Solana whales are shifting profit funds to Bitcoin as the meme coin market cools down.
Author: Deep Tide TechFlow
Yesterday's Market Dynamics
U.S. January seasonally adjusted non-farm employment recorded at 143,000, a new low since October last year
The U.S. January seasonally adjusted non-farm employment recorded at 143,000, significantly lower than the market expectation of 170,000, marking a new low since October last year. The expectation was 170,000, with the previous value revised from 256,000 to 307,000.
BNB Chain launches initiative against malicious MEV proposals
According to official news, to combat malicious MEV behavior, BNB Chain has initiated a community governance proposal, calling on block builders, RPC nodes, validators, and DApps to jointly prevent "sandwich" attacks.
The proposal advocates: eliminating bad actors—cutting off the permissions of malicious block builders; voting to eliminate validators that condone such behavior. Additionally, the memory pool will be upgraded in 2025 to prevent transaction front-running.
Currently, BNB Chain has partnered with leading wallets such as Trust, Binance Wallet, OKX Wallet, and Mathwallet to enable MEV protection features for users to guard against sandwich attacks. The proposal is currently soliciting community votes and encourages users to actively report MEV attackers and avoid using unsafe RPCs.
Story releases $IP token economics, with community ecosystem allocation at 58.4%
Layer1 intellectual property blockchain project Story has officially released its $IP token economic model. The total supply of $IP tokens is 1 billion, with an initial unlock ratio of 25%. In the allocation plan, the ecosystem and community account for 38.4%, initial incentives account for 10%, the foundation accounts for 10%, and early investors and early contributors account for 21.6% and 20%, respectively.
In terms of staking mechanism, Story will adopt a fair launch principle, allowing users to participate in staking without generating rewards during the 42-day singularity period after the genesis block on January 19, 2025. Staking rewards will only begin after the singularity period ends. The $IP token will primarily be used for staking, paying gas fees, and governance functions.
Matrixport: Solana whales are shifting profit funds to Bitcoin as the meme coin market cools down
Matrixport's latest report indicates that the number of wallets holding over 10,000 SOL has significantly decreased in the past two months, suggesting that large holders are taking profits. Meanwhile, the meme coin market is cooling down, with data from the Pump.fun platform showing that the daily issuance of meme coins has decreased by 16% over the past 30 days, and daily trading volume has sharply declined from a peak of 71,738 transactions on January 23.
The report notes that the Trump meme coin (Trump) plummeted from $60 to $20, severely undermining retail investor confidence. Although the price of Raydium (RAY) has recently risen, early Solana investors are shifting profit funds to Bitcoin. This capital rotation explains why Bitcoin remains relatively resilient despite a general pullback in altcoins. Additionally, despite Ethereum reducing transaction fees in March 2024, it has failed to gain a significant advantage in the current meme coin trend due to user experience and cost issues.
Coinbase adds MORPHO, PENGU, and POPCAT to its listing roadmap
Coinbase Assets has announced that it has added Morpho Token (MORPHO), Pudgy Penguins (PENGU), and Solana-based Popcat (POPCAT) to its listing roadmap.
Trump plans to announce reciprocal tariff policy next week
According to Caixin, U.S. President Trump stated during a meeting with Japanese Prime Minister Kishida Fumio that he plans to announce "reciprocal tariffs" measures next week.
Trump told reporters in the Oval Office that this move aims to ensure equal treatment with other countries, although he did not specify which countries would be affected, stating that this action would impact "everyone." Trump also mentioned that he is considering tariffs on automobiles and plans to impose tariffs on imports such as steel, pharmaceuticals, oil, and metals in the coming months.
Hong Kong's Hang Seng Tech Index rises over 20%, entering a technical bull market
According to Bloomberg, the Hang Seng Tech Index rose 1.1% during trading on Friday, accumulating over a 20% increase since the low closing phase on January 13, thus entering a technical bull market. As of 9:51 local time, the Hang Seng Tech Index was up 1%, with Xiaomi Group being the largest contributor to the index, rising 4.1%.
Morgan Stanley strategists Laura Wang and Chloe Liu pointed out that despite ongoing geopolitical risks, market sentiment has improved due to strong Chinese AI themes and increased trading volume. Year-to-date, SMIC (981 HK) has risen about 50%, BYD (285 HK) has risen 31%, and Alibaba (9988 HK) has risen 20%.
Crypto analyst Miles: Current market decline is more frustrating than during the FTX collapse, as people still hold hope for a bull market
Notable crypto analyst Miles Deutscher stated on X that the current market decline is more painful compared to the period of the FTX collapse in 2022.
He explained that during the FTX incident, people had become numb to the decline and no longer held hope. However, this decline occurs while people still expect a large-scale altcoin rally. Losing hope is more painful than losing money.
Vitalik: Frustrated by the crypto field's focus on PvP-style games rather than pursuing better products
Ethereum co-founder Vitalik Buterin expressed in a post that he feels uncomfortable when the crypto community and venture capital firms consider "PvP-style game projects that cause most users to lose money" as the best product form in the crypto space, while pursuing better products is criticized as "patronizing and elitist."
Although these comments sometimes make him consider stepping back, he finds inspiration from the world each time this happens, reminding himself that he is fighting for something valuable.
Market Dynamics
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