Gate Research Institute: Letsbonk data super Pump.fun boosts BONK surge | UAE clarifies that Digital Money investors do not meet golden visa eligibility

Crypto Market Overview

• BTC (0.92% | Current Price 109,197 USDT): BTC price started to oscillate upward from around 105,000 USDT. After reaching above 110,000 USDT, the price has slightly retraced, currently oscillating narrowly around 109,531.9 USDT. Whether it can effectively break through 110,000 USDT and stabilize will be key to judging the subsequent trend. The market will be closed on July 4. Previously, on July 3, the net inflow into BTC ETF reached 601 million USD in a single day, with BlackRock's IBIT inflow of 224 million USD and Fidelity's FBTC inflow of 237 million USD, indicating that institutional funds are continuously increasing their Bitcoin positions, enhancing the allocation weight of this asset.
• ETH (0.69% | Current Price 2,576 USDT): ETH has seen a strong rebound, with the price quickly rising from around 2,500 USDT, briefly breaking through 2,600 USDT, but failing to hold above it, and then slightly retreating to oscillate in the 2,570-2,580 USDT range. The top of the previous downtrend channel and the recent rebound peak near 2,600-2,620 USDT collectively form short-term resistance. If it can break through and hold in this area, it will be crucial for ETH's further rise. The market will be closed on July 4, following a net inflow of 148 million USD into ETH ETF on July 3, with BlackRock's ETHA inflowing 85.4 million USD and Fidelity's FETH inflowing 64.6 million USD.
• Altcoins: Some mainstream altcoins have declined, but the overall long-short ratio indicates that the bullish force of most mainstream altcoins still holds an advantage. The Fear and Greed Index today reports at 73, still in the greed zone, indicating that market sentiment is relatively positive but attention should be paid to the risk of overheating sentiment.
• Macro: The U.S. stock market is closed for Independence Day on July 4th. Prior to that, on July 3rd, the S&P 500 index rose by 0.83%, closing at 6,279.35 points; the Dow Jones index increased by 0.77%, closing at 44,828.53 points; the Nasdaq index climbed by 1.02%, closing at 20,601.10 points. As of July 7th, 10:30 AM ( UTC+8, the spot price of gold is reported at $3,315 per ounce, with a 24H decline of 0.65%.

Trending Tokens on Juejin

BONK Bonk (+14.49%, circulating market value 1.772 billion USD)

According to Gate.io market data, the current price of the BONK token is $0.000022474, having increased by about 14.49% in the last 24 hours. BONK is a dog-themed meme token built on the Solana blockchain, aiming to introduce liquidity to the Solana ecosystem and promote community interaction and rewards through diverse applications. Since its launch in December 2022, it has become one of the most representative community tokens on the Solana chain.

Previously stimulated by the positive news of the ETF application, the price of BONK surged strongly. In this round of market activity, possibly influenced by the impressive performance of the Letsbonk project supported by the Bonk community: the number of tokens launched on the Letsbonk.fun platform in the past 24 hours exceeded Pump.fun for the first time, significantly increasing the market's attention and demand for BONK. This phenomenon reflects the continuous rise in community activity and fund enthusiasm, bringing more buying support for BONK and pushing the price further upward.

TIA Celestia (+10.27%, circulating market cap 1.152 billion USD)

According to the Gate.io market data, the current price of the TIA token is $1.628, up 10.27% in the last 24 hours. TIA is the native token of Celestia, a modular blockchain network that provides plug-and-play data availability (DA) layer solutions for Web3 developers. Its core mechanisms include Data Availability Sampling (DAS) and Namespace Merkle Trees (NMT), which help projects quickly integrate DA capabilities.

Previously, due to Celestia's shift to proof of governance and the reduction of the TIA inflation rate, market controversies arose, leading to a significant price pullback. After a prolonged period of decline and consolidation, a noticeable rebound was welcomed on the 7th: the price quickly surged from around 1.45 USDT, consecutively breaking through key resistance levels of 1.50 USDT and 1.60 USDT, accompanied by a continuous increase in bottom trading volume, attracting more funds to follow suit, pushing it above 1.64 USDT. This round of increase is mainly attributed to the capital involvement after technical stabilization and the warming of market sentiment, and it is expected to continue its strong performance in the short term.

SPX SPX6900 (+10.68%, market cap 1.245 billion USD)

According to Gate's market data, the SPX token is currently priced at 1.3418 USD, up approximately 10.68% within the last 24 hours. SPX6900 is an emerging MEME coin inspired by the S&P 500 index, featuring community-driven and technological innovation, proposing an innovative SPX6900 index concept that holds 6,900 types of assets.

With the easing of regulations and the ongoing rise of the RWA narrative, tokenized stocks have become a hot topic in the market, with platforms like Gate, Robinhood, and xStocks quickly laying out related products. As a token linked to the concept of stock indices, SPX6900 experienced a significant increase in trading volume on the 7th after a long period of oscillation and consolidation: the price rapidly broke through several short-term resistance levels from around 1.20 USDT, reaching above 1.35 USDT at its peak, reflecting strong capital interest in the tokenized stock sector and a bullish sentiment in the short term.

