Crypto Guides, Knowledge & Insights

Industry Research: Review and Outlook of Market Development in 2024

Market Overview in the First Half of 2024　　In the first half of 2024, the cryptocurrency market saw a significant increase in market capitalization. In the first quarter, the total market capitalization rose from approximately $1.5 trillion at the beginning of the year to $2.9 trillion by March. However, the market experienced some volatility in the second quarter, ultimately settling at $2.43 trillion. Bitcoins market share reached 53.83% by the end of the second quarter, while Ethereums market share also increased to 18%.　　The Bitcoin halving and the approval of Bitcoin spot ETFs by the U.S. Securities and Exchange Commission (SEC) had a positive impact on the market. The approval of Bitcoin ETFs and the halving led BTC prices to hit an all-time high of $73,098. However, due to market volatility and macroeconomic factors, the price saw a decline in the second quarter.　　In terms of macroeconomic factors, interest rate changes had a significant impact on the market. For example, the average interest rate in the first quarter of 2024 was 5.1%, while in the second quarter, the average interest rate rose to 5.5%, contributing to market fluctuations.　　According to a report by CoinGecko, meme coins, real-world assets (RWA), and artificial intelligence (AI) were

2024-07-17Deep Dive

Market Status: Post-German BTC Sale, Potential Pressure from 3 Entities

After nearly a month, the German government finally sold off its BTC holdings, causing BTC to drop to a low of $54,000 before rebounding.　　The BTC held by the German government came from the shutdown of the pirated movie site Movie2k.to. After the site was closed, German authorities, with assistance from the FBI, identified the operators behind the site as a Polish man and a German man. Details of the subsequent investigation are scarce, but reports suggest one of the suspects voluntarily handed over the BTC to German authorities. Public information shows that before the sale, the German government held at least 50,000 BTC.　　With the anticipation of interest rate cuts and the German governments complete sale of its BTC holdings, BTC began to rebound. However, BTC may still face potential selling pressure from three major entities.Mt.GOX Compensation　　As of July 16, approximately 139,000 BTC remain in Mt.Goxs addresses, indicating that the Mt.Gox sell-off has not yet impacted the market.　　Founded in July 2010, Mt.Gox was once the largest cryptocurrency exchange, handling over 80% of all Bitcoin transactions at its peak. In 2013, the exchange was hacked, losing 850,000 BTC, leading to its bankruptcy. Around 200,000 BTC were later recovered. Since 2014, a prolonged

2024-07-16Deep Dive

The Blinks Concept Emerges: Will SEND Be a Mess After the FOMO?

In the past year, Solana ecosystem projects have provided participants with numerous early opportunities, such as multiple token airdrops for users, the explosion of the DePIN sector, the rise of the AI sector, and the popularity of MEME tokens. Recently, news has emerged about several prominent institutions applying for a Solana ETF. In addition to its own development, the Solana ecosystem continues to innovate.　　If we were to discuss what concept on Solana is currently worth the most attention, Blinks is definitely one that cannot be ignored. We mentioned the introduction and future prospects of Blinks in a previous article:　　https://www.wikibit.com/en/202406282084107288.html　　In short, Blinks is not an application but a tool that allows developers to simplify transaction operations and embed them into Web2 social media. It is not a use case itself. Blinks leaves the question of “what exactly it will be used for” to the community and developers to explore.　　Blinks appeared three weeks ago without any phenomenal applications building upon it, and it fell into silence. That was until Solana founder Toly retweeted and pinned a project called SEND.SENDs Timeline of Explosion　　SENDs explosion in popularity was not just due to Solanas founder retweeting and pinning its tweet. Reviewing the content posted by

2024-07-15Deep Dive

This Week's Noteworthy Events(July 15, 2024-July 21, 2024)

