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Bitget Daily Digest | Elon Musk fuels PEPE buzz on social media, AI meme trends resurge (December 12)      

Bitget Daily Digest | Elon Musk fuels PEPE buzz on social media, AI meme trends resurge (December 12)      

远山洞见2024/12/12 10:07
By:远山洞见

Bitget Daily Digest | Elon Musk fuels PEPE buzz on social media, AI meme trends resurge (December 12)       image 0

Market highlights

1. $BTC reached $100,000 again. $PNUT, inspired by Squirrel, is now listed on a major US exchange. Bitget's platform token $BGB continues to hit all-time highs. Bitget ranks second globally in 24-hour Bitcoin futures trading volume, just behind Binance. With its newly established European regional center in Lithuania, Bitget is reinforcing compliance and supporting $BGB growth. 

Bitget Daily Digest | Elon Musk fuels PEPE buzz on social media, AI meme trends resurge (December 12)       image 1

2. $ai16z's market cap has surged past $GOAT and maintained upward momentum, igniting hype across the AI sector. Coins like $FARTCOIN showed strong performance, while new tokens such as $ARC, related to AI applications and infrastructure, gained more traction on-chain.

Bitget Daily Digest | Elon Musk fuels PEPE buzz on social media, AI meme trends resurge (December 12)       image 2

3. Elon Musk has been very active on social media, frequently posting, sharing, and replying to PEPE-related memes. His activity briefly boosted $PEPE's market cap past $10 billion. Other animal-themed memecoins, like $Neiro and $FLOKI, also saw gains, with more funds flowing into low-cap projects in the same sector.

4. November's US CPI increase aligned with expectations, reinforcing speculation that the Federal Reserve may cut interest rates next week. Tether minted an additional 1 billion USDT on the Ethereum network, bringing the total minted this month to $4 billion. The SEC advanced NYSE's filing to list the Bitwise Bitcoin and Ethereum ETF.

 

Market overview

1. Bitcoin maintained its strong momentum, breaking above $100,000, while ETH followed with steady incremental gains. The broader market shows mixed performance, with XRP's trading volume ranking third, just behind BTC and ETH. 

Bitget Daily Digest | Elon Musk fuels PEPE buzz on social media, AI meme trends resurge (December 12)       image 3

2. The Nasdaq hit 20,000 for the first time, with Tesla reaching a new all-time high, climbing nearly 6% alongside Google. Commodities like gold and crude oil also saw price increases.

Bitget Daily Digest | Elon Musk fuels PEPE buzz on social media, AI meme trends resurge (December 12)       image 4

3. Currently standing at 101,083 USDT, Bitcoin is approaching a potential liquidation zone. A 1000-point drop to around 100,083 USDT could trigger over $70 million in cumulative long position liquidations. Conversely, a rise to 102,083 USDT could lead to more than $110 million in cumulative short position liquidations. Both long and short positions should exercise caution and manage leverage prudently to avoid large-scale liquidations.

Bitget Daily Digest | Elon Musk fuels PEPE buzz on social media, AI meme trends resurge (December 12)       image 5

4. In the past 24 hours, the BTC spot market saw $5.1 billion in inflows and $5.2 billion in outflows, resulting in a net outflow of $100 million.

Bitget Daily Digest | Elon Musk fuels PEPE buzz on social media, AI meme trends resurge (December 12)       image 6

5. Over the last 24 hours, $XRP, $PEPE, $ADA, $BABYDOGE, and $LINK led in futures trading net outflows, signaling potential trading opportunities.

 

Highlights on X

1. @BTCdayu: Top picks for the current meme sector

@BTCdayu shared their top picks for the memecoin sector, including the unique concept of $PNUT, AI-related memcoins such as $GOAT, $virtual, and $ai16z, and the religious mascot-inspired $LUCE.

X post: https://x.com/BTCdayu/status/1866871550621913415

 

2. AB Kuai.Dong: The transformation behind BGB's new highs

Bitget has implemented profound business reforms, including enhancing spot and futures trading services, restructuring teams, increasing the frequency of token listing promotions, and expanding market outreach. These measures have significantly boosted Bitget's operational efficiency and market competitiveness. Key outcomes include an increase in high-profile trading pairs, a shift from fixed salaries to performance-based pay, record highs for the platform token BGB, and user growth driven by sports sponsorships.

