ToE's Weekly Highlights #79
AI now accounts for 33.60% of total crypto mindshare over the past 24 hours.
AI bots are getting smarter at creating coins and taking profits
Bold prediction we go to $73k by the end of 2024
Here what you need to know to prepare for it👇🧵
Weekly Updates
The narrative around liquid tokens and undervalued assets is gaining steam. Investors are increasingly focusing on projects with real-world utility, while the market prepares for the next wave of high-value project tokens. Memecoins continue to dominate the market, but tokens with solid fundamentals are expected to rise as the market matures.
Market Phase Outlook
Early 2024: Optimistic sentiment drives gains, but fewer "air tokens" succeed compared to 2021.
Mid-2024: Memecoins dominate, creating entry points for undervalued projects.
Late 2024: A new surge in high-quality projects with real utility.
BTC Dominance Hits 58.7% – Highest Since April 2021
The crypto market is heating up as Bitcoin's dominance climbs to 58.7%, its highest level in over two years. Despite price volatility, Bitcoin continues to surge, driven by bullish sentiment as we approach the U.S. presidential election.
WorldLibertyFi Launches Public Sale
The Trump family's DeFi project, WorldLibertyFi, launched its public sale, raising $11.48 million for the $WLFI token so far, representing 3.8% of its target. The project plans to expand onto ETH, Scroll, and AAVE. Notably, founders of Ankr and Scroll have joined the team, resulting in a short-term surge in the $SCR token price.
New Launches and Protocol Updates
Ethena: Launched its perpetual DEX Etherealdex, with USDe as collateral, and established a new community account.
Hyperliquid: Set to release its $HYPE token on November 11.
Kraken: Introduced Ethereum restaking through EigenLayer, offering non-US customers access to ETH staking rewards.
Grayscale: Applied to the SEC to convert its $534M mixed crypto fund into an ETF, featuring 75% BTC, 19% ETH, and assets like SOL, XRP, and AVAX.
Top DeFi and Blockchain Ecosystem Updates
Bitcoin re-enters the top 10 blockchains on DeFiLlama due to the Babylon Stage 2 staking release, with significant contributions from $SolvBTC. Base continues to pull away from Arbitrum, with notable TVL growth from projects like Aerodrome, Moonwell, and Origin Protocol.
Biggest TVL Movers
Echo Lending: TVL skyrocketed 80,333% to $16.7M as a BTC restaking platform, supporting cross-chain assets like $aBTC and $uBTC.
Predict Fun: TVL surged 255% to $13.3M, as the prediction market attracted heavy TVL growth due to the U.S. presidential election narrative.
Solv Protocol: $SOLVTVL surged 209% to $699M, driven by BTC staking demand, with over 750 BTC staked across Babylon and CORE protocols.
Major Funding News
Praxis: Raised $525M for its "Network State" project, blending blockchain, AI, energy, and biotech in a Middle Eastern smart city initiative.
Blockstream: Secured $210M to accelerate its Layer 2 tech and mining expansion, backed by Fulgur Ventures.
Azra Games: Secured $42M in funding for blockchain gaming, led by Pantera Capital and supported by a16z.
Solv Protocol: Raised $11M, reaching a $200M valuation as the leading BTC staking platform.
DeFi & L2 Highlights
Hyperliquid launched $HYPE token.
Sonic (prev. Fantom) to deploy Pendle.
Asymmetry’s $ASF token sale on October 24.
Zero1 Labs teased a major partnership.
Aethir Cloud unveiled a $100M AI & gaming fund.
Weekly alpha by @TheDeFinvestor
Narrative Overview
The week saw positive returns across most sectors, with Solana leading at 7.32%. This could signal a shift in market sentiment. Megaprotocol (+5.69%), Meme sector (+4.46%), and Seed sector (+3.30%) also posted solid gains, showcasing diversified growth.
Top Performing Tokens:
BOME emerged as the top performer with a 31.35% return, followed by SPELL (+23.86%) and ENA (+22.08%). The continued strength of tokens like SAGA (+18.98%) and TIA (+17.37%) reflects growing investor interest in a wide range of projects.Memecoin Market Resurgence:
Among the top 100 on CMC, 10 are memecoins.
The memecoin sector is showing a notable resurgence, with PumpFun leading the charge. It has maintained daily revenue exceeding $900,000 for 12 consecutive days, driving interest in memecoins beyond Dogecoin and Pepe. Memecoins now represent a significant portion of the top 100 coins, signaling their growing market influence.
Memecoin Market Share Growth:
Analysis from Kaito AI indicates that the memecoin market share is reaching yearly highs, with sustained investor interest in new tokens despite established ones like Dogecoin and Pepe plateauing. This highlights a broader market appetite for memecoins as a revenue-generating sector.
Hype:
PumpFun’s Revenue Streak:
PumpFun’s success is hyped by its impressive $120 million in revenue over 10 months, maintaining daily figures above $900,000. This performance showcases the explosive potential of new memecoins and how their novelty continues to attract speculative investment.Trump’s New Token Struggles:
Trump’s $WLF token underperformed, raising only $10 million in 12 hours—a stark contrast to the larger amounts raised by Solana presales earlier this year. Despite Trump’s popularity, the token has not yet lived up to the expectations set by the hype surrounding its launch.
Other updates
SUI-EET Yields Update
SUI is gaining traction, with Aftermath Finance leading the way. Trading volumes jumped from $1-2M in August to $4-6M in September/October. Known for top swap rates and a full DeFi suite, Aftermath has no token yet, but the 10k Egg NFTs could signal future airdrop potential. They also run a validator, staking 140M SUI for users.
Price Action Recap
BTC is consolidating, but SUI shows strength, supported by the 10/20 EMA and accumulation patterns. Once BTC trends up, SUI could outperform. Trade smart, and stay sharp!