Preface:
Bitcoin and Ethereum rose by 5.84% and 5.32%, respectively, in the last 24 hours, reaching current prices of $71,103 and $2,624, with the ETH/BTC exchange rate holding steady at 0.0378. The crypto market’s Fear & Greed Index is at 72, indicating greed.

Market Trending

Yesterday saw a major surge in the market, with Bitcoin hitting $71,000 for the first time in three months and currently consolidating at high levels. Ethereum followed the general market recovery, although the ETH/BTC exchange rate briefly fell below 0.036, reaching its lowest since the 2021 bull peak. As the U.S. election approaches, the crypto market is experiencing fluctuations. The total crypto market cap has rebounded past $2.5 trillion, with significant gains in BTC and election-related tokens, which may push the overall market higher.
Public Chain Sector: SOL and SUI saw modest gains after a brief pullback, moving up along with the general market trend yesterday.
Meme Sector: Solana-based meme coins saw a pullback, with the previously popular banana-themed token Ban seeing its market cap shrink significantly as the hype faded. AI meme tokens like GOAT and ACT also remained flat. Leading meme coin DOGE received a boost, rising over 17% in 24 hours after Elon Musk posted an image featuring the Shiba Inu, the mascot of Dogecoin.
Fan Tokens: The fan token sector broadly rose, with SANTOS up over 80% in 24 hours, and LAZIO and PORTO gaining over 20%.

Spot Bitcoin ETF Flows

As of yesterday, U.S. Bitcoin spot ETFs had a net inflow of $472.6 million. The breakdown is as follows: IBIT saw a net inflow of $313 million, ARKB had a net outflow of $59.8 million, FBTC net inflow was $44.1 million, and BIBT net inflow was $38.7 million.
Check Out the Latest Prices, Charts, and Data of BTC/USDT Spot and BTCUSDT Perp!

Daily Spotlight

Today’s spotlight is on DOGE, which saw a 24-hour increase of 17.07%.
DogeCoin (DOGE) was created on December 6, 2013, by programmers Billy Markus and Jackson Palmer. Initially created as a joke, DogeCoin drew inspiration from the popular internet Doge meme, featuring a Shiba Inu dog. Over time, it evolved into a community-driven virtual currency popular for online culture and charity activities. The total DOGE supply was set at 100 billion in its first year, with an additional 5 billion added each subsequent year, with no cap. DOGE recently surged to $0.16 following Elon Musk’s post featuring Dogecoin’s Shiba Inu logo.
Check Out the Latest Prices, Charts, and Data of DOGE/USDT Spot and DOGEUSDT Perp!

The Word on the Street

The Trump family crypto project, WLFI, plans to issue a stablecoin.
On October 29, Decrypt reported that the Trump family’s crypto project, World Liberty Financial (WLFI), plans to launch its own stablecoin. WLFI recently raised $14 million in an initial token sale and is working on developing the stablecoin, though it may take some time before it launches. World Liberty Financial is spearheaded by the Trump family and aims to build lending services, including a credit account system based on Aave and the Ethereum blockchain.

Project Funding

Smart contract automation network Gelato raises $11 million in Series A+ funding.
On October 28, Gelato, a network focused on smart contract automation, raised $11 million in a Series A+ round led by Hack VC, with participation from Animoca Brands, IOSG Ventures, and Bloccelerate VC. The additional funds will allow Gelato to expand its platform, enabling startups and enterprises to launch their own blockchain-based applications. This new financing brings Gelato’s total funding to $23 million. Co-founder Hilmar Orth stated that the funds would help improve user experience to support Web3 and Web2 companies in building scalable on-chain applications.