Abstract

• Bitcoin price surged 7.37% to $92,692 USDT, while Ethereum rose 10.18% to $2,447.34 USDT.
• Pump.fun’s February revenue dropped 38% month-over-month.
• CME Bitcoin futures recorded a gap exceeding $10,000, marking a historical high.
• Liqwid’s Total Value Locked (TVL) reached $112 million, benefiting from the overall growth of the Cardano ecosystem.
• Trump announced plans to establish a U.S. crypto reserve, designating BTC, ETH, SOL, XRP, and ADA as core assets.
• Cronos plans to reissue 70 billion CRO tokens that were previously burned to boost ecosystem development.
• XRP’s fully diluted market cap surpassed Ethereum for the first time.

Market Analysis

• BTC - The price of BTC has risen by 7.37% in the past 24 hours and is currently at 92,692 USDT. Previously, BTC dropped to a low of $78,269.5 before rebounding to around $84,000. Following Trump’s latest announcement eaching resistance near $95,000, leading to a slight pullback. Moving averages are in a bullish alignment and relatively dispersed, indicating strong bullish momentum. [1]

• ETH - The price of ETH has increased by 10.18% in the past 24 hours, currently trading at 2,447.34 USDT. After previously dropping to a low of $2,076.3, ETH has been in an uptrend. Following Trump’s announcement regarding the establishment of a U.S. crypto reserve, ETH surged rapidly with an increase in trading volume, indicating stronger bullish momentum and a shift in market sentiment towards optimism. [2]

• ETF - According to SoSoValue data, on February 28, the total net inflow into U.S. Bitcoin spot ETFs was $94.34 million, while U.S. Ethereum spot ETFs saw a total net outflow of $41.82 million. Data as of March 3, 11:00 AM (UTC+8). [3][4]
• Altcoins - The Liquid Staked SOL, PolitiFi, and Made in USA sectors saw respective changes of +21.2%, +21.0%, and +19.3%. [5]
• U.S. Stock Market Indices - On February 28, the S&P 500 rose 1.59%, the Dow Jones increased 1.39%, and the Nasdaq gained 1.63%. [6]
• Spot Gold - The price of spot gold reached $2,868.46 per ounce, with a 0.37% intraday increase. Data as of March 3, 11:00 AM (UTC+8). [7]
• Fear & Greed Index - The Fear & Greed Index is at 33, indicating that the market is in a state of fear. [8]

Top Performers

According to Gate.io market data [9], based on trading volume and price performance over the past 24 hours, the top-performing altcoins are as follows:

IAG (Iagon) - 24-hour gain: approximately 48.48%; Market Cap: $128 million.

Iagon is an AI-driven decentralized shared storage and computing economy, aiming to bridge decentralization with regulatory compliance. By leveraging data sharding, encryption, and globally distributed server nodes, Iagon addresses data breaches, surveillance risks, and single points of failure associated with traditional centralized cloud services. [10]

Trump’s decision to include Cardano in the U.S. crypto strategic reserve has not only boosted recognition of the Cardano ecosystem but has also directly benefited key infrastructure providers within it. As a decentralized storage and computing solutions provider, Iagon plays a crucial role in ensuring efficient and secure data storage and computation on the Cardano network. With Cardano gaining more trust due to this policy move, demand for its related services is expected to surge, making Iagon a key beneficiary. Its technical advantages position it well to attract increased investor interest, further driving up its token price.

SNEK (Snek) - 24-hour gain: approximately 57.32%, Market Cap: $383 million.

SNEK is the largest meme coin within the Cardano ecosystem—not just a token but a cultural phenomenon. It serves as a community unifier and crypto adoption driver, symbolizing fun and innovation in the Web3 world. [11]

The primary catalyst for SNEK’s surge is Trump’s announcement to include Cardano in the U.S. crypto strategic reserve, significantly increasing Cardano’s recognition and visibility. This has led to strong investor confidence in Cardano’s future, driving capital inflows into its ecosystem. As the most well-known and highly traded meme coin in the Cardano network, SNEK has directly benefited from this heightened market enthusiasm.

ALCH (Alchemist AI) - 24-hour gain: approximately 46.77%; Market Cap: $53.94 million.

Alchemist AI is an AI-powered no-code development platform that allows users to create functional software applications simply by inputting descriptions. Utilizing natural language processing, code generation, and web framework integration, it transforms user ideas into working programs, lowering the development barrier and enabling non-technical users to build applications effortlessly. [12]

Recently, Alchemist AI launched an e-commerce toolbox, a pre-configured suite of APIs, tools, and optimization models designed to help developers build complete online stores without coding. This toolbox includes features for product management, payment integration, and order notifications, significantly reducing the complexity of e-commerce app development. The market widely expects this move to boost platform adoption and enhance the real-world utility of $ALCH tokens in payments, commerce, and transactions, driving its price higher.

