"Bitcoin" search volume drops to a year-low, while "Memecoin" search volume surges.
Author: Deep Tide TechFlow
Yesterday's Market Dynamics
SpaceX successfully recovers Starship for the first time
SpaceX successfully used the "chopsticks" mechanical arm on the launch tower to grab the first stage of the Super Heavy rocket during its fifth Starship test flight, achieving an important goal of this launch mission. More than 2 minutes after the Starship launched, the first stage separated from the Starship and began its return. Over 6 minutes after the Starship launch, the first stage was successfully grabbed by the "chopsticks" mechanical arm on the launch tower. This is SpaceX's first attempt to recover the first stage of the Starship. Next, the second stage of the Starship will continue flying, preparing for a controlled splashdown in the Indian Ocean.
Data: Tokens such as ARB, AXS, EIGEN are set to unlock this week, with ARB unlocking worth approximately $49.4 million
Token Unlocks data shows that ARB, AXS, and EIGEN tokens will see significant unlocks next week, including:
Arbitrum (ARB) will unlock approximately 92.65 million tokens at 9 PM Beijing time on October 16, accounting for 2.56% of the current circulation, worth about $49.4 million;
Axie Infinity (AXS) will unlock approximately 9.25 million tokens at 9:10 PM Beijing time on October 14, accounting for 6.08% of the current circulation, worth about $43.1 million;
Eigenlayer (EIGEN) will unlock approximately 11.22 million tokens at 3 AM Beijing time on October 16, accounting for 6.01% of the current circulation, worth about $43.9 million;
Starknet (STRK) will unlock approximately 64 million tokens at 8 AM Beijing time on October 15, accounting for 3.30% of the current circulation, worth about $26 million;
Taiko (TAIKO) will unlock approximately 12 million tokens at 8 AM Beijing time on October 14, accounting for 14.99% of the current circulation, worth about $18.7 million;
ApeCoin (APE) will unlock approximately 15.6 million tokens at 8:30 PM Beijing time on October 17, accounting for 2.31% of the current circulation, worth about $11.2 million;
"Bitcoin" search volume drops to a year-low, while "Memecoin" search volume surges
According to Cointelegraph, the search volume for the term "Bitcoin" reached its lowest point in a year during the week of October 12, 2024. On a scale of 100, global interest in this search term has dropped to just 33 by the end of this week. Meanwhile, the search volume for "memecoin" during the same period was at 77%, but has not yet surpassed the historical high of 100 set in late October 2023. However, Ki Young Ju, CEO and founder of CryptoQuant, believes that due to the continued high interest in these digital assets, the search volume for memecoin will return to previous historical highs by the end of October 2024.
Memecoin 30-day holder growth leaderboard: SPX6900, SIGMA, GIGA lead the way
On October 14, data provided by MEME KOL Murad shows that SPX6900 leads in 30-day holder growth rate, followed closely by SIGMA and GIGA, with specific data as follows:
SPX6900: Ranked first with a growth rate of 399.47%, adding 24,691 new holders.
SIGMA: Ranked second with a growth rate of 138.50%, adding 7,126 new holders.
GIGA: Ranked third with a growth rate of 70.36%, adding 9,202 new holders.
SUI surpasses TON to become the best-performing public chain token in terms of price since the beginning of 2024
According to trader ToreroRomero's monitoring, SUI has surpassed TON to become the best-performing public chain token in terms of price since the beginning of 2024.
2024 Global Ranking of Countries and Regions Most Suitable for Cryptocurrency Business Released, with Dubai, Switzerland, and South Korea in the Top Three
According to Socialcapitalmarkets, the ranking of countries and regions most suitable for cryptocurrency business in 2024 has been released, with the top ten being: Dubai, Switzerland, South Korea, Singapore, the United States, Estonia, Italy, Russia, Germany, and Brazil.
It is reported that Dubai scored highest in regulatory clarity, zero capital gains tax, favorable corporate tax (9%), and affordable licensing fees, making it a top cryptocurrency destination; Switzerland has 900 registered cryptocurrency companies and offers a preferential capital gains tax of 7.8% for long-term investors, playing a key role in the global cryptocurrency space.
Mysten Labs CEO: Sui's gaming device SuiPlay0X1 is a "software game," not a hardware product
Evan Cheng, co-founder and CEO of Sui blockchain development company Mysten Labs, stated in an interview in May that the "ChatGPT moment" for cryptocurrency could arrive at any time. In a recent interview at the Mainnet conference, Cheng reiterated that the moment has not yet arrived, but is still just around the corner. As for how Cheng plans to lead Sui in this breakthrough, he believes that by catering to "disruptive developers" and conducting extensive experiments, his blockchain has the most potential to achieve this breakthrough.
One of the upcoming notable experiments for Sui is the SuiPlay0X1 handheld gaming device, which is now available for pre-order and is planned for release in 2025. While some may view the device as a hardware-level layout, similar to Solana's Web3 phone, Cheng sees the device as a software product rather than a hardware product. Cheng said, "This is a gaming device that can play all Windows games. It is better than other devices in terms of deep software integration and operating system integration. Even for existing Web3 gamers, due to the advantages of software, it is a superior product. Hardware is almost like a commodity, while the software experience is where the magic lies and is the key to success."
Sui ecosystem lending protocol Scallop reaches a total trading volume of $100 million
According to official news, the total trading volume of the Sui ecosystem lending protocol Scallop has reached $100 million. Scallop Swap can compare trading prices with four different aggregators, and the trading fee is zero. Currently, the official is conducting trading activities, with a prize pool of about $15,000. Previously, to celebrate the launch of native USDC on Sui, Scallop will launch zero loan rates and swap activities.
AC: L2 as an application chain is illogical for developers, severely underestimating infrastructure and compliance costs
Sonic Labs CTO Andre Cronje stated in a post that L2 as an application chain is illogical for developers:
Almost no infrastructure support (such as stablecoins, oracles, and institutional custody) at deployment;
No foundation or lab providing assistance;
Centralized architecture is vulnerable to attacks;
Fragmented liquidity and forced cross-chain bridging;
Lack of user and developer community;
Spending time dealing with the above issues instead of applications and users;
Eliminating network effects;
Still requires long transaction confirmation times (some providers are unwilling to cooperate);
Developing separately (without collaborative teams).
Application chains also severely underestimate the costs of infrastructure and compliance (browsers, custody, trading platforms, oracles, bridging, toolkits, IDEs, on/off ramps, native issuance and integration, regulation, compliance). In 2024 alone, $14 million has already been spent, a significant portion of which is recurring costs.
Market Dynamics
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