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

In the past 24 hours, Bitcoin rebounded to touch $57,000, and its trading volume yesterday reached a new high after the halving, with a transaction amount exceeding $1.14 billion. Among them:

• Sectors with strong wealth creation effects are: AI sector, Solana sector;

• User hot search tokens & topics include: Kelp DAO, Zircuit, Pendle;

• Potential airdrop opportunities include: Term Finance, Fuel;

Data statistics time: August 7, 2024, 4:00 (UTC+0)

I. Market Environment

In the past 24 hours, Bitcoin rebounded to touch $57,000, and the market saw a phase of upward movement. The net inflow of Ethereum ETF in the United States yesterday was 8,815 ETH, while the net outflow of Bitcoin ETF was 3,615 BTC. According to the updated official data from BlackRock, the market value of iShares Ethereum Trust ETF (ETHA) reached approximately $568,651,893.12 as of August 5, with a holding volume of 237,882.8821 ETH.

In terms of macro data, following the sharp drop on Monday, the Nikkei 225 index rose by 8% on Tuesday, recovering most of the previous day's decline. The TOPIX index rose by 2%, and the South Korean KOSPI index rose by 3.7%. The Nikkei 225 index futures in Japan triggered the circuit breaker. In contrast, in the crypto market, Bitcoin rose by 3.83%, and Ethereum rose by 5.05%. According to the latest data from CoinGecko, the total market capitalization of the crypto market has returned to above $2 trillion, with a 24-hour increase of 3.6%. According to Cointelegraph, Bitcoin's trading volume reached a new high after the halving, with a transaction amount exceeding $1.14 billion on August 6. The recent decline in Bitcoin since the halving is similar to the bull market cycle from 2015 to 2017. Cointelegraph's comparison of the market adjustments since the halving date indicates that the two are very similar. Although some indicators now show bearish signals, there is still a possibility of further rebound, and investors should remain vigilant.

II. Wealth Creation Sectors

1) Sector Movement: AI Sector (TAO, NEAR, RENDER)

Main reasons:

• The AI sector has been in a long period of decline and consolidation, and has received attention from funds in the environment of oversold rebound in the market;

• Nvidia rebounded from a low opening yesterday and continued to rebound after hours, driving the overall enthusiasm for long positions in the AI sector;

• Grayscale launched the decentralized AI fund Grayscale Decentralized AI Fund LLC, aiming to strengthen the investment of the cryptocurrency industry in artificial intelligence. As of today, the assets included in the fund's basket of decentralized AI projects include Bittensor (TAO), Filecoin (FIL), Livepeer (LPT), Near (NEAR), and Render (RNDR). Near, Filecoin, and Render are the highest-weighted assets in the fund.

Rise situation: TAO, NEAR, RENDER rose by 8% each in the past 24 hours;

Factors affecting future market:

• Nvidia's future trend: Nvidia is a benchmark for the AI track, affecting the overall valuation of the AI track in the market. If Nvidia continues to rebound in the US stock market tomorrow, the AI sector in the crypto market is expected to continue to rebound;

• Impact of news: Pay attention to the recent product updates and partnerships announced by the project parties. If an AMA is held, consider positioning related assets in advance, as there is a high probability of releasing positive news in the current environment of improving liquidity.

2) Sector Movement: Solana Sector (SOL, JUP, WIF)

Main reasons:

• SOL led the entire SOL ecosystem to rebound, reaching $150 after touching $130, driving the rise of ecosystem coins;

• SOL is currently priced between $143, having dropped by more than 30% in the past two days. However, this decline reflects the pattern before the significant price increase in 2021. The recent resistance level is at $217.15, and breaking through this resistance level may push SOL towards $279.76.

Rise situation: SOL, JUP, WIF rose by 10%, 10%, and 20% respectively in the past 24 hours;

Factors affecting future market:

• Community information: The operation of Meme coins has a significant impact on the trend of Meme. Pay attention to the AMA of trading targets and the content information released on Twitter. If there is new information released, timely trading can be conducted to seize the opportunity to establish positions at the earliest time;

• Changes in open interest of contracts: The open interest of SOL's contracts increased yesterday, indicating an influx of hot money. By checking the contract data on tv.coinglass website to understand the movement of main funds, first observe the increase in net long positions of contracts; then observe whether there is a net increase in long positions of contracts, an increase in open interest, and an increase in trading volume. If so, it indicates that the main funds continue to buy, and positions can be held continuously.

