In the past 24 hours, many new hot currencies and topics have appeared in the market, and it is very likely that they will be the next opportunity to make money.
Bitcoin (BTC) prices remained around $68,000 in early trading, while altcoins generally fell:
The sectors with strong wealth-creating effects are: Inscription sector, AI sector;
Hot searched tokens and topics by users are: Babylon, PayPal (PYUSD), Notcoin (NOT);
Potential airdrop opportunities include: Sofamon, Lava Network;
Data statistics time: May 31, 2024 4: 00 (UTC + 0)
1. Market environment
In the morning, the price of Bitcoin (BTC) remained around $68,000, while altcoins saw a general decline. The price of BTC was slightly below $68,400, which remained basically unchanged for 24 hours. The strength of Bitcoin has promoted the general rise of the inscription ecosystem. The price of Ethereum has fallen from a two-month high of $3,973 set on Monday to $3,730. According to data from Glassnode, the ratio of put/call open interest for Ethereum rose to 0.61 on Deribit, the highest level in a year. This shows that the market is still bullish at present.
In terms of specific projects, Terraform Labs and its CEO Do Kwon have reached a preliminary principle settlement with the SEC on the fraud case, but the negotiations are still not completely concluded. LUNA rose in a short period of time due to the good news.
2. Wealth-making sector
1) Changes in the sector: Inscription sector (ORDI, SATS)
Main reason: UniSat announced that it would airdrop the pizza inscription to eligible user wallets to celebrate Bitcoin Pizza Day. The project ignited the inscription ecosystem, and inscription projects such as ORDI and SATS began to rise due to the influx of hot money.
Rising situation: ORDI rose 15.13% today, SATS rose 8.15%;
Factors affecting the market outlook:
Updates from BTC core developer Casey and other related project parties: Pay attention to the project party’s Twitter and TG/DC news releases. The possibility of BTC ecological projects releasing positive news is very high. It is necessary to pay attention to the release of project news in a timely manner. As a new track, the new asset protocol Runes may see hot asset speculation in the ecosystem;
Atomicals launches AVM rhythm: Atomicals Protocol releases Atomicals Virtual Machine (AVM) white paper, and the software release will be completed in stages, first the interpreter runs, then the indexer node is modified. Each major progress in the later period may trigger subsequent market trends.
2) Sector changes: AI sector (TAO, FET)
Main reason: Fetch.ai, SingularityNET and Ocean Protocol, entities in the decentralized artificial intelligence field, announced plans to complete the merger of the Alliance of Artificial Super Intelligence (ASI) by June 2024. The asset integration of the three leading AI projects will bring the project valuation to a new high.
Increase: TAO increased by 11.8% this month, and FET increased by 8.4% this month;
Factors affecting the market outlook:
Tech giants’ support for AI: According to Cointelgraph, tech giant Microsoft is paying close attention to the crypto industry, including the ways in which blockchain technology and artificial intelligence may one day support each other;
Development of AI projects: As a big data product, AI requires a large amount of data for training. Its subsequent development depends on its cooperative projects, user expansion, etc.
3) The sector that needs to be focused on in the future: ETH ecosystem
Main reason: Ethereums put/call open interest ratio rose to 0.61 on Deribit, the highest level in a year. This shows that the market is still bullish;
Specific currency list:
UNI: The first DeFi Swap project on blockchain applications. Uniswap generated $2.802 million in fees in the past 24 hours and an average of $3.74 million in fees per day in the past 7 days, with considerable revenue.
LDO: The leading LSD project in the ETH ecosystem, with a TVL of 35.8 billion US dollars and a valuation of less than 2.1 billion US dollars, is relatively undervalued;
PENDLE: The TVL of the project has continued to rise. The current TVL has reached 6.1 billion US dollars. The total market value of stablecoins has increased, and the popularity of the Restaking track has increased the demand for PENDLEs business in the bull market.
