Daily News | BTC and ETH Rebounded; TON App Chain Collaborated with Polygon to Launch TON L2; Singer Doja Cat's X Account Was Hacked to Promote Fraudulent Coin

2024-07-10, 03:43

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## Crypto Daily Digest: TON App Chain collaborated with Polygon to launch TON L2; Singer Doja Cat's X account has been hacked to promote fraudulent coin; The price of Meme Coin promoted by Messi soared by 350%
First, let's examine the trading activities of <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs. According to Farside Investor data, on July 9, Grayscale Bitcoin spot ETFs (GBTC) had a cash outflow of $37.5 million. Meanwhile, Fidelity Bitcoin spot ETF (FBTC) had an inflow of $91 million, Bitwise Bitcoin spot ETF (BITB) had an outflow of $4.7 million, and ARK 21Shares Bitcoin spot ETF (ARKB) had an inflow of $43.3 million.

Recently, BTC and ETH have experienced significant pullbacks. However, multiple institutions have submitted ETH spot ETF S-1 forms, and the S-1 documents for ETH spot ETFs may receive approval from the SEC in July, possibly next week.

**TON Application Chain collaborated with <a href="/price/polygon-matic" target="_blank" class="blog_inner_link">Polygon</a> to Launch New TON L2**

TON Application Chain (TAC) and Polygon Labs announced the introduction of <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> Virtual Machine (EVM) functionality into the TON ecosystem. Through this collaboration, TON L2 integrates Polygon CDK and the interoperability protocol Agglayer, enabling EVM compatible decentralized applications (DApps) to run on TAC.

This move aims to expand the application scope of TON network, covering multiple fields such as decentralized finance (DeFi), gaming, and identity solutions. TAC CEO Pavel Altukhov stated in an interview with Cointelgraph that EVM compatibility will break down barriers to using TON networks, which is expected to spark strong interest in DeFi and GameFi applications.

Currently, there are no EVM compatible applications on the TON network. The bridging process is complex and expensive, and only crypto native users can use it smoothly. In addition, TON has recently integrated USDT and launched the Tap to Earn application called Notcoin, which has driven Telegram's monthly active on chain wallet count to 5.8 million.

Through applications such as Wallet in Telegram, integration compatible with EVM will enable Ethereum developers to have access to a large number of users on Telegram, enabling more real-world crypto applications. For example, DeFi applications, games, and decentralized identity solutions.

According to blockchain analysis company Messari, in June 2024, the number of daily active addresses on the TON network exceeded that of Ethereum. However, with the rapid development of the TON ecosystem, phishing attacks have also increased. On June 24, SlowMist founder Yu Xian warned that the Telegram ecosystem was "too free" and phishing links were spread through the platform's message groups, airdrops, and other "deceptive means".

**Singer Doja Cat's X account has been hacked to promote fraudulent coin**

Singer and Singer Doja Cat warned on July 8 that her X account with 5.6 million followers has been hacked to promote <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> based token DOJA. The hacker posted a message on their account saying "purchase $DOJA, otherwise" and attached the Solana contract address for the token.

Doja Cat later clarified to 24 million fans on her Instagram that these misleading X messages were not her own. According to the celebrity news account Daily Trends, Doja Cat's X account was hacked on July 8th and used as a fraudulent token to promote the name of this rapper. In addition, the celebrity news website Daily Mail also reported that Doja Cat's account was used by hackers to post negative posts about rapper Iggy Azalea.

The fraudulent token "Doja Cat (DOJA)" once reached a market cap of $1.65 million after being promoted on stolen accounts, but quickly fell to $16820, causing investors to lose over $1.63 million. According to DEXScreener data, the price of the token skyrocketed to $0.001656 in the first hour after its launch, but then plummeted. As of the time of publication of this article, the price of the token is $0.00001682 and its market value is only $16,820.

**Messi promotes Meme Coin on Instagram, causing prices to soar by 350%**

Football legend Lionel Messi promoted the Solana based meme coin WATER on his Instagram, causing the token's price to soar 350% within two hours. Messi shared a picture of the token mascot and attached a <a href="/price/link-ln" target="_blank" class="blog_inner_link">LINK</a> to the Instagram page of the project. After posting, the water price jumped from $0.00032 to $0.00146.

According to CoinMarketCap data, WATER subsequently fell, with prices slightly above $0.001 as of the time of writing, and an increase of 215.6% in the past 24 hours. The market value of this token is approximately $94 million, with a 24-hour trading volume slightly below $40 million. The website of the project claims that WATER aims to have a positive impact on the real world through philanthropy, but does not specify the specific implementation method.

