In the past 24 hours, the market has seen many new popular coins and topics, which are likely to be the next wealth creation opportunities.
Authored by: Bitget Research Institute
Abstract
The cryptocurrency market is in a high-level oscillation stage, waiting for macro data to guide market trends:
Strong wealth creation sectors: RWA sector, MEME sector;
User hot search tokens & topics: Farcaster, TrueFi, DOG•GO•TO•THE•MOON
Potential airdrop opportunities: Scroll, Particle
Data Statistics Time: May 30, 2024, 4:00 (UTC+0)
I. Market Environment
The cryptocurrency market is generally in a high-level oscillation stage. After the Ethereum ETF was approved, the market is repeatedly confirming price support levels, waiting for changes in events or macro data to guide future trading directions. Investors are advised to pay attention to the PCE data release this Friday, the ECB interest rate cut on June 6, and the CPI data on June 12.
In terms of BTC ETF, there is a continuous inflow of funds, with a $45 million inflow yesterday, and IBIT's BTC holdings have surpassed GBTC. In terms of stablecoins, the USDC Treasury added 250 million USDC coins yesterday, and there continues to be an inflow of stablecoins.
II. Wealth Creation Sectors
1) Sector Dynamics: RWA Sector (ONDO, TRU, PRCL)
Main reasons: This bull market is mainly driven by the buying pressure from traditional markets brought by ETFs. RWA, as a way to introduce traditional financial markets, has been continuously updated and financed. Recently, the RWA layer 2 network plume network completed a $10 million seed round of financing. In addition, the U.S. House Financial Services Committee on Digital Assets will hold a hearing next Wednesday to discuss the tokenization of real-world assets.
Rise situation: ONDO has risen by 18.9% in the past 7 days, TRU has risen by over 70.8% in the past 7 days, and PRCL has risen by 5.6% in the past 7 days;
Factors affecting future market:
Policy-related benefits: If the U.S. House of Representatives can release clear regulatory rules related to RWA, it will be very beneficial for this sector. Under a clear regulatory framework, RWA projects will develop in an orderly manner, stimulating related entrepreneurial projects and established leading projects;
Changes in macroeconomic policies: In terms of the macro environment, the rise in the yield of the 10-year U.S. Treasury bonds provides support for the RWA sector. It is necessary to pay attention to the changes in the U.S. dollar index, U.S. Treasury bond yields, and the cryptocurrency market to dynamically adjust trading strategies;
Changes in project TVL: Most RWA projects have TVL support. It is important to pay attention to the changes in the TVL of RWA projects. If the TVL of a project continues to rise or suddenly rises, it is usually a buy signal;
2) Sector Dynamics: MEME Sector (WOJAK, FLOKI, WIF)
Main reasons: The core theme of this bull market revolves around institutions and retail investors not taking each other's orders. Retail investors prefer fair distribution and easy-to-understand MEME coins, including this round's MEME kings PEPE, WOJAK, WIF, FLOKI, etc. Retail investors' pursuit of these MEME coins, combined with signals released by related speculative groups, has made this round of MEME performance exceptionally outstanding.
Rise situation: PEPE has risen by 93.9% in the past month, WIF has risen by 37.3% in the past month, and FLOKI has risen by 51.4% in the past month;
Factors affecting future market:
Community information: The operation of MEME coins has a significant impact on their trends. It is important to pay attention to the AMA and Twitter content information of the trading targets. If there is new information released, trading can be conducted in a timely manner to seize the opportunity to establish a position;
Changes in open interest contracts: The open interest contracts of WIF and FLOKI increased yesterday, indicating an influx of hot money. By checking contract data on the tv.coinglass website to understand the movements of major funds, observe the increase in net long positions of contracts, and whether there is an increase in open interest and trading volume. If so, it indicates that major funds continue to buy, and positions can be held continuously;
3) Sectors to Focus on in the Future: Bitget LaunchPad
Bitget's latest LaunchPad, Bitget Wallet Token (BWB), will be available for subscription from 2024.06.01 11:00 to 2024.06.06 20:00 (UTC+8). This Bitget LaunchPad will be divided into BGB purchase area and USDT purchase area, with a subscription limit of 5 million BWB tokens in each area. Bitget Wallet is a multi-chain Web3 wallet that provides a rich and diverse ecosystem of applications and services, including Swap, NFT market, browser, and LaunchPad, and is loved by a large number of users in the Web3 ecosystem. This LaunchPad is exclusively issued by Bitget, and investors are advised to pay attention to it.
