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Markets
BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
11/23/2024

Weekly Web3 Report: This Week's Industry Hot Topics and Trends You Can't Miss

01. Bull Market "XRP Leads the Charge, Legacy Altcoins Return: Is Altcoin Season Back?" "SOL Hits a New All-Time High — Can the 'Meme Chain King' Claim the Third ETF Spot?" 02. Post-Election Market "SEC Chair Gary Gensler Announces Resignation: Could Crypto Be in for 4 Years of Smooth Sailing?" "Pantera Partner: What Should We Expect from the Crypto Market After the Election?" 03. AI + Crypto "Grayscale: What Does the AI Agent Wave Mean for Crypto?" "Arthur Hayes on WORM: The Story Behind the AI Biology Narrative" *"OpenLayer in 3 Minutes – A New Player in the AI Data Layer"

Weekly Web3 Report: This Week's Industry Hot Topics and Trends You Can't Miss

01. Bull Market
"XRP Leads the Charge, Legacy Altcoins Return: Is Altcoin Season Back?"
"SOL Hits a New All-Time High — Can the 'Meme Chain King' Claim the Third ETF Spot?"

02. Post-Election Market
"SEC Chair Gary Gensler Announces Resignation: Could Crypto Be in for 4 Years of Smooth Sailing?"
"Pantera Partner: What Should We Expect from the Crypto Market After the Election?"

03. AI + Crypto
"Grayscale: What Does the AI Agent Wave Mean for Crypto?"
"Arthur Hayes on WORM: The Story Behind the AI Biology Narrative"
*"OpenLayer in 3 Minutes – A New Player in the AI Data Layer"
"Franklin Templeton: The Potential of Open-Source AI in Decentralized Networks"

04. DeSci
*"How Long Will This Trend Last? A Breakdown of the Hottest DeSci Tokens"
*"Quick Take on the SciHub Controversy: Supporting Science or Just a Money Game?"
"The DeSci Craze | VitaDAO's Leader: How to Stay at the Forefront of Longevity Research?"

05. Industry Insights
*"The Power Behind Bitcoin Holdings: A Look at Institutional Positions"
*"Three Catalysts: Can the Market Keep Climbing Amid Volatility?"
*"New Bull Cycle: How Can New Traders Come Out Ahead?"
"Protect Your Tokens: A Guide to Choosing Wallets for On-Chain Players"

06. Projects Worth Watching
*"Where Did ANON Come From? Why It's Caught the Attention of Vitalik, Jesse, and Dan Romero"
*"Jupiter's Founder Shares a Bold Vision: Why Do We Need Jupuary?"
*"Quick Take on the SciHub Controversy: Supporting Science or Just a Money Game?"
*"Quick Overview of the Winning Projects at ETHGlobal Bangkok Station"

01. Bull Market
On November 22, Bitcoin hit a new all-time high, surging past $99,000 and energizing the entire crypto market. Legacy altcoins also began moving, with XRP putting up an impressive performance. Recommended reads:

"XRP Leads the Charge, Legacy Altcoins Return: Is Altcoin Season Back?"
According to Bitget data, on November 22, XRP broke through $1.40 to reach $1.416 — a 30% gain in just 24 hours. While the meme coin market was exploding, legacy altcoins were quietly grinding higher, drawing market attention with their steady price appreciation.

According to Kaiko data, as of November 18, weekly altcoin trading volume had crossed $300 billion — the highest since 2021. DOGE, XRP, SOL, and PEPE together accounted for 60% of total trading volume.

On November 22 at 11:00 AM, SOL broke above $260, setting a new all-time high. Its market cap surpassed $122.5 billion, making it the second public chain after Ethereum to cross the $100 billion mark. Recommended reads:

"SOL Hits a New All-Time High — Can the 'Meme Chain King' Claim the Third ETF Spot?"
Solana has carved out its own path — not just through major projects in AI, DeFi, and staking, but through consistently strong on-chain data. Data from Solscan shows Solana's TPS (transactions per second) holding steady at around 3,000.

02. Post-Election Market
In the early morning hours of November 22, a wave of positive crypto news hit the wires, pouring fuel on an already hot market — SOL came within striking distance of its all-time high, while Bitcoin crept toward $100,000. What were these catalysts, and will their impact last? Recommended reads:

"SEC Chair Gary Gensler Announces Resignation: Could Crypto Be in for 4 Years of Smooth Sailing?"
On November 22, the SEC (U.S. Securities and Exchange Commission) announced that Chair Gary Gensler would step down on January 20, 2025. Throughout his tenure, Gensler had been a polarizing figure in crypto, pursuing enforcement actions against major players including Coinbase, Binance, and Kraken. His resignation follows former President Donald Trump's campaign promise to replace him if elected.

The leading candidates to succeed Gensler are broadly pro-crypto, which could meaningfully improve the regulatory environment for the industry.

A week after the election, the crypto market remains strong. A more effective government posture and favorable treatment of Bitcoin are among the things worth watching for. Recommended reads:

"Pantera Partner: What Should We Expect from the Crypto Market After the Election?"
While the immediate post-election tailwinds for crypto may not last forever, the Republican Party's unified control of both the House and Senate could translate into more decisive government action and friendlier crypto regulation. The number of crypto supporters across both parties now significantly outnumbers the opposition.

03. AI + Crypto
Can you imagine a future where an AI bot uses computing power to pump a memecoin and unexpectedly becomes a millionaire? That future is already here. Recommended reads:

"Grayscale: What Does the AI Agent Wave Mean for Crypto?"
Researchers have recently made breakthroughs in this space by creating AI influencers. One of them, "Truth Terminal," became what's being called the "first AI millionaire." This AI operates like a social media influencer — posting tweets and engaging with users. After it expressed interest in a new memecoin (GOAT), the token's price surged roughly 9x following Truth Terminal's promotion.

While this is an entertaining experiment, it demonstrates that blockchain could be an effective tool for coordinating economic value between humans, AI, and connected devices.

BitMEX founder Arthur Hayes posted a call on WORM on November 19, sending the WORM price surging 60% — from $0.05 to $0.08. So what is WORM? Recommended reads:

"Arthur Hayes on WORM: The Story Behind the AI Biology Narrative"
WORM is a token used within DeepWorm, a digital life simulation built on the biological neural networks of the roundworm C. elegans. The system uses blockchain to process transactions that simulate biological neuron activity.

Crypto VCs continue to pour money into the AI space. OpenLayer, an AI crypto startup founded by former Robinhood employees, raised $5 million in a seed round on November 20. OpenLayer aims to become the AI data layer, enabling users to contribute and verify data. Recommended reads:

"OpenLayer in 3 Minutes – A New Player in the AI Data Layer"

OpenLayer helps developers access user data with consent, protecting privacy while improving AI models, and tracking user location features and activity.

04. DeSci
From zoo animals to artists to AI, the hype has now reached DeSci. This is an unproven space, yet tokens are flying. What exactly is DeSci, and which tokens are worth paying attention to? Recommended reads:

"How Long Will This Trend Last? A Breakdown of the Hottest DeSci Tokens"

DeSci, short for Decentralized Science, uses Web3 to build open and equitable infrastructure for scientific research. It addresses longstanding challenges such as difficulty in securing funding, a lack of data sharing, and limited transparency in the research process.