Weekly Web3 Research | Market trend generally declined; ApeCoin released Q1 transparency report; The Fed may lower its benchmark interest rate by more than 2% in the next 12 months

2024-09-06, 06:05

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![](https://gimg2.gateimg.com/image/article/1692587604touyanzhoubao.jpeg)
## Weekly Trend Overview
This week, the <a href="/price" target="_blank" class="blog_inner_link">crypto market</a> has shown a relatively obvious downward trend, with most mainstream coins showing continuous oscillation and decline. Affected by the overall decline in the market, the prices of several key mainstream coins have shown recent lows. Overall, the prices of key mainstream coins have hit recent lows this week, with most major coins currently experiencing a decline of over 5% compared to their opening prices. The overall market value has also declined to some extent. This week, various news factors in the market tend to be more conventional, with low token unlocking value and overall market sluggishness. The crypto market has once again fallen below $20,000, and price fluctuations and declines mainly characterize the overall market trend within a week. The overall market value growth of the crypto market has slightly declined compared to the same period last week, reaching around $1.97 trillion, a decrease of 2.75% within 24 hours. The market sentiment fell to around 34. The trend of key mainstream coins this week is currently showing a clear downward trend, and it is expected that a new round of trend changes will occur during the weekend closing period.

Compared to last week, the performance of the crypto market this week has been mainly characterized by a slight fluctuation and decline since the close of last weekend, followed by further price declines this week. The overall market is showing a relatively sluggish state, and several key coins have reached their recent price low this week. The rise/fall ratio of mainstream coins within a week is 1:9, and most mainstream coins have shown significant declines. The <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">BTC price</a> has reached around $55,000 within a week, with a weekly decline of around 5.78%. Currently, the price remains around $56,111. ETH has experienced a weekly decline of around 6.6% and is currently hovering around $2,369.

The market's overall performance this week is mainly characterized by a continuous decline, with most mainstream coins showing relatively small gains in a week. HNT's 7-day increase reached around 13.5%, and the price curve continued to fluctuate and rise. It has the largest increase among mainstream coins this week, and the coin price is currently maintained at around $8.2.

The probability of the overall crypto market rebounding this weekend is relatively low, and it is expected that the overall market changes will still be dominated by small and sustained fluctuations during the weekend period.

## Crypto Market
🔥 According to the Financial Times, Telegram will hold $400 million in digital assets by the end of 2023.

🔥 Japanese intellectual property platform J-PlatPat shows that Pokemon, the company behind the well-known anime and game IP "Pokemon," has completed a patent application for distributed ledgers and NFTs.

🔥 Messari has released the LayerZero Q2 2024 status report, stating that LayerZero has added support for 12 new networks, facilitating $5 billion in crypto asset transfers and increasing the average value of each transfer by 78% to over $400. The transfer volume on the <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> network increased by 26% month on month, reaching $913 million, mainly due to the Dencun upgrade reducing gas fees and introducing heavy staking across the entire chain.

🔥 The current <a href="/price/stacks-stx" target="_blank" class="blog_inner_link">Stacks</a> blockchain adopts the POX mining mechanism, where miners stake <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> and reward STX tokens. Each Bitcoin block rewards 1,000 STX tokens. After the successful upgrade of Stacks Nakamoto this month, according to the new consensus rules, the reward will be halved, with only 500 STX tokens awarded per Bitcoin block.

🔥 According to BlockBeats, on August 26, according to Token Unlocks data, the total unlocked value of all tokens in the mainstream market within the next week is only $72.55 million.

🔥 <a href="/price/cardano-ada" target="_blank" class="blog_inner_link">Cardano</a> activates the Chang hard fork and introduces a decentralized governance model based on ADA.

🔥 According to CoinShares' latest weekly report, the total outflow of digital asset investment products reached $305 million last week. Negative emotions are mainly concentrated on Bitcoin, with outflows of $319 million.

🔥 QCP Capital's latest analysis indicates that September is usually a bear market month for cryptocurrencies and other asset classes, but October has traditionally performed strongly. Data shows that in 8 out of the past 9 years, Bitcoin has achieved positive returns in October, with an average increase of 22.9%.

🔥 <a href="/price/aave-aave" target="_blank" class="blog_inner_link">Aave</a> Labs has announced the introduction of Sky Aave Force, an initiative initiated by Rune and Aave founder Stani to promote large-scale adoption and narrow the gap between DeFi and TradFi. Sky Aave Force will propose integrating USDS and Savings USDS (sUSDS) on Aave V3 and offering native token rewards. Create a new Spark/Aave marketplace for seamless interaction and exclusive rewards.