3) Sectors to Focus on in the Future: POW Sector (KAS, ALPH, SMR)

Main reasons:

• Recently, governments around the world have gradually promoted the legalization of the crypto mining industry. For example, the Russian government has already exited related policies, and the United States is also actively expanding related industries. Therefore, in addition to mainstream mining assets, there are new rising POW tokens to invest in. Some relatively high-quality targets have emerged in the market, with a significant increase in computing power and impressive coin price performance.

Factors affecting future market:

• Performance of computing power: The continuous input of computing power indicates the continuous entry of mining machines, leading to an increase in the cost of token mining. This means that most market participants believe that investing in computing power at this cost is still profitable. At the same time, the entry of large computing power also indicates that mining groups may join the mining of the project, which is a signal of large funds entering the market;

• Synchronous development of the ecosystem: POW also has many application ecosystems, and the ecosystem is the key to achieving mass adoption. Therefore, if the ecosystem can attract enough developers, users, and other participants, the demand for the token will increase, with a good chance of continuing its market performance.

III. User Hot Search

1) Popular Dapps

Kelp DAO: Ethereum re-staking platform Kelp DAO announced the release of the Gain feature on August 13, which brings multiple airdrops and reward enhancements to users by consolidating multiple L2s in one place. Kelp DAO's TVL has exceeded $800 million, and it has completed a $9 million private placement, making it one of the leading projects in the concept of Restaking platforms.

2) Twitter

Zircuit:

Zircuit is a ZK rollup fully compatible with EVM, with AI-enabled sequencer-level security features. Today, the project announced that the first phase of the mainnet is now live. The Zircuit platform has staked over $2 billion, and Zircuit has also opened the claim for Season 1 airdrop. Users who staked assets in the Season 1 points activity can now claim their tokens.

3) Google Search & Region

From a global perspective:

Pendle:

Pendle is a yield derivative protocol built on multiple chains, which "strips" interest-bearing token assets - tokenizes the interest payment part and principal payment part independently, and mints corresponding tokens. Under the influence and boost of the overall rise of altcoins following the market and the news of Upbit adding PENDLE to the Korean won and BTC markets, PENDLE briefly broke through $3 and is still up over 30% in the past 24 hours.

From the perspective of regional hot searches:

(1) Hot searches in the Asian region are very diverse, with public chains, RWA, Layer2, Restaking, and other projects appearing in the top rankings in Indonesia, the Philippines, Thailand, and Malaysia, with no universal characteristics.

(2) Hot searches in English-speaking regions such as Europe and the United States are also quite diverse, but tokens in the public chain sector are relatively popular. The UK has seen icp, monad, and the US has more meme tokens such as boden, hero, pepe on the list.

(3) In Latin America, the hot searches in Brazil are stella, bonk, polyx, and in Argentina, it's Kelp, sand, tron.

IV. Potential Airdrop Opportunities

Fuel

Fuel is a UTXO-based modular execution layer that brings global accessibility to Ethereum. As a modular execution layer, Fuel can achieve global throughput in a way that a single-chain cannot, while inheriting the security of Ethereum.

In September 2022, Fuel Labs successfully raised $80 million in a round of financing led by Blockchain Capital and Stratos Technologies. Several top investment institutions invested, such as CoinFund, Bain Capital Crypto, and TRGC.

Specific participation method: Tokens accepted by Fuel can be directly deposited to earn points. For every $1 worth of the following assets deposited, 1.5 points are earned daily: ETH, WET, eETH, rsETH, rETH, wbETH, USDT, USDC, USDe, sUSDe, and stETH; from July 8th to 22nd, depositing ezETH earns 3 points daily.

Term Finance

Term Finance is a decentralized lending protocol that supports scalable fixed-rate / term lending using a unique auction model, which is a first in the DeFi field. It brings borrowers and lenders together for a fair and transparent auction process to determine a single market clearing rate for all participants (regardless of size).

Term Finance recently completed seed and strategic financing rounds, with participation from well-known institutions such as Electric Capital, Coinbase Ventures, with a financing amount of $8 million. On July 9th, the project announced the launch on Twitter.

Specific participation method: 1. Register: Use an invitation code or referral link; 2. Link social media: Link X and Discord for easy login; 3. Check bonus eligibility; 4. Participate: Borrow and lend through participating in term auctions; 5. Track: Learn how to maximize points through Term's tracking dashboard.

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