Data Highlights

Pump.fun’s February Revenue Dropped 38% Month-over-Month

Pump.fun generated $75.28 million in fee revenue in February, marking a 38% decline from $121 million in January. Additionally, in the past week, the platform recorded $7.76 million in protocol revenue, representing a 79.2% drop from its all-time weekly high of $37.31 million on January 19. [13]

The sharp decline in Pump.fun’s protocol revenue mainly reflects a shift in market sentiment and decreased user activity. In January, the meme coin frenzy propelled the platform to record-breaking revenue. However, February’s market correction and controversies surrounding certain projects likely contributed to lower trading volumes. Moreover, the declining activity in the Solana ecosystem has led to a cooldown in meme coin-related trading, impacting Pump.fun’s overall revenue performance. Despite this downturn, Pump.fun maintains a strong annualized revenue level of approximately $960 million, reinforcing its dominant position as a leading meme coin launch platform.

CME Bitcoin Futures Hit Record-High Gap Exceeding $10,000

On March 2, U.S. President Donald Trump announced the establishment of a crypto strategic reserve, planning to include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL), and Cardano (ADA) as part of the reserve. Following this news, spot market trading volume surged by over $300 billion, leading to the largest price gap in the history of CME Bitcoin futures, exceeding $10,000. This gap surpasses the previous record of just over $4,000 in August 2024.

Bitcoin has already filled the previous CME gap between $92,800 and $94,000, which was created during last week’s market plunge. However, in the process, a new massive gap has emerged between $84,650 and $94,000.

A CME gap refers to the price difference between the Friday closing price and the Monday opening price for Bitcoin futures on the Chicago Mercantile Exchange (CME). These gaps are typically filled in subsequent trading sessions. However, a gap as large as $10,000 may take longer to close, depending on market conditions.

This record-breaking CME gap could lead to increased market volatility, attract arbitrage traders, and influence investor sentiment, potentially driving Bitcoin’s price back toward the gap zone. [14]

Liqwid TVL Reaches $112 Million

Liqwid’s Total Value Locked (TVL) surged 65.24% in the past 24 hours, primarily benefiting from the overall growth of the Cardano ecosystem. The short-term price surge of ADA has driven a significant increase in TVL (measured in USD) across Cardano-based protocols, rising from $67.87 million to $112 million. Additionally, Liqwid recorded a 24-hour trading volume of $157,000, indicating a notable increase in market activity. [15]

Liqwid is a decentralized lending protocol built on Cardano, offering non-custodial lending markets where users can lend and borrow assets while providing liquidity through collateralization to earn yields.

Spotlight Analysis

Trump Announces Plan to Establish U.S. Crypto Reserve, Including BTC, ETH, SOL, XRP, and ADA as Core Assets

U.S. President Donald Trump announced on Truth Social that his executive order on digital assets will push for the establishment of a U.S. strategic cryptocurrency reserve. This reserve will include XRP, SOL, and ADA, with BTC and ETH also serving as core assets. Trump criticized the Biden administration for its crackdown on the crypto industry and pledged to make the U.S. a global hub for cryptocurrencies. The announcement triggered a surge in market sentiment, with SOL rising 20.1% within 24 hours to surpass 170 USDT, XRP increasing by 31.5% to break 2.8 USDT, and ADA soaring 68% to exceed 1.1 USDT.

Trump’s statement highlights the growing importance of cryptocurrency in U.S. politics, where policy stances could directly impact the market. His support may lead to a more relaxed regulatory environment and attract increased capital inflows into the crypto industry. However, the proposal lacks concrete implementation details, leaving the market driven by short-term sentiment while its long-term impact remains uncertain.[16]

Cronos Reverses Token Burn Decision, Plans to Restore 70 Billion CRO to Boost Ecosystem Growth

Cronos recently introduced a new proposal on its PoS governance forum, aiming to reverse the 70 billion CRO token burn that took place in February 2021. The proposal seeks to restore the total supply to 100 billion CRO while implementing an additional 5-year lock-up period, extending the overall vesting period to 10 years.

Previously, due to insufficient strategic reserves, Cronos struggled to cope with market fluctuations, technological development, and ecosystem expansion. As a result, additional liquidity is needed to support long-term growth. The proposal also includes introducing CRO into the U.S. financial market through ETF products and striving to rank among the world’s top 10 protocols to further enhance the platform’s influence. Industry experts believe that if this initiative is successfully implemented, it will inject new growth momentum into the Cronos ecosystem, attracting more institutional interest and investment. However, in the short term, the increase in token supply may raise concerns about reduced scarcity, making it crucial to strike a balance between stability and scalability. [17]

XRP’s Fully Diluted Market Cap Surpasses Ethereum for the First Time

On March 3, XRP’s fully diluted market capitalization reached $272.6 billion, surpassing Ethereum’s $271.6 billion for the first time, signaling growing market recognition of XRP’s potential. Former U.S. President Donald Trump’s recent statement about including XRP in the U.S. crypto reserve further fueled investor sentiment, reinforcing confidence in XRP’s resilience and long-term value.