Ethereum Spot ETF May Launch This Week　　Several prominent individuals believe that the Ethereum spot ETF could launch this week.　　Bloomberg ETF analyst Eric Balchunas predicts that the U.S. SEC may approve the spot Ethereum ETF on July 18.　　Nate Geraci, president of The ETF Store, posted on X: “I would be shocked if a spot Ethereum ETF does not begin trading within the next two weeks. It could launch as early as late next week, but more likely the week of July 15.”　　Singapore crypto investment firm QCP Capital expects the Ethereum spot ETF to start trading around July 15.DOGS Announces Donation of Raised Telegram Stars to Charity, Event Ends on July 15　　The TON ecosystem meme project DOGS announced on its official channel that the event for purchasing DOGS points using Telegram Stars will end on July 15, and all proceeds from the Telegram Stars will be donated to charity. The specific charity will be chosen through community voting.　　Previously, it was reported that the DOGS mini-program launched a new feature allowing users to purchase DOGS points with Telegram Stars, with 1 Telegram Star buying 1 DOGS point.South Korean Crypto Exchange GDAC to Terminate Services on July 16　　South Korean crypto exchange GDAC announced that

2024-07-15Deep Dive

Why Did the MEME Project DOGS from TON Explode in Popularity Overnight?

Overnight, a project called DOGS exploded in popularity due to its airdrop to Telegram users.　　According to the information, the DOGS Community was created on July 4th and released its first message on July 9th. In just two days, it surpassed one million users.　　The DOGS Telegram channel provides a detailed introduction: This dog, named Spotty, is the project‘s mascot. The team stated at the end of the message: “Why choose DOGS？ This is not just another meme coin. It is the meme coin best suited for Telegram, embodying the spirit and culture of a vibrant community. Bringing Spotty’s legacy into the cryptocurrency world, we aim to create something fun, community-driven, and unique.”　　The character Spotty was inspired by the mascot created by TONs founder, Pavel Durov. Some media claim that DOGS was launched by the creator Blum with the support of Notcoin. Currently, points can be earned, which should be convertible to tokens later.　　Users only need to open the DOGS Mini APP, and the bot will automatically analyze their Telegram account. The older and more active the account, the more points it earns. Telegram Premium accounts can also earn extra points. Additionally, inviting friends to join will grant extra points.　　The specific factors

2024-07-11Deep Dive

Is Altcoin Season Coming? Key Sectors to Watch

The first half of 2024 ended with corrections and consolidation in the crypto market. BTCs market share fluctuated between 50% and 54%, while altcoins underperformed. Altcoins invested in by VCs and facing significant unlocks were particularly resisted by the market.　　As the market continued to correct and consolidate, many altcoins lost almost all their gains from the past six months. Historically, during bull markets, altcoins surged after BTCs rise and consolidation. The lack of an altcoin surge this time suggests that the bull market may not have truly begun.　　Despite the markets consolidation due to Mt.Gox repayments and selling pressure from the German government, the potential approval of an ETH ETF and a Federal Reserve rate cut remain promising. These factors are seen as significant drivers for market movement.　　If an altcoin season emerges, which sectors should be watched？ Here are some insights based on market trends and future prospects, representing the views of WikiBit analysts without investment advice.Ethereum Sector　　The most noteworthy aspect of Ethereum this year isnt its technical development but the potential approval of a spot ETF. Approval of a spot ETF would mean more traditional funds could legally and compliantly purchase ETH, driving its price up.　　To understand the outlook for

2024-07-09Deep Dive

This Week's Noteworthy Events(July 8, 2024-July 14, 2024)

SEC Requests Revisions on S-1 Form for ETH Spot ETF Issuers by July 8　　According to The Block, the SEC has returned the S-1 form to potential Ethereum spot ETF issuers with minor comments, asking for revisions to be resubmitted by July 8. This implies at least one more round of filing before the ETF can begin trading.　　Bloomberg analyst James Seyffart mentioned that Bitwise Invest has resubmitted a revised Ethereum ETF S-1 form and expects more issuers to do so this week. Analysts believe the Ethereum spot ETF product may list as early as late next week or the week of July 15.　　Another Bloomberg analyst, Eric Balchunas, commented, “No one really knows why the SEC is taking so long to process these forms. Given the few comments, trading should begin soon. But there might be some issue slowing the process, or its just people on summer vacation. All signs point to listing this month, with more details to come next week.”EOS Staking Program to Launch on July 8 with an Initial 250 Million EOS　　The EOS Network Foundation (ENF) announced on its official blog that, based on the new EOS tokenomics, the EOS staking program will launch on July 8, with an

