Foresight Ventures: Christmas Celebration, Solana Meme Tokens and DePIN Projects Flourish Together
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Foresight Ventures: Christmas Celebration, Solana Meme Tokens and DePIN Projects Flourish Together
U.S. stocks continue to rise toward record highs, while the crypto market remains in sideways consolidation.
Navigating Web3 tides with focused insightsAuthor: Mike
A. Market Outlook
1. Macro Liquidity
Monetary liquidity is improving. The Federal Reserve has signaled the end of its tightening cycle and opened the door for rate cuts in 2024. Considering that 2024 is also an election year, markets are likely to see a more accommodative and dovish monetary policy environment. Market expectations indicate over a 70% probability that the Fed will begin cutting rates as early as March next year, with three total cuts expected—approximately 75 basis points. The U.S. dollar index has declined, and the 10-year Treasury yield hit a six-month low, creating a favorable backdrop for risk assets. U.S. equities continue to rise toward all-time highs, while the crypto market remains in a sideways consolidation phase.
2. Overall Market Performance
Top 100 Gainers by Market Cap:
BTC traded sideways with an upward bias this week, shedding excessive leverage during pullbacks. Investors took profits from BTC and rotated into higher-risk assets. Current market narratives revolve around Bitcoin-native inscriptions, and DePIN on Solana—reminiscent of the ICO craze in 2017 and the Wanke Cloud phenomenon.
1. COQ: The leading meme coin on the Avalanche chain. This cycle, Solana attracted substantial user capital through meme coins and airdrops, prompting other chains like Avalanche to follow suit.
2. MOBILE: The leading project in the current DePIN sector, with most DePIN projects concentrated on Solana due to its high efficiency and low cost. MOBILE is a sub-token of Helium, with a business model similar to Filecoin’s mobile data mining. The current payback period for mining is only two days, attracting significant speculative interest from users and trading studios.
3. MUBI: An inscription within the BRC20 ecosystem, primarily functioning as a cross-chain bridge between BTC and ETH. It surged tenfold over the past two weeks.
3. BTC Market Analysis
1) On-Chain Data
The resurgence of the inscription token standard has driven the BTC hash rate—a key indicator of miner profitability—to rise again. The market cap of BRC20 tokens exceeds $3 billion, representing just 0.3% of BTC’s total market cap.
Stablecoin market cap increased by 1%. October was a turning point—the total stablecoin supply bottomed at $120 billion and has since grown at a monthly rate of 3%. This marks the first expansion in stablecoin supply since March 2022, possibly indicating renewed investor interest. USDT remains the dominant stablecoin, holding 73% of the market share.
The long-term trend indicator MVRV-ZScore, which measures overall market profitability based on average acquisition cost, suggests market tops when above 6 and bottoms when below 2. The MVRV has fallen below the critical level of 1, indicating holders are generally underwater. The current reading is 1.58, signaling entry into a recovery phase.
Crypto investment products for institutional investors saw net outflows for the first time recently, ending 11 consecutive weeks of net inflows. Late-cycle risks are gradually increasing.
2) Futures Market
Funding Rates: This week, funding rates spiked to 0.015%, reflecting bullish sentiment. The market began correcting after BTC funding reached its highest level of the year on November 12. A funding rate between 0.05% and 0.1% indicates excessive long leverage and often signals a short-term top; a rate between -0.1% and 0% suggests heavy short leverage and may mark a short-term bottom.
Open Interest: Total BTC futures open interest rose slightly this week, closely tracking price movements.
Long/Short Ratio: 1.0. Retail sentiment is neutral. Retail sentiment often acts as a contrarian indicator—values below 0.7 indicate fear, while values above 2.0 suggest greed. However, due to high volatility, the reliability of this metric is limited.
3) Spot Market
After consolidation, BTC resumed its upward move and could test resistance near 48,000. Institutional capital is gradually exiting, and market structure is deteriorating. Older altcoins are catching up in price, and low-quality "meme" coins are surging—possibly signaling the final retail FOMO phase of this rally. The overall market outlook for January post-rally appears bearish, so it's advisable to prepare for both bullish and bearish scenarios.
B. Market Data
1. Total Value Locked (TVL) Across Major Blockchains
2. TVL Distribution by Blockchain
This week, total TVL dropped by approximately $170 million (about 0.3%). Bitcoin is regrouping after a healthy correction, preparing to break above the 45,000 threshold. TVL performance varied across chains: ETH declined by 3%, BSC rose by 3%, ARB and OP dipped slightly, Base surged 14% (with protocol count reaching 200), and Solana jumped nearly 50% this week—up 126% over the past month. All top-10 blockchains posted gains over the last month, with ongoing market momentum and positive sentiment.
3. Protocol-Level TVL by Chain
1) Ethereum TVL Overview
2) BSC TVL Overview
3) Polygon TVL Overview
4) Arbitrum TVL Overview
5) Optimism TVL Overview
6) Base TVL Overview
7) Solana TVL Overview
4. NFT Market Data Trends
1) NFT-500 Index
2) NFT Market Overview
3) NFT Marketplace Share
4) NFT Buyer Analysis
This week, floor prices of top-tier blue-chip NFTs pulled back slightly but did not erase the significant gains seen over the past month. MAYC rose less than 1%, while BAYC fell around 4%, Pudgy Penguin dropped 3%, DeGods declined 9%, and Azuki was down 7%. Despite the weekly dip in floor prices, NFT trading volume continued to rise. Use cases for NFTs in GameFi and SocialFi are expected to expand further in the upcoming bull market. Whether the NFT sector will grow in significance within the broader web3 industry is something worth watching closely.
5. Latest Project Funding Rounds
6. Post-Investment Updates
1) The Beacon – GameFi
The Beacon’s Trilight Festival officially kicked off on December 18!
Event details:
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Date: December 18, 19:00 – December 25, 19:00
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A new dungeon unlocks each day for the first four days
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Complete dungeons to earn raffle tickets
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Win Moonlight Pets, Founder Characters, and Golden Tickets!
For more information, visit The Beacon Discord community:
https://discord.com/channels/951421342392131584/963207855689838602/1186323627789000757
2) Decent Land – Infrastructure
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MEM has integrated with Akash, HackerNoon, Akord, and ShardDog
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MEM’s permissionless testnet and CLI are now live, attracting over 100 developers to deploy on MEM
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Launched a new architectural model as an alternative to zk and Optimistic Rollups, leveraging Arweave technology
3) Puffverse – Social
Puffverse launched a special Christmas event, #ChristmasParade—light up the Christmas tree to unlock additional content and NPCs. Participate here: https://bit.ly/PuffWorld
4) Phaver & Mocaverse – Social & NFT
Phaver and Mocaverse have jointly launched a Christmas campaign—users from L2 to L4 can “Mocalize” their Mocaverse NFTs within Phaver
Steps:
1: Claim/connect your Moca ID via the Cred Dashboard
2: Link it to your profile
Rewards: 70 Domain Points + 200 additional Phaver Points, plus daily Cred and Points!
[Disclaimer] The market involves risks; invest with caution. This article does not constitute investment advice. Readers should consider whether any opinions, viewpoints, or conclusions presented herein are suitable for their individual circumstances. Investment decisions made based on this information are at the reader’s own risk.
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