Bitget Research Institute: The market lacks significant short-term catalysts, but the circulation of stablecoins is at a historical high, laying the groundwork for long-term growth.

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.

Summary

BTC spot ETF saw a net outflow of over $700 million last week, and market sentiment remains low. However, the circulating market value of stablecoins has quietly risen to its historical high of $158 billion, providing momentum for the future continuous rise of the overall market.

Key sectors to focus on in the future: SUI and SUI ecosystem sector
User hot search tokens & topics: Delabs Games, Reef Chain, SUI, QNT
Potential airdrop opportunities: Story Protocol, Symbiotic

Data statistics time: September 9, 2024, 4:00 (UTC+0)

I. Market Environment

BTC spot ETF saw a net outflow of over $700 million last week, and market sentiment remains low. According to CME FedWatch data, the probability of a 50 basis point rate cut by the Fed in September has dropped to 30% after the release of unemployment data by the Bureau of Labor Statistics.

However, in the low market sentiment, the circulating market value of stablecoins (excluding algorithmic stablecoins) has quietly risen to a historical high of $158 billion. USDT and USDC have each increased by more than 2.2% in the past month, providing momentum for future growth.

II. Wealth Creation Sectors

1) Key sectors to focus on in the future: SUI and SUI ecosystem sector

Main reasons:

(1) SUI has shown relative stability in the recent decline, rising by 6% in the past month while BTC fell by 9% and ETH fell by 12%;

(2) Recent frequent actions by SUI:

On August 7, Grayscale announced the launch of two new trust funds, Grayscale Sui Trust and Grayscale Bittensor Trust. Grayscale Sui Trust will only invest in SUI, the native token of the Sui network. This is Grayscale's choice to launch specialized investment products around a single Layer 1 after BTC, ETH, SOL, FIL, and others.
In early September, SuiPlay launched the Web3 native handheld gaming device SuiPlay0X1, which is expected to be officially released in the first half of 2025, demonstrating Sui's accelerated layout in the gaming field.

Factors affecting future market:

In the short term, the price of SUI is mainly affected by its market-making strategy. In the medium to long term, the market's recognition of SUI's accelerated layout in GameFi, the development of GameFi projects within the SUI ecosystem, and the development of the SUI DeFi scale may have a significant impact on SUI's development.

III. User Hot Searches

1) Popular Dapps

Delabs Games:

Delabs Games is a Web3 game studio that develops interesting Web3 games from scratch. Since 2021, the team has been working on Rumble Racing Star, Space Frontier, and Metabolts. The web3 feature of Rumble Racing Star allows players to deeply customize their karts, drivers, and profile pictures (PFP) in the form of NFTs. RRS also collaborates with several NFT-based PFP series, including Goblintown, y00ts, a KID named BEAST, Killabears, and Quirkiesby, using their likenesses as characters in the game. Holders of these collectibles will also receive unique in-game benefits.

2) Twitter

Reef:

Layer 1 public chain Reef has launched a $10 million accelerator program aimed at supporting, incubating, and investing in Web3 developers, teams, and projects based in the Middle East. This accelerator program is part of Reef's previous $20 million developer support fund. Reef has recently conducted a lot of community work to promote community activity, developer activity, and support for MEME Season, all of which have led to the recent rise of the REEF token.

3) Google Search & Region

From a global perspective:

SUI: Adeniyi Abiodun, co-founder of Mysten Labs, stated in an interview that their team has completed research on using radio waves to provide offline encrypted transactions, allowing the Sui blockchain to transmit transactions using long-distance radio waves, and even compress transactions into smaller text messages. Meanwhile, the game startup company Playtron has collaborated with Mysten Labs to launch the handheld game console SuiPlay0x1, which is now available for pre-order until all available spots are sold out. Each device is priced at $600 (including shipping and taxes) and can be purchased with SUI, ETH, and SOL tokens. These events will drive the price of SUI.

From the perspective of various regional hot searches:

(1) In the European and American English-speaking regions, there is a certain level of search heat for older projects such as Quant, Cardano, XEN, and SUI. Many projects in the crypto market have dropped to low positions, and after the release of some positive news by the project parties at the current time, the prices of some older projects have rebounded significantly. Users in the European and American English-speaking regions are more interested in these projects due to the significant price rebounds.

(2) In Asia, Latin America, and other regions, there are no significant hotspots, and the search terms are scattered. A few countries mentioned the RUNE ecosystem, as well as Polygon, Avalanche, and others.

IV. Potential Airdrop Opportunities

Story Protocol

Story Protocol is an IP management protocol that aims to change the way human history is recorded by using blockchain technology to record content and IP on various blockchains and connect them.

The project recently completed a $80 million Series B financing, led by a16z Crypto, with other participating institutions including Foresight Ventures and Hashed. As of now, the open team behind Story Protocol, PIP Labs, has raised $140 million, with a valuation of $2.25 billion. The market's attention is very high, and it may become a leading project in the new track of blockchain.

Specific participation method: Story Protocol has cooperated with multiple projects, including Colormp, and users can participate in the Launch NFT minting of these projects and continue to complete tasks in coordination with the project's progress, possibly receiving future IP token airdrops.

Symbiotic

Symbiotic is a universal restaking project that enables decentralized networks to guide powerful, fully sovereign ecosystems. It provides a method for decentralized applications called Active Validation Services or "AVS" to jointly ensure each other's security.

Symbiotic recently completed a seed round of financing, with participation from Paradigm and Cyber Fund, with a financing amount of $5.8 million.

Specific participation method: Visit the project's official website, connect your wallet, deposit ETH and ETH LSD assets.

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