SoSo Daily Sep 9

Let's turn our attention to today's overall Crypto market situation.
As of 5:59 PM on September 9, 2024, according to sosovalue, the total market cap of the crypto market stands at 2.09 trillion US dollars, witnessing an increase of 3.11% compared to yesterday; the total trading volume is 81.09 billion US dollars, marking an increase of 64.8% from the previous day.

According to sosovalue, the price of $BTC is 56,545 USD, an increase of 3.73% from yesterday. The market cap of $BTC is 1.12 trillion USD, accounting for 53.5% of the total market cap; $BTC's 24-hour trading volume is 31.41 billion USD, making up 38.7% of the total trading volume.
The price of $ETH is 2,343.4 USD, up 2.69% from yesterday; the market cap of $ETH is 281.96 billion USD, representing 13.5% of the total market cap; $ETH's 24-hour trading volume is 13.60 billion USD, comprising 16.8% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 67% of the total cryptocurrency market cap, and their combined trading volumes constitute 55.5% of the total trading volume.

After reviewing the overall crypto market situation, let's shift our focus to the top 5 token gainers of the day:
As of 17:55 Hong Kong time, according to sosovalue, the top five gainers are:
Top 1 gainer is BarnBridge. As of 17:55 today, its market cap is 20.89M, with a coin price of 2.1520 USD, witnessing a 24-hour increase of 44.4%.
The second is Open Exchange Token. As of 17:55 today, its coin price is 0.0044180 USD, with a 24-hour increase of 40.6%.
The third is PepeFork. As of 17:55 today, its coin price is 0.00000019006 USD, showing a 24-hour increase of 27.8%.
In fourth place is Wojak. As of 17:55 today, its coin price is 0.00056690 USD, with a 24-hour rise of 27.2%.
In fifth place is ChainX. As of 17:55 today, its coin price is 0.13224 USD, increasing by 26.9% over the last 24 hours.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Wu learned that according to SoSoValue data, the Ethereum spot ETF had a net outflow of 91.04 million US dollars last week trading days (September 3 to September 6 Eastern Time). Among them, Grayscale Ethereum Trust ETF ETHE had a weekly net outflow of 111 million US dollars. The Ethereum spot ETF with the highest net inflow last week was Grayscale Ethereum Mini Trust ETF $ETH, with a weekly net inflow of 10.36 million US dollars. Next was Fidelity Ethereum ETF FETH, with a weekly net inflow of 4.91 million US dollars.
Next news:Snapshot X launches to enable gas-free onchain voting via Starknet