🔥 Ripple has released key announcements this week in South Korea and Japan, and the <a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> community is committed to bringing new programmability to the XRPL development ecosystem through the XRPL EVM sidechain (already underway) by 2025, including smart contracts, and exploring native features on the XRPL mainnet.

🔥 Syncrace Capital co-founder Ryan Watkins stated in an article on the X platform that pump.fun has become the fastest-growing revenue application in the history of the crypto economy, generating $100 million in revenue in just 217 days.

🔥 <a href="/price/dash-dash" target="_blank" class="blog_inner_link">Dash</a> officially announced on the X platform that its Evolution chain has been launched and started block production. The Evolution chain has started executing data contracts and sending files to decentralized storage.

🔥 The Grayscale Research team recently stated that if the US dollar weakens and interest rates continue to decline, it will benefit Bitcoin.

🔥 EigenLayer announced that it is upgrading EIGEN and bEIGEN contracts to introduce programmatic incentives. As the first step in this process, the transactions for upgrading EIGEN and bEIGEN contracts have been queued in TimelockController.

🔥 The Arena, the <a href="/price/avalanche-avax" target="_blank" class="blog_inner_link">Avalanche</a> ecosystem social protocol, announced on the X platform that the ARENA token information has now been launched in its application. Users can click on the "ARENA Tokenomics" in the drop-down list of their profile icons to learn more information. It is currently in the final stage of testing the newly improved dynamic wallet.

🔥 Samsung Next, an investment company under Samsung Electronics, officially announced today that it has invested in Startale Labs, the Sony Layer2 network Soneium development team. Previously, it was reported that the Ethereum Layer2 network Soneium, jointly developed by Sony and Startale Labs, has been launched on the testnet.

🔥 On Tuesday, the rise in US Treasury bonds continued, with the two-year yield dropping from over 5% at the end of April to around 3.85%. The rise in the past four months is the longest since 2021. This move is due to market expectations that the Federal Reserve will lower its benchmark interest rate by over two percentage points in the next 12 months, the largest decline since the 1980s except during economic downturns.

🔥 According to Cointelegraph, payment giant Mastercard has partnered with European crypto payment infrastructure provider Mercuryo to launch a Euro-denominated debit card that allows users to make purchases directly using cryptocurrencies stored in non-custodial wallets at merchants that accept Mastercard.

🔥 Euler announces its return to the market and launches the modular DeFi lending protocol Euler v2. It is reported that the modular design of Euler v2 allows builders to design highly customizable safes and can also choose to connect to other safes.

🔥 During the Korean Blockchain Week on Wednesday, Yam Ki Chan, Vice President of Circle, stated in an interview that "major jurisdictions around the world have set minimum standards for well-regulated stablecoins, and currently, the United States has not fully implemented this standard.”

🔥 <a href="/price/apecoin-ape" target="_blank" class="blog_inner_link">ApeCoin</a> releases its transparency report for the first quarter of 2024 (January March 2024). As of March 31, 2024, the main treasury positions include: 1. Treasury holdings of approximately 326 million APEs; 2. Accounts payable are 255,060 APE; 3. Reserve 59 million APEs for grants; 4. No APE inflow; 5. One million APEs were released for operating expenses, including 148,627 APEs to support community activities; 6. The total grant from the foundation is 20.6 million APEs. In addition, 20 AIPs that the community has previously approved and 1 AIP approved by the special council will continue to be disbursed as planned; The community also accepted an additional nine AIPs, during which payments began to <a href="/price/flow-flow" target="_blank" class="blog_inner_link">flow</a> out.

🔥 When Penpie released an analysis report on the attack incident, it pointed out that its platform was attacked on September 3, resulting in the theft of 11,113.6 ETH (approximately $27,348,259). Currently, deposits and withdrawals are suspended, and front-end recovery is completed.

🔥 On September 5, Synthetix announced the upcoming start of a new governance cycle and the launch of the application chain SNAXchain on <a href="/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a>'s Superchain infrastructure. It is reported that the new round of nominations for the governance committee will start at 5:54 Beijing time on August 31 and last for one week.

## Regulatory & Macro Policies
🔥 Monochrome Asset Management and its responsible entity partner, Vasco Trustees Limited, have applied to Cboe Australia to launch the Monochrome Ethereum ETF (code: IETH).

🔥 The US Securities and Exchange Commission (SEC) has again postponed its final decision on the carbon offset Bitcoin ETF application for listing on the New York Stock Exchange (NYSE) Arca. According to the document dated September 4, the new deadline has been extended to November 21.

🔥 Ripple Labs' legal team requests a suspension of the $125 million fine payment awarded on August 7, 2023, and the SEC has agreed to postpone the payment until after September 6. Ripple proposes to deposit 111% (approximately $139 million) of the judgment amount into a bank account until the appeal period ends or the appeal result is determined. This move may indicate that the SEC will appeal.

