October 2024 Market Recap

Welcome to our October 2024 Monthly Crypto Market Recap!

The market has experienced significant volatility over the past month, driven by various macroeconomic developments worldwide. Tensions in the Israel-Iran conflict increased, with Iran recently launching 180 ballistic missiles targeting Israel. In response, Israel conducted airstrikes on strategic military facilities, including missile manufacturing sites and air defense systems.

In China, the Minister of Finance announced plans to increase the debt limit on a large scale at one time and increase efforts to support local governments in resolving debt risks. This is the strongest measure to support debt reduction in recent years. However, a government briefing failed to introduce new economic stimulus measures. 

In the United States, the presidential election intensifies as Donald Trump and Kamala Harris enter the final stretch of a fiercely contested campaign, with Election Day looming on November 5. Key macroeconomic data shows U.S. inflation pressures remain at the current levels: the core CPI annual rate in September rose to 3.3%, but slightly above the 3.2% forecast. The broader CPI annual rate was 2.4%, also higher than the 2.3% expectation, marking its highest level since June and introducing further uncertainty about the Fed's upcoming interest rate decisions. Additionally, initial U.S. unemployment claims for the week ending October 5 hit 258,000, the highest level since early August, reflecting potential strain in the labor market.

Regarding the crypto market, Mt. Gox’s trustee has postponed creditor repayments by one year to October 31, 2025, easing concerns over an imminent sell-off. Meanwhile, Russian President Putin signed a law on October 27 to expand state oversight of the cryptocurrency sector. In the U.S., the SEC approved listing multiple spot Bitcoin ETFs on the NYSE and Cboe, a significant step for institutional access to Bitcoin. At the same time, the SEC filed a lawsuit against Cumberland DRW, adding to regulatory actions aimed at enforcing compliance within the crypto space.

Join us as we delve into the crypto market of October and uncover the catalysts that fueled the month's leading performers. Get ahead with our comprehensive monthly market recaps at TRHX Research and receive real-time updates from TRHX Pulse. Stay informed and ready to navigate the ever-evolving crypto landscape!

Popcat (POPCAT) ⏶82.43% 

The Popcat token (POPCAT), launched on the Solana blockchain, draws inspiration from the viral Popcat meme that emerged in October 2020. Although the token does not have a direct connection to the original meme, it gained rapid traction due to its community-driven nature and the strength of the meme culture surrounding it. 93.1% of its token supply is allocated to a liquidity pool to ensure stability, with the remainder reserved for future initiatives.

Early in the month, POPCAT saw a significant surge after a tweet by KOL Ansem, who hinted at a potential cat-themed memecoin trend, calling it "cat season." This sparked speculation in the market, driving POPCAT's price upward. POPCAT's market capitalization in the following days surpassed other well-established projects like FLOKI and TIA, further highlighting its rapid growth. Crypto.com also contributed to the token's exposure by tweeting about its uptrend, bringing POPCAT to a broader audience’s attention.

Additionally, POPCAT's listing on Solana's first centralized exchange, SolCex, added legitimacy to its status as an increasingly adopted memecoin. The token's utility expanded even further when it integrated with Kraken Pro, which became available as a margin pair for decentralized finance (DeFi) activities, opening more use cases for the token.

Raydium (RAY) ⏶78.44%

Raydium (RAY) is an automated market maker (AMM) and liquidity provider on the Solana blockchain for the Serum decentralized exchange (DEX). The platform's native token, RAY, serves multiple critical functions within its ecosystem. Token holders can stake their RAY to earn a share of the protocol's fees. Additionally, staking RAY grants users allocations in Initial DEX Offerings (IDOs), providing an avenue for early investment in emerging projects. Governance is another crucial aspect, with RAY holders having the ability to vote on critical protocol decisions, ensuring a decentralized and community-driven approach to the platform's development and future direction.

