In the past 24 hours, the market has seen several new hot coins and topics that may be the next wealth-building opportunity.
The strong wealth-building sectors are the Ton ecosystem token and the DeFi sector.
The trending tokens and topics among users are UXUY and Space Nation.
There are potential airdrop opportunities with Grass and Movement.
Data statistics as of May 10, 2024, 4:00 (UTC+0).
I. Market Environment
With the continuous downward trend in the cryptocurrency market throughout the week, Bitcoin fell below $61,000 on Thursday but began to rebound on Friday. As of May 10, 4:00 UTC, the price of Bitcoin has rebounded above $62,800.
In terms of trading volume, according to DeFiLlama data, the trading volume on the Solana DEX reached $1.314 billion yesterday, surpassing the trading volume of $1.297 billion on Ethereum DEX.
In terms of ETFs, the outflow trend continues. Bitcoin spot ETF had a net outflow of $11 million yesterday, with Belld IBIT seeing a net inflow of $14 million, and Grayscale GBTC experiencing a net outflow of $43 million. However, unlike previous weeks, other spot ETFs, except for Grayscale, remained in a net inflow state, and the outflow impact of Grayscale has decreased as its management scale continues to decline.
II. Wealth-building Sectors
1) Sector in focus: Ton ecosystem token (TON, FISH, GRAM, NOT)
Main reasons: Binance’s new coin mining launched the 54th phase project, using BNB and FDUSD to mine Notcoin (NOT). The Ton ecosystem has short-term positive news.
Price increase: TON, FISH, and GRAM tokens have increased by 8.62%, 22.1%, and 17.03% respectively in the past 24 hours.
Factors affecting future prices:
Performance of NOT in the future: With the positive news of NOT being listed on Binance, the pre-market trading price has risen significantly, with a 68.77% increase in the past 24 hours. Bitget will also launch the Notcoin pre-market today, allowing users to position themselves and wait for the opening.
Future support for the Ton ecosystem by Pantera: Dan Morehead, the founder of Pantera Capital, mentioned on social media that Pantera recently made the largest investment in the TON blockchain project by the fund, increasing the attention to the Ton ecosystem. If the project’s financing and support for product launch can be implemented in a timely manner, the prosperity of the Ton ecosystem will come faster.
2) Sector in focus: DeFi sector (VRTX, LBR)
Main reasons: Vertex Edge has implemented a new fee structure and will increase the staking rewards for $VRTX to earn cross-chain fees. The increased earnings have stimulated the price increase of the tokens. Meanwhile, after the whale sell-off of LBR, its price has started to recover and the on-chain price has risen.
Price increase: VRTX and LBR have increased by 65.51% and 30.61% respectively in the past 24 hours.
Factors affecting future prices:
Future market trends: Trading DeFi projects rely on on-chain trading volume. When the market is rising or volatile, traders and trading volumes increase together. If the market turns bearish, the trading volume will shrink. DeFi project token prices will also be affected by the decrease in overall project business volume.
New projects are constantly emerging in the DeFi space, and these projects have high valuations. The available funding in the market may be limited. Investors should keep an eye on the current competitive landscape, focus on leading projects, and be aware that the hype around most projects that have already launched or have stalled development dissipates quickly.
3) Sectors to watch: SocialFi sector
Main reasons: Base has achieved great success in the SocialFi field, and several top cryptocurrency-based social applications are built on Base. 46% of the transactions related to SocialFi occur on the Base chain. Additionally, socialfi projects like Friend and Degen have brought significant wealth effects. DEGEN has achieved a market capitalization of $1 billion within three months of its token launch.
Specific project list:
Friend: Friend.tech is a decentralized social platform built on the second-layer network Base launched by Coinbase. It allows users to monetize their Web2 identity through strong integration with Twitter, and users’ influence can be directly priced in the market as they can be tokenized. The project has already launched its token, with a daily trading volume exceeding $21 million.
Degen: After the launch of the Degen channel on Farcaster, this project released its token, which is mainly used for users to reward high-quality content creators. The decentralized social protocol Farcaster has generated total revenue of over $1.2 million and has over 300,000 users. Both projects complement each other and are among the most anticipated projects on Base.
