TL;DR

• The price of BTC rose by 0.91% in the last 24 hours, currently at $67,789, while ETH fell by 0.23% to $2,476.
• The S&P 500 Index dropped 0.03%, the Nasdaq rose 0.56%, and the Dow Jones declined by 0.61%.
• Farcaster’s cumulative revenue surpassed $2 million since July 1, but it has only generated $340,000 in the past four months, totaling $2.34 million.
• On October 26, the daily stablecoin transaction volume on the Layer 2 network Base exceeded $18.1 billion.
• On October 24, tokens issued by Pump.fun saw daily trading volume on Solana DEX surpassing $2 billion.
• The market cap of the AI bot fund token ai16z, inspired by a16z, briefly approached $100 million.

Market Analysis

According to Gate.io market data as of 4:00 (UTC+0) on October 28[1]:

• BTC — The price of BTC has increased by 0.91% in the past 24 hours, currently priced at $67,789. Over the past 24 hours, the highest price reached $68,320, and the lowest was $67,040. [2] Recently, strong buying support has emerged around the $66,000 level, but resistance at $68,125 remains to be breached.

• ETH — The price of ETH has fallen by 0.23% over the past 24 hours, currently at $2,476. In the last 24 hours, the highest price reached $2,528, and the lowest was $2,464.[3]The current price is finding support around the $2,470 level; if it breaks below this level, it may decline further. The $2,500 area could become a short-term resistance.

• ETFs — According to data from SoSoValue, the total net inflow for U.S. Bitcoin spot ETFs on the previous trading day was $402 million[4], while U.S. Ethereum spot ETFs saw a net outflow of $19.16 million[5].
• Altcoins — Sectors such as Launchpad, Liquid Staked SOL, and BRC-20 recorded gains of 9.36%, 5.14%, and 4.84%, respectively[6].
• U.S. Stock Market Indices — The S&P 500 Index fell by 0.03%, the Nasdaq rose by 0.56%, and the Dow Jones dropped by 0.61%[7].
• Spot Gold — The spot gold price reached $2,730 per ounce, down 0.63% for the day[8].
• Fear & Greed Index — The Fear & Greed Index decreased from 74 to 72, indicating a slight weakening in greed sentiment. However, market sentiment remains optimistic. Nevertheless, there are still risks of market overheating, and potential volatility and corrections should be monitored[9].

Top Performers

According to Gate.io market data, based on trading volume and price performance over the past 24 hours, the following are notable altcoins[1]:

SHDW — The price increased by approximately 25.1%, with a circulating market cap of $85.15 million.
$SHDW is a utility token powering the Shadow dePIN ecosystem. Users utilize $SHDW to pay for decentralized data storage, computation, and other utility services like storage and bandwidth.

On October 26, the operator of shdwDrive posted on X about the features of shdwDrive v2, highlighting its capacity to offer an infinitely scalable storage network to support AI training and conversational data. Additionally, v2 lays the groundwork for truly decentralized computation directly supporting large language models (LLMs). This recent price surge may be linked to market optimism about shdwDrive v2[10].

SXP — Daily increase of approximately 19.5%, with a circulating market cap of $162 million.
Solar is a decentralized Delegated Proof-of-Stake (DPoS) blockchain powered by SXP. In October, Solar Enterprises launched BrighterVPN, a cryptocurrency-focused virtual private network (VPN) that supports SXP payments and is integrated with the Solar Wallet.

The recent price surge may be related to the project’s offline events in Dubai and recent community engagements[11].

VIRTUAL — Daily increase of approximately 18.2%, with a circulating market cap of $487 million.
Virtual Protocol is a decentralized protocol focused on creating co-owned, human-curated plug-and-play gaming AI agents. It enables users to create various types of AI characters that can interact within different virtual environments and generate income. Users can stake these AI characters to share in the generated revenue. The protocol also offers a governance mechanism, allowing holders to participate in the decision-making processes.

On October 20, Virtuals launched its AI bot, Luna Virtuals, along with the AI token $LUNA, whose market cap briefly reached $240 million. Driven by the substantial price surge of $LUNA, the parent token $VIRTUAL also saw a price increase. The ability for anyone to launch their own AI agent bot with Luna may be a key factor contributing to the single-day price rise[12].

Data Highlights

Bitcoin ETF Recorded a Net Inflow of $402 Million
According to data from SoSoValue, U.S. spot Bitcoin ETFs saw a single-day net inflow of $402 million on the previous trading day (October 25), with a total daily trading volume of $2.9 billion. The cumulative net inflow now stands at $21.93 billion, and the total value of BTC managed by these ETFs is $65.25 billion, accounting for 4.93% of Bitcoin’s total market cap.

