Crypto Market Weekly Report: The Rise of Attention Economy, Pump.fun Faces Security Incident

macro environment

In April, the U.S. CPI data showed that inflationary pressures eased, with the core CPI year-on-year growth rate reaching a nearly three-year low. Market expectations for a rate cut by the Federal Reserve have risen, with a probability of over 80% for a 25 basis point cut at the September meeting. As a result, U.S. stocks surged to historic highs, and the dollar index fell sharply. The crypto market rebounded along with U.S. stocks.

market trends

This week, Bitcoin fluctuated and rebounded, while the Ethereum to Bitcoin exchange rate hit a three-year low. Market hotspots are mainly concentrated in the Meme and AI sectors. Representative events include:

1. Meme coins related to the U.S. elections, such as PEOPLE and MAGA, have surged and are expected to continue being hyped until November.

2. Bouncebit's performance on a certain exchange has been mediocre. As a BTC re-staking protocol, it may develop futures arbitrage business in the future.

3. The TON ecosystem game Meme coin Notcoin has gained significant attention, boasting 30 million users and 5 million daily active users.

Bitcoin trend analysis

1. On-chain data shows that investor sentiment has cooled after the halving, which is consistent with historical patterns.

2. The market value of stablecoins remains stable, indicating a positive long-term funding outlook.

3. The MVRV-Z indicator is at 2.4, which is in the middle range.

4. Institutional funds have returned to net inflow, but ETH inflows are insufficient.

5. In terms of futures, the funding rate is close to zero, the open interest has surged, and the long-short ratio is 0.8.

6. The spot market has rebounded slightly. In the short term, there is a high probability of wide fluctuations, with attention on the Federal Reserve's interest rate cut in September.

![Crypto Market Weekly Review: Notcoin Sparks Attention Economy Track, Pump.fun Under Attack](https://img-cdn.gateio.im/webp-social/moments-efeb7218918b207eff141e3897588956.webp01

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) DeFi data

1. Total locked amount ### TVL ( 193.2 million USD, up 3% week-on-week.

2. The TVL of mainstream public chains generally increased, with SOLANA experiencing the largest increase of 11%.

3. MODE chain performs outstandingly, with a TVL of $500 million and a monthly increase of 175%.

4. The TVL rankings of the top protocols on various public chains have not changed much.

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) NFT market

The NFT market is overall sluggish, with blue-chip projects experiencing mixed performance. Trading volume continues to decline, and the number of buyers is decreasing. BAYC is down 6%, CryptoPunks is up 3%, and Milady is down 7%.

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) Project Updates

1. EthStorage received its third grant from Optimism for the EIP-4844 Blob expansion.

2. Accseal has made progress in the ZKP hardware acceleration field and plans to venture into ZK cloud computing.

3. bitSmiley launches liquidity reward program on the Merlin mainnet.

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Overall, the crypto market showed a volatile upward trend this week, with active performance in the Meme and AI sectors. The total locked value in DeFi saw a slight increase, but the NFT market remains sluggish. Attention is on the Federal Reserve's interest rate cut in September and its impact on the market.