Gate Research Institute: BTC and ETH range fluctuations | MetaMask issue coin expectations accelerate

Crypto Market Overview

• BTC (+0.74% | Current Price 117,430 USDT): BTC has been fluctuating around 117,400 USD in the past two days, with multiple attempts to break through 117,900 USD failing, showing clear resistance above. The short-term moving averages are converging, with MA30 (117,133 USDT) providing support, indicating a strong fluctuation structure. If it can break through 117,900 USD, it is expected to make further gains; if it falls below 117,100 USD, it may trigger a short-term correction. It is recommended to sell high and buy low, paying attention to key support and resistance levels.
• ETH (+0.18% | Current price 4,610 USDT): After encountering resistance at 4,767 USD, ETH has retreated and is currently consolidating around 4,600 USD, with MA30 (4,590 USDT) providing support. Overall, it remains in a sideways accumulation. The trading volume is low, with funds primarily on the sidelines. If it breaks through the 4,650–4,700 USD range, it is expected to challenge the previous high again; if it falls below 4,590 USD, it may retrace to 4,500 USD. In terms of operations, it is advisable to follow the trend and pay attention to support level protection.
• Altcoins: Most mainstream altcoins saw a slight increase today, with the market leaning towards "neutral/slightly buying" in cautious optimism. Against the backdrop of a slight decline in Bitcoin's dominance, some funds are flowing from Bitcoin to Ethereum, Solana, and other altcoins with application and utility support. Today's crypto market Fear and Greed Index is 52, remaining in the neutral range, indicating that the market is neither in excessive panic nor showing extreme greed.
• Macro: On September 18, the S&P 500 index rose by 0.48%, closing at 6,631.96 points; the Dow Jones index increased by 0.27%, ending at 46,142.42 points; the Nasdaq index climbed by 0.94%, reaching 22,470.73 points. As of September 19, 10:30 AM (UTC+8), the spot gold price is temporarily reported at 3,655.10 dollars per ounce, with a 24H decline of 0.93%.

Popular Tokens on Juejin

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 gamification, allowing users to earn token incentives through exercise. The project application has been made available for download on mobile devices, and community recruitment and promotional activities have generated excitement. Runwago has shown active performance in the early presale stage, and coupled with the current market's enthusiasm for Move-to-Earn and SportsFi themes, it has attracted regional capital, driving up the price of RWG.

DUCK DuckChain (+115.0%, circulating market cap approximately 0.57 million USD)

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

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

According to Gate market data, the current price of the APX token is approximately 0.6084 USDT, with a 23.6% increase over the past 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 repositioning, while airdrop incentives and social media exposure (including community discussions and mentions by influencers) have further enhanced buying activity, driving APX prices up in the short term.

Alpha Interpretation

Consensys founder hints that MetaMask token launch may accelerate

Joseph Lubin, the founder of Consensys, the parent company of MetaMask, stated in The Crypto Beat podcast that "the MetaMask token is coming soon, and it may be faster than you expect." As one of the largest Web3 wallets by user count globally, the news of MetaMask's token release immediately attracted significant attention from the crypto market.

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 most likely adopt a combination of "user airdrop + ecological incentives" to cover the vast existing user base. In the short term, related news may boost market sentiment, but what is more worthy of attention is how MetaMask balances "governance, incentives, and anti-witch-hunting" in the token economy, as well as its implementation in application scenarios such as L2 expansion and cross-chain interaction.

NBA star Tristan Thompson launches player tokenization platform

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

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

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

The stablecoin public chain Plasma supported by Tether will conduct its TGE on September 25 and will simultaneously launch the mainnet test version. On the first day of the project's launch, it is expected to inject 2 billion USD 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 10% of the supply sold in the community public offering, the mainnet launch will also distribute 25 million XPL, primarily rewarding small users who complete the Sonar (Echo) verification and participate in sales, to ensure a more decentralized token distribution. Meanwhile, the team has also 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 a "size from the start," which is naturally attractive to early DeFi projects. Its token distribution plan emphasizes rewarding small participants and early community members, aiming to create a more decentralized initial structure and reduce the risk of capital oligarchy. In the increasingly competitive landscape of stablecoin public chains, Plasma not only has the resource advantage of Tether's backing but also enhances stickiness through a community-oriented distribution model, which is expected to rapidly establish market position in the short term. However, in the long run, its ability to break through still depends on whether it can differentiate itself in application scenarios such as cross-chain payments and DeFi native stable asset support.

Gate Launchpool

New Issue Details

Subscription Project: OpenVPP

Token Name: OVPP

New issuance time: Until September 23, 2025, 18:00 (UTC+8)

Participation method: Stake ETH to receive for free.

Total airdrop: 361,445 OVPP

Project Introduction

OpenVPP is a decentralized payment and tokenization platform dedicated to serving the $10 trillion global utility sector, focused on creating the "energy internet". Its infrastructure aims to modernize 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 functionalities help provide compliant, efficient micro-payments and coordination for the global energy network, aiming to unlock liquidity and accessibility for traditional operators and Web3 applications.
Reference Material:

• 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 crypto market involves high risks, and users are advised to conduct independent research and fully understand the nature of the assets and products being purchased before making any investment decisions. Gate does not take responsibility for any losses or damages caused by such investment decisions.