X post: https://x.com/_FORAB/status/1866411979205935291

 

3. Benson Sun: $PNUT volatility, market adjustments, and potential outlook

The recent volatility in $PNUT's price is due to market adjustments. As the fastest memecoin to reach a $1 billion market cap, its recent dip may be part of a consolidation process. Historically, $SHIB and $PEPE also experienced similar adjustment periods after listing on major exchanges. However, the current bullish market could shorten $PNUT's consolidation. Investors are advised to manage risks and stay calm during fluctuations. In the long term, $PNUT has the potential to become a leading SOL memecoin and remain in the $10 billion memecoin club, supported by its political narrative and market hype.

X post: https://x.com/BensonTWN/status/1866841360726364363

 

4. Shanks: Understanding "Whales" in the meme sector

According to Shanks, "whales" in the meme sector aims to offload tokens to retail investors at high prices, reducing market dynamics to a direct confrontation between whales and retail investors. Whales often operate collectively, leveraging professional tools for automated trading  while using narratives and community engagement to reduce costs. After securing profits, they exit swiftly.  For short-term trending memecoins, whales typically attract attention with rapid price pumps, skipping the token accumulation phase. The key to identifying whale behavior lies in tracking token movements and observing changes in market rankings.

X post: https://x.com/Shanks_A9z/status/1866505117962502504

 

Institutional insights

1.CryptoQuant: MicroStrategy’s Bitcoin holding premium continues to decline, indicating potential steady growth in both MSTR stock price and BTC.

X post: https://x.com/ki_young_ju/status/1866883765454377058

2.SlowMist: Quantum computing remains far from cracking Bitcoin private keys, so there’s no immediate concern about the safety of Satoshi Nakamoto’s private keys.

X post: https://x.com/evilcos/status/1866871725985763761

3.Bernstein: If MicroStrategy (MSTR) is included in the Nasdaq 100 Index, its stock is expected to benefit further from a "flywheel effect".

Article: https://www.theblock.co/post/330369/microstrategy-bitcoin-nasdaq-100-bernstein

4.QCP Capital: Bitcoin demonstrates resilience, and MicroStrategy may announce further acquisition plans in the future.

Article: https://t.me/QCPbroadcast/1378

 

News updates

1. Vancouver City Council passes its motion to become a Bitcoin-friendly city.

2. Microsoft states there’s no immediate need to invest in Bitcoin but will continue monitoring crypto-related trends and developments.

3. Alabama's Auditor General publicly proposes the establishment of a Strategic Bitcoin Reserve.

4. A Kenyan union adds Bitcoin to its balance sheet.

 

Project updates

1. Alchemy Pay plans to launch its Layer 1 blockchain, Alchemy Chain, focusing on large-scale commercial applications.

2. BounceBit joins Hong Kong’s Cyberport, aiming to establish a strategic RWA + CeDeFi hub.

3. BGB/USDT achieves a 24-hour trading volume of $460 million, ranking second among CEX platform tokens, just behind BNB.

4. Balancer launches its V3 upgrade, partnering with Aave to introduce Boosted Pools.

5. BackPack, a leading exchange and wallet, is set to integrate with the Sui Network.

6. Notcoin creator unveils Launchpool Earn to reward Telegram Wallet users with tokens.

7. The memecoin launchpad jump.fun is bringing its 2.0 Beta version to Base chain.

8. Fuel CEO posts on X, hinting "6 days left", sparking speculation about snapshots or airdrop time.

9. Jupiter's new round of airdrop is expected to take place before January 25.

10. Movement joins the Galxe G staking ecosystem, allowing users to stake G to earn MOVE.

 

Token unlocks

Aptos (APT): Unlocking 11.31 million ADA, valued at $168 million, accounting for 2.1% of the circulating supply.

 

Recommended reads

Eight key indicators to determine the current market cycle: What’s next after $100K?

Is the current market at a temporary peak or gearing up for a year-end rally? This is the question I raised at the outset. Everyone wants to know where we will be at the end of the year. While I don't usually focus on short-term price trends, I believe Bitcoin could rise from here — potentially reaching around $120,000 before Christmas.

Article: https://www.bitgetapp.com/zh-CN/news/detail/12560604413694

 

AI memecoins stay hot: Exploring emerging narratives in AI tokens

ARC, the AI concept token, was launched, reaching a market capitalization of $30 million in just 3 hours In addition to ARC, a series of new AI concept tokens have emerged over the past week. Focusing on AI tokens with a market cap between $5 million and $30 million that were created within the past week, this article aims to identify early opportunities by highlighting their AI concepts and narratives.

Article: https://www.bitgetapp.com/zh-CN/news/detail/12560604413695

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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