2024-07-08Deep Dive

CertiK Security Report: $1.19 Billion Lost Due to Security Incidents in H1 2024

Certik, a Web3.0 security agency, has released its quarterly Web3 security report, “Hack3d: Q2 and H1 2024 Web3.0 Security Report.” The report states that in Q2 2024, there were 184 on-chain security incidents resulting in losses of $688 million, representing a 37% increase in losses compared to Q1 2024. The report also highlights that in H1 2024, there were 408 security incidents with total losses amounting to $1.19 billion.Q2 Security Incident Data　　Phishing and private key compromises were the main causes of asset losses in Q2. Out of the $688 million lost in 184 incidents, $99,328,507 was recovered from 7 separate incidents.　　Top 10 Projects by Loss Amount in Q2:　　1. DMM Bitcoin: $304,700,000　　2. BtcTurk: $90,000,000　　3. Phishing Victim (0x1e22): $68,597,540　　4. Lykke: $23,052,860　　5. Gala Token: $21,613,470　　6. Sonne Finance: $20,000,000　　7. UwULend: $19,700,000　　8. Rain: $14,277,950　　9. Phishing Victim (5Fmwfk): $11,522,660　　10. Phishing Victim (0x2154): $10,167,780H1 Security Incident Data　　Phishing and private key compromises were also the main causes of asset losses in H1 2024. Out of the $1.19 billion lost in 408 incidents, $177,728,142 was recovered from 17 separate incidents.　　Top 10 Projects by Loss Amount in H1:　　1. DMM Bitcoin: $304,700,000　　2. Chris Larsen: $112,500,000　　3. BtcTurk: $90,000,000　　4. Phishing Victim (0x1e22): $68,597,537　　5. Munchable: $63,000,000　　6. BitForex: $55,745,130　　7. Play Dapp: $32,350,000　　8. FixedFloat: $26,176,240　　9. Lykke:

2024-07-04Deep Dive

How MegaETH, Backed by Vitalik, Innovates in L2 Space

Since the announcement of the modular open-source frameworks Op Stack by Optimism and Arbitrum Stylus by Arbitrum, the development barriers for Layer2 and Layer3 have significantly lowered, leading to a surge in application projects building their own Layer2 solutions for high-frequency needs.　　Despite the proliferation of Layer2 solutions, it is rare to see a Layer2 project secure $20 million in seed funding from top-tier capital. MegaETH has done so, with a $20 million seed round led by Dragonfly and participation from Figment Capital, Robot Ventures, and Big Brain Holdings. Angel investors include Vitalik, Cobie, Joseph Lubin, Sreeram Kannan, and Kartik Talwar.Real-Time Blockchain　　Creating more chains doesnt inherently solve blockchain scalability issues. Current L1/L2 solutions face common challenges:Low transaction throughput on all EVM chainsLimited ability for complex applications to run on-chain due to scarce computational resourcesInfeasibility of applications requiring high update rates or fast feedback loops due to long block times　　MegaETH aims to address these issues by specializing nodes to achieve real-time settlement and processing. MegaETH claims to be the first “Real-Time Blockchain,” capable of handling over 100,000 transactions per second with sub-millisecond latency.Implementation Method　　MegaETH achieves real-time settlement and processing through node specialization, which reduces consensus overhead by separating transaction execution tasks from

2024-07-03Deep Dive

Tokens with High Unrealized Profits from VC Investments

In the current market, high FDV (Full Diluted Valuation) and low circulating supply token issuance, which started gaining popularity with the FTX exchange, has become mainstream and is favored by VCs. Despite rapid price increases driven by market fluctuations this year, such gains are clearly unsustainable.　　VCs hold substantial unrealized profits with high FDV and low circulation tokens. As these tokens unlock, they flood the market, driving prices down, while market cap remains stable or even increases. The influx of high-valuation tokens outpaces net inflow capital.　　According to a Binance Research report, approximately $155 billion worth of tokens is expected to be unlocked from 2024 to 2030. Without corresponding increases in buyer demand and capital flow, a large influx of tokens will cause sell pressure.　　Tokens with high FDV and low circulation are labeled as “dangerous” by the market.Importance of Tokenomics Design　　Contributors (including teams and early investors) typically receive a proportion of tokens as compensation, locked according to specific vesting schedules. While contributors deserve fair compensation as early developers, its crucial to balance the interests of all stakeholders, especially post-TGE (Token Generation Event) public market investors.　　The circulating ratio at TGE is critical. If too many tokens are locked, it affects liquidity, negatively impacting

2024-07-02Deep Dive

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