Gate Research Institute: BTC range oscillation is slightly strong | Plasma TGE attracts follow

Encryption Assets Overview

BTC (+0.74% | Current Price 117,430 USDT)

BTC has recently maintained a consolidation around the $117,400 level, with multiple attempts to break the high of $117,900 during the trading session, which were unsuccessful, indicating that upward pressure still exists. Currently, the price is operating near the short-term moving averages (MA5, MA10), which are temporarily in a converging state, while the MA30 ($117,133 USDT) provides support below. The overall structure leans towards a strong consolidation. Trading volume expanded on the 18th but quickly contracted, indicating a weakening buying power and a market in a wait-and-see state. If it can effectively break through $117,900 in the future, it is expected to open up further upward space; however, if it falls below the support at $117,100, it may trigger a short-term correction. Overall, BTC maintains a strong consolidation trend within a range, and it is advisable to pay attention to the breakthrough of key support and resistance levels, with short-term strategies focusing on selling high and buying low within the range.

ETH (+0.18% | Current Price 4,610 USDT)

ETH encountered resistance and fell back around $4,767 after a rapid rise earlier, and is currently fluctuating narrowly around the $4,600 level. The short-term moving averages (MA5, MA10) are converging at the current price level, with MA30 ($4,590 USDT) providing support, indicating that the market is still in a consolidation phase. Overall trading volume is low, suggesting a strong wait-and-see sentiment among investors, but buying pressure is gradually returning after dipping to the low point of $4,300, providing solid support. If it can break through and stabilize in the $4,650–$4,700 range, there is hope for a renewed upward movement to test the previous high of $4,767; if it falls below the $4,590 support, it may test near $4,500 to seek new buying strength. The overall trend is leaning towards strong fluctuations, and it is advisable to focus on support protection and breakout signals in operations, positioning accordingly.

GT (+1.12% | Current Price 17.173 USDT)

GT has recently stabilized and rebounded after receiving support near $16.6, reaching a high of $17.53, but failed to break through effectively, subsequently maintaining fluctuations around the $17 mark. The short-term moving averages (MA5, MA10) are converging near the current price level, while the MA30 (17.17 USDT) is almost overlapping with the current price, indicating intense competition between buyers and sellers at this critical point. Trading volume has expanded during the rebound phase, but has obviously decreased recently, showing an increase in capital wait-and-see sentiment. If it can break through the $17.3–17.5 range with increased volume, there is hope for further upward space, targeting $17.8; on the contrary, if it falls below the $17 level, it might pull back to $16.8 or even the previous low support of $16.6. Overall, GT is currently in a range fluctuation phase, and attention needs to be paid to volume cooperation and the gains and losses of key support levels in the short term.

Daily Price Fluctuation Token

The overall performance of the cryptocurrency market is positive, with BTC rising by 0.77%, ETH slightly increasing by 0.12%, and SOL showing a notable increase of 1.27%. Meanwhile, XRP rose by 0.42%, and ADA and TRX recorded substantial increases of 2.70% and 2.59% respectively, boosting market sentiment. Overall, most mainstream coins maintain an upward trend, market funds are active, and investor confidence is steadily increasing, laying the foundation for future gains.

RUNWAGO Runwago (+853.4%, circulating market cap approximately 0.13 million USD)

According to Gate's market data, the current price of the RUNWAGO token is approximately 0.847 USDT, with an increase of 853.3% in the last 24 hours. Runwago is a SportsFi project that combines Move-to-Earn with gamified gameplay, allowing users to earn token rewards through exercise. The project application is now available for download on mobile, and community recruitment and promotional activities have generated excitement. Runwago has shown active performance in the early presale stage, coupled with the current market's enthusiasm for Move-to-Earn and SportsFi themes, attracting regional funds and driving up the price of RWG.

DUCK DuckChain (+115.0%, circulating market value approximately 57 million USD)

According to Gate's market data, the current price of DUCK token is about 0.01029 USDT, with an increase of approximately 115.0% in the last 24 hours. DuckChain is a Layer2 project based on TON, compatible with EVM, aiming to bridge the ecosystems of Ethereum, Bitcoin, and Telegram, thereby lowering the entry barrier for Web3. This round of increase is mainly driven by market sentiment and concentrated funds. Recently, DuckChain's exposure in community activities, AI tool integration, and multi-platform collaborations has increased, coupled with a surge in trading volume and social media buzz, significantly boosting market buying activity. The project's narrative focuses on "TON + EVM + AI/Telegram integration," which is relatively scarce in the current market, becoming an important catalyst for the significant rise in DUCK prices.

APX ApolloX (+23.6%, circulating market cap approximately 280 million USD)

According to Gate market data, the current price of the APX token is approximately 0.6084 USDT, having increased by 23.6% in the last 24 hours. ApolloX is a decentralized derivatives trading platform that offers perpetual contracts and spot trading, aiming to create a transparent and low-fee decentralized trading experience. This round of increase is mainly driven by market expectations of contract migration and brand reshaping, while airdrop incentives and social media exposure (including community discussions and mentions by influencers) further enhanced buying activity, propelling the APX price to strengthen in the short term.

