In the past 24 hours, the market has seen a number of new popular currencies and topics, which are likely to be the next wealth creation opportunities.
In the early trading session, the price of Bitcoin (BTC) remained around $68,000, while altcoins experienced a general decline. The strong wealth creation effect can be seen in the following sectors: the oracle sector and the AI sector.
The most searched tokens and topics by users are Babylon, PayPal (PYUSD), and Notcoin (NOT). There are potential airdrop opportunities in Sofamon and Lava Network.
Here is a summary of the market environment as of May 31, 2024, at 4:00 (UTC+0):
I. Market Environment
In the early trading session, the price of Bitcoin (BTC) remained around $68,000, while altcoins experienced a general decline. The price of BTC slightly dropped to $68,400, remaining relatively stable in the past 24 hours. The resilience of Bitcoin has promoted a general rise in the oracle ecosystem. The price of Ethereum has dropped from the two-month high of $3,973 set on Monday to $3,730. According to data from Glassnode, the ratio of bearish/bullish open interest contracts for Ethereum on Deribit has risen to 0.61, the highest level in a year. This indicates that there is still a bullish sentiment in the market.
In terms of specific projects, Terraform Labs and its CEO Do Kwon have reached a preliminary “principled” settlement with the SEC regarding a fraud case, but the negotiations are still ongoing. LUNA has experienced a short-term increase in price due to positive news.
II. Wealth Creation Sectors
1) Sector with significant movement: Oracle sector (ORDI, SATS)
Main reasons: UniSat announced a “pizza” oracle airdrop to eligible user wallets to celebrate Bitcoin Pizza Day. This project has ignited the oracle ecosystem, leading to an increase in the value of oracle projects such as ORDI and SATS.
Price increase: ORDI has increased by 15.13% today, and SATS has increased by 8.15%.
Factors influencing future market trends:
Updates from BTC core developers such as Casey: It is highly likely that BTC ecosystem projects will release positive news. It is important to stay updated with project announcements on Twitter, TG/DC, as the new asset protocol Runes may create a new hotbed for ecosystem asset speculation.
AVM rhythm introduced by Atomicals: Atomicals Protocol has released the Atomicals Virtual Machine (AVM) whitepaper. The software release will be completed in stages, starting with the interpreter runtime and then modifying the indexer node. Major progress in the future may trigger subsequent market trends.
2) Sector with significant movement: AI sector (TAO, FET)
Main reasons: Fetch.ai, SingularityNET, and Ocean Protocol, the leading AI projects in the decentralized artificial intelligence field, announced plans to complete the merger of the Artificial Superintelligence Alliance (ASI) before June 2024. The integration of assets from these three AI projects will result in a new high valuation.
Price increase: TAO has increased by 11.8% this month, and FET has increased by 8.4% this month.
Factors influencing future market trends:
Support from tech giants for AI: According to Cointelegraph, tech giant Microsoft is closely monitoring the crypto industry, including blockchain technology and the potential mutual support between blockchain and AI.
Development of AI projects: As a product of big data, AI relies on extensive data for training and its future development depends on project collaborations and user expansion.
III. Key Sectors to Watch: Ethereum Ecosystem
Main reasons: The ratio of bearish/bullish open interest contracts for Ethereum on Deribit has risen to 0.61, the highest level in a year. This indicates that there is still a bullish sentiment in the market.
Specific token list:
UNI: The first DeFi Swap project on the blockchain. Uniswap has generated $2.802 million in fees in the past 24 hours and an average of $3.74 million in daily fees over the past 7 days, indicating significant revenue.
LDO: The leading LSD project in the Ethereum ecosystem, with a TVL of $35.8 billion and a valuation of less than $2.1 billion, indicating relatively undervalued status.
PENDLE: The TVL of the project has been continuously increasing, reaching $6.1 billion. The increasing demand for stablecoin market capitalization and the high popularity of the Restaking track have contributed to the growth of PENDLE’s business during the bull market.
