Attention Value Analysis

1. Market Highlights

1. Market Trends

Macroeconomic Environment

The U.S. CPI data for December 2024 was released, showing a relief in inflationary pressures. The year-on-year CPI rose by 2.9%, and the core CPI increased by 3.2%. Although the overall CPI saw a month-on-month increase of 0.4%, reaching a nearly 10-month high, the core CPI only rose by 0.2% month-on-month. This data reflects stable prices in areas such as hotel accommodation, healthcare services, and rent, effectively suppressing inflationary pressures.

The market reacted positively, rekindling expectations for a possible interest rate cut by the Federal Reserve, but it is generally believed that such a cut may not occur until after June. As a result, U.S. stocks and the bond market rebounded, and the cryptocurrency market also strengthened, with Bitcoin returning to the $100,000 mark.

Web3 field

Starting in 2025, the United States will implement new reporting requirements for cryptocurrency transactions. Centralized trading platforms like certain exchanges will be required to track user transactions throughout the year and submit relevant reports to users and the Internal Revenue Service (IRS) at the beginning of 2026. Specifically, reporting of cost basis information for crypto assets will begin in 2026, while peer-to-peer transaction reporting for decentralized platforms like certain DEXs will be postponed until 2027, and only the total transaction amounts need to be reported.

In addition, the newly launched Bitcoin spot ETF trading will also be reported through specific forms, including share transactions and taxable events generated within the fund. This initiative aims to enhance the transparency and compliance of cryptocurrency trading.

2. Hot Events

Macroeconomic Environment

Global pension funds are starting to pay attention to and allocate to cryptocurrencies such as Bitcoin. Pension funds in Wisconsin and Michigan have become major holders of certain stock funds focused on cryptocurrencies. Some pension fund management institutions in the UK and Australia have also made small allocations to Bitcoin through funds or derivatives.

Although cryptocurrency investments are still in the minority in the pension industry, and most advisors are cautious about their clients venturing into this field, an increasing number of pension funds are beginning to pay attention to this emerging asset class, reflecting a gradual shift in the attitude of traditional financial institutions towards crypto assets.

Web3 field

The Financial Services Commission (FSC) of South Korea announced the first case of unfair trading following the implementation of the "Virtual Asset User Protection Act." The law will take effect in July 2024 and requires local virtual asset service providers to report unusual transactions and investigate unfair trading patterns.

In this case, the suspect manipulated the market using the "pump and dump" technique by initiating multiple buy orders to inflate the price of a certain cryptocurrency, then quickly selling off a large amount of pre-purchased assets. The entire process is usually completed within 10 minutes, resulting in significant price fluctuations of the assets and illegally profiting hundreds of millions of Korean won within a month. This marks an important step for South Korea in combating misconduct in the cryptocurrency market.

3. Hot Narrative

The price of XRP has surpassed $3, setting a new high since 2018, with a 15-day increase of 40%. Currently, the market capitalization of XRP has exceeded $170 billion, surpassing a certain asset management company. This surge is mainly driven by expectations of friendly policies towards cryptocurrencies and the push for regulatory reform in the digital asset space in the United States.

Analysts point out that the surge in XRP is attributed to new partnerships, the launch of stablecoins, and speculation about a potential spot XRP ETF. Additionally, investors holding large amounts of tokens continue to increase their holdings, providing support for this rebound. Since November, these addresses have accumulated 1.4 billion XRP, worth approximately $3.8 billion.

At the same time, Google Trends data shows that the search volume for XRP has surpassed that of Bitcoin, reflecting an increasing market interest in XRP.

2. Hot Projects

Sora Labs

Sora Labs is an artificial intelligence organization focused on the Solana ecosystem. Its main projects include:

1. Zen: An open-source AI dialogue framework built with Go language, designed to simplify and make the development of proxy chat systems more flexible.
2. Hana: A social media AI agent based on the Zen framework, demonstrating the capabilities of Zen.
3. Toolkit: A tool developed with Go and Rust to help manage seamless collaboration with AI models.
4. Solana Toolkit: An extension toolkit providing specific functionalities for Solana.

All projects have been open-sourced.

In terms of token economics, the development team purchased a total of 100 million tokens, of which 99.2 million have been locked until March 12, with 24.75 million tokens being unlocked linearly every two weeks. The next unlocking date is January 29. Additionally, 829.6K tokens have been transferred into the contract but have not yet been locked.

Currently, the top 100 holdings account for 61.95%, with the largest holder accounting for 9.92% being the locked portion. The average purchase price of the top 100 holders has doubled.

III. Sector Rotation

Due to the inability to directly display the image, I will briefly describe the main trends of sector rotation:

1. In the hot sectors, AI-related projects have performed outstandingly, occupying several of the top positions in terms of gains.
2. Within the sector, AI and NFT projects are showing a strong upward trend, while the DeFi and GameFi sectors remain relatively stable.
3. Overall, the market shows a preference for AI and innovative technology projects, reflecting investors' optimistic expectations for these emerging fields.