SoSo Daily Apr 6 | The social media application Phaver has ceased operations.

According to sosovalue, the price of $BTC is 83,429 USD, a decrease of 0.656% from yesterday. The market cap of $BTC is 1.66 trillion USD, accounting for 59.8% of the total market cap; $BTC's 24-hour trading volume is 13.17 billion USD, making up 27.1% of the total trading volume.
The price of $ETH is 1,810.3 USD, down 0.505% from yesterday; the market cap of $ETH is 218.45 billion USD, representing 7.89% of the total market cap; $ETH's 24-hour trading volume is 6.86 billion USD, comprising 14.1% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 67.69% of the total cryptocurrency market cap, and their combined trading volumes constitute 41.2% 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 12:00 Hong Kong time, according to sosovalue, the top five gainers are:
Top 1 gainer is PumpBTC. As of 11:50 today, its market cap is 13.68M, with a coin price of 0.048000 USD, witnessing a 24-hour increase of 380%.
The second is bAI Fund. As of 11:50 today, its coin price is 0.0049400 USD, with a 24-hour increase of 349%.
The third is Amnis Finance. As of 11:50 today, its coin price is 0.071690 USD, showing a 24-hour increase of 32%.
In fourth place is tomiNet. As of 11:50 today, its coin price is 0.0034340 USD, with a 24-hour rise of 27.4%.
In fifth place is LUCE. As of 11:50 today, its coin price is 0.011890 USD, increasing by 24.4% over the last 24 hours.




Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:

According to Wu, DeFi researcher Ignas has stated that the social media application Phaver has ceased operations, with its token price having dropped 99% since the TGE in September 2024. Members of the Phaver team indicated that there were technical issues with the TGE and airdrop, preventing users from claiming their tokens on time, which triggered FUD; secondly, Phaver incurred over 1 million USD in fees to launch on 5 CEXs; thirdly, due to a depressed market sentiment, the team did not sell tokens during the TGE, resulting in insufficient operational funds. As a Finnish company, Phaver also needs to pay severance for employees for 1 to 2 months. Some former team members are developing SocialDAO to seek new uses for the SOCIAL token.

Next news:

According to Foresight News, Andrew Kang, a partner at Mechanism Capital, stated, "I haven't been closely following cryptocurrencies in recent months, but the likelihood of $ETH returning to between $1,000 and $1,500 this year is quite high. Given that the speculative frenzy has clearly passed, Ethereum's current market capitalization of $215 billion is absurd for an asset with negative growth/negative earnings. The bearish argument holds true."

According to Foresight News, Andrew Kang, a partner at Mechanism Capital, stated, "I haven't been closely following cryptocurrencies in recent months, but the likelihood of $ETH returning to between $1,000 and $1,500 this year is quite high. Given that the speculative frenzy has clearly passed, Ethereum's current market capitalization of $215 billion is absurd for an asset with negative growth/negative earnings. The bearish argument holds true."

Next news:

Foresight News reports that according to monitoring by @ai_9684xtpa, KOL @Cbb0fe has redeemed a total of 17.66 million USDe from Ethena in the past 21 hours, and has exchanged 12 million of those for USDT. In Season 3, he has accumulated 94.16 million points, accounting for 0.07% of the total points pool.

Foresight News reports that according to monitoring by @ai_9684xtpa, KOL @Cbb0fe has redeemed a total of 17.66 million USDe from Ethena in the past 21 hours, and has exchanged 12 million of those for USDT. In Season 3, he has accumulated 94.16 million points, accounting for 0.07% of the total points pool.

Next news:

Forbes' latest survey shows that support for the economic policies of the Trump administration among Wall Street elites has significantly declined. 72% of top financial leaders believe Trump's economic plan is ineffective, and 66% express disapproval of his economic policies. Regarding tariffs, Trump received a score of 1.86 (out of 5), with 27 respondents giving the lowest rating. In terms of the stock market, his score is similarly poor at 1.96, while the scores for cryptocurrency (2.0) and inflation (2.16) are also disappointing.

Next news:Wu learned that Haseeb Qureshi, managing partner at Dragonfly, published an analysis of the current cryptocurrency market trends. He noted that Bitcoin's price remains stable, possibly due to its dual characteristics of both gold and the Nasdaq, "surviving in the cracks" between rising gold and falling tech stocks. The ongoing buying power from MicroStrategy also provides support. Haseeb indicated that the market currently anticipates interest rate cuts and the restart of quantitative easing, which benefits altcoins, being the most risky assets. Furthermore, unlike stocks and bonds, altcoins are not directly affected by tariffs. He also pointed out that retail investors were bottom-fishing in the stock market last Friday, while institutional funds were flowing out; since altcoins are predominantly driven by retail investors, there has been no significant fluctuation in funding, keeping prices firm.
Next news:The U.S. SEC will hold its second roundtable on cryptocurrency regulation on April 11.
Next news:

According to Foresight News and data from DefiLlama, the TVL of the Sonic network has surpassed 1 billion USD, currently standing at 1.08 billion USD, setting a new historical high. The top three protocols by TVL on this network are Aave, Silo Finance, and Beets.

According to Foresight News and data from DefiLlama, the TVL of the Sonic network has surpassed 1 billion USD, currently standing at 1.08 billion USD, setting a new historical high. The top three protocols by TVL on this network are Aave, Silo Finance, and Beets.

Next news:Haze, the co-founder of GMGN, announced that GMGN has earned approximately 60 million USD in SOL and has staked all of these SOL. This move demonstrates GMGN's confidence in SOL and its support for the ecosystem.
Next news:Bill Ackman, a prominent hedge fund manager, expressed concerns on social media about the timeline for implementing large-scale tariffs announced by President Trump. Ackman argues that the short timeframe before the tariffs take effect is insufficient for substantial negotiations with trading partners. He predicts that Trump may announce a delay in the tariffs to allow more time for negotiations and for companies to adjust their supply chains. Ackman warns that without a delay, the uncertainty could harm market confidence and potentially lead to a severe recession in the U.S. economy.
Next news:Mark T. Uyeda, the acting chairman of the U.S. Securities and Exchange Commission (SEC), has instructed staff to review multiple statements regarding cryptocurrency investments and the applicability of securities laws. This directive was issued under Executive Order No. 14192, aimed at assessing whether these statements need to be modified or rescinded in line with current priorities. The documents under review include guidance released in 2019 on whether digital assets are considered securities, as well as a statement from 2021 regarding the investment risks associated with the Bitcoin futures market. Additionally, there will be a review of the 2022 guidance on cryptocurrency bankruptcies and the 2021 warnings about the risks of trading digital assets. The SEC is currently experiencing staff turnover, with over 600 employees accepting voluntary buyouts.

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.