Bitget Daily Digest | $LESTER loses official status, and $ELIZA sparks case sensitivity debate again

Market highlights

1. $ELIZA case sensitivity drama resurfaces: AI16Z founder Shaw is rumored to have partnered with a conspiracy group to launch the uppercase memecoin $ELIZA, reigniting the debate over case sensitivity. In response, Bitget has taken the lead by listing the lowercase $eliza, showing support for the community. Market expectations suggest it may follow the legendary trajectory of lowercase $Neiro.

2. DOGE tax app and Bitcoin reserve narrative: The Department of Government Efficiency has hinted at developing a tax app specifically for DOGE users. Meanwhile, a VanEck executive has announced support for Bitcoin as a strategic reserve. Given the current news dynamics, investors should closely monitor dog-themed memecoins and the evolving narrative around Bitcoin as a strategic reserve .

3. $LESTER loses official Litecoin mascot status: Litecoin's official tweet clarifies that $LESTER is not its official mascot, leading to a significant drop in its market cap, which now stands at $35 million. Meanwhile, DeSci-themed tokens like $RIF and $URO have continued their downward corrections after listing, potentially setting the stage for a second rally.

4. BlackRock's IBIT options debut and Tether's minting: BlackRock's IBIT options launched with a trading volume of nearly $1.9 billion on the first day, with 82% of trades being call options. Meanwhile, Tether Treasury minted an additional 1 billion USDT on Ethereum this morning, bolstering market sentiment.

 

Market overview

1. BTC and memecoins with volatility: BTC continues to consolidate at high levels, while DOGE's trading volume has once again entered the top 3. Overall, the market remains subdued, with smaller tokens attracting attention through short-term pumps. 

2. Safe-haven assets surge amid geopolitical tensions: The Russia-Ukraine conflict briefly increased demand for safe-haven assets like USD, JPY, CHF, and gold. However, the U.S. response remained measured. The Nasdaq reversed an early dip to close higher, while only the Dow Jones finished lower. European stocks trimmed their losses by at least half.

3. Currently at 92,242 USDT, BTC faces significant liquidation risks. If BTC drops by 1000 points to around 91,242 USDT, cumulative long position liquidations could exceed $770 million. Conversely, if BTC rises to around 93,242 USDT, cumulative short position liquidations could surpass $270 million. With long liquidation volumes significantly higher than short positions, it's advisable to manage leverage carefully to avoid large-scale liquidations. 

4. Over the last 24 hours, BTC spot experienced $5.4 billion in inflows and $5.1 billion in outflows, resulting in a net inflow of $300 million.

5. Over the last 24 hours, $ETH, $SOL, $DOGE, $XRP, and $PEPE have led in futures trading net outflows, signaling potential trading opportunities. 

 

Highlights on X

1. @tangtanglovebtc's "21 Rules for Memecoin Investing" reveals bull market logic

@tangtanglovebtc shares their "21 Rules for Memecoin Investing," offering insights on market logic, investment strategies, and mindset management:

Core investment principles: Narrative is key, followed by community, with luck being a distant last. A bull market thrives on new narratives, and the memecoin sector is currently trending. SOL remains the leader, with ETH and BASE closely following.

Trading strategies: Focus on market leaders, avoid chasing pumps, and plan for both short-term and long-term positions. During market corrections, resist panic selling at the bottom and patiently wait for a rebound.

Mindset and collaboration: Stay calm amidst market noise and wealth myths, avoiding a gambler's mentality. Partner with like-minded individuals and leverage tools and teamwork to enhance investment efficiency.

Market outlook:

@tangtanglovebtc emphasizes that the logic behind memecoin investing has evolved. Although we're currently in the mid-phase of the bull market, opportunities still remain. Investors are advised to stay true to their strategy, avoid succumbing to anxiety, and focus on long-term gains within the memecoin sector.

Article: https://x.com/tangtanglovebtc/status/1858418742545600659

 

2. Million Eric's Bitcoin cycle review and market predictions

@CycleStudies analyzes Bitcoin's historical cycles to forecast potential bull and bear market timelines:

Bull market peak prediction:

January 2015 oversold signal → December 2017 peak: Approximately 884 days

January 2019 oversold signal → November 2021 peak: Approximately 884 days

If the pattern holds, the October 2022 oversold signal suggests a peak around August 2025.

Bear market bottom prediction:

Major bottoms typically occur about 1290 days apart. The next monthly oversold signal could emerge around June 2026.

Market outlook:

@CycleStudies believes we are currently in a prime position phase. Investors should use historical patterns to inform mid-term to long-term strategies. However, they caution that while historical trends offer valuable insights, unforeseen factors could still disrupt the market.

X post: https://x.com/CycleStudies/status/1858777996292919438

 

3. Eugene Ng Ah Sio's analysis of market performance and the potential of $GOAT

@0xENAS analyzes $GOAT's recent performance and future potential, sharing the following key insights:

Technical analysis:

$GOAT has broken through the critical $1 support/resistance level, now firmly holding as support, which sets the stage for a potential rally to $2.