3. User Hot Searches
1) Popular Dapps
Babylon
Yesterday, Bitcoin staking protocol Babylon completed $70 million in financing, led by Paradigm, with participation from Polychain Capital and the venture capital arm of cryptocurrency exchange Bullish. Babylon raised $18 million in Series A financing in December 2023 and $8.8 million in seed financing in 2022. Babylon is a Layer 1 blockchain developed based on the Cosmos SDK. It introduced the concept of native Bitcoin staking for the first time, and essentially participates in the Bitcoin staking business. At the same time, Babylon launched a testnet based on BTC Signet to provide users with a trustless native Bitcoin staking experience. Staking will receive Pioneer Pass NFT. Due to limited supply and short claim time, user participation is currently high.
2) Twitter
PayPal (PYUSD)
Payment giant PayPal’s stablecoin PYUSD will be available on Solana. In addition to cost and speed, PYUSD has new superpowers on Solana that are impossible on Ethereum. For example, it uses the chain’s “token extension” standard to make merchant transfers more confidential. It is one of the few compliance and programmability features of PYUSD.
3) Google Search Region
From a global perspective:
(1) Notcoin (NOT): Notcoin is a game based on Telegram, where users can earn in-game tokens by clicking on coin images. Similar to the concept of Tap to Earn. This week, the NOT token has continued to break new highs, rising 83.5% in the past 14 days.
(2) Trump, Biden: As the US election approaches, a large number of meme tokens with themes similar to Trump, Biden have appeared on the blockchain. In 2023, Trump issued an NFT related to his image, and expressed support for cryptocurrency in a recent speech, causing his meme token of the same name to be repeatedly hyped, and he was also nicknamed Politifi on social media.
From the hot searches in each region:
(1) There is a lack of hot spots in Asia, and no general pattern of hot searches has been found in each region.
(2) The attention of Europe and the United States has returned to the mainstream memes. SHIB has appeared on the hot searches in Spain, Italy, the United Kingdom and other countries; PEPE, FLOKI, DOGE and others have also appeared on the hot searches in many European and American countries.
(3) Russian-speaking area: BLUM appeared on the hot searches in Russia and Ukraine. Blum is a hybrid exchange and CeDeFi concept that can access CEX and DEX tokens on one platform, supports multiple chains, and provides AI navigation, P2P trading, derivatives trading, etc.
4. Potential Airdrop Opportunities
Sofamon
Sofamon is a project based on the Base network. It is currently working on a personal chat sticker market on Telegram. Users can manage their own sticker collections, invite friends, access Sofamons private group chats, and more.
Web3 social project Sofamon has completed its seed round of financing, with participation from Polychain Capital, Seed Club Ventures, Inception Capital, etc. Angel investors include Celestia COO Nick White, former Coinbase engineer 0x Beans, Divergence Ventures co-founder George Lambeth, etc.
How to participate: The official has not yet announced specific airdrop information, but based on Sofamon’s current popularity on social media and in the crypto community, there is a high probability that there will be airdrop opportunities. Investors can purchase a series of NFT stickers launched by Sofamon.
Lava Network
Lava network is known as the Celestia of 2024. It quickly became popular due to its large amount of seed round financing and strong investment lineup. It completed a $15 million seed round of financing in February this year, led by Jump Capital, Hashkey Capital and Tribe Capital, and participated by North Island Ventures, Dispersion Capital, Alliance DAO, Finality Capital Partners and others. Executives from blockchain projects such as Celestia, Cosmos, StarkWare and Filecoin also participated in this round of financing.
Lava Network is currently in the testnet and plans to launch the mainnet in the first half of this year. Before the mainnet goes live, Lava launched the Magma points reward program. Users can earn Magma points by switching RPC connections to Lava.
Specific participation methods: 1) Log in to the official website, link your wallet, join DC and follow X. 2) Log in to the metamask network settings and change the RPC of your existing wallet to the RPC provided by Lava.
More information about Bitget Research Institute: https://www.bitget.fit/zh-CN/research
Bitget Research Institute focuses on focusing on on-chain data and mining valuable assets. It mines cutting-edge value investments through real-time monitoring of on-chain data and regional hot searches, and provides institutional-level insights for crypto enthusiasts. So far, it has provided Bitgets global users with early-stage valuable assets in multiple popular sectors such as [Arbitrum Ecosystem], [AI Ecosystem], and [SHIB Ecosystem]. Through in-depth data-driven research, it creates a better wealth effect for Bitgets global users.