Ethereum ETF Recorded a Net Outflow of $19.16 Million
According to SoSoValue data, U.S. spot Ethereum ETFs experienced a single-day net outflow of $19.16 million on the previous trading day (October 25), with a total daily trading volume of $189.9 million. The cumulative net outflow has reached $504 million, and the total value of ETH managed by these ETFs is $6.82 billion, representing 2.28% of Ethereum’s total market cap.

Farcaster’s October Revenue Totals Only $10,000
The decentralized social platform Farcaster has seen a marked slowdown in revenue growth recently. Dune Analytics data reveals that since reaching a cumulative revenue of $2 million on July 1, Farcaster has added only $340,000 over the past four months, bringing the total to $2.34 million. In October, only four days saw daily revenue exceed $1,000, with total revenue for the month amounting to just $10,000.[13]

Base Network’s Single-Day Stablecoin Transfer Volume Surpasses All Other Chains for the First Time
On October 26, 2024, the Layer 2 network Base recorded a daily stablecoin transaction volume exceeding $18.1 billion, capturing over 30% of the total stablecoin transaction volume across all networks that day and marking the first time it has outperformed all other blockchains. Notably, 99.9% of this transaction volume came from USDC.[14]

Spotlight Analysis

Pump.fun’s Token Daily Trading Volume Surpasses Combined Volume of Other Tokens in Solana Ecosystem
On October 24, the daily trading volume of tokens issued by Pump.fun on Solana’s decentralized exchanges (DEXs) exceeded $2 billion, surpassing the total volume of all other tokens within the Solana ecosystem. Since September, Pump.fun has seen a rapid increase in cumulative trading volume driven by rising user engagement. Some tokens issued by Pump.fun, like GOAT, have delivered substantial returns to early investors due to sharp price increases, creating a notable wealth effect. This effect often attracts interest from other investors, further boosting user participation.[15]

Currently, Gate.io has also launched a dedicated “Pump” section, offering a streamlined platform for MEME coin investments. This section aims to help users easily identify and capitalize on high-potential tokens, simplifying the process and enhancing the trading experience.[16]

Vitalik Addresses Concerns over Ethereum Foundation’s ETH Sales
Vitalik recently published a detailed post on X, addressing questions surrounding the Ethereum Foundation’s periodic ETH sales. He clarified that these funds are allocated Ethereum developers and researchers to sustain the Proof-of-Stake (PoS) mechanism. This mechanism enables key functionalities, such as low transaction fees and transaction confirmations within 30 seconds, while ensuring uninterrupted network uptime since 2016.

Currently, the ETH/BTC price continues to decline, dropping to 0.036 as of October 28 at 4:00 UTC—a near three-year low. This price weakness may impact community confidence in the Foundation, with some investors attributing the ETH price drop directly to the Foundation’s sales, potentially amplifying downward pressure.

Vitalik also provided insights into Ethereum’s technical roadmap, elaborating on the development phases: “Merge,” “Surge,” “Scourge,” “Verge,” and “Purge.” This detailed roadmap is expected to foster greater community confidence and interest in Ethereum’s long-term growth potential.[17]

Daos.fun Raises Over 7,880 SOL in One Day
Within one day of its launch, the decentralized autonomous organization (DAO) platform daos.fun raised over 7,880 SOL. On this platform, creators have one week to raise the required SOL funds. The fundraising operates as a fair sale, where all participants purchase DAO tokens at the same price. After the fundraising period, creators gain control of the SOL to invest in Solana protocols of their choice. Once the investment term ends, the DAO wallet is frozen, and any profits in SOL are distributed back to token holders. Users can choose to burn their DAO tokens to redeem the DAO’s underlying assets or sell tokens on the market if the market value exceeds the initial fundraising amount.[18]

Most funding has been concentrated on top-tier projects, with the two leading projects attracting the majority of the funds, indicating a preference among participants for tokens from prominent creators. One notable project is the AI bot fund ai16z, modeled after Marc Andreessen’s trading strategies. This fund quickly grew its initial $1 million in assets to a historical peak of nearly $100 million, sparking market interest after Andreessen engaged with it on social media. However, its token market cap has since decreased to $54 million, with the fund’s planned expiration set for October 2025. The token is now available on Gate.io’s Innovation Zone.[19]

Trump Proposes Replacing Federal Income Tax, Suggests Bitcoin Could Help Alleviate U.S. National Debt
Former U.S. President Donald Trump recently stated on the Joe Rogan podcast that, should he return to the White House in 2024, he would consider replacing federal income tax with import tariffs. He also suggested that it might be possible to “give creditors some Bitcoin” as a way to address the U.S. national debt. These ideas have sparked deeper discussion on the use of cryptocurrencies.

