[Navigator Community] Market Overview on July 10, 2024

1) Overall market dynamics:

Bitcoin (BTC) performed weakly and continued to fluctuate, while some altcoins rebounded strongly after oversold. The overall liquidity of the market was tight, and speculative funds showed guerrilla tactics, quickly shifting positions to pursue short-term profit opportunities. At the same time, the US stock market was optimistic, and the mild remarks of Federal Reserve Chairman Powell boosted market sentiment.

2) Market focus:

- The tokens announced by Binance (BN) to be delisted unexpectedly led the rise, such as MDX, DOCK, POLS, BOND, etc., and ZEN also showed an upward trend. It is worth noting that Binance once cancelled the delisting warning, suggesting that it has made arrangements for multiple zero-knowledge processor (zk Processor) projects that have not yet issued tokens, which has attracted market attention.

- The domain name system ENS token ushered in an increase due to its listing on the Korean exchange Upbit.

- The strong performance of TIA (Modular Financial Protocol) caused the cost of shorting to soar, and the annualized shorting fee rate reached an astonishing -130%, showing the market's bullish sentiment for the asset.

- The price of meme coin Bonk has risen, and the community is discussing a destruction proposal, which may further increase its value. Recently, Pepe-related tokens such as WAT and MATT on the Ethereum chain and various variants of dog and cat-themed tokens on the Solana chain have become hot spots for speculation, reflecting the market's preference for fun and cultural symbols.

Overall, the market presents a complex pattern. The stability of Bitcoin coexists with the volatility of altcoins. Investors need to carefully assess risks and look for potential investment targets.

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