In the past 24 hours, the market has seen many new popular currencies and topics, which are likely to be the next wealth creation opportunities. These include:
Sectors with strong wealth creation potential: Solana sector, Bitget platform currency
User hot search tokens & topics: Pixels, ENS, HERO, Sony Exchange
Potential airdrop opportunities: Mitosis, GaiaNet
Data statistics time: July 2, 2024, 4:00 (UTC+0)
I. Market Environment
The market continued to fluctuate yesterday, with BTC fluctuating within a narrow range of $62,500 to $63,500, offering some trading space. ETH has shown greater volatility. In terms of options market, the implied volatility of BTC and ETH is 44 and 59, respectively. Generally, ETH’s implied volatility is 10% higher than that of BTC, indicating a strong signal to be bullish on ETH/BTC. The reason for this is that funds tend to lean towards higher volatility assets, resulting in a net inflow of funds into the ETH ecosystem.
The US dollar index maintains a strong position, with the 10-year US Treasury yield rising to 4.44%, putting some upward pressure on the crypto market. As the market prices in the expectation of a rate cut in the second half of the year, accompanied by a drop in the 10-year bond yield, there is a possibility of the US dollar index weakening. A rate cut would be beneficial for crypto assets, so it might be a good idea to consider positioning for the second half of the year.
II. Wealth Creation Sectors
1) Sector changes: Solana sector (BONK, DRIFT, HNT)
Main reasons:
SOL token has shown strong resilience during the pullback process
SOL Blinks, SOL ETF events are bringing in traffic for the SOL ecosystem
Price increases: BONK, DRIFT, HNT rose by 13.4%, 10.4%, and 8.8% respectively in the last 24 hours
Factors affecting future market:
SOL token trend: The trend of the SOL token in the Solana ecosystem will affect the prices of the entire token ecosystem, as many tokens are priced in SOL on DEX. It is important to keep an eye on the price trend of SOL. If SOL continues to rise, it may be advisable to continue holding SOL ecosystem assets.
Changes in open interest: The open interest of SOL increased yesterday, indicating an inflow of hot money. By looking at contract data on tv.coinglass, you can understand the direction of main funds. First, observe how much the net long position of contracts has increased; then see if the contract data have formed net long positions, increased open interest, and increased trading volume. If so, it means that the main funds continue to buy, so it might be a good idea to continue holding.
2) Sectors to focus on in the future: Bitget platform currency (BGB, BWB)