Regarding the proposal to repay national debt with Bitcoin, the concept highlights a growing focus on crypto assets, though its practical feasibility remains low. Bitcoin’s volatility could lead to significant market fluctuations if used to repay large sums of debt. Furthermore, major global creditors, especially sovereign nations and large institutional investors, have limited acceptance of cryptocurrencies, often preferring traditional fiat currencies or low-risk assets. This preference makes Bitcoin repayment particularly challenging. Nevertheless, Trump’s comments reveal his acknowledgment of the potential of decentralized assets, which could encourage policymakers to consider the mainstream applications of cryptocurrencies.

The potential impact of this statement lies in the indication that U.S. political circles might be increasingly open to considering the role of cryptocurrencies in sovereign finance. Although there are still many obstacles, the idea has spurred discussions on whether Bitcoin and similar cryptocurrencies could be applied more broadly to national-level financial challenges. This, in turn, brings new attention and policy exploration opportunities to the crypto industry.[20]

Funding News

According to data from RootData, three projects publicly announced new funding rounds in the past 24 hours, with the largest single round reaching $15 million. The total funding exceeded $19 million, covering sectors such as privacy, DePIN (Decentralized Physical Infrastructure Networks), and social networking. Here are the top three deals by funding size:[21]

Bluesky — Bluesky completed a $15 million Series A funding round, led by Blockchain Capital with participation from SevenX Ventures and others. Bluesky is developing the AT Protocol, a new foundational framework for social networks. The protocol empowers creators to remain independent of platforms, allows developers to build freely, and gives users greater control over their experience.

Hana Network — Hana Network secured $4 million in funding with contributions from Alliance DAO, SushiSwap, and others. Hana Network is a financial system with a social network effect, and it has introduced a fiat-to-crypto gateway solution called Hana Gateway. The network aims to enable user-driven capital distribution by leveraging existing open social networks.

Pulse — Funding details and investor names for Pulse’s latest round have not been disclosed. Pulse is developing an open health network where users can freely use and monetize their own data, earning rewards in return.

Airdrop Opportunities

Drop

Drop is a cross-chain liquid staking protocol that completed a $4 million seed funding round on October 17, launching its testnet on October 23. In partnership with Celestia, Drop introduced the Interchain Account feature to enhance the security of liquid staking.[22]

1.Join Celestia’s Discord Channel

• Access the channel through this link: [Celestia Discord].
• In the #mocha-faucet channel, obtain faucet tokens.

2.Request Faucet Tokens

• Use the command: $request [Your Celestia Address], replacing the content within brackets with your actual Celestia address.

3.Access the Testnet

• Go to the Drop testnet.
• Connect your Keplr wallet and switch to the test network.

4.Stake or Unstake

• Perform TIA staking or unstaking operations on the testnet.

5.Submit the Testnet Feedback Form

Important Notes:
The airdrop program and participation details may change at any time. It’s recommended that users follow Drop’s official channels for the latest information. Participants should also be cautious, recognize the risks involved, and conduct thorough research before joining. Gate.io does not guarantee the distribution of airdrop rewards in the future.

Reference：

1. Gate.io, https://www.gate.io/zh/price
2. Gate.io, https://www.gate.io/trade/BTC_USDT
3. Gate.io, https://www.gate.io/trade/ETH_USD
4. SoSoValue, https://sosovalue.xyz/assets/etf/us-btc-spot
5. SoSoValue, https://sosovalue.xyz/assets/etf/us-eth-spot
6. CoinGecko, https://www.coingecko.com/en/categories
7. Investing, https://investing.com/indices/usa-indices
8. Investing, https://investing.com/currencies/xau-usd
9. Gate.io, https://www.gate.io/bigdata/homeindex
10. X, https://x.com/genesysgo
11. X, https://x.com/SolarNetwork/status/1847331052639130066
12. X, https://x.com/virtuals_io
13. Dune, https://dune.com/deodad/farcaster-revenue
14. Artemis, https://app.artemis.xyz/stablecoins
15. Dune, https://dune.com/hashed_official/pumpdotfun
16. Gate.io, https://www.gate.io/zh/announcements/article/40051
17. Cointelegraph, https://cointelegraph.com/news/vitalik-buterin-enters-wartime-mode-against-ethereum-critics
18. daos.fun, https://www.daos.fun/leaderboard
19. Gate.io, https://www.gate.io/zh/pilot/solana/ai16z-ai16z
20. Cointelegraph, https://cointelegraph.com/news/trump-floats-idea-eliminating-federal-income-tax
21. Rootdata, https://www.rootdata.com/Fundraising
22. Drop.money, https://testnet.drop.money/stake

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Disclaimer
Investing in the cryptocurrency market involves high risk, and it is recommended that users conduct independent research and fully understand the nature of the assets and products they are purchasing before making any investment decisions. Gate.io is not responsible for any losses or damages caused by such investment decisions.