Crypto Market Weekly Report: The Rise of Attention Economy, New Game Projects Under Attack

Market Overview

This week, the overall performance of the crypto market has been positive, with Bitcoin rebounding slightly. The slowdown in U.S. inflation data has revived expectations for interest rate cuts, driving U.S. stocks to new highs and weakening the dollar index. The crypto market followed the strong rebound of U.S. stocks, with Meme and AI sectors becoming hot topics.

Main Market

Bitcoin is fluctuating upwards, and the Ethereum to Bitcoin exchange rate has hit a three-year low. Market hotspots are focused on the Meme and AI sectors:

1. PEOPLE and other meme coins related to the US elections have surged, and it is expected that the speculation will continue until the November elections.

2. Bouncebit(BB) was launched on a certain exchange with mediocre performance. As a BTC re-staking protocol, it will develop algorithmic stablecoins similar to futures arbitrage in the future.

3. Notcoin has become popular as a Meme coin in the TON ecosystem, with 30 million users and 5 million daily active users.

Bitcoin Analysis

On-chain data shows that investment sentiment has cooled after the halving. The market capitalization of stablecoins remains flat, and the long-term capital situation is still positive. The MVRV-ZScore indicator is at 2.4, which is in the middle stage. Institutional funds have resumed net inflows, but the inflow of ETH funds is insufficient.

In the futures market, the funding rate is approaching zero. The open interest has surged significantly, indicating that main funds are entering the market. The long-short ratio is 0.8, and market sentiment is somewhat pessimistic.

In the spot market, Bitcoin has rebounded slightly. Mining hash power has been declining for two consecutive months, with the shutdown price around $55,000. This round of cycle has seen significant controversy over altcoins, with an average circulation rate of only 13%, making them susceptible to the impact of unlocked chips. In contrast, the community Meme coins, which are close to full circulation, have become the market consensus.

![Crypto market weekly overview: Notcoin spurs attention economy track, Pump.fun suffers attack](https://img-cdn.gateio.im/webp-social/moments-efeb7218918b207eff141e3897588956.webp01

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Public Chain TVL Analysis

This week's total TVL is $93.2 billion, an increase of about $2.7 billion. Most mainstream public chains' TVL has risen: Ethereum up 2%, TRON up 4%, Solana up 11%, Arbitrum and Merlin each up 5%, Blast up 3%. BSC slightly decreased by 2%, and Optimism fell 7%, showing weaker performance. The MODE chain performed the best, with a TVL of $500 million, up 17% for the week and 175% for the month.

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NFT market

The NFT market is overall sluggish, with blue-chip projects showing mixed performance. BAYC is down 6%, CryptoPunks is up 3%, Milady is down 7%, and DeFrogs is down 25%. Trading volume continues to decline, with both the number of first-time buyers and repeat users decreasing.

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Project Updates

1. EthStorage has received the third grant from Optimism to enhance the availability of EIP-4844 Blobs by integrating the OP Stack.

2. Accseal has made progress in the ZKP hardware acceleration field and plans to collaborate with Ingonyama to expand its ZK cloud computing business.

3. bitSmiley launches the Merlin mainnet and introduces a liquidity reward program and point rewards.

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