Raydium's new cross-chain token transfer feature, Teleport, is a key growth catalyst for the protocol in October. This innovation enables seamless asset transfers, such as USDC, between Ethereum and Solana, leveraging Circle's Cross-Chain Transfer Protocol (CCTP) and the Wormhole network. By addressing the critical demand for interoperability and liquidity in decentralized finance (DeFi), Teleport positions Raydium as a central player in enabling efficient, cross-chain DeFi interactions. Raydium's high trading volume allowed it to surpass Ethereum's 24-hour fee revenues on October 21, with $3.4 million compared to Ethereum's $3.35 million.

Cat in a dogs world (MEW) ⏶75.10% 

MEW is a community memecoin airdropped to early adopters of the Solana network. It positions itself as a cat-themed alternative to the popular dog-themed meme coins. The project first gained attention due to its strategic tokenomics, burning 90% of its liquidity pool to establish price stability and minimize volatility while distributing the remaining 10% through airdrops to the Solana community.

Earlier this month, on October 4th, MEW's price surged by 56.25% over four days following news of its upcoming listing on the Kraken exchange, scheduled for October 8th. Although the token experienced a brief decline afterward, it quickly rebounded with a second surge, spurred by Kraken's official listing announcement. During this time, MEW also revealed further positive developments, including listings on LetsExchange and partnerships with projects like SUPERPLASTIC, which helped enhance its reach and credibility.

In the latter half of the month, MEW teased the start of its second season, fueling speculation among traders. This momentum was further amplified when MEW was listed on Upbit, South Korea's largest cryptocurrency exchange, and Bitstamp, providing more trading opportunities. Furthermore, MEW was integrated into several DeFi protocols, such as Drift, Kwenta, and Synthetix, expanding its utility within decentralized finance.

Digital asset users can look forward to more news regarding MEW's season 2, and their active participation in integrating with various ecosystem categories aids in expanding the utility and reach of the MEW tokens. 

Whitebit (WBT) ⏶66.32% 

WhiteBIT Token (WBT) is the utility token for the WhiteBIT exchange, one of the largest cryptocurrency platforms in Europe. Established in 2018, it is integrated into many WBT services and offers key features such as staking, reduced trading fees, an increased referral interest rate of up to 50%, and free daily withdrawals for ERC-20 and ETH.

The WBT token experienced a sudden surge on October 12th, climbing from approximately $12 to over $15 within just eight hours. This rapid increase in value, however, was not directly linked to any specific catalysts related to the token or the exchange, adding an element of mystery to its rise. 

Despite this uncertainty, on October 17th, WhiteBit continued to bolster its reputation by achieving the highest level of Payment Card Industry Data Security Standard (PCI DSS) certification for payment data security. This achievement enhances user privacy and ensures the security of funds and personal information, further solidifying WhiteBit's position as the preferred exchange for customers in Europe.

Dogecoin (DOGE) ⏶54.45%

Dogecoin (DOGE) was created in December 2013 by software engineers Billy Markus and Jackson Palmer as a lighthearted alternative to Bitcoin. Inspired by the viral "Doge" meme featuring a Shiba Inu dog, Dogecoin was initially launched as a joke but quickly gained popularity, especially on social media platforms like Reddit. DOGE was primarily for tipping content creators and supporting charitable causes, such as funding the Jamaican bobsled team's participation in the 2014 Winter Olympics. Over the years, it has become a significant player in the cryptocurrency space due to high-profile endorsements from figures like Elon Musk.

On October 7th, a decentralized platform called Dogebox was introduced to enhance the Dogecoin ecosystem by providing tools and infrastructure for developing and self-hosting applications known as PUPs (Packaged User Programs). Built on a Linux-based environment, Dogebox enables users to create, distribute, and manage software interacting with the Dogecoin blockchain, supporting everything from wallets to online commerce systems. Over the second half of the month, various contributors have been working to improve multiple aspects of the Dogebox, such as Dogemap PUP, Dogecoin Core nodes, and Libdogcoin SPV. By facilitating the development of these services, Dogebox aims to drive utility and adoption of Dogecoin, increasing its token value and making it a more versatile cryptocurrency for real-world use cases. 

