Crypto Market Weekly Report: Notcoin Sparks Attention Economy Frenzy, Pump.fun Faces Security Incident

Market Viewpoint

macro liquidity

US April CPI growth slows, and core CPI year-on-year increase hits a new three-year low. The market rekindles expectations for interest rate cuts, with a significant probability of a 25 basis point cut at the September Federal Reserve meeting. As a result, US stocks surged to new highs, the dollar index plummeted, and the crypto market rebounded strongly.

All Market Trends

This week, Bitcoin fluctuated upwards, and the Ethereum/Bitcoin exchange rate fell to a three-year low. The market mainly revolved around the Meme and AI sectors. The former popular U.S. stock for retail investors, GME, surged several times, boosting the speculation sentiment around Meme coins.

1. PEOPLE and other Meme coins related to the US election have surged, and it is expected that the hype will continue until the November election.

2. BB (Bouncebit) performed moderately after being listed on a certain exchange. As a BTC re-staking protocol, it plans to develop futures arbitrage business similar to Ethna in the future.

3. NOT ( Notcoin ) is a Meme coin in the TON ecosystem, obtained through mobile mining by clicking, with 30 million users and 5 million daily active users.

Bitcoin market

1. On-chain data

Investor sentiment has cooled after the halving, which is consistent with historical short-term market reactions following halvings. The market capitalization of stablecoins remains stable, and the long-term funding outlook is still positive. The MVRV-Z Score is 2.4, which is at a medium level. Institutional funds have resumed net inflows, but the inflow of funds into Ethereum is insufficient, and the market expects that its spot ETF is unlikely to be approved in the short term.

2. Futures Market

The funding rate is close to 0. The open interest has surged significantly, indicating that the market players are entering the market. The long-short ratio is 0.8, showing a bearish market sentiment.

3. Spot market

Bitcoin has seen a slight rebound, expected to fluctuate widely before the potential interest rate cut by the Federal Reserve in September. Mining hash power has decreased for two consecutive months, with the current shutdown price around $55,000. In this cycle, altcoins are generally quite controversial, with an average circulation rate of only 13%, making them susceptible to the influence of unlocked tokens. In contrast, the community Meme coins, with a chip structure close to full circulation, have become the main consensus line in the market.

Market Data

public chain lock-up volume

This week, the total TVL reached 93.2 billion USD, an increase of approximately 2.7 billion ( 3% ). Most mainstream public chains saw their TVL rise, with Solana experiencing the largest increase of ( 11% ), while Optimism fell by 7%, showing the worst performance. The MODE chain performed remarkably, with a TVL of 500 million USD, a weekly increase of 17%, and a monthly increase of 175%.

NFT market

The NFT market is overall sluggish, with blue-chip project floor prices fluctuating. Trading volume continues to decline, and the number of first-time and repeat buyers has also decreased.

Project Updates

1. EthStorage received its third grant from Optimism for the integration of EIP-4844 Blob extension.

2. Accseal has made breakthroughs in the ZKP hardware acceleration field, planning to expand its ZK cloud computing business and establish a strategic partnership with Ingonyama.

3. bitSmiley logs into the Merlin mainnet and launches a dual reward program, including liquidity rewards and bitPoint points.

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