Messi's move has sparked criticism from the crypto community. Some commentators have pointed out that Messi's previously promoted Leafty and Planet projects have both encountered issues, with the former losing liquidity only five days after promotion, while the latter has seen a 90% decrease in value since promotion.

## Market Trends: BTC rebounds and fluctuates at high levels, and market sentiment remains fearful
**BTC**
Current price: around $57,700, rebounding high and fluctuating, consolidating trend

Market dynamics: The continuous large inflow of Bitcoin spot ETFs demonstrates strong demand from institutional investors

**ETH**
Current price: Above $3,050, the trend is relatively strong and continues to rebound

Influencing factors: Ethereum spot ETF may be approved next Monday

**Altcoins**
Trend: The rise and fall are mixed, with the Meme coin sector performing better, indicating a preference for speculative funds

**Market Indicators**
AHR999 index: At 0.71 (suitable for regular investment)

Fear and Greed Index: At 28 (market sentiment still in a state of fear)
### Macroeconomics
US stock market trend: ups and downs are mixed, and market sentiment is relatively cautious

Federal Reserve interest rate decision: The probability of maintaining interest rates unchanged in August is 95.3%, indicating that the market's expectations for Federal Reserve policy are relatively stable
### Market Hotspots:
**Ethereum Domain Name Protocol (ENS)**
Price fluctuation: ENS briefly touched $34 yesterday, with a intraday amplitude exceeding 30%

Market performance: strong performance in this round of the market, significantly better than other Ethereum ecosystem tokens

Influential factors: Received multiple mentions and blessings from the founder of Ethereum, Vitalik Buterin, and went online on the Korean Stock Exchange yesterday

**Meme Coin Sector**
Main coins: POPCAT, MOG, BONK, BRETT, and other coins rose

Market dynamics: Solana Chain continues to hype up cat-like Meme coins, and the Bonk community has submitted a proposal to burn a large number of BONKs, which may further push up prices

** Privacy Coin Sector**
Main coins: ZEN, ZEC

Price trend: Over 10% increase within the day
### Summary
The current market is showing a relatively complex situation, and the strong rebound of Bitcoin and Ethereum has provided some support for the market, but the overall market sentiment is still in a state of fear. Meme coins have shown outstanding performance, demonstrating market preferences for specific sectors. The macroeconomic environment is relatively stable, and the clear policy expectations of the Federal Reserve contribute to the short-term stability of the market.

## Macro: Expectations for interest rate cuts increase, S&P 500 and Nasdaq hit new highs, Asian stock markets fall
On July 9, Federal Reserve Chairman Jerome Powell told lawmakers that more "good" economic data will support reasons for interest rate cuts, driving the S&P 500 and Nasdaq indices to new closing highs.

Among the three major indices, the S&P 500 index rose 0.07%, the Nasdaq index rose 0.14%, and the Dow Jones index fell 0.13%. This is the sixth consecutive time that the Nasdaq index has hit a new closing high, and the fifth consecutive time that the S&P 500 index has hit a new closing high. <a href="/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a> about the growth of artificial intelligence in the US corporate sector has offset the uncertainty of the Federal Reserve's interest rate cut path.

Among large company stocks, AI chip manufacturer Nvidia's stock price rose 2.5%, offsetting the decline in other chip stocks. Microsoft's stock price fell 1.4%, while Tesla's stock price rose 3.7%.

Powell expressed greater confidence in a pullback in inflation, but did not disclose the specific timing of interest rate cuts later this year. During his testimony in Congress, he mentioned that although the inflation rate is still above the target of 2%, there has been some improvement in recent months, and "more good data" will strengthen the rationale for interest rate cuts.

On July 10, Asian stock markets opened slightly lower on Wednesday. The MSCI Asia Pacific stock index fell 0.27% in early trading, losing some momentum after soaring to a high of over two years earlier this week. The Nikkei Index of Japan rose 0.08% due to the weakening of the yen.

In terms of the currency market, the US dollar has remained relatively stable, with GBP/USD at $1.2787 and EUR/USD falling 0.01% to $1.0813. The New Zealand dollar rose 0.05% to $0.6128, and the Reserve Bank of New Zealand (RBNZ) will announce its interest rate decision later that day. The market expects RBNZ to maintain a hawkish stance and only cut interest rates once by the end of the year.

Regarding commodities, an industry report showed a decrease in US crude oil and fuel inventories last week, indicating stable demand. Coupled with improved prospects for interest rate cuts, oil prices rebounded after three consecutive days of decline. Brent crude oil futures rose 0.24% to $84.86 per barrel, while West Texas Intermediate (WTI) futures in the United States rose 0.29% to $81.65 per barrel.

The price of gold rose 0.07% to $2,365.09 per ounce.

<div class="blog-details-info">
<div>Author:**Sherry S. & Icing**, 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>

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