Looking ahead, Dogecoin's focus on forming an ecosystem platform with multitudes of utility and community-driven innovation further strengthens Dogecoin's potential in decentralized finance (DeFi) and other blockchain applications, contributing to its long-term growth and integration.

Apecoin (APE) ⏶42.55%

ApeCoin (APE) is a cryptocurrency affiliated with the Bored Ape Yacht Club (BAYC), launched in March 2022 as part of Yuga Labs' vision for a new metaverse ecosystem. Designed to facilitate access to various events, gaming experiences, and merchandise, ApeCoin represents a significant evolution in the NFT space beyond traditional profile picture projects. Initially distributed to BAYC and Mutant Ape Yacht Club (MAYC) owners via an airdrop, ApeCoin is also available for purchase on major exchanges. Holding ApeCoin grants membership in the ApeCoin DAO, governing the use of the DAO's treasury and future project proposals, with oversight from a rotating board of crypto investors. The token is poised to serve as the primary currency in Yuga Labs' upcoming metaverse projects while being accepted in the real world in various instances.

APE has seen a dramatic 100% surge in price, reaching over $1.50 for the first time since April, following the launch of ApeChain by Yuga Labs. This new Layer 3 network, built on Arbitrum One, offers native staking yields for APE holders, enabling them to earn passive returns by locking their tokens, attracting significant investor interest. Additionally, ApeChain's launch included interoperability features through LayerZero, facilitating seamless cross-chain transfers and enhancing the token's utility across various blockchain ecosystems. 

Following the launch, APE has also seen a remarkable 2,102.56% surge in whale transactions of $100,000 or more over the past week, marking a 22-fold increase in whale activity compared to typical levels.

Aptos (APT) ⏶30.69%

Aptos (APT) is the native token of the Aptos Layer 1 blockchain, designed for high-performance smart contract applications using the Move programming language. Initially developed by Meta, Move provides a secure, resource-oriented programming environment, giving Aptos an edge in decentralized finance (DeFi) and traditional finance (TradFi) integration. $APT powers network operations, including transaction fees and governance, supporting Aptos' ecosystem growth.

This month, $APT saw a positive boost following two key partnerships. Aptos collaborated with FLock.io to develop AI-powered tools tailored to Move, making it easier for developers to create smart contracts on the network. Additionally, Franklin Templeton launched its $435 million On-Chain U.S. Government Money Fund (FOBXX) on Aptos, the first money market fund on the network. These developments strengthened $APT's position as the token powering TradFi and AI-driven solutions, underscoring its expanding utility.

Aptos' focus on enhancing developer tools and fostering TradFi adoption continues to build momentum for $APT. With the Franklin Templeton integration and the SEC's potential approval of a Crypto Index ETF, Aptos is positioned to gain institutional interest, potentially driving $APT demand as a key utility within its ecosystem. As Aptos expands its infrastructure and partnerships, $APT is expected to grow alongside network adoption.

Jupiter (JUP) ⏶20.34% 

JUP is the native token of Jupiter, a decentralized exchange (DEX) aggregator on the Solana blockchain, launched in mid-2021. As one of the leading swap aggregators on Solana, Jupiter plays a critical role in the decentralized finance (DeFi) ecosystem by offering features such as limit orders, dollar-cost averaging (DCA), and even cross-chain swaps. In January 2024, Jupiter launched its native token, JUP, which is set to power its decentralized autonomous organization (DAO) and align incentives within its community. With a maximum supply of 10 billion tokens, a significant portion of JUP is allocated to community rewards and ecosystem development. 

On October 9th, 2024, Jupiter Exchange announced the launch of its mobile version on the App Store, significantly broadening access to its ecosystem. This move enables users to engage with Jupiter's DeFi products more easily, aligning with their goal of expanding reach and utility. Continuous product updates, including the release of Ape.pro, and Solana's memecoin terminal, have further enhanced the platform's offerings for traders and investors, thereby boosting the utility and value of the native JUP token. In addition, Jupiter's growing reputation was acknowledged by Grayscale, a prominent digital asset investment firm. It mentioned the JUP token as a potential candidate for inclusion in its investment products—signaling confidence in the project. Jupiter's strength lies in its community engagement, fostering a collaborative environment through its DAO, where user feedback is actively sought for continuous improvement. In a community rally organized by the platform's founder, Meow, over 18,000 users participated, demonstrating the loyalty and support within the Jupiter ecosystem, which could potentially be reflected in its native token, JUP.