Industry experts point out that XRP’s significant market cap increase is not only driven by active trading but also reflects expectations for its cross-border payment capabilities and efficient transactions. Investors widely believe that as the global digital asset market matures and regulatory clarity improves, diversified asset allocation will become a trend. With its unique advantages, XRP could emerge as a key institutional investment option. While Ethereum remains dominant in smart contracts and decentralized applications, XRP’s market cap surpassing ETH introduces new dynamics to the competitive landscape, drawing increased attention to its future potential.[18]

Funding News

According to RootData, four projects publicly announced successful fundraising rounds in the past 24 hours, with a total funding amount exceeding $24 million. The largest single funding round reached $15 million, covering sectors such as AI and DeFi. Below are the details of the funding rounds:[19]

Prime Intellect – Prime Intellect secured a $15 million funding round, with participation from Founders Fund, Menlo Ventures, and others. As a company focused on cutting-edge AI research and applications, Prime Intellect aims to drive advancements in artificial intelligence and expand its application across industries to enhance productivity and decision-making efficiency. The company specializes in building efficient and secure AI models that assist enterprises in optimizing data processing, automating decision-making, and improving intelligent analytics. This funding will be used for technology development, team expansion, and market growth to strengthen its competitive edge in the AI sector. Prime Intellect plans to leverage this investment to deepen product innovation, attract more industry partnerships, and promote the global adoption of AI technology.[21]

Lantern Finance – Lantern Finance raised $1 million in a Pre-Seed round, with investors including Orange DAO and Supermoon Ventures. As a fintech company specializing in compliant crypto lending, Lantern Finance aims to provide secure and convenient crypto asset liquidity solutions for the U.S. market. Its platform enables users to obtain loans without selling their crypto assets, with funds directly deposited into bank accounts, simplifying the withdrawal process and reducing transaction costs. The newly raised funds will be used for team expansion, product optimization, security enhancements, and user base growth. Lantern Finance plans to use this funding to solidify its market position, attract more institutional and individual users, and drive the development of compliant crypto lending, positioning itself as the go-to liquidity solution for crypto holders.[21]

ACID Labs - ACID Labs has raised $8 million in a funding round led by a16z speedrun and NFX. The company specializes in developing real-time social games, focusing on building gaming experiences within chat applications. Its flagship game, Boinkers.io, blends crypto culture with humor and satire, attracting over 11.5 million monthly active users on Telegram. With this funding, ACID Labs plans to develop more socially driven games on platforms like Telegram, leveraging network effects to drive user growth and engagement. By integrating gaming with social interactions, the company aims to redefine how users experience entertainment within chat-based ecosystems.[22]

Airdrop Opportunities

Sake Finance

Sake Finance is a liquidity protocol built on Soneium, integrating lending, borrowing, and stablecoin functionalities. It aims to provide seamless DeFi services for Web3 users. The platform’s core goal is to offer an experience similar to centralized exchanges while avoiding custody risks through modular integration. Sake Points is the central incentive program of Sake Finance, designed to encourage user participation in its DeFi ecosystem. These points may eventually be used for community governance and token distribution.[23]

How to Participate:

1. Visit the Sake Finance official website and connect your wallet.
2. Follow @SakeFinance and join the community.
3. Deposit assets as collateral into the protocol to earn points.
4. Engage in lending and borrowing activities to accumulate more points.

Note:
The airdrop plan and participation methods are subject to change, so users are advised to keep an eye on Sake Finance’s official channels for the latest updates. Additionally, users should exercise caution, be aware of the risks, and conduct thorough research before participating. Gate.io does not guarantee the distribution of any future airdrop rewards.


References:

1. Gate.io,https://www.gate.io/trade/BTC_USDT
2. Gate.io,https://www.gate.io/trade/ETH_USDT
3. SoSoValue,https://sosovalue.xyz/assets/etf/us-btc-spot
4. SoSoValue,https://sosovalue.xyz/assets/etf/us-eth-spot
5. CoinGecko,https://www.coingecko.com/en/categories
6. Investing,https://investing.com/indices/usa-indices
7. Investing,https://investing.com/currencies/xau-usd
8. Gate.io,https://www.gate.io/bigdata
9. Gate.io,https://www.gate.io/price
10. X,https://x.com/IagonOfficial/status/1896257916400734314
11. X,https://x.com/snekcoinada
12. X,https://x.com/alchemistAIapp/status/1896177173226254426
13. Defillama,https://defillama.com/protocol/pump?groupBy=daily
14. Cointelegraph,https://cointelegraph.com/news/us-authorities-file-civil-forfeiture-complaint-to-retrieve-funds-stolen-in-wrong-number-text-scam
15. Defillama,https://defillama.com/protocol/liqwid
16. Techflow,https://www.techflowpost.com/article/detail_23958.html
17. X,https://x.com/cronos_chain/status/1896360182248341920
18. Theblock,https://www.theblockbeats.info/flash/283779
19. Rootdata,https://www.rootdata.com/Fundraising
20. X,https://x.com/primeintellect
21. Lantern,https://lantern.finance/blog/Announcing-our-1-million-pre-seed-round-funding
22. Decrypt,https://decrypt.co/308319/acid-labs-raises-8m-from-a16z-speedrun-nfx-to-scale-instant-social-games-on-chatapps
23. Sakefinance,https://app.sakefinance.com/rewards

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