September 16, 2024
BN's new Launchpool has already started, but I calculated that BNB's return is not as good as FDUSD. It seems that the market is not very interested in these small things. In addition, BN announced today that it would launch 3 MEMEs at the same time, which received mixed reviews from the market. To be honest, considering BN's status in the circle, it is a bit puzzling to launch several MEMEs so intensively. I took a quick look and found that the liquidity of these is very average. Among them, NIERO has risen 4 times since the announcement, which makes it difficult to play in the secondary market.
The recent market is indeed not hot, so BN wants to continue to stimulate the market through MEME, but in my opinion, it may have little effect. In addition, Fractal Bitcoin has recently started to be hyped, which is translated as Fractal Bitcoin. It roughly means to re-engraving a BTC chain to play, including the previous BRC20 assets. I don’t know if this can be hyped up. I can only say that if it still stays in the stage of issuing assets, it will not work after all. What the B circle really lacks is innovation and products that can go beyond the circle.
From the perspective of price, Ethereum, which has fallen badly this year, is the best proof that unfavorable innovation leads to price drops. All L2s are seen by the market as copies, with basically no innovation, and a small number of DeFi projects have regained market recognition but have not brought new growth. Unlike BTC, Ethereum is an application chain, and its price will fall if there is a lack of application scenarios, while BTC's stored value is accepted by more people, and its price will become stronger and stronger. Of course, once Ethereum gains new market growth in application scenarios, its growth will be faster than that of Bitcoin, which I think is the key to long-term holding.
As for the market, Ethereum fell below 2300 again today, and Bitcoin also fell from 60,000. It did not directly hit 65,000, which is also within expectations. I said yesterday that you can reduce half of your bargain-hunting positions between 6-6.5, which is also a defense against the low market certainty. After all, from a medium- to long-term perspective, this wave of market rebound does not have the conditions for a direct new high, and the pressure of 65,000 naturally needs to be vigilant. The uncertainty in the short term is higher. I can only say that if it hits 65,000, I will continue to reduce my bargain-hunting chips.
Thank you for your attention and likes.
