In the past 24 hours, the market has seen a surge in new popular currencies and topics, which could potentially be the next wealth-generating opportunity.
The cryptocurrency market today remains under pressure, with Gary Gensler, the chairman of the U.S. Securities and Exchange Commission, testifying at a Senate hearing that he expects the spot Ether ETF to receive full approval from the agency by the end of summer. Key points include:
Strong wealth-creating sectors: ETH ecosystem projects, TON ecosystem tokens;
User trending tokens & topics: Daddy, RWA Crypto;
Potential airdrop opportunities: Zircuit, MYX Finance;
Data recorded as of June 14, 2024, at 4:00 (UTC+0)
I. Market Environment
The cryptocurrency market today continues to be under pressure, following a pullback that began after the Federal Reserve hinted at only one rate cut this year. Gary Gensler, the chairman of the U.S. Securities and Exchange Commission, testified at a Senate hearing that he expects the spot Ether ETF to receive full approval from the agency by the end of summer. Subsequently, the price of Ethereum surged in early trading but quickly fell below $3500 as selling pressure increased. Following the announcement of the Federal Reserve policy meeting results, the market started to decline uniformly on Wednesday afternoon. The Federal Reserve maintained the benchmark federal funds rate range at 5.25%-5.50%, but according to the latest dot plot, it is expected to cut rates by 25 basis points only once in 2024. Currently, prices are fluctuating based on speculation about future rate cuts.
Regarding projects, Arkham announced that the price of CRV fell below Curve founder Michael Egorov’s liquidation price, resulting in the liquidation of all 9-figure loan positions in 5 protocols. As of today, the price of CRV has risen by over 20% since the liquidation.
II. Wealth-Creating Sectors
1) Sectors to focus on in the future: ETH ecosystem projects
Main reason: Gary Gensler, the chairman of the U.S. Securities and Exchange Commission, testified at a Senate hearing that he expects the spot Ether ETF to receive full approval by the end of summer;
Specific coin list:
ETHFI: The current Ethereum ETF documents indicate that the ETF only allows Ethereum tokens without staking, significantly reducing the attractiveness to ETF investors. Therefore, the Ethereum re-staking sector is expected to receive substantial positive news;
LDO: The leading LSD project in the ETH ecosystem, with a TVL of up to $344 billion and a valuation of less than $20 billion, is relatively undervalued;
SSV: The Ethereum staking infrastructure SSV Network is a decentralized staking infrastructure that allows everyone simple and scalable access to decentralized ETH staking. The official website currently shows a total TVL exceeding $6 billion, with over 150,000 ETH staked;
2) Sector movement: TON ecosystem tokens (TON, FISH)
Main reason: Driven by the 9 billion users on Telegram, the TON ecosystem has quietly grown, with its daily active addresses surpassing Ethereum. Additionally, the TON team announced that they will launch enhanced pools on ston_fi and dedust_io, offering rewards exceeding $1.8 million. The combined ecosystem rewards and user growth are fueling further prosperity.
Price increase: TON up 4.42% in the past 24 hours, FISH up 7.02% in the past 24 hours;
Factors affecting future market movements:
Trading activity in the future: One of the main shortcomings in the Ton ecosystem is the relatively low number of active traders compared to other public chains, with trading volume not at the same level as other public chains. If ecosystem rewards can stimulate trading activity, both prices and liquidity have room to continue rising.
Future support for the Ton ecosystem from Pantera: Dan Morehead, founder of Pantera Capital, mentioned on social media that Pantera recently made its largest investment in Telegram’s TON blockchain project, increasing the attention on the Ton ecosystem. If project funding and product launches are able to materialize in a timely manner, the prosperity of the Ton ecosystem will come faster.