III. User Hot Searches
1) Popular Dapps
Farcaster (Dapp): Farcaster is a decentralized social network that allows developers to build novel social networks. Users will always be able to freely move their social identities between applications, and developers will always be able to freely build applications with new features on the network. On March 31, Farcaster developer Merkle Manufactory is about to complete a round of financing led by Paradigm, with an estimated valuation of about $1 billion. The project has developed applications, and users are advised to download and register accounts through Google Store and Apple Store, as there may be potential airdrop opportunities.
2) Twitter
TrueFi (Token): The project's token TRU has performed well recently, with the token price doubling in the past two weeks. There are currently no fundamental updates on the project, mainly due to the resurgence of heat in the sector. The project has a total market value of $300 million, and there is an influx of major hot money into the contracts. The project is from a U.S. team and funds, with users mainly from Europe and the U.S.; the product focuses on U.S. bond RWA trading, and has a higher level of recognition in Europe and CIS. The project may have positive news in the future and continue to rise, so it is worth continued attention.
3) Google Search & Region
From a global perspective:
DOG•GO•TO•THE•MOON (Token): Tokens in the runic sector have generally risen, and on-chain data shows that the top 10 addresses have continued to increase their DOG chips by more than 4% recently. Large funds are buying DOG. The leading project DOG•GO•TO•THE•MOON has risen by 25% in the past 24 hours, and DOG (DOG•GO•TO•THE•MOON) has risen by over 70% within a week of being listed on Bitget. Bitget has listed this asset, so trading opportunities can be observed.
CTK (Token): Shentu Chain is a security-oriented blockchain that integrates on-chain functions such as a secure oracle, Shentu Shield compensation pool, and uses the secure programming language DeepSEA. The project's token saw a significant surge yesterday, with a short-term increase of over 100% and a 250-fold increase in trading volume. The community's attention is very high, and although the token has since fallen, its recent volatility is quite high, making it suitable for professional traders to participate, but caution is advised due to the risks involved.
From the perspective of hot searches in various regions:
(1) In the Asian region, Notcoin was the focus of attention in various areas yesterday, mainly focusing on the sharp rise in the price of the NOT token.
(2) In the Europe, America, and Latin America regions, hot searches included DOG, TRU, PEPE, CTK, and SOL in multiple locations.
(3) Assets such as NOTCOIN and CTK appeared in hot searches in the CIS region, the Philippines, Turkey, Poland, and other areas.
IV. Potential Airdrop Opportunities
Scroll
Scroll recently launched a point system and is making a final push for coin issuance. The rules of the point system are currently clear, and users can obtain points by staking ETH, LST, various stablecoins, etc., to seize the airdrop opportunity before the final coin issuance.
Scroll has raised a total of $80 million, with investors including Polychain Capital, Sequoia China, Bain Capital Crypto, Moore Capital Management, Variant Fund, Newman Capital, IOSG Ventures, and Qiming Venture Partners.
Participation: Users can log in to their wallet via the link https://scroll.io/sessions and complete the corresponding tasks as required by Session Zero to earn points and receive future airdrop rewards.
Particle
Particle is a decentralized leveraged trading protocol that is permissionless and applicable to any digital asset from tokens to NFTs. It has no price oracles, no counterparty risk, and no forced liquidation. The project is a high-profile project in the Blast ecosystem, and early participation offers a chance for airdrops.
Particle has completed a seed round of financing, with investors including Polychain, Nascent, Inflection, Neon DAO, Arthur Hayes, and other well-known institutions and individuals.
Participation: Users can log in to their wallet via the link https://www.duo.exchange/ and stake core assets in the Blast ecosystem (ETH, WETH, USDB, USDe) to participate.
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