Trump's victory triggers market frenzy, DOGE soars!
Market Analysis on October 29, 2024
Market Trends
Bitcoin (BTC) shows a significant upward trend, breaking through the 70,000 mark. Its market dominance has reached 60%, a new three-year high. Meanwhile, the long-short ratio on OK contracts is 0.5, indicating a balanced market attitude towards Bitcoin's future trends. Notably, the activity on the Solana chain has declined over the past week.
The US Nasdaq index continues to rise, nearing historical highs. The increasing likelihood of Trump's victory has significantly boosted the stock prices of related listed companies. According to foreign media reports, if Trump is elected president, China plans to implement a fiscal stimulus measure worth 11 trillion yuan, which has also driven up Chinese concept stocks.
Market Highlights
Meme tokens: Dogecoin (DOGE) has performed prominently recently, with a significant increase. As the US election is set to conclude on November 5, the probability of Trump's victory—backed by Musk—increases, and DOGE, as a meme token that Musk has publicly favored multiple times, has recently outperformed BTC.
Fan tokens and small-cap tokens: Several fan tokens, including SANTO, LAZIO, and PORTO, have seen significant increases. Binance has newly launched SANTOS contract trading. Recently, the tokens with the largest price increases on the Binance platform have been small tokens with a market cap of less than 100 million USD.
Currently, the cryptocurrency market shows a diversified development trend, with mainstream currencies like Bitcoin continuing to perform strongly, as well as niche tokens rising under specific themes or events. For investors, closely monitoring market dynamics and reasonably diversifying their portfolios will help capture more opportunities.
Recently, trading bots BANANA and Sol chain's RAY have shown upward trends, mainly benefiting from the activity in on-chain dog trading. The overall market trend indicates that trading volume is shifting from CEX exchanges to on-chain exchanges, similar to the gradual shift from offline gambling to online betting, due to the more timely and effective nature of decentralized token issuance.
Payment-related ACH also shows an upward trend. Sol chain's SVM has released its own L1, with ACH being used as gas within it. Notably, recently, major applications, including UNI, have launched their own chains, but this move holds little significance.
On-chain dog tokens LUCE and DOGE have also surged. LUCE is the cartoon mascot designated by the Vatican for the Holy Year 2025, with a market cap of 20 million. DOGE, on the other hand, is a pun on Musk's Department of Government Efficiency on the ETH chain, with a market cap of 60 million.
The AI DEPIN project GRASS recently completed an airdrop, achieving a market cap of 800 million USD, which did not meet the market's prior expectations. The core innovation of GRASS lies in utilizing underutilized network bandwidth resources for training and mining AI models, with the implementation taking place in Canada. Notably, the core development team of this project hails from Southeast Asia, showcasing cross-border technical collaboration capabilities. In the same field, another competitor, the IO project, currently has a market cap of 1.3 billion USD, making GRASS's market valuation appear relatively conservative, which may reflect differing assessments of its unique business model and technical prospects.
