Written by DaFi Weave, BlockTempo
After the Trump team issued $TRUMP, Trump's wife's $MELANIA and the Central African president's $CAR were also launched one after another. Now the most controversial is the Argentine president's $LIBRA, which seems to have become the fuse that crushed the hype of meme coins.
As more and more meme coins become profit-making tools for insider traders and rat warehouses, scandals in the meme coin market continue to intensify, and price trends generally show a surge followed by a collapse, and market hype enthusiasm begins to cool down. This trend is also reflected in the price of Solana (SOL), the meme coin base camp.
According to Binance spot data, SOL fell from $186.94 last night to a low of $174.63. Before press time, it rebounded slightly to $178.05, down 4.4% in the past 24 hours, making it the worst performing token among the top 30 currencies by market value.
Trader Tyler tweeted that "the market is releasing anger on Solana." He cited data from Binance perpetual contracts and pointed out that the ratio of short orders to long orders has risen to 4:1, reflecting that the market's bearish sentiment on Solana is obviously high.
The Solana meme coin market has been "squeezed" out of billions of dollars by various institutions, trading robots, and insiders.
According to statistics from 0xngmi, the founder of DeFiLlama, the total amount of income obtained by different participants from the Solana meme coin market is as follows:
Trading robots and applications: US$1.09 billion
Pump.fun platform: US$492 million
MEV (maximum extractable value): US$1.5-2 billion
Trump-related insiders: US$500-1 billion
Other insiders: Unknown
AMMs (automatic market makers): US$0-2 billion
As Solana suffered a blow due to meme coins, the market seemed to begin to turn its attention to Ethereum. Zhu Su, founder of Three Arrows Capital (3AC), tweeted yesterday that it was time to buy Ethereum in full.
Aran Hawker, CEO of automated trading platform CoinPanel, told CoinDesk that Ethereum's recent rise is not a true overperformance, but more like a return to the price level. He further stated: Some traders may transfer funds from SOL back to ETH, but the market trend and structure have not changed significantly. If this wave of gains encounters a major market change, it is likely to be quickly wiped out.
However, Joel Kruger, market strategist at LMAX Group, is more optimistic and believes that this may be a signal that ETH's years-long depreciation trend against BTC is about to end. He said: The ETH to BTC ratio has continued to fall since 2021, but it may be bottoming out now. We should keep a close eye on the monthly high of ETH/BTC, and if it is successfully broken, it will strengthen the possibility of a trend reversal.
As of press time, the ETH/BTC ratio was temporarily reported at 0.0282, down 1.78% in the past 24 hours, at its lowest point since the end of 2020.
In addition, according to CoinGlass data, the market's interest in ETH increased significantly yesterday (17), with the total amount of futures open interest growing by 12% in 24 hours to approximately US$2.6 billion, mainly from Binance and Gate.io, while BTC futures open interest only grew by 1%, indicating that funds flowed to ETH.
However, by press time, Ethereum had fallen from yesterday’s $2,849.7 to $2,703.91, with a cumulative decline of more than 5%. The future price trend of Ethereum still needs to be closely observed.
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JoyGoogle has introduced Gemini, a suite of artificial intelligence tools designed for both consumers and businesses.
AaronIt's crucial to note that 50% of the token allocation is available at genesis, with the remaining 50% unlocking gradually over 12 months, vesting from the Token Generation Date.
BrianFrom December 11, 2023, TOPPAN Holdings, Inc. and Dentsu Group, Inc. are teaming up with ODK Solutions, Inc., Sony Corporation, and several other entities to introduce a groundbreaking innovation - the Web3.0 Wallet. This digital asset storage solution incorporates photorealistic avatars to revolutionise user interaction.
JoySolana Labs' co-founder, Anatoly Yakovenko, addressed the less-than-impressive sales of the company's smartphone, Saga, in an interview with Unchained Crypto on Dec 5.
AaronSotheby’s digital art division revealed plans to auction pieces from the BitcoinShrooms collection, a project crafted by artist Shroomtoshi. The collection, minted on-chain in October, is hailed as the "first-ever Ordinals collection," according to both the BitcoinShroom website and its associated account.
JoyBinance's CZ, facing money laundering charges, confronts an unplanned stay in the U.S. until sentencing.
Hui XinThere have been no details regarding the other specifics of the airdrop, though scammers have already posted multiple phishing links in response to the Twitter post.
BrianTokens that have previously been delisted in the US are also available for trading in the EU.
AlexUsers are advised to exercise caution to avoid potential risks associated with fake accounts or phishing links during this transition.
Brian