Alpha Interpretation

Letsbonk has generated over 1 million dollars in fee income in the last 24 hours, surpassing Pump.fun and Sky.

According to DefiLlama data, on July 7, the meme coin issuance platform Letsbonk achieved fee revenue of 1.04 million USD in the past 24 hours, surpassing Pump.fun (920,000 USD) and Sky (950,000 USD), ranking 16th in blockchain protocol fee revenue.

Letsbonk has achieved fee income and activity levels that surpass Pump.fun and Sky in a short period, mainly due to the platform's simpler token issuance process and lower barriers to entry, significantly reducing user participation costs. At the same time, the active community atmosphere and trending topics have attracted a large number of new projects to launch, driving a substantial increase in both launches and graduations: recently, Letsbonk.Fun launched as many as 16,802 Meme coins in a single day, far exceeding Pump.fun's 9,908; the number of tokens that have "graduated" also reached 182, leading Pump.fun's 31. Furthermore, the number of active addresses on the platform has surpassed 37,000, second only to Pump.fun's 88,000, further demonstrating the notable improvement in user participation and capital inflow.

Block CEO Jack Dorsey launched the decentralized peer-to-peer chat application bitchat.

Block CEO Jack Dorsey recently announced the launch of a decentralized peer-to-peer chat application called bitchat. Dorsey stated on the X platform that this is a project he spontaneously developed over the weekend, aiming to explore technologies such as Bluetooth mesh networking, relay and storage forwarding mechanisms, and message encryption models. According to its description on GitHub, bitchat enables local communication entirely through Bluetooth mesh networking, without the need for the internet, servers, or phone numbers, providing a pure encryption-based peer-to-peer chat experience with an IRC-style design philosophy.

The launch of bitchat, although still a personal experimental project of Jack Dorsey, showcases a new direction for decentralized communication in both technology and philosophy: it is based on a Bluetooth mesh network and encryption message mechanisms, allowing users to achieve true peer-to-peer private communication without the need for servers or phone numbers in a no-network environment. This not only echoes users' concerns about privacy protection and anti-censorship needs but also aligns closely with Dorsey’s long-advocated concept of an open network. For the industry, bitchat provides new ideas for decentralized social tools and offline network applications, potentially inspiring more developers to explore social solutions that do not rely on centralization, and demonstrating practical value in cases of sudden network outages or special scenarios, injecting new possibilities into the Web3 communication ecosystem.

UAE officials clarify: Digital currency investors do not meet golden visa eligibility.

Recently, news regarding "the UAE issuing golden visas to digital currency investors" has spread on certain websites and social media, sparking heated discussions. In response, the UAE's Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), Securities and Commodities Authority (SCA), and Virtual Assets Regulatory Authority (VARA) jointly released an official statement, clearly denying this claim. The statement pointed out that the application conditions for the UAE golden visa have a clear legal framework and are only aimed at real estate investors, outstanding talents, scientists and experts, excellent students and graduates, humanitarian pioneers, and frontline workers, and do not include digital currency investors. The SCA also reiterated that digital currency investments are regulated by specific laws and are unrelated to the golden visa policy, urging investors to verify information through official channels. VARA also stated that it has not approved Dubai to issue golden visas to virtual asset investors and specifically clarified that the TON project has not received its permission or regulation.

Previously, TON announced a partnership with the UAE to offer eligible TON token stakers a 10-year golden visa, requiring a stake of $100,000 and a one-time fee of $35,000, attracting public attention.

The market hype surrounding the TON project and golden visas reminds everyone to be wary of such aggressive and even misleading marketing practices. It also reflects the UAE's clear stance on the regulation of digital assets: although virtual assets are supported and regulated, they are not included in long-term immigration or residency incentive policies. In the short term, the official clarification will crack down on certain projects that use immigration or identity benefits for promotion, warning investors to beware of the potential risks behind such "visa-linked" promises. In the long term, this again highlights the importance of compliance and transparency for the development of the digital asset industry: if a project wants to gain recognition from sovereign states, it must strictly adhere to local laws and regulations, rather than relying on marketing gimmicks to attract users.

Gate Launchpool

New Issue Details

• Subscription Project: Infinity Ground
• Token Name: AIN
• New subscription time: until July 10, 2025, 20:00 (UTC+8)
• Participation method: Stake BTC or AIN to receive for free.
• Total airdrop amount: 1,200,000 AIN

Project Introduction

Infinity Ground is a blockchain infrastructure project aimed at Vibe Coders, providing a decentralized agent IDE, an AI app store, and a proprietary public chain ING Network. The project allows for the creation of DApps, including games, social, and DeFi applications, using natural language.
Reference:

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/crypto-market-data
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• CoinGecko, https://www.coingecko.com/categories
• DefiLlama, https://defillama.com/fees
• X, https://x.com/jack/status/1941989435962212728
• WAM, https://www.wam.ae/a/15nmo29
• Gate, https://www.gate.com/launchpool/AIN?pid=333

Disclaimer Investing in the crypto market involves high risks, and users are advised to conduct independent research and fully understand the nature of the assets and products being purchased before making any investment decisions. Gate does not bear any responsibility for any losses or damages caused by such investment decisions.