III. User Trends
1) Popular Dapp
UXUY:
UXUY, the next-generation decentralized multi-chain trading platform incubated by Binance Labs, has completed a $7 million Pre-A round of financing. It has attracted investments from institutions in Asia, North America, and Europe, including Binance Labs, JDI Ventures, NGC Ventures, Metalpha, and GSR. The total funding for UXUY has exceeded $10 million. This round of financing will be used for the construction of Bitcoin’s ecological infrastructure, with a focus on promoting efficient and low-cost transactions of assets such as Taproot Assets, Ordinals BRC-20, and Runes on the Lightning Network.
2) Twitter
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Space Nation:
Space Nation is the developer of AAA space epic-themed Web3 MMORPG. It is created by senior Blizzard game producer, experienced MMORPG developers, renowned Hollywood producers, and Oscar-winning director Roland Emmerich. Space Nation Inc. has received strong support from partners and venture capital firms, with a total of $50 million invested in the game’s development. Notable investors include Chain Hill Capital, Foresight Ventures, Lighthouse Capital, and SevenX Ventures. Yesterday, OKX Web3 and Space Nation launched a limited edition collaborative spaceship NFT called “White Sea X- Pioneer Edition” with a limited supply of 1,155 ships. It features unique design elements from OKX and has attracted high attention from the community.
3) Google Search by Region
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From a global perspective:
Notcoin (NOT): Notcoin is a game based on Telegram where users can earn in-game tokens by clicking on a coin image. It follows a “Tap to Earn” concept. Before the Notcoin Token Generation Event (TGE), “vouchers” were used to represent the in-game currency, which can be exchanged for $NOT after the TGE. The project has its own pre-market trading platform: [link]. Data shows that 640,000 users currently hold NOT pre-market tokens. It is confirmed to be listed on Binance Launchpool and OKX.
From various regional searches:
(1) Asia: The hot search focus in various regions of Asia yesterday mainly centered around RWA Crypto. The RWA sector currently includes US bond products, which are seen as a long-term asset type that can hedge the current risk market as the Federal Reserve continues to signal maintaining high interest rates. In addition, HashKey Group recently joined the Hong Kong Monetary Authority’s Ensemble project architecture working group, and HashKey Group will integrate its practice experience in various aspects of virtual asset custody, trading, digital payments, and STO technology solutions, as well as the tokenization of RWA assets, to provide comprehensive Web3 new financial infrastructure support for financial asset tokenization such as bank deposits and green bonds. It has gained some popularity in the Asia-Pacific region.
(2) Africa, CIS, and English-speaking regions: There are no significant hotspots in this region. The regional search interest appears to be more dispersed, with BTC, ETH, and Solana frequently appearing in the hot searches. Some users are interested in topics like AI and Meme, showing a fragmented market.
IV. Potential Airdrop Opportunities
Grass:
Grass is the flagship product launched by Wynd Network. It allows users to earn profits by selling unused network resources and connecting to the internet. For individuals, it will appear as a network extension that is downloaded, installed, and forgotten. It will work behind the scenes to help others access public network data in exchange for payments in the protocol’s native token. Grass focuses on transforming public network data into AI datasets, making open-source AI projects more accessible to public network data.
Wynd Network has completed a $3.5 million seed round of financing, led by Polychain Capital and Tribe Capital. Other participants include Bitscale, Big Brain, Advisors Anonymous, Typhon V, and Mozaik. Wynd’s total funding has reached $4.5 million.
Specific participation method: After registering as a user on the Grass official website, install the web plugin and wait for the network connection to be completed. Click on the opendashboard to enter your own control panel, where you can see your link status. Contribute bandwidth by leaving it running, and you can see your daily contribution income and network status on the control panel page.
Movement:
Blockchain development team Movement Labs was established in 2022 and completed a $3.4 million seed round of financing in September 2023. In addition to the flagship product Movement L2, Movement Labs will also launch Move Stack, an execution layer framework compatible with rollup frameworks such as Optimism, Polygon, and Arbitrum.
Recently, Movement Labs completed a $38 million Series A financing round, with Polychain Capital leading the investment. Other notable investors include Hack VC, Foresight Ventures, and Placeholder.
Specific participation method: Access the Movement zealy task interface (note: social tasks have time periods and continuously updated tasks). You can interact with DEX and perform a few test transactions. Wait for further actions on the official website.
