Bitget Daily Digest | BTC hits new high, memecoin hype begins on Aptos Chain (November 21)

Market highlights

1. The DeSci-themed token $SCIHUB has demonstrated impressive performance, while $RIF and $URO in the same sector remain in a downward trend. In the AI meme sector, FARTCOIN has regained significant market attention.

2. After Emojicoin Dot Fun, an Aptos chain memecoin issuance platform, went live on the mainnet, its native token surged, with dog emoji-themed memecoins like Dogface gaining significant market attention.

3. Raydium's daily protocol fee revenue surpassed $15 million, overtaking Tether to claim the top spot. SOL has become the gateway for on-chain memecoins, with Raydium emerging as a leading DEX. The ongoing popularity of memecoins is expected to benefit the ecosystem's main coins.

4. MicroStrategy is now ranked among the top 100 publicly traded companies in the U.S. by market cap. Bitwise is registering for a Solana ETF in Delaware. Tether has minted another 1 billion USDT on Ethereum.

 

Market overview

1. BTC hits new highs, rising contrary to the general market decline. Classic memecoins like DOGE and PEPE saw a surge in trading volume, while the new token $SCIHUB showed impressive performance. 

2. U.S. stocks showed a V-shaped recovery, with the Dow experiencing slight gains. However, NVIDIA's revenue outlook fell short of market expectations, causing its stock price to drop by 5% after hours and dragging tech stocks lower.

3. Currently priced at 94,853 USDT, BTC faces significant liquidation risks. If BTC drops by 1000 points to around 93,853 USDT, cumulative long position liquidations could exceed $318 million. Conversely, if BTC rises to 95,853 USDT, cumulative short position liquidations could surpass $980 million. With short liquidation volumes far surpassing long positions, it's advisable to manage leverage carefully to avoid large-scale liquidations .

4. Over the past day, BTC saw $5.11 billion in inflows and $5.26 billion in outflows, resulting in a net inflow of $150 million.

5. Over the last 24 hours, $ETH, $DOGE, $SOL, $XRP, and $PNUT have led in futures trading net outflows, signaling potential trading opportunities.

 

Highlights on X

1. 0xWizard: The cycle of BTC dominance and the altcoin season

@0xcryptowizard provided an analysis of the historical trend of BTC's market dominance (BTC.D) and market cycles, offering insights into the potential for a new altcoin season:

Historical trend:

First cycle (early 2019 – early 2021): BTC.D steadily rose for two years, followed by an altcoin season highlighted by the DeFi Summer.

Current cycle (November 2022 – November 2024): BTC.D has shown a similar "up-only" trend, but altcoins have significantly underperformed.

Market outlook:

Potential for an altcoin season: If history repeats itself, a new altcoin season could begin around November 2024, driven by the rise of new sectors.

Sector differentiation: New sectors may take the spotlight in the current cycle, while older projects lacking innovation ("old junk") may be phased out.

@0xcryptowizard emphasized that the continued rise of BTC.D is a necessary, but not sufficient, condition for the onset of a new altcoin season. They hope that new sectors will emerge to drive the rise of altcoins, while weaker projects from the previous cycle will fade. The market may soon reach a critical juncture, making it a key moment for investors to watch.

X post: https://x.com/0xcryptowizard/status/1859261314918719973

 

2. Unipcs: The strong on-chain narrative and accumulation cycle of $DOGE

@theunipcs shared a bullish outlook on $DOGE, based on the latest market dynamics and the token's long-term potential. Key points from the analysis include:

Recent performance:

A whale sold approximately $3 million of $DOGE the day before, increasing short-term selling pressure — a move that often signals a market bottom.

Several hundred new on-chain holders bought the dip, resulting in a cleaner and more favorable token distribution.

Key data:

On-chain activity: $DOGE's 24-hour on-chain trading volume reached $26 million, signaling strong demand.

Trading activity: $DOGE remains one of the top 2 to 3 most traded tokens on the Ethereum chain, a position it has maintained for weeks.

Continuous expansion: New CEX listings continue to emerge, providing additional avenues for users to buy

Long-term narrative and community support:

Strong narrative: The memecoin $DOGE, inspired by the US Department of Government Efficiency and centered around Elon Musk and Donald Trump, continues to gain traction. This narrative is expected to remain popular over the next four years.

Community resilience: Rapid holder growth and a dedicated community continue to drive the $DOGE narrative forward.

@theunipcs emphasizes that $DOGE is currently in a phase of momentum accumulation and correction, describing it as an "underwater beachball waiting to explode." They remind investors that $DOGE previously rocketed from a market cap of $6 million to an ATH of $500 million in just two months. While in its corrective phase, $DOGE shows great potential for the future.

They bluntly state that this correction may present a rare opportunity to buy the dip and plan to revisit this post in the future to validate their views.

X post: https://x.com/theunipcs/status/1859187653586886964

 

3. Rui: "Meme+" sector supported by VCs drives on-chain ecosystem prosperity

@YeruiZhang observes an increasing number of VC-backed projects leveraging memes to engage their communities. They analyze the market logic and trends behind this phenomenon:

Rise of memecoins:

Meme projects rapidly attracted users and testers through the FOMO effect in the early market, quickly developing a core fan base.

Pain point: Meme projects are highly dependent on player attention; a loss of attention can lead to a swift decline in value.

