Emotions are in place[Weekly Report]

Uncle Fish’s blockchain weekly report brings you a weekly summary of information.

Time: 10.30–11.05

Keyword of the week: Musk, Twitter, rate hike, GALA, HK

This week’s big event overview

1. Musk began to push for layoffs after acquiring Twitter;
2. HK is open to the legalization of property rights of token assets;
3. Sun Kuo: TRON and Huobi will actively apply for the HK encryption license;
4. HUSD is seriously de-anchored;
5. Musk’s Twitter map led to a short rise in Doge;
6. The 14th anniversary of the release of the Bitcoin white paper;
7. Affected by the Twitter acquisition, the related MASK, BNB, and DOGE all increased significantly. Binance took the opportunity to launch the BLUEBIRED index;
8. The Fed raises interest rates by 75 basis points;
9. Powell said that the pace of interest rate hikes will be slowed down in the future, starting at the earliest in December;
10. AC’s social map suggests a possible comeback. Affected by this, FTM has a short-term increase of 23%;
11. The additional issuance of BSC pGALA, a large number of users carried out arbitrage, and smashed the price on the Huobi platform, resulting in a sharp drop in GALA;
12. Huobi Global stated that it will compensate the loss of the currency holder before the accident, and GALA and pGALA will form two different assets;

Weekly Market View

1. The HK encrypted track is catching up

This week I think the most important piece of information is that “HK has begun to exert its strength on the encryption track”. Affected by the epidemic, HK’s economy has actually been declining, which can be clearly seen from the trend of Hong Kong stocks.

In addition, Singapore, as HK’s competitor, took the opportunity to use relatively loose policies to continuously absorb the funds diverted from HK, and Singapore is the first country in Southeast Asia to actively embrace the encryption market, so there are many encryption entrepreneurial teams gathered there.

When a place has money and a lot of creativity, there will be many good projects, at least many of my Singaporean friends will come to me to discuss which web3 project to invest in.

This wave of active encryption strategies of HK is actually trying to catch up with Singapore. Although the encryption atmosphere of HK is not as friendly as that of Singapore, HK has the advantage of being backed by the mainland and can actively absorb the good encryption entrepreneurial teams in the mainland. In addition, Sun Que has responded to HK’s call for the first time and is ready to bring Tron and Huobi over. After all, talk first and then do it, hot spots still have to be rubbed first.

2. The BLUEBIRD system soars

This week, we can clearly see that the currencies related to the bluebird system have risen sharply. I can only say that “the emotions are in place”.

Bluebird systems include: MASK, DOGE, BNB. In fact, only MASK is really technically linked to twitter, and the rest are implicit relationships.

BNB is a potential investor, and Binance provided some of the funding for Musk in the Twitter acquisition, so BNB has benefited from the success of the Twitter acquisition. On social media this week, you can see the crazy interaction between CZ and Musk, they have become good interest partners, and this wave of Twitter acquisitions is a win-win business for both of them.

There is no need for me to say more about the sharp rise of the DOGE coin. If Musk is regarded as a company, then doge is the stock issued by this company. Now the holder of DOGE can be understood as a believer or fan of Musk. As for the so-called DOGE can become a tool for rewarding in twitter, or become the so-called web3 first change, I think it is too early. Judging from the current market sentiment, DOGE is completely following Musk’s remarks.

Of course, as the spokesperson of DOGE, Musk is quite responsible for the price of the currency. After the acquisition of Twitter, he specially posted a picture of Blue Bird and Shiba Inu. He is so responsible.

3. Huobi got scammed by GALA

In the past two days, the additional issuance of pGALA has really put Huobi into a hole. The thing is, the pNetwork team found out that there is a loophole in the contract deployment of pGALA on BSC, so they thought to recover the money in the pGALA transaction pair first, and then redeploy.

How to recover the money in DEX? The team adopted the most violent method, which is to directly issue 1 billion pGALA, and then sell the stablecoin in the pGALA pool by smashing it in the DEX. What kind of situation will this create? That is pGALA will become very cheap.

At this time, smart scientists and countless porters discovered a backdoor. pGALA in DEX is very cheap, CEX such as GALA in Huobi is still at a normal price, and the key is that “pGALA can be deposited in CEX for trading”, the reason is that The p Network team forgot to notify CEX to close the deposit channel.

This created the possibility of arbitrage, so the whole network carnival-style transportation began, buying from DEX at low prices and then selling at CEX at high prices, some people made a lot of money because of arbitrage, and some people opened immediately Empty orders are also profitable.

The final result is that the GALA team is willing to compensate for the loss of the user amount in CEX, and Huobi Global divides the GALA coins before and after into GALA and pGALA, and pGALA is currently considered a meme coin.

According to my understanding of Sun Que, Huobi may do a secondary development of pGALA. If handled properly, it may become a new meme currency trend. After all, the popularity of this project in the whole network has been raised to a good height.

Summarize

The overall market trended upwards this week. I think the fundamental reason is the Fed’s intention to slowly raise interest rates, coupled with the blessing of good news from multiple currency circles, giving people the illusion of a short-term bull market. However, since it is still in the interest rate hike cycle, the upward trend is still very limited, but it can be predicted that the next wave of small outbreaks may start when the Fed reduces the intensity of interest rate hikes.