III. User Trends
1) Popular Dapps
Orderly Network
The NEAR ecosystem trading protocol, Orderly Network, announced that they will airdrop 10% of the total supply of tokens to early users, with NEAR traders needing to bind their wallets by June 27. Users can currently check airdrop allocations and bind wallets through an airdrop query website. Orderly is a full-chain derivative liquidity layer project that integrates liquidity for all assets, any public chain, and any product interface to provide liquidity and settlement support.
2) Twitter
Curve
According to Arkham monitoring, Curve founder Michael Egorov was liquidated for $140 million in CRV. Yesterday morning, the CRV price fell below its liquidation threshold, resulting in the liquidation of his billion-dollar loan positions in 5 protocols. Curve founder Michael Egorov tweeted, “The Curve Finance team and I have been working to resolve the liquidation risk issue that occurred today. Many people know that all my loans have been liquidated, my position was too large for the market to bear, resulting in $10 million in bad debt. Only the CRV market on lend.curve.fi was affected, with the largest positions in that market. I have repaid 93% of the bad debt and plan to repay the rest soon.” The Twitter community is still highly interested in this issue.
3) Google Search by region
In terms of global trends:
Daddy: Yesterday, the blockchain data visualization company Bubblemaps announced that before Andrew Tate promoted DADDY on X, insiders purchased 30% of the total token supply at issuance, now valued at over $45 million. The core hype stems from the rivalry between Andrew Tate and Ansem, both of whom have promoted the Daddy token in the community. Currently, there is relatively high Twitter interest.
Looking at regional trends:
(1) In Asia, RWA Crypto stands out as the hottest search, with the crypto market simultaneously releasing FOMC and CPI data yesterday, causing a significant risk aversion sentiment before the data was released.
(2) In Europe and America, meme token projects are the focus, primarily on FLOKI, as the market has recently declined, with MEMECOIN being one of the few places with wealth-creating effects and topics.
(3) In the CIS region, the focus is broad and includes projects like Taiko, Aevo, Uniswap, and more.
IV. Potential Airdrop Opportunities
Zircuit
Zircuit is a Layer 2 public chain project based on zkRollup that integrates parallelism and AI, backed by investments from Pantera and Dragonfly. The project’s TVL has already surpassed $1.1 billion, with the ecosystem gradually improving to include staking, cross-chain bridges, and browsers. Users can also qualify for airdrops by participating in ecosystem development and community interaction.
Specific ways to participate: 1) Participate in staking on the website (https://stake.zircuit.com/) to earn points; 2) Participate in deploying nodes to earn points (https://build.zircuit.com/build).
MYX Finance
MYX Finance is a decentralized derivative exchange operating on the MPM model, incubated by D 11 Labs, employing intelligent fees and risk hedging mechanisms to ensure protocol stability and provide sustainable high returns. In November 2023, MYX announced that it had completed a $5 million seed round financing at a valuation of $50 million, led by HongShan (formerly Redpoint China), with participation from Consensys, Hack VC, OKX Ventures, Foresight Ventures, Redpoint China, HashKey Capital, GSR Markets, Alti 5, Leland Ventures, Cypher Capital, Bing Ventures, Lecca Ventures, and more.
How to operate: At the user level, there is not much difference from other derivative DEX platforms, where users can trade and provide LP, among other operations. The project currently integrates Linea and Arbitrum, aiming to increase activity on the Linea chain to potentially receive Linea airdrops in the future.
For more information from Bitget Research Institute: https://www.bitget.fit/zh-CN/research
The Bitget Research Institute focuses on “focusing on on-chain data, discovering valuable assets,” by monitoring on-chain data and regional trends in real-time to discover cutting-edge value investments, providing institutional-level insights for cryptocurrency enthusiasts. To date, it has provided early value assets in hot sectors like the Arbitrum ecosystem, AI ecosystem, SHIB ecosystem, and more to Bitget global users, creating better wealth effects through data-driven in-depth research.
【Disclaimer】The market involves risks, and investments should be approached with caution. This article does not constitute investment advice, and users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Investing based on this information is at one’s own risk.
