Web3 AI Daily Review (2024/11/28)

I. Attention Value - Market Highlights

1. Market Conditions

(1) Macroeconomic Environment:
l U.S. Core PCE Price Index Rise Triggers Fed to Pause Rate Cut Discussions
On November 27, the U.S. Department of Commerce released a report showing that although inflation indicators met expectations, the October data rebounded to 2.8% compared to September, supporting a more cautious attitude among Federal Reserve officials regarding future rate cuts. The Fed's most closely watched inflation indicator—the core PCE price index, which excludes volatile food and energy prices—rose 2.8% year-on-year in October, in line with expectations, and is the highest level since April of this year, compared to 2.7% in September.
Despite a significant decline in U.S. inflation rates since the Fed began tightening monetary policy, inflation remains a tricky issue for households. Over the past two years, although inflation has eased, its cumulative effect has severely impacted consumers, especially low-income families.
The Fed has cut rates by a total of 75 basis points in its September and November meetings. The latest meeting minutes show that several officials support gradual rate cuts and have suggested the possibility of pausing rate cuts.
The latest PCE data further confirms the consensus among Fed officials: as long as the U.S. labor market remains healthy and the economy continues to grow, there is no need to rush into rate cuts. With strong economic data and rising inflation pressures, market expectations for future monetary policy have begun to diverge. Although the market still expects the Fed may cut rates again in December, concerns that some policies could push inflation higher have weakened market confidence.
(2) Web3 Sector:
l ETH Breaks $3600 for the First Time Since June CryptoQuant Analysts Say Ethereum's "Second Bull Market" Has Begun
According to Followin, ETH broke through $3600 this morning, rising over 8.5% in the past 24 hours, reaching a high of $3680, marking a new high since June. Open interest also surpassed $24 billion, setting a historical record with a 24-hour increase of 16.14%. Notably, while Ether has shown relatively strong performance, it has also driven a significant rally in altcoins, particularly in the decentralized finance (DeFi) sector, with mainstream tokens in the Ethereum ecosystem such as ENS, ETHW, ETHFI, and ZK generally rising.

2. Hot Events

Macroeconomic Environment:
l New Era of U.S. Stock Trading: First 24-Hour Exchange Approved for All-Day Trading
The U.S. securities market is undergoing a significant transformation, as the startup 24 Exchange, supported by Point72 Ventures, announced it has received approval from the U.S. Securities and Exchange Commission (SEC) to operate the 24X National Exchange, which will become the first national securities exchange to trade 23 hours a day, five days a week.
The exchange plans to launch in phases in the second half of 2025, with the first phase's trading hours from 4 AM to 7 PM Eastern Time, and the second phase extending from Sunday 8 PM to Friday 7 PM, operating under SEC regulation.
Analysts point out that a regulated overnight trading exchange will significantly change the market landscape, providing a transparent trading environment with official records, helping investors obtain better prices. However, this may also lead to fewer participants during overnight trading, increasing price volatility risks. In addition to the 24X National Exchange, other exchanges like NYSE Arca and Robinhood are also actively exploring extended trading hours to meet market demand for all-day trading.
Web3 Sector:
l New Mixed Cryptocurrency ETF Launches: Covers 10 Mainstream Crypto Assets
Asset management company Bitwise announced on November 27, 2024, that it has applied to the SEC to launch a new mixed cryptocurrency ETF, which includes 10 major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), Cardano (ADA), Avalanche (AVAX), Chainlink (LINK), Bitcoin Cash (BCH), Polkadot (DOT), and Uniswap (UNI). This new ETF is essentially an upgrade of Bitwise's fund product launched in 2018, aimed at obtaining SEC approval for its fund shares to be publicly traded on a stock exchange. Bitwise has chosen the New York Stock Exchange Arca as the trading platform for the new fund, while Coinbase will provide cryptocurrency custody services.
According to Bloomberg ETF expert James Seyffart, the SEC is currently processing 14 new applications or proposals to convert existing products into cryptocurrency ETFs, with approval timelines potentially extending into 2025.

3. Hot Narratives

l TikTok Meme Craze Sweeps the Crypto Circle: tiktok meme Market Cap Reaches $600 Million
ChillGuy is a character created by artist Phillip Banks in 2023. This anthropomorphized character wears a hoodie, jeans, and sneakers, with hands in pockets—just a cool-looking guy. The artist's simple character description is: "He’s just a chill dude who doesn’t care about anything."
Five days ago, the $CHILLGUY token was born on the Solana chain. Initially, CHILLGUY's price was lukewarm, but on the 20th, it suddenly surged, with a market cap exceeding $200 million and a peak price around $0.23, with trading volume exceeding $100 million.
Soon, ChillGuy's market cap surpassed $600 million in a short time, quickly attracting the attention and affection of many young users. During this wave of enthusiasm, ChillGuy's price experienced several-fold increases in a short time, drawing significant interest from new investors. The celebrity effect on social media also played a key role, with retweets from well-known figures like the President of El Salvador and Elon Musk further boosting ChillGuy's visibility. Additionally, Google Trends data shows a surge in searches about how to buy ChillGuy in the U.S., indicating growing interest in this token. As exchanges quickly listed ChillGuy, the token's popularity seems to be continuing.

II. Attention Value - Hot Projects

1. Project Introduction
   l $Mona | AI | @mona_witchy

• $Mona is an AI Agent created using heuristic APIs through the Eliza framework.
• The token from an AI project focused on by AI16Z founders, with a peak increase of +3000%.
• @heurist_ai is dedicated to developing the Mona AI agent and its community.

III. Attention Value - Sector Rotation

1. Hot Sectors
   
   Source: Dune, Dot Labs
   

Source: Dune, Dot Labs

2. Internal Sector
   

Source: Dune, Dot Labs