The new "meme+" paradigm:

Leading VCs like @polychain and @a16z, are increasingly backing the "meme+" model, combining memecoins with narratives such as AI and DeSci.

$AVA is a typical example, where the team uses AI agents to drive narrative communication through community-driven memes, supported by @wintermute_t.

Market impact:

Meme projects are not only individual successes; they actively promote on-chain ecosystem activity.

High-frequency interactions boost liquidity, and a thriving public chain attracts more meme projects, creating a positive feedback loop.

@YeruiZhang believes the meme narrative is propelling the market forward. Whether it's DeSci, AI, or an emerging sector, memecoins are bringing about change in a simple yet powerful way. They encourage investors to capitalize on the liquidity benefits of this phase and enjoy the prosperity of the on-chain ecosystem.

X post: https://x.com/YeruiZhang/status/1859242022949077176

 

4. DOV: Innovations and traffic opportunities in listing prediction on PolyMarket

KOL @dov_wo highlights the innovative features of PolyMarket and the emerging traffic opportunities in the current market, sharing key insights:

Listing prediction on PolyMarket:

By using real funds to vote on the next coin to be listed on Binance, PolyMarket offers a more efficient and transparent alternative to traditional community debates.

Exchanges can leverage PolyMarket's voting data and buying volume to gauge real trading demand for projects, providing a data-driven foundation for listing decisions.

PolyMarket's votes reflect the community's preferences, making them a valuable reference, especially when multiple tokens are being considered for listing. However, exchanges may lose some autonomy in their listing decisions as a result.

Latest market innovations:

Three innovative tools gaining attention: Pumpfun, PolyMarket, and Moonshot.

New traffic opportunities:

TON: Focusing on cabal-related projects like Catizen.

KAIA: No specific projects have emerged yet, but it remains a noteworthy development.

TikTok: Injecting new traffic into Sonic and quickly becoming a hot topic in the market.

@dov_wo points out that PolyMarket's listing prediction mechanism introduces a fresh approach to the exchange listing process. Additionally, TON, KAIA, and TikTok are becoming new sources of traffic in this bull market. They advise investors to keep an eye on these innovative tools and traffic portals to capitalize on emerging market opportunities.

X post: https://x.com/dov_wo/status/1859143589399589199

 

Institutional insights

1.@evilcos from SlowMist: Due to law enforcement's involvement in the DEXX incident, unauthorized disclosure of sensitive information is not possible.

X post: https://x.com/evilcos/status/1859238513860108291

2.IntoTheBlock: Memecoins are seeing around 16,000 daily active addresses, indicating limited retail participation.

X post: https://x.com/intotheblock/status/1859193171244106220

3.QCP Capital: IBIT options show impressive performance, and the new Trump administration aligns with the increasing influence of digital assets.

Article: https://t.me/QCPbroadcast/1366

4.Matrixport: Bitcoin futures hits an annual high, with spot buying fueling the rise.

X post: https://x.com/Matrixport_CN/status/1859129551994990846

 

News updates

1. The Trump team mulls creating the first-ever White House crypto role.

2. Gary Wang, former deputy of SBF and co-founder of FTX, has been spared prison time by a U.S. judge.

3. The Government of Bhutan has accumulated 12,207 BTC, accounting for 34% of its total GDP.

4. The Central Commission for Discipline Inspection (CCDI) in China reveals that former official Yao Qian engages in power-for-money transactions using virtual currency.

5. FBI investigates fraudulent trading platform Bitkanant in connection with a $5 million romance scam involving cryptocurrency.

6. South Korea plans to implement a 20% cryptocurrency tax in 2025, raising the tax exemption limit.

 

Project updates

1. Raydium surpasses $15 million in daily protocol fee revenue, overtaking Tether to claim the top spot.

2. Phantom surpasses Google Chrome to become the second-ranked utility app on the U.S. App Store.

3. Catizen to launch over 300 new products and buy back over 10 million CATI tokens in the coming year.

4. Emojicoin dot fun, the memecoin launchpad on Aptos goes live on the mainnet.

5. Vana Foundation announces its establishment and plans to launch the Vana mainnet.

6. dYdX Unlimited officially launches with multiple permissionless profit features.

7. MATR1X hints at an upcoming Vemax or MAX staking feature.

8. Magic Eden CEO announces a mobile wallet with a new version featuring asset tracking, trading, and more.

9. USDC Treasury mints over 140 million USDC on the Ethereum chain.

10. First Digital introduces its stablecoin FDUSD to Sui as its native token.

 

Token unlocks

1. Cardano (ADA): Unlocking 18.52 million ADA, valued at $14.15 million, accounting for 0.1% of the circulating supply.

2. Galxe (GAL): Unlocking 1.01 million GAL, valued at $1.84 million, accounting for 0.8% of the circulating supply.

 

Recommended reads

The kid developer behind the surging Quant who missed a potential $3.35 million profit by selling 1.5 SOL too early

Want to discover how a young developer turned 1.5 SOL into a $3.35 million missed opportunity, sparking a meme wave on-chain? Read the captivating story that you won't want to miss.

Link: https://www.bitgetapp.com/zh-CN/news/detail/12560604361118

 

Hot memecoins of the day

From classic favorites to the latest trends, memecoins continue to dominate the market. Check out this curated list of trending AI memecoins and popular DeSci tokens—these potential gems might just help you ride the wave to success!

Link: https://www.bitgetapp.com/zh-CN/news/detail/12560604360973