Crypto Market Overview

• BTC (1.64% | Current Price: 121,248 USDT): After a period of sideways consolidation, BTC saw a sharp rally in a short time, breaking above the $121,200 level and setting a new high for this cycle at $121,260.3. The surge, accompanied by strong trading volume, indicates concentrated buying momentum. If BTC can hold steadily above $121,000 in the short term, it may continue its upward move. On August 8, BTC ETFs recorded a net daily inflow of $403 million, with BlackRock’s IBIT seeing $360 million and Fidelity’s FBTC $30.5 million, showing that institutional funds are steadily increasing their Bitcoin exposure.
• ETH (2.27% | Current Price: 4,313 USDT): Following a brief pullback, ETH resumed its upward trend, breaking the recent high of $4,343.23 and closing at $4,313.90, maintaining a bullish structure. Multiple rebounds from the $4,250–$4,260 range indicate solid buying support. A steady hold above $4,300 could open the door to testing the $4,400 level. On August 8, ETH ETFs recorded a net daily inflow of $461 million, with BlackRock’s ETHA seeing $254 million and Fidelity’s FETH $132 million.
• Altcoins: Most major altcoins posted modest gains, with overall market sentiment leaning toward “neutral” or “buy.” The Fear & Greed Index stood at 70 today, remaining in the “greed” zone, indicating positive sentiment but warranting caution for potential overheating.
• Macro: On August 8, the S&P 500 rose 0.78% to 6,389.45, the Dow Jones Industrial Average gained 0.47% to 44,175.61, and the Nasdaq Composite climbed 0.98% to 21,450.02. As of 2:50 AM (UTC) on August 11, spot gold was trading at $3,378 per ounce, down 0.6% in the past 24 hours.

Trending Tokens

ZKJ – Polyhedra Network (+77.01%, Circulating Market Cap: $108M)

According to Gate data, ZKJ is currently priced at $0.31067, up approximately 77.01% in the past 24 hours. Polyhedra Network (ZKJ) is a platform leveraging zero-knowledge proof (ZKP) technology to advance Web3 interoperability, scalability, and privacy. It aims to bridge different blockchain networks, protocols, and systems, enabling seamless cross-Web3 communication and collaboration.

Amid broad ETH ecosystem strength, Polyhedra’s surge was driven mainly by its collaboration with Google Cloud and a series of strategic moves. On August 9, the project announced zkGPT — a system that can verify the correct execution of large language model inference without revealing model details. This innovation significantly boosted market attention. From August 10, ZKJ’s price rallied sharply from around $0.15 to as high as $0.36588, accompanied by a notable surge in trading volume, reflecting concentrated capital inflows and strong bullish sentiment.

LDO – Lido (+14.05%, Circulating Market Cap: $1.331B)

Gate market data shows LDO trading at $1.4889, up 14.05% in the past 24 hours. Lido is a decentralized liquid staking protocol allowing users to stake tokens without locking them up, while still participating in other DeFi activities. By issuing tradable staking receipt tokens (e.g., stETH for Ethereum), Lido enables liquidity retention during staking.

This rally stems from both macro and micro drivers:

• Macro: Advancements in staking-based ETFs and clearer regulation have created long-term tailwinds for the liquid staking sector.
• Micro: Recent community discussions over an LDO buyback plan have fueled short-term optimism. On August 7, community member Kuzmich proposed a draft buyback plan in the governance forum, noting that Lido’s treasury holds about $145M in liquid assets that currently generate no yield. This buyback expectation has prompted a revaluation of the token’s worth, accelerating capital inflows.

ENA – Ethena (+11.56%, Circulating Market Cap: $5.485B)

Gate market data shows ENA trading at $0.8324, up 11.56% in the past 24 hours. Ethena is a decentralized stablecoin protocol whose core product is the USD-pegged synthetic asset USDe. It operates using a “cash-equivalent + derivative hedge” market-neutral strategy, combining spot staking with perpetual futures short positions.

ETH’s rally has lifted its entire ecosystem, with Ethena’s $USDe surpassing $10B in market cap within just 500 days — a key driver of investor attention. In response, ENA’s price climbed steadily from around $0.55 and accelerated from August 9–11, peaking at $0.8357. The price trend remains within a clear upward channel, with each pullback quickly reversing, highlighting sustained bullish inflows and strong market sentiment.

Alpha Insights

Solana Ecosystem Meme Token Launch Platform BAGS Surpasses letsBonk.fun in 7-Day Revenue

According to Defillama data, the meme token launch platform BAGS in the Solana ecosystem posted standout performance over the past seven days, surpassing the well-known letsBonk.fun to become the second-highest revenue-generating platform in the Solana ecosystem, trailing only pump.fun. This milestone underscores BAGS’ rapid rise in the Solana meme token market and its growing user recognition.