Solana (SOL) ⏶17.58% 

Solana (SOL) is a high-performance Layer 1 blockchain known for its scalability, low transaction costs, and energy-efficient Proof of Stake consensus. It is optimized for decentralized finance (DeFi) applications, non-fungible tokens (NFTs), and high-throughput blockchain networks. As one of the most active ecosystems in the blockchain space, SOL remains a critical asset for both staking and DeFi activities.

Binance has announced an extension of its enhanced BNSOL interest rate activity, offering SOL stakers the opportunity to earn up to a 10% annualized return by staking through the platform. This temporary boost, running from October 26 for 6 to 8 days, is designed to attract new and existing SOL holders. The interest rates are adjusted based on total locked amounts every few days, providing users with the flexibility to maintain liquidity and use their staked holdings for additional DeFi engagements while continuing to earn staking rewards.

Solana’s continued integration with major exchanges like Binance reflects its growing role in staking innovations. The BNSOL model supports Solana’s positioning in DeFi by enhancing token utility and increasing liquidity options.

Bitget Token (BGB) ⏶16.12% 

Bitget is a large cryptocurrency exchange with futures trading and copy trading services as its key features. Currently, the platform serves over 8 million users in more than 100 countries and regions. Using BGB tokens, the user can enjoy lower trading fees and gain access to new token launches on the Bitget platform. 

On October 7, there was a sudden 56% price drop in BGB’s price. Primarily, this was caused by large leveraged trades using BGB as collateral, subsequently leading to forced liquidations across loan, margin, and futures positions, which amplified the price swing downward. Bitget responded swiftly to this incident with a comprehensive compensation plan - the exchange promptly assured users that all affected would be compensated in either USDT or BGB. The compensation plan covered losses from forced liquidations across loans, spot margin, and futures positions involving BGB, giving confidence in Bitget as an exchange in managing its own token and making users whole. 

Additionally, Bitget introduced a Solana-based liquid staking service through a partnership with Solayer, enabling users to stake SOL while retaining liquidity via BGSOL tokens. This initiative expands Bitget’s staking solutions, providing BGT holders and platform users with an alternative DeFi avenue while showcasing Bitget’s commitment to broadening its product offerings.

Closing Remarks 

As October draws to a close, the crypto market has been a hive of activity, experiencing notable volatility. Bitcoin, for instance, has once again tested the $70,000 level before retreating to its current price. This month has also witnessed a resurgence of memecoins, with multiple listings on tier-1 centralized exchanges and several gaining significant market recognition alongside established tokens. These developments underscore the dynamic and ever-changing nature of the market, keeping investors engaged and excited about the potential opportunities.

Looking ahead to November, we can expect even greater volatility driven by the Federal Reserve's upcoming decision on interest rates and the imminent U.S. elections. If Trump is elected again, this could significantly benefit the crypto industry.

Additionally, Treehouse Protocol has achieved several important milestones this month, including reaching its fourth Total Value Locked (TVL) cap and launching the Mantle vault. This allows more users to engage with the Treehouse ecosystem at a lower cost on a Layer 2 network, further enhancing accessibility.

As we approach November, we are closely monitoring these developments and their potential effects on the market. Stay informed by following our in-depth analyses of the crypto landscape through TRHX Research and the TRHX Pulse Newsletter, where we will provide the latest updates.

Disclaimer

This publication is provided for informational and entertainment purposes only. Nothing contained in this publication constitutes financial advice, trading advice, or any other advice, nor does it constitute an offer to buy or sell securities or any other assets or participate in any particular trading strategy. This publication does not take into account your personal investment objectives, financial situation, or needs. TRHX does not warrant that the information provided in this publication is up-to-date or accurate. 

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