Daily New Subscription

New Investment Details

• Subscription Project: OpenVPP
• Token Name: OVPP
• Subscription Time: Until September 23, 2025, 18:00 (UTC+8)
• Participation method: Stake ETH to receive for free
• Total airdrop amount: 361,445 OVPP

Project Introduction

OpenVPP is a decentralized payment and tokenization platform dedicated to serving the $10 trillion global utility sector, aiming to build an [energy internet]. Its infrastructure focuses on modernizing energy payments, providing programmable stablecoin solutions for smart devices and virtual power plants. OpenVPP directly integrates distributed energy resources (DER) and advanced metering technology to offer utilities and users faster, safer, and more automated transactions, adapting to the next-generation energy ecosystem. The platform's on-chain features help provide compliant, efficient micro-payments and coordination for the global energy network, designed to unlock liquidity and accessibility for traditional operators and Web3 applications.

Hotspot Interpretation

Consensys founder hints that MetaMask token issuance may accelerate

Joseph Lubin, founder of MetaMask's parent company Consensys, stated in The Crypto Beat podcast, "The MetaMask token is coming, and it might be faster than you expect." As one of the largest Web3 wallets by global user count, the news of MetaMask's token issuance immediately sparked significant market attention.

The issuance of MetaMask tokens has long been the focus of market expectations, and Lubin's statement has reinforced this expectation. If the issuance is true, the token distribution will likely adopt a combination of "user airdrop + ecological incentives" to cover the large existing user base. In the short term, related news may boost market sentiment, but what is more worth paying attention to is how MetaMask balances "governance, incentives, and anti-sybil attacks" in its token economy, as well as its implementation in application scenarios such as L2 expansion and cross-chain interactions.

NBA star Tristan Thompson launches a player tokenization platform

NBA champion player Tristan Thompson is collaborating with the Somnia public chain team to create the basketball.fun platform, aiming to tokenize player value. Unlike traditional fan tokens, the platform's "player value" will dynamically change based on fan popularity and game performance, similar to a real-time "on-chain prediction market." In the initial launch phase, no independent tokens will be issued; instead, it will operate within an internal value system.

If this model proves successful, it will open up new Web3 interactive forms for the sports industry, allowing fans to shift from "watching" to "participating". Compared to projects that rely on a single token price, it emphasizes data and emotional feedback more, which is healthier in the long run. However, its commercialization potential still depends on whether it can truly integrate into the NBA ecosystem and fan community.

Plasma confirmed TGE on September 25, adding competitors to the stablecoin ecosystem.

The stablecoin public chain Plasma supported by Tether will conduct its Token Generation Event (TGE) on September 25 and will simultaneously launch the mainnet test version. On the first day of the project launch, it is expected to inject 2 billion dollars worth of stablecoins and collaborate with over a hundred DeFi protocols such as Aave, Ethena, Fluid, and Euler.

The native token XPL is the core governance and incentive tool of Plasma. In addition to the previously sold 10% of the supply in community public offerings, the mainnet launch will also distribute 25 million XPL, mainly rewarding small users who complete the Sonar (Echo) verification and participate in sales, to ensure a more decentralized token distribution. At the same time, the team has reserved 2.5 million XPL for members and contributors of the Stablecoin Collective:

• OG Members: 30,000 XPL
• Contributor: 15,000 XPL
• Early Members: 7,500 XPL

Plasma leverages Tether's funding and network effects, possessing the advantage of "having scale from the start," making it inherently attractive to early DeFi projects. Its token distribution plan emphasizes rewarding small participants and early community members, aiming to create a more decentralized initial landscape and reduce the risk of capital oligarchy. In the context of increasingly fierce competition among stablecoin public chains, Plasma not only has the resource advantage backed by Tether but also enhances stickiness through a community-oriented distribution model, which is expected to quickly establish a market position in the short term. However, in the long run, its ability to break through still depends on whether it can form differentiation in application scenarios such as cross-chain payments and DeFi native stable asset support.
References:

• Gate, https://www.gate.com/trade/BTC_USDT
• Gate, https://www.gate.com/trade/ETH_USDT
• Gate, https://www.gate.com/trade/GT_USDT
• Gate, https://www.gate.com/price
• CoinGecko, https://www.coingecko.com/en/cryptocurrency-heatmap
• Gate, https://www.gate.com/launchpool/387?detail_button=1
• X, https://x.com/TheBlock__/status/1968802233094480193
• X, https://x.com/PlasmaFDN/status/1968661293432197153
• CoinDesk, https://www.coindesk.com/business/2025/09/18/tristan-thompson-taps-somnia-to-bring-basketball-fandom-on-chain
• Gate, https://www.gate.com/announcements/article/47054

Disclaimer Investing in the cryptocurrency market involves high risks. Users are advised to conduct independent research and fully understand the nature of the assets and products purchased before making any investment decisions. Gate does not bear any responsibility for any losses or damages caused by such investment decisions.