BAGS’ short-term revenue outperformance over letsBonk.fun highlights its strong competitiveness and market appeal in Solana’s meme token issuance sector. As a community-driven, lightweight asset innovation, meme tokens are often characterized by high volatility and speculative trading. BAGS’ rapid growth reflects the market’s enthusiasm for emerging crypto assets with social and entertainment attributes. With the Solana ecosystem continuing to mature, ensuring user safety and compliance while optimizing user experience will be key to the future development of BAGS and similar platforms. Investors should also be aware of the high-risk nature of the meme token market and participate with caution.

Bitcoin Market Cap Surpasses Amazon to Rank Sixth Globally, Total Crypto Market Cap Hits Record $4.1 Trillion

According to 8market data, Bitcoin’s market capitalization has surpassed $2.45 trillion, overtaking Amazon to become the sixth-largest asset globally, reinforcing its status and influence as “digital gold.” Meanwhile, the total cryptocurrency market cap has exceeded $4.1 trillion, setting a new all-time high and rising 2.5% in the past 24 hours, indicating robust market momentum and growing investor confidence.

Bitcoin’s market cap overtaking traditional giant Amazon marks a milestone in mainstream capital market recognition of crypto assets, with its value-storage function becoming increasingly prominent. The continued climb in total crypto market cap reflects strong investor expectations for blockchain technology and the future of the crypto ecosystem. However, as the market grows in size, volatility and regulatory pressures are also likely to intensify. Investors should remain rational and prudent. Going forward, whether Bitcoin and the broader crypto market can sustain steady growth will depend on technological innovation, policy developments, and institutional adoption trends.

LayerZero Foundation Proposes $110M Acquisition of Stargate Cross-Chain Bridge and STG Token

The LayerZero Foundation has proposed a $110 million acquisition of the Stargate cross-chain bridge and its governance token STG. Under the proposal, STG tokens will be retired, and holders can exchange them at a rate of 1 STG = 0.08634 ZRO, equivalent to approximately $0.1675 per STG based on ZRO’s current price of about $1.94. Upon completion, Stargate will be integrated into the LayerZero Foundation, and the Stargate DAO will be dissolved. The official statement said this move aims to accelerate the synergy between Stargate and LayerZero, leveraging LayerZero’s resources to expand the Stargate ecosystem, deepen its functionality beyond cross-chain bridge services, and enhance overall user experience and value circulation within the LayerZero ecosystem.

This $110M acquisition not only demonstrates LayerZero’s strong commitment to cross-chain infrastructure but also reflects the strategic importance of cross-chain bridge technology as a core enabler of multi-chain interoperability. By integrating Stargate, LayerZero can achieve closer protocol collaboration and resource sharing, strengthen technical capabilities and ecosystem vitality, and advance the unification and optimization of cross-chain experiences. For STG holders, the token swap may bring short-term adjustments but also offers the potential for greater long-term value through LayerZero’s growth prospects. Overall, the acquisition solidifies LayerZero’s competitiveness in the multi-chain ecosystem and lays a solid foundation for future innovation and commercialization of cross-chain protocols.

Gate Launchpool

New Token Sale Details

• Subscription Project: Baby Shark Universe
• Token Name: BSU
• Subscription Period: Until August 16, 2025, 10:00 (UTC)
• Participation Method: Stake BTC or BSU to claim for free
• Total Airdrop Supply: 1,019,541 BSU

Project Introduction

Baby Shark Universe (BSU) is a hybrid entertainment platform built on the globally renowned Baby Shark IP, bridging Web2 and Web3. Designed for mass adoption, BSU is creating a family-friendly ecosystem that spans games, NFTs, and metaverse experiences. The project has formed co-branded partnerships with leading NFT collections such as Pudgy Penguins and Lil Pudgys, achieving multiple sell-outs and demonstrating strong market appeal and community trust.


References

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/crypto-market-data
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• CoinGecko, https://www.coingecko.com/categories
• Defillama, https://defillama.com/revenue/chain/solana
• 8market, https://8marketcap.com/
• The Block, https://www.theblock.co/post/366246/layerzero-foundation-proposes-110-million-acquisition-of-stargate-bridge-as-token-struggles
• Gate, https://www.gate.com/launchpool/BSU?pid=355

Gate Research is a comprehensive blockchain and cryptocurrency research platform that provides deep content for readers, including technical analysis, market insights, industry research, trend forecasting, and macroeconomic policy analysis.

Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.