## Crypto Market Highlights  
⭐ Last week, the overall performance of the crypto market was relatively volatile, with most mainstream coins experiencing significant fluctuations and declines due to market volatility and external factors. The overall performance of the crypto market is mainly characterized by sustained small fluctuations, with low market sentiment and a sluggish overall trend. The market will likely continue to fluctuate in the short term, and it is expected that the current market situation will continue until a significant change occurs at some point next week.

⭐ The number of mainstream coins that have experienced price increases in the market this week is relatively small, and most are still showing a downward trend. The coins that are among the top in terms of price increases have shown limited actual growth. This week, HNT saw the largest increase, with a seven-day increase of around 14%, and the current price is around $8.28. The high point of the coin's price for the week is around $8.33, and it is currently in a relatively obvious fluctuation trend. It is expected to maintain a certain upward trend in price in the future of this week.
![](https://gimg2.gateimg.com/image/article/17256026121.jpg)
(Data Courtesy Of Coinmarketcap)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/17256026342.jpg)
(Data Courtesy Of TradingView)

The price of BTC did not rebound above the corresponding price after falling below $60,000 last weekend. Instead, it showed a more intense price fluctuation, mainly maintaining a continuous fluctuation in the range of $56,000 - $59,000 for most of the week. Currently, the coin's price has reached a relatively low range, showing a continuous downward trend. There is a high probability that the coin will continue to fluctuate and move downwards in the future this week, with a low probability of a significant increase. However, it is highly likely to return to the price level above $58,000. The high point of BTC's weekly price is around $59,700, while the low point is around $55,600.

Analysis suggests that the overall market downturn mainly influences the price change of BTC this week. As BTC has dominated the current market cycle, the continuous price decline is the mainstream trend this week. After BTC reached its recent high this week, the price began to continuously oscillate and decline, but the magnitude was relatively controlled within a small range. Although the actual price performance of BTC is still relatively sluggish, the probability of a significant upward trend in the short term is relatively low.

### Ethereum (ETH)
![](https://gimg2.gateimg.com/image/article/17256026633.jpg)
(Data Courtesy Of TradingView)

The high point of <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">ETH price</a> this week is around $2,560, and its overall performance has maintained a strong correlation with BTC, following the overall downward trend of the market. The coin price has shown a significant decline in the past week and has continued to decline since last weekend, but the overall magnitude remains within a small range. ETH's weekly decline is around 6.5%. The coin is in a relatively obvious fluctuation stage, with prices continuously rising and falling around the $2,360 level.

Analysis suggests that the performance of ETH coin price this week is influenced by a combination of news factors and market volatility. Most mainstream coins have performed poorly, and ETH follows the market trend. In the short term, the fluctuation range of the coin price is likely to continue to fluctuate below $2,500.

## Web3 Project Trend
This week, the total market value of seven types of projects showed mixed performances, and the market recovery trend is obvious. Although the rise and fall of each track are different, the current market situation is still fluctuating. Various sectors are expected to usher in a new round of rebound market during the weekend period.

| Project Category  | 7d Change  | Top 3 Gainers  | Comment |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 | -5.6% | LIBRA,IXI,KLS | The Layer 1 sector has experienced a certain degree of decline this week, with the actual range of top-growing coins remaining within a reasonable range, similar to the overall market trend, with a relatively even distribution of ups and downs.|
| Layer 2  | -8.7% |CYBA,MODE,CULT|The overall decline of the Layer 2 track this week is quite significant, with limited growth in the top-growing coins and a general decline across the board.|
| DeFi  | -5.3%  | VEGA,CAP,TRADE | The DeFi sector has also experienced a certain degree of decline, with overall liquidity decreasing this week. The performance of top-growing coins lacks significant upward momentum.|
| NFT  | -9.9% | CATGIRL,METADOGE,PKR |The NFT market has risen this week, with an overall bias towards MEME-style coins, but the overall decline in the track is still relatively large.|
| MEME  | -6.2% | ZUZU,AKITA,CATGIRL| The MEME coin market has also experienced a significant decline this week, but the top-growing coins have seen significant gains, mainly non-mainstream top coins.|
| Liquid Staking  | -6.7% | STDYDX,AMPKUJI,QCKUJI| The overall trend of this sector has shown a significant decline this week, affected by the weak performance of the top mainstream coins, and the overall market is not good. The top-rising coins have seen relatively small gains.|
| AI  | -11.9%  | OJA,MBD,DCD |The AI industry experienced a significant decline this week, influenced by mainstream AI industries' sharp drop in stock prices. As a result, the overall trend of the AI industry has declined, and the growth rate of top coins is relatively limited.|

<div class="blog-details-info">
<div>Author:**Charles T.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>