Clean support at integer levels suggests a clear path for technical retracement.

Market drivers:

The rise of on-chain AI agent concepts (Sentient Meta) has strengthened the narrative for $GOAT, boosting related tokens.

Anticipated gains in $DOGE prices could further propel the overall memecoin market, driving $GOAT to new heights.

Market outlook:

@0xENAS predicts that the growing popularity of on-chain AI agent concepts and the expanding memecoin market will fuel further upside potential for $GOAT.

X post: https://x.com/0xENAS/status/1858947148609712370

 

4. Unipcs: $FLOKI catalysts and bullish logic

@theunipcs names $FLOKI as one of their highest-conviction memecoins, citing several bullish catalysts to support their outlook:

Market catalysts:

Coinbase listing: $FLOKI is already on Coinbase's roadmap, with trading expected to commence soon.

Valhalla metaverse game: The highly anticipated mainnet version is nearing release, sparking excitement in the ecosystem.

$MONKY airdrop: The Floki ecosystem will receive 35% of the $MONKY airdrop, enhancing its appeal.

$DOGE price surge: As $DOGE's key beta asset, $FLOKI stands to benefit from any new $DOGE highs.

Market insights: @theunipcs views $FLOKI as significantly undervalued at current levels, emphasizing that $FLOKI is not just a short-term play but a key holding for the entire bull market cycle.

Market outlook:

Memecoin cycle investment plan: @theunipcs highlights $FLOKI and $BONK as core memecoin investments for this cycle, predicting $FLOKI will mirror $BONK's strong performance.

X post: https://x.com/theunipcs/status/1858942539086135428

 

Institutional insights

1.OSL: Accelerated introduction of new tokens expected in the Hong Kong market

Article: http://www.aastocks.com/tc/stocks/news/zhitong-news/ZT1212830/1

2.Bitcoin mining economics improved in the first half of November: JPMorgan

Article: https://www.coindesk.com/markets/2024/11/19/bitcoin-mining-economics-improved-in-the-first-half-of-november-jpmorgan/

3.QCP Capital: NASDAQ lists Bitcoin spot ETF options; institutional holdings in MicroStrategy surge

Article: t.me/QCPbroadcast/1365

 

News updates

1. Chainlink, Microsoft, Banco Inter collaborate on Brazil’s CBDC pilot

2. Russia proposes a 15% tax on cryptocurrency trading and mining income

3. South Korea's National Assembly Planning and Finance Committee postpones discussions on crypto asset taxation

4. Hunan Court rules cryptocurrency mining machine contracts invalid; losses to be shared by both parties

5. Bitfinex Securities conducts the first public issuance of tokenized U.S. Treasury bonds under Salvadoran law

6. Blockchain Association urges Gary Gensler to cease crypto enforcement actions

 

Project updates

1. GMT team to launch BurnGMT.com on November 21, initiating its GMT burning plan

2. Litecoin official tweet: Lester is not the official Litecoin mascot

3. dYdX Foundation announces the launch of dYdX Unlimited

4. SlowMist supports law enforcement in tracking stolen funds on DEXX, identifying approximately 2000 suspicious addresses

5. Sky expands USDS stablecoin to Solana and will award early adopters of Solana DeFi protocols

6. Magic Eden CEO confirms ME token's TGE will occur in a few weeks

7. Solana co-founder Toly releases a roadmap to increase bandwidth and reduce latency

8. Bit.Store and Conflux announce partnership; Bit.Store Card to support CFX deposits and spending

9. Tether Treasury mints 1 billion USDT on Ethereum this morning

 

Token unlocks

1. EigenLayer (EIGEN): 1.29 million tokens valued at $3.22 million (7% of circulating supply)

2. Ethena (ENA): 12.86 million tokens valued at $7.06 million (0.5% of circulating supply)

 

Recommended reads

1.AI16Z founder unveils new token ELIZA: Community clash with conspiracists over case sensitivity debate

 AI16Z stirs up a market buzz with its token's case sensitivity debate. Founder Shaw announced a split from the original lowercase $eliza token, triggering a crash in its value. Meanwhile, the new token, $ELIZA, surged to a market cap of $80 million. This battle between the community and the team highlights the drama and uncertainty within the crypto market.

Link: https://www.bitgetapp.com/zh-CN/news/detail/12560604358847

 

2.Power behind positions: Institutional Bitcoin adoption

As institutional interest in Bitcoin accelerates, financial giants like BlackRock are doubling down with spot ETFs, while companies such as MicroStrategy reach record Bitcoin holdings. This trend boosts market trust and liquidity, positioning Bitcoin as a mainstream investment tool. However, the decentralization challenges posed by concentrated holdings remain a concern.

Link: https://www.bitgetapp.com/zh-CN/news/detail/12560604358541