IV. User Hot Searches
1) Popular Dapp
Babylon: The Bitcoin staking protocol Babylon completed a $70 million financing round, led by Paradigm, with participation from Polychain Capital and the venture capital division of the cryptocurrency exchange Bullish. Babylon raised $18 million in Series A funding in December 2023 and $8.8 million in seed funding in 2022. Babylon is a Layer 1 blockchain based on Cosmos SDK, and it introduces the concept of native Bitcoin staking, essentially participating in Bitcoin staking. Babylon has also launched a testnet based on BTC Signet, providing users with a trustless experience of native Bitcoin staking. Stakers will receive Pioneer Pass NFT, which has limited supply and a short claiming period, resulting in high user participation.
2) Twitter
PayPal (PYUSD): The stablecoin PYUSD from payment giant PayPal will be launched on Solana. In addition to cost and speed advantages, PYUSD on Solana has new superpowers that are impossible to achieve on Ethereum. For example, it uses the “token extensions” standard of the chain to enhance the privacy of merchant transfers. This is one of the few compliant and programmable features of PYUSD.
3) Google Search Region
Global Perspective:
(1) Notcoin (NOT): Notcoin is a Telegram-based game where users earn in-game tokens by clicking on coin images, similar to the concept of “Tap to Earn.” The NOT token has continuously hit new highs this week, with an increase of 83.5% in the past 14 days.
(2) Trump, Biden: With the approaching U.S. election, numerous meme tokens related to “Trump” and “Biden” have emerged on the blockchain. In 2023, Trump released NFTs related to his image and recently expressed support for cryptocurrencies during a speech, leading to repeated speculation and jokingly referred to as “Politifi” on social media.
Regional Hot Searches:
(1) Asia: There is a lack of hot topics in Asia, and no general pattern of hot searches has been observed in various regions.
(2) Europe and America: The focus in Europe and America has returned to mainstream memes. SHIB appeared in the hot searches of countries such as Spain, Italy, and the UK. PEPE, FLOKI, DOGE, and others also appeared in the hot searches of multiple European and American countries.
(3) Russian-speaking regions: BLUM appeared in the hot searches of Russia and Ukraine. Blum is a hybrid exchange with the “CeDeFi concept” that allows access to CEX and DEX tokens on a single platform. It supports multiple chains and provides services such as AI navigation, P2P trading, and derivative trading.
V. Potential Airdrop Opportunities
Sofamon: Sofamon is a project based on the Base network and is currently developing a personal chat sticker market on Telegram. Users can manage their sticker collections, invite friends, and access Sofamon’s private group chats, among other features. Sofamon has completed its seed funding round with participation from investors such as Polychain Capital, Seed Club Ventures, and Inception Capital. Angel investors include Nick White, Chief Operating Officer of Celestia, 0x Beans, former Coinbase engineer, and George Lambeth, co-founder of Divergence Ventures.
Participation method: The specific airdrop information has not been announced by the official yet, but based on the current popularity of Sofamon in social media and the crypto community, there is a high possibility of an airdrop opportunity. Investors can purchase NFT stickers launched by Sofamon.
Lava Network: Lava Network is regarded as the “Celestia of 2024” due to its large seed funding amount and strong investor lineup. It completed a $15 million seed funding round in February this year, led by Jump Capital, Hashkey Capital, and Tribe Capital, with participation from North Island Ventures, Dispersion Capital, Alliance DAO, and Finality Capital Partners. Executives from blockchain projects such as Celestia, Cosmos, StarkWare, and Filecoin also participated in this funding round.
Lava Network is currently in the testnet phase and plans to launch its mainnet in the first half of this year. Prior to the mainnet launch, Lava has introduced the Magma rewards program. Users can earn Magma points by switching their RPC connection to Lava.
Specific participation method: 1) Log on to the official website, link your wallet, join DC, and follow X. 2) Change your RPC to the one provided by Lava by logging into the Metamask network settings using your existing wallet.
For more information from Bitget Research Institute, please visit: https://www.bitget.fit/zh-CN/research
Bitget Research Institute focuses on “focusing on on-chain data and discovering valuable assets” to provide institutional-level insights for crypto enthusiasts by monitoring on-chain data and regional hot searches, among other dimensions, to explore cutting-edge investment opportunities. To date, it has provided early-stage value assets in popular sectors such as Arbitrum ecosystem, AI ecosystem, and SHIB ecosystem to Bitget’s global users based on data-driven in-depth research, creating better wealth effects.