Governance platform Snapshot X has launched today, introducing a new Layer 2-based protocol that enables onchain voting without the associated gas fees for decentralized autonomous organizations (DAOs). This feature, powered by Starknet’s roll-up technology, aims to streamline the voting process within blockchain projects by eliminating costs that have traditionally hindered participation. DAOs have traditionally faced a choice between fast, centrally controlled off-chain voting systems and onchain voting that, while adhering to blockchain’s core principles, was often expensive and inefficient. Snapshot X seeks to address these issues by offering a cost-effective, onchain solution. Jeremy Musighi, COO of Snapshot Labs, described Snapshot X as a turning point in on-chain governance. “For the first time, we’re making it possible for DAOs to provide free onchain voting to their communities, allowing for greater inclusivity and higher participation rates in decentralized decision-making,” Musighi stated. The protocol uses STARK scaling and storage proofs, a type of cryptographic verification, to facilitate secure and tamper-proof voting across different blockchains without transferring tokens or incurring gas fees. This approach enhances security and reduces the reliance on third-party intermediaries, making the voting process more cost-efficient. Storage proofs are cryptographic proofs verifying the possession of specific tokens or non-fungible tokens in a user's wallet at one particular time. They are used to calculate a user's voting power at the time a proposal is initiated without necessitating the bridging of tokens. This setup also leverages a transaction relayer. To bypass the need to manage a Starknet account, users sign their vote with their Ethereum wallet, and the vote is then relayed to the Starknet network through its transaction relayer, Mana. Snapshot X system’s modularity allows a special authenticator to verify the provided signature and count the vote. Snapshot X’s debut will be marked by a governance vote within the Starknet community on a new staking proposal, which is set to showcase its functionality and the broader potential for decentralized governance systems.
Next news:Wu learned that according to Whale Alert monitoring, USDC Treasury minted an additional 50 million USDC on the Ethereum network around 6:33 Beijing time and transferred it to Coinbase. In the past 3 days, USDC Treasury has minted a total of 150 million USDC, all of which were transferred to Coinbase.
Next news:According to Asahi Shimbun, Agile Energy X, a wholly-owned subsidiary of the Japanese electricity giant Tokyo Electric Power Company, is attempting to mine Bitcoin using renewable energy and installing Bitcoin mining machines near solar power plants. Simulation results from Agile Energy show that if renewable energy accounts for 50% of Japan's power supply, 240 million kilowatt-hours of electricity will be wasted annually due to power restrictions. If 10% of this surplus electricity is used for Bitcoin mining, it could generate approximately 360 billion yen (2.50 billion USD) worth of $BTC annually.
Next news:Foresight News reports that according to Nairametrics, the Nigerian Securities and Exchange Commission (SEC) has stated that it will soon commence enforcement actions against all individuals and businesses (including cryptocurrency exchanges operating outside its regulatory purview). 'We will definitely take enforcement actions against anyone who does not intend to comply with regulations and wishes to operate in this market. For those who do not wish to play by the rules, we will not allow them to operate within our jurisdiction.'
Next news:Foresight News: OKX will list Catizen (CATI) spot trading, with deposits opening at 21:00 today and withdrawals opening at 18:00 on September 21. CATI/USDT spot trading will commence at 19:00 on September 20.
Next news:Nick Drakon, former CEO of the cryptocurrency research and education platform Revelo Intel, tweeted on September 5 that he was recently robbed at gunpoint by a 'highly professional' group, forcing him to transfer personal, company, and investor funds, and subsequently announced his resignation. Drakon stated that the robbers were particularly interested in cryptocurrencies and were aware of the deposit addresses of his crypto business operations. He suspects that internal personnel at Revelo Ventures may have been involved but did not disclose further details for security reasons. To cover the losses, Drakon has relinquished his stake in Revelo, and 30% of the company's profits will be used to compensate affected members. Former COO Vu Benson will take over as the new CEO of Revelo Intel. (Cointelegraph)
Next news:Global crypto investment products experienced significant net outflows last week, totaling $726 million, matching the largest weekly outflows since March, as reported by CoinShares. The U.S. market dominated these outflows, particularly from Bitcoin spot ETFs. Despite the overall negative trend, there were signs of resilience in the European market, with net inflows in Germany and Switzerland. Solana-based funds also saw an increase in investments, contrasting with the broader market downturn.
Next news:Friend.Tech, a Web3 social network, has renounced control of its smart contracts by transferring their control to Ethereum's null address, effectively locking the system and preventing further changes. This move comes after the platform experienced stagnant growth and declining trading activity. Initially launched on the Coinbase-backed Layer 2 network Base, Friend.Tech quickly gained popularity, with its daily earnings surpassing Ethereum's at one point. However, after a significant initial surge, the platform struggled to maintain momentum, and a revival now seems unlikely due to the locked state of its contracts.
Next news:Foresight News: Binance-backed Tokocrypto has successfully obtained the Physical Crypto Asset Trader (PFAK) license from the Indonesian Commodity Futures Trading Regulatory Agency (Bappebti), making Tokocrypto the third exchange in Indonesia to receive the PFAK license.

Okay that's all for today. Thank you for tuning in, and we hope you found it helpful. Visit sosovalue.com, our one-stop financial research platform for crypto investors, to stay abreast of the latest market trends and key information. Until next time, goodbye.