Today we analyze the market. Yesterday the market fell sharply, and the lowest price of Bitcoin was 53,000. Today it rebounded to 56,000, but this position is actually unstable and may continue to fall. The non-agricultural data released last night showed that the unemployment rate was 4.1% and the number of new non-agricultural jobs was 206,000. This result has little impact on the market.
Therefore, the main reason for this wave of decline is the liquidation of MT.GOX, the selling of the German government and the selling of the US government. At present, there are still 140,000 bitcoins in the Mentougou address, and the Mentougou wallet is the first time to move bitcoins in nearly five years. These funds will be distributed to creditors who have provided the necessary information and completed identity verification through cryptocurrency exchanges such as Bitstamp, Kraken and Bitbank. The repayment period originally planned to be completed in October 2023 has been extended to October 2024 by rehabilitation trustee Nobuaki Kobayashi. Therefore, the fastest improvement of this wave of market will have to wait until around October. (Mentougou address https://platform.arkhamintelligence.com/explorer/entity/mt-gox)
Second, the German government is selling a large amount of Bitcoin. Currently, there are about 40,000 Bitcoins in the German government’s wallet address (originally there were about 50,000). The German government has sold about $325 million worth of Bitcoin through trading platforms such as Coinbase and Kraken in two days. Part of the Bitcoin confiscated from the closed darknet market Wall Street Market in 2019.
Then some people asked why the German government didn’t wait until the price was high to sell? First, they confiscated the coins, so there was almost no cost, and 60,000 should have been a relatively high price. Second, the environment was not good, so they would get as much as they could. Third, the government didn’t need this little money. How much is this 50,000 coin? 2 billion US dollars is nothing for a government, and it doesn’t matter if it’s 100-200 million less. Then Sun Yuchen should have been swiped by him recently, saying that he would negotiate with the German government to buy this coin off-site, but I think Sun Yuchen is still a master of copying traffic.
Third, the US police are also shipping out coins. The US has also confiscated a lot of coins. Currently, there are 200,000 coins in hand, and there are not only Bitcoin, but also many other ETH, USDT, BNB, etc. Didn’t Binance get a fine of 4 billion before? How could Binance have so much cash? It must be currency.
So these are almost the reasons. According to this progress, Mentougou and the German government will definitely sell for a few months, so this wave of market will end at the end of the year.
In the long run, I think it is a good thing because there are low-priced chips to be received. I have said it many times before that many valuable currencies have entered a very cost-effective range. The current panic and greed index has reached 29. You must go against human nature. When others are fearful, you must be greedy. Otherwise, how can you make money?
The focus of this episode is to recommend two projects to you. You should know that although the overall market is not good, there is still capital in the market. In addition, we found in the previous episodes that no matter how the market falls, there are always projects that rebound within 24 hours. This time, it is two meme projects, which are a bit demonic.
The first one is Hoppy. You can see that this product rebounded by 60% in one day, and was not affected by the market at all. In addition, it increased a hundred times in three months. The current market value is 70 million US dollars. Its image is also a frog, a bit like Pepe. It is also issued on the eth chain.
Introduction
Hoppy is an anthropomorphic frog character that first appeared in the famous comic book The Night Riders, which was published by artist and illustrator Matt Furie in 2012. Today, the character is one of the few truly unique characters in Matt Furie's work.
The entire website is also in the common meme project style, with only a simple roadmap, stages and roadmaps:
Phase 1: Focus on spreading emoticons and building community.
Phase 2: The goal is to reach 100,000 holders.
Phase 3: Strive to dominate the emoji universe (ReadWrite).
And there is no written time point. I checked the browser address and found that there are 10,000 holders, and none of the mainstream big firms are listed. Only some small firms and unis are listed.
Token Economics
Total supply: 420 billion tokens. Contract ownership: Abandoned. So it’s another unowned currency.
The second project, WAT, is also a meme project with the image of a mouse. It is also on the Ethereum chain. Are meme projects on the Ethereum chain going to rise? The current market value is 15 million US dollars. It was launched in June and has increased more than 10 times in one month.
Introduction
The rat is said to be related to Matt Furie, an American artist and illustrator known for creating the popular internet character Pepe the Frog. Pepe first appeared in the 2005 underground comic Boys Club, which included other characters such as Brett, Andy, and Landwolf. Although Pepe was originally presented as a light-hearted and friendly character, he later became a widely used internet meme, known for his diverse emoticons and huge influence in online culture.
Token Economy
The tokens are also 420 billion, and ownership is also given up. The roadmap is exactly the same as the above project.
Even the organization of the website is exactly the same. Currently, the number of holders is less than that of Hoppy, only more than 4,000, and it only lists Uni and an exchange called XT.
So I seriously suspect that this is a project managed by a team. Change the project name, the animal image, and the contract name. Because there are many teams doing this, they keep releasing this kind of meme project, because it is indeed very low cost and does not require operation. It is possible to release one every month or even every day. It depends on which one can succeed. At present, I see that the transactions of these two projects on Uni are very active. They may be the two projects that have succeeded. Hoppy was released in April and Wat was released in June. Maybe these two projects are lucky, because 99% of the projects may die. If Wat can copy Hoppy's path, then there may be some room, but the risk is very high. Everyone needs to be cautious! #内容挖矿