In the past 24 hours, the market has seen several new popular coins and topics emerge, which could potentially be the next wealth-building opportunities.
In the early trading session, the price of Bitcoin (BTC) remained around $68,000, while altcoins experienced a general decline. The price of BTC slightly decreased to around $68,400 and remained relatively stable within the past 24 hours. The resilience of Bitcoin has led to a widespread increase in the Terra ecosystem. The price of Ethereum has dropped from its two-month high of $3,973 on Monday to $3,730. According to data from Glassnode, the ratio of bearish to bullish open interest contracts for Ether has risen to 0.61 on Deribit, the highest level in a year. This indicates that there is still a bullish sentiment in the market.
In terms of specific projects, Terraform Labs and its CEO Do Kwon have reached a preliminary “provisional” settlement with the SEC regarding a fraud case, but negotiations are still ongoing. LUNA has experienced a short-term increase in price due to positive news.
1) Wealth-building sectors:
a) Oracle sector (ORDI, SATS):
Major factor: UniSat announced that it will airdrop “pizza” oracles to eligible user wallets to celebrate Bitcoin Pizza Day. This project has ignited the oracle ecosystem, leading to an increase in the prices of ORDI and SATS.
Price increase: ORDI increased by 15.13% today, SATS increased by 8.15%.
Factors affecting future market: Updates from BTC core developers such as Casey should be followed closely through their Twitter and TG/DC channels. There is a high possibility of positive news from BTC ecosystem projects. It is important to stay updated on project announcements, and the new asset protocol, Runes, may create a hype in the ecosystem.
AVM rhythm introduced by Atomicals: Atomicals Protocol released the Atomicals Virtual Machine (AVM) whitepaper. The software release will be completed in stages, starting with the interpreter runtime and then modifying the indexer nodes. Significant progress in the future could trigger subsequent market trends.
b) AI sector (TAO, FET):
Major factor: Fetch.ai, SingularityNET, and Ocean Protocol, the leading projects in the decentralized artificial intelligence field, announced plans to merge into the Artificial Superintelligence (ASI) alliance by June 2024. The integration of these three AI projects will result in a new high valuation.
Price increase: TAO increased by 11.8% this month, FET increased by 8.4%.
Factors affecting future market: According to reports, tech giant Microsoft is closely monitoring the cryptocurrency industry, including blockchain technology and artificial intelligence, and there may be potential mutual support between the two in the future. The development of AI projects depends on factors such as cooperation with other projects and user expansion.
2) Key sectors to watch: ETH ecosystem
Major reason: The ratio of bearish to bullish open interest contracts for Ether has risen to 0.61 on Deribit, the highest level in a year, indicating a bullish sentiment in the market.
Specific token list:
– UNI: The first DeFi Swap project on the blockchain. Uniswap generated $2.802 million in transaction fees in the past 24 hours, with an average daily fee of $3.74 million over the past 7 days.
– LDO: The leading LSD project in the ETH ecosystem, with a total value locked (TVL) of $35.8 billion and a market valuation of less than $2.1 billion, making it relatively undervalued.
– PENDLE: The TVL of the project has been continuously increasing and has reached $6.1 billion. The increase in the total market value of stablecoins and the high demand for the Restaking track have led to an increased demand for PENDLE’s business during the bull market.
3) User hot searches:
a) Popular Dapp:
Babylon: The Bitcoin collateral protocol completed a $70 million financing round, with Paradigm leading the investment and participation from Polychain Capital and the venture capital division of Bullish cryptocurrency exchange. Babylon, a Layer 1 blockchain based on Cosmos SDK, introduced the concept of native Bitcoin collateral and allows users to participate in Bitcoin collateral business. Babylon also launched a testnet based on BTC Signet, providing users with a trustless experience of native Bitcoin collateral. Participants in the collateral will receive Pioneer Pass NFT, which has limited supply and a short redemption period, resulting in high user participation.
b) Twitter:
PayPal (PYUSD): The stablecoin PYUSD from payment giant PayPal will be launched on Solana. In addition to cost and speed advantages, PYUSD on Solana also has new superpowers that are impossible to achieve on Ethereum. For example, it uses the “token extension” standard of the chain to make transfers by merchants more confidential. This is one of the few compliant and programmable features of PYUSD.
c) Google Search by region:
From a global perspective:
(1) Notcoin (NOT): Notcoin is a Telegram-based game where users can earn in-game tokens by clicking on a coin image, similar to the concept of “Tap to Earn”. The NOT token has been continuously reaching new highs this week, with an increase of 83.5% in the past 14 days.
(2) Trump, Biden: With the upcoming US election, there has been a large number of meme tokens related to “Trump” and “Biden” on the blockchain. In 2023, Trump issued NFTs related to his image and recently expressed support for cryptocurrencies during his speeches, which led to repeated speculation on his meme token, jokingly referred to as “Politifi” on social media.
From regional hot searches:
(1) In Asia, there is a lack of prominent hot topics, and no universal patterns have been observed.
(2) In Europe and America, the focus has shifted back to mainstream memes. SHIB appeared in the hot searches of countries such as Spain, Italy, and the UK. PEPE, FLOKI, DOGE, and others also appeared in the hot searches of several European and American countries.
(3) In the Russian-speaking region, BLUM appeared in the hot searches of Russia and Ukraine. Blum is a hybrid exchange that combines CEX and DEX tokens on one platform. It supports multiple chains and provides services such as AI navigation, P2P trading, and derivatives trading.
4) Potential airdrop opportunities:
a) Sofamon: Sofamon is a project based on the Base network and is currently creating a personal chat sticker marketplace on Telegram. Users can manage their sticker collections, invite friends, and access Sofamon’s private group chats, among other features. Sofamon has completed its seed financing round, with participation from Polychain Capital, Seed Club Ventures, Inception Capital, and others. Angel investors include Nick White, the Chief Operating Officer of Celestia, 0x Beans, a former Coinbase engineer, and George Lambeth, co-founder of Divergence Ventures. Although specific airdrop information has not been announced by the official team, considering the current popularity of Sofamon in social media and the crypto community, there is a high possibility of potential airdrop opportunities. Investors can purchase NFT stickers launched by Sofamon.
b) Lava Network: Lava Network has been hailed as the “Celestia of 2024” due to its large seed funding amount and strong investment lineup. In February of this year, it completed a $15 million seed financing round led by Jump Capital, Hashkey Capital, and Tribe Capital, with participation from North Island Ventures, Dispersion Capital, Alliance DAO, Finality Capital Partners, and executives from blockchain projects such as Celestia, Cosmos, StarkWare, and Filecoin. Lava Network is currently in the testnet phase and plans to launch its mainnet in the first half of this year. Prior to the mainnet launch, Lava has introduced the Magma rewards program, allowing users to earn Magma points by switching their RPC connections to Lava.
Specific participation methods: 1) Log in to the official website, connect your wallet, join the DC, and follow X. 2) Change your RPC from your existing wallet to the RPC provided by Lava through the network settings on Metamask.
For more information, visit Bitget Research Institute: https://www.bitget.fit/zh-CN/research
Bitget Research Institute focuses on “focusing on on-chain data and discovering valuable assets” to provide institutional-level insights for cryptocurrency enthusiasts by real-time monitoring of on-chain data and regional hot searches, and exploring cutting-edge investment opportunities. So far, Bitget Research Institute has provided early-stage value assets in popular sectors such as Arbitrum ecosystem, AI ecosystem, and SHIB ecosystem, creating better wealth effects for Bitget’s global users through data-driven in-depth research.
