In the past 24 hours, the market has seen a number of new popular coins and topics emerge, likely signaling the next opportunity for wealth creation.
The cryptocurrency market continues to be under pressure today, with Gary Gensler, Chairman of the U.S. Securities and Exchange Commission, testifying at a Senate hearing that he expects the spot Ethereum ETF to receive full approval from the agency by the end of the summer. Key points include:
– Strong wealth-building sectors: ETH ecosystem projects, TON ecosystem tokens
– User trending tokens & topics: Daddy, RWA Crypto
– Potential airdrop opportunities: Zircuit, MYX Finance
– Data recorded on June 14, 2024, at 4:00 (UTC+0)
Market Environment:
The cryptocurrency market remains under pressure today, following the previous day’s pullback after the Federal Reserve hinted at only one interest rate cut expected this year. Gary Gensler, Chairman of the U.S. Securities and Exchange Commission, testified at a Senate hearing that he expects the spot Ethereum ETF to receive full approval from the agency by the end of the summer. Subsequently, the Ethereum price surged in early trading before quickly selling off and dropping below $3500. Following the announcement of the Federal Reserve’s policy meeting results, the market began to decline uniformly on Wednesday afternoon. While the U.S. central bank maintained the benchmark federal funds rate stable in the range of 5.25% – 5.50%, the latest dot plot forecast indicates only one 25 basis point rate cut expected in 2024. Currently, prices are revolving around the speculation on future rate cuts.
On the project side, Arkham announced that the price of CRV fell below Curve founder Michael Egorov’s liquidation price, resulting in all 9-digit loan positions across 5 protocols being liquidated. As of today, the CRV price has risen over 20% since the liquidation.
Wealth-Building Sectors:
1) Sectors to focus on in the future: ETH ecosystem projects
Main reason: Gary Gensler, Chairman of the U.S. Securities and Exchange Commission, testified at a Senate hearing that he expects the spot Ethereum ETF to receive full approval from the agency by the end of the summer.
Specific coin list:
– ETHFI: The current Ethereum ETF only allows Ethereum tokens without staking, significantly reducing its attractiveness to ETF investors. Therefore, the Ethereum re-staking sector is expected to see substantial benefits.
– LDO: Leading project in the ETH ecosystem, LSD, with a TVL of up to $34 billion and a valuation of less than $2 billion, is relatively undervalued.
– SSV: The decentralized staking infrastructure SSV Network for Ethereum enables simple and scalable access to decentralized ETH staking. The total TVL displayed on the official website has surpassed $600 million, with over 150,000 ETH staked.
2) Sector moving differently: TON ecosystem tokens (TON, FISH)
Main reason: Driven by the Telegram’s 900 million user group, the TON ecosystem has quietly grown, with daily active addresses surpassing those of Ethereum. Additionally, TON officially announced the launch of enhanced pools on ston_fi and dedust_io, with rewards exceeding $1.8 million. The combined ecosystem rewards and user growth further enhance its prosperity.
Recent price movements: TON up by 4.42% in the past 24 hours, FISH up by 7.02% in the past 24 hours.
Factors affecting future trends:
– Trading activity in the future: A significant weakness in the Ton ecosystem is the relatively low number of active traders compared to other public chains, with transaction volume not at the same level. If ecosystem rewards can stimulate trading activity, there is room for further price and liquidity increases.
– Future support from Pantera for the Ton ecosystem: Pantera Capital founder Dan Morehead mentioned on social media that Pantera recently made its largest-ever investment in Telegram’s TON blockchain project, increasing attention on the Ton ecosystem. If project financing and product launches can land in a timely manner, the prosperity of the Ton ecosystem will arrive sooner.
User Trends:
1) Popular Dapp:
Orderly Network
NEAR ecosystem trading protocol Orderly Network announced that early users will receive a 10% token airdrop (1 billion tokens), with NEAR traders needing to link their wallets by June 27. Users can now check airdrop allocations and link wallets through the airdrop query website. Orderly is a full-chain derivative liquidity layer project that integrates liquidity for any asset, any public chain, and any product interface, providing liquidity and settlement support.
2) Twitter:
Curve
According to Arkham monitoring, Curve founder Michael Egorov was liquidated for $140 million in CRV. Yesterday morning, the CRV price fell below his liquidation threshold, leading to the liquidation of all his nine-digit loan positions across five protocols. Michael Egorov stated in a tweet that the Curve Finance team has been addressing the liquidation risk issue. The Twitter community remains highly engaged.
3) Google Search Region:
Globally:
– Daddy: Yesterday, blockchain data visualization company Bubblemaps revealed that before Andrew Tate promoted DADDY on X, insiders bought 30% of the total token supply at launch, now valued at over $45 million. The hype around Daddy tokens stems from the conflict between Andrew Tate and Ansem, both of whom have promoted the Daddy token in the community, resulting in high Twitter engagement.
Regionally:
– In the Asian region, RWA Crypto stands out, with both FOMC and CPI data released in the crypto market yesterday, leading to a heightened risk-averse sentiment before the data was released.
– In Europe and America, meme token projects are in focus, specifically on FLOKI, as few areas have wealth-building effects and topics during the recent market downturn.
– In the CIS region, the focus is broad, including projects like Taiko, Aevo, Uniswap, among others.
Potential Airdrop Opportunities:
Zircuit
Zircuit is a Layer 2 public chain project based on zkRollup integrating parallelism and AI, backed by investments from Pantera and Dragonfly. The project’s TVL has surpassed $1.1 billion, with the ecosystem gradually improving to include staking, cross-chain bridges, and browsers. Users can also qualify for airdrops by participating in ecosystem development and community interactions.
Specific ways to participate: 1) Participate in staking at https://stake.zircuit.com/ to win points; 2) Participate in node deployment at https://build.zircuit.com/build to earn points.
MYX Finance
MYX Finance is a decentralized derivative exchange following the MPM model incubated by D 11 Labs, employing intelligent rates and risk hedging mechanisms to ensure protocol stability and provide sustainable high returns. In November 2023, MYX announced a $50 million valuation after completing a $5 million seed round of financing led by HongShan (formerly Sequoia China), with participation from Consensys, Hack VC, OKX Ventures, Foresight Ventures, Redpoint China, HashKey Capital, GSR Markets, Alti 5, Leland Ventures, Cypher Capital, Bing Ventures, Lecca Ventures, and more.
How to operate: There is not much difference between user operations and general derivative DEX. Users can trade, provide LP, and carry out other operations. The project currently integrates Linea and Arbitrum, with the potential to increase activity on the Linea chain to potentially receive Linea airdrops in the future.
For more information from the Bitget Research Institute: https://www.bitget.fit/en-US/research
The Bitget Research Institute focuses on “focusing on on-chain data, exploring valuable assets,” by monitoring on-chain data and regional hot searches in real-time, unearthing cutting-edge value investments and providing institutional-level insights for cryptocurrency enthusiasts. To date, the Bitget Research Institute has provided early value assets in popular sectors such as the Arbitrum ecosystem, AI ecosystem, SHIB ecosystem, and more, creating superior wealth effects for Bitget’s global users.
[Disclaimer] There are risks in the market, and investment should be approached with caution. This article does not constitute investment advice, and users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their specific circumstances. Investing based on this information is at your own risk.
