Daily News | Desci Concept Leading Token RIF Surged Over a Thousand Times in January, Will It Be a New Narrative in the Market?

2024-11-19, 04:46

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## Crypto Daily Digest: Magic Eden announced ME token economics, crypto market enters an extremely greedy state
According to Farside Investor data, yesterday's net inflow into US <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> spot ETFs was $255 million, including $90 million from BlackRock IBIT, $60 million from Fidelity FBTC, and $54 million from Grayscale Mini Trust BTC.

Yesterday, the US <a  rel="nofollow noopener noreferrer"  href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> spot ETFs experienced an outflow of $15.1 million. The Grayscale ETHE outflow was $13.3 million, and the BlackRock ETHA data has not been released yet.

**Magic Eden announced token economics: initial airdrop percentage of 12.5%**

Magic Eden announced its ME token economics, with a total of 1 billion ME tokens to be distributed over 4 years, of which 50.2% will be allocated to the community. The total proportion of communities and ecosystems is 37.7%, and the initial allocation of communities will account for 12.5% of the total supply. In addition, the proportion of contributors is 26.2%, and the proportion of strategic participants is 23.6%, including lock-in periods. Magic Eden announced it will soon launch an airdrop inspection website but has not yet specified a specific date.

**The Crypto Panic & Greed Index rose to 90, remaining in an “extremely greedy state”**

According to data from Alternative.me, the crypto Panic & Greed index rose to 90 today (from 83 yesterday), indicating that the market is still in an "extremely greedy state."

Note: The threshold for the panic index is 0-100, including indicators such as volatility (25%) + market trading volume (25%) + social media popularity (15%) + market research (15%) + Bitcoin's proportion in the entire market (10%) + Google keyword analysis (10%).

**Nvidia will announce its financial report this Wednesday, and traders are betting that its stock will fluctuate by 12% after the report is released**

According to data from the Chicago Board Options Exchange, traders are betting that Nvidia's stock will rise or fall by about 12% on the next trading day after the financial report is released, resulting in a market value fluctuation of approximately $407 billion. Vishal Vivek, a stock and derivatives trading strategist at Citigroup, stated that according to Nvidia's past eight earnings days, its stock price has fluctuated by an average of over 9% after the release of its earnings report.

It is reported that investors are preparing for another significant rise in Nvidia stock. They are purchasing a large number of option contracts, which will bring returns if Nvidia's stock price rises by more than 10% this week.

## Market Trends: Desci concept RIF and URO rose sharply, and the short-term market may face adjustment
### Market Hotspots
The meme projects URO, RIF, BAN, and others on the chain surged. RIF and URO are the leading tokens of Desci concept, and RIF rose over 1000 times in the past month. RIF comes from the Pump.science platform and represents the <a  rel="nofollow noopener noreferrer"  href="/price/compound-comp" target="_blank" class="blog_inner_link">compound</a> rifampicin (RIF). Pump.science is a Meme coin platform launched by the Desci project Molecular DAO, which supports medical experiments through Meme coins. Pump Science officially states that only $RIF/$URO are truly official tokens;

In the early stage of the current US election, leading tokens such as PNUT and ACT experienced a sharp decline, entering the adjustment stage first. When the leading tokens hit the top and fell, it indicates that the market may face the risk of downward adjustment in the short term.

### Mainstream Coins
BTC consolidated at around $91,000, with BTC ETFs experiencing significant outflows for two consecutive days last week. Yesterday, funds resumed positive inflows, and BTC is waiting to break through the psychological barrier of $100,000;

ETH oscillated narrowly before $3,000 and $3,200, and it may only have independent performance after BTC reaches a historical high;

Altcoins generally declined, and the market still lacks sustained hotspots. The rise is mainly due to small market cap memes on the chain, and low circulation and high market cap VC tokens are still not favored by funds.

## Macro news: The three major US stock indexes mixed ups and downs, and the market is focusing on Nvidia's financial report on Wednesday
The three major indexes of the US stock market fluctuated, with the S&P 500 index rising 0.39% to 5,893.62 points; The Dow Jones Industrial Average fell 0.13% to 43,389.60 points; The Nasdaq index rose 0.60% to 18,791.81 points. The benchmark 10-year Treasury yield is 4.42%, while the 2-year Treasury yield, most sensitive to the Federal Reserve policy rate, is 4.29%.

US stock Bakkt surged 162.46%, triggering circuit breakers five times. On the news front, according to the Financial Times, Trump's social media company is in deep negotiations to acquire Bakkt, a crypto trading platform under the Intercontinental Exchange, as the company strives to expand its business beyond online conversations.

Strategists from Bank of America Securities predict that Nvidia's financial report, which will be released this Wednesday, will bring greater volatility than the next non-farm payroll data, consumer price index, or Federal Reserve decision.

<div class="blog-details-info">
<div>Author:**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. All investments carry inherent risks; prudent decision-making is essential.
<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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