with a high level of risk, warranting caution.

On-chain Daily

1. PARO: Parobot utilizes AI and DePIN technology to assist in the creation and auditing of smart contracts. It operates above zkTAO (an AI Layer 2).

The current price of PARO is 0.00031 USDT, with a historical high of 0.0016 USDT. It has experienced a 46% decrease in 6 hours since its launch on April 11th. Its current market valuation stands at $313K.

2.80085: 80085 is a memecoin initiated due to a post by a suspected secondary account of Elon Musk, 'Elon Test' stating: "I like 80085."

The current price of 80085 is 0.0(6)463 USDT, with a historical high of 0.0(5)12 USDT. It experienced a 12-hour price surge of 36% since its launch on April 11th. The current market cap is $194K.

3. ESE: EESEE provides a gamified liquidity solution and market for digital assets, tokens, and RWAs on Blast. 

The current price of ESE is 0.13 USDT, with a historical high of 0.29 USDT. It experienced a 12-hour decrease of 33% since its launch on April 11th.

4. BVM: Bitcoin Virtual Machine is the first modular Layer 2 on Bitcoin. It allows anyone to easily issue their own Bitcoin Layer 2, leveraging Bitcoin's security and data availability without any additional networks or consensus protocols.

The current price of BVM is 4.69 USDT, with a historic high of 6.0 USDT. It experienced a 24-hour drop of 11.6%, with a current market cap of $55M.

5.wTAO: wTAO is the wrapped version of the TAO token issued by Bittensor. Bittensor is a peer-to-peer machine-learning protocol that encourages participants to train and operate machine-learning models in a decentralized way. The token gained increased attention after Binance listed it yesterday.

The current price of wTAO is 631 USDT, with a historic high of 774 USDT. It experienced a 24-hour increase of 8.63%, with a current market cap of $81M.

6. APUFF: Airpuff is an innovative airdrop accelerator platform. It facilitates leverage and lending mechanisms for a variety of projects anticipated for airdrops via its dedicated lending marketplace.

The current price of APUFF is 0.07 USDT, with a historical high of 0.102 USDT. It experienced a 12-hour drop of 16% since its launch on April 11th. The current market cap is $11M.

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