Daily News | Technology Stock Crash Causes Market Fluctuations; Crypto Market is Generally Down, But MEW, WIF, and Solana Memecoins are Soaring; MonoSwap was Hacked

2024-07-25, 03:25

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## Crypto Daily Digest: The crypto market is generally down, but MEW, WIF, and Solana Memecoins are soaring; MonoSwap has been hacked, and users have been warned not to deposit funds; Fold plans to list on NASDAQ through a $365 million SPAC transaction
First, let's examine the trading activity of <a href="/vi/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> and <a href="/vi/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> ETFs. According to Farside Investor data, on July 24, Grayscale Bitcoin Spot ETF (GBTC) had a fund outflow of $26.2 million. Meanwhile, the Fidelity Bitcoin Spot ETF (FBTC) received an inflow of $1.4 million, the Bitwise Bitcoin Spot ETF (BITB) received an outflow of $70.3 million, and the ARK 21Shares Bitcoin Spot ETF (ARKB) received an outflow of $3.3 million.

Bitwise Ethereum Spot ETF (ETHW) net inflow of $29.6 million; Fidelity Ethereum Spot ETF (FETH) inflows of $74.5 million; VanEck Ethereum spot ETF (ETHV) inflow of $19.8 million; Grey; Grayscale Ethereum spot ETF (ETHE) net outflow of $326.9 million.

**As online activity increases, MEW, WIF, and <a href="/vi/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> Memecoins soar**

Memecoin in the Solana ecosystem has achieved significant growth in the past seven days, outperforming the broader crypto market. According to CoinGecko's data, the total market value of Memecoin on the Solana blockchain has significantly increased in the past 7 days, reaching $9.2 billion as of July 24.

Cat in Dogs World (MEW) has seen the largest increase over the past week, rising 82% and 1.4% in the past 24 hours. Following closely behind is Gigachad (GIGA), which has risen 45.5% in the past 7 days and 9% in the past 24 hours, reaching double-digit growth.

Calculated by market value, Dogwifhat (WIF), the largest meme token based on Solana, saw a 1.8% increase in price on the same day and a 21.5% increase within a week, reaching a market value of $2.54 billion. It is worth noting that WIF accounts for nearly one-third of Solana's total Memecoin market cap. The bullish performance of Solana Memecoins reflects a broader sentiment among investors towards the industry. According to a recent report by CoinGecko, this asset class has become one of the hottest topics in the second quarter of 2024.

According to DefiLlama's data, Solana's trading volume climbed from $603.8 million on June 29 to $2.54 billion on July 19. The highest transaction volume in the history of this blockchain was set on March 15th at $3.8 billion. The number of active addresses on the Solana network has increased sharply in the past two weeks. The number of active addresses on July 23 exceeded 2 million, which is 72% higher than the 1.45 million on July 10.

**MonoSwap has been hacked, and users have been warned not to deposit funds**

On July 24, 2024, the decentralized exchange and staking platform MonoSwap announced that it had been attacked by malicious hackers and warned users not to stake or add additional funds at this time. MonoSwap is investigating this incident. In the announcement, MonoSwap warns users to immediately withdraw funds from the platform to avoid losses and not to interact with malicious links identified by the protocol in social media posts.

According to the platform, on July 23, 2024, one of its developers accidentally installed a malicious phishing application and was lured by scammers pretending to be venture capitalists. During the call, the scammer installed malicious software on the developer's computer, which had access to all wallets and contracts on the platform. This allows hackers to extract most of the staking liquidity on the platform.

Since the co-founder of CoinGecko issued a warning, there have been multiple high-profile incidents of hacking attacks and vulnerability exploitation. Onchain detective ZackXBT recently issued an alert to the <a href="/vi/price/compound-comp" target="_blank" class="blog_inner_link">Compound</a> Finance website, which redirected users to phishing pages. The Compound Finance team has since fixed this issue.

**Bitcoin reward application Fold plans to go public on NASDAQ through $365 million SPAC trading**

The Bitcoin reward application Fold plans to be listed on NASDAQ through a merger with Special Purpose Acquisition Corporation (SPAC) Emerald Acquisition Corp. (EMLD). After the transaction is completed, there will be over 1,000 Bitcoins ($67 million) on the entity's balance sheet.

Fold, headquartered in New York, has launched a cashback debit card that replaces traditional rewards with offering Bitcoin rewards. According to an announcement on Wednesday, Fold's card has processed over $2 billion in transaction volume and issued rewards worth over $45 million.

This transaction has received unanimous approval from the boards of directors of both companies, with a pre transaction equity valuation of $365 million. After the transaction, there will be over 1,000 Bitcoins ($67 million) on the entity's balance sheet. Fold has not yet disclosed the expected completion time of the merger and its trading code on NASDAQ.

## Market Trends: The overall market has fallen, but market sentiment remains optimistic
BTC fell below $64,500 and crossed the middle of the weekly Bollinger Bands. If BTC can rebound and recover above the middle of the weekly Bollinger Bands this week, the market is still expected to be bullish in the future. However, if the weekly chart closes below the middle of the Bollinger Bands, it may continue to fluctuate downwards.

ETH fell below $3,200. The Grayscale Ethereum ETF continues to experience large outflows. Previously, the Grayscale Ethereum ETF had been at a negative premium of around -40% for a long time, and buyers made more profits by selling, causing huge pressure on the market.

Altcoins have generally declined, and the Meme sector has also experienced a pullback. At this point, you can consider buying the previously strong Meme currency in batches, which may yield additional returns in the future.

Market sentiment: The AHR999 index is 0.87 today, indicating that the current BTC price is suitable for long-term investment. The Fear & Greed Index is 68, and market sentiment has been in a greedy state for four consecutive days. Despite the general decline in the market, market sentiment has not fallen into panic.
### Macroeconomics
US stock performance: The three major US stock indices all fell, with AI giants such as Nvidia and Broadcom leading the decline, and the "Big Seven" US stock index falling 5.9%.

Bond market: The yield of the 30-year treasury bond of the United States exceeded the yield of the five-year treasury bond, the largest margin since May 2023.

Policy expectation: After Biden's withdrawal from the election, the expectation of the Federal Reserve cutting interest rates in September has decreased, and the market is in a state of macro instability.
### Market Hotspots:
**Solana Ecosystem:**
SOL/ETH Performance: SOL/ETH continues to strengthen, with SOL breaking through $180 yesterday. It is expected that this strong performance will continue in the future market.

On-chain Memecoins: Memecoins on Solana chain performed well in this round of uptrend, with cat coins POPCAT, MEW, etc. breaking historical highs, and Zhaocai Cat Meme Coin MANEKI achieving over 100% increase from the bottom.
### Conclusion
The current crypto market presents a complex and volatile situation, with major cryptocurrencies such as BTC and ETH facing downward pressure, but market sentiment remains relatively optimistic. In a downtrend, users should prioritize buying strong tokens on the strong public chain in batches one by one. Considering the uncertainty of the macro economy and changes in market hotspots, investors should remain cautious, diversify risks, and prioritize investing in strong assets.

## Macro: The sharp decline in technology stocks has impacted the stock market, with both Wall Street and Asian markets suffering heavy losses
On July 24, the S&P 500 and Nasdaq indexes fell to several week lows at Wednesday's close, as Alphabet and Tesla's lower than expected performance weakened investors' confidence in large cap stocks.

Investors have been waiting for the first company among the "Big Seven" to announce its quarterly performance to determine whether high valuations are reasonable. The performance of these seven companies has a significant impact on the market and is bound to have a wide-ranging chain reaction on the overall market.

The main index performances are as follows: the Dow Jones Index fell 1.25%, the S&P Index fell 2.31%, and the Nasdaq Index fell 3.64%.

On Thursday morning, July 25, Asian stock markets were hit hard by the performance of technology stocks, and investors turned to low-risk assets including short-term bonds, Japanese yen, and Swiss franc.

The MSCI Asia Pacific's most widely used stock index fell 0.7%, Japan's Nikkei index plummeted 2.9%, and South Korea's KOSPI index fell 2%. The Taiwan market continues to close due to the impact of the typhoon. Chinese blue chip stocks reduced their previous decline by 0.1%, while the Shanghai Composite Index fell by 0.3%, hitting a five month low. The Hang Seng Index in Hong Kong fell 0.6%, despite Beijing's latest easing measures, it failed to provide sufficient support.

The Wall Street panic index has risen to a three-month high. Investors are seeking safe cash and highly liquid short-term debt, with US two-year bond yields falling to their lowest level in nearly six months on Wednesday.

The Japanese yen, as a safe haven currency, surged by 0.6%, reaching its highest level in two and a half months. Overnight, the Japanese yen surged 1.1%, and its upward momentum remains strong ahead of next Sunday's central bank meeting, where decision-makers will discuss whether to raise interest rates. The Swiss franc also rose 0.7% overnight.

The People's Bank of China unexpectedly lowered long-term interest rates and increased recent stimulus measures, but the Chinese stock market did not receive much support.

The decline in the stock market has led investors to increase their bets on global interest rate cuts, with futures markets showing a 100% chance of the Federal Reserve cutting interest rates in September. The surge in market volatility has led to a significant reduction in arbitrage trading, causing the US dollar to fall another 0.6% against the Japanese yen on Thursday to 152.85.

Faced with the collapse dominated by large cap stocks, the market has re examined the profit prospects of heavily hyped artificial intelligence and the seven major giant stocks. The sharp decline of Alphabet and Tesla triggered the collapse of Wall Street. In addition, concerns about China and global economic growth have put enormous pressure on commodity pegged currencies, and the risk aversion in the Chinese and Japanese markets will continue.

Regarding commodities, due to concerns about China's economic slowdown suppressing demand, oil prices have slightly decreased and remained near a six week low. Brent crude oil futures fell 0.4% to $81.81 per barrel, while US West Texas Intermediate (WTI) futures also fell 0.3% to $77.33 per barrel.

Gold fell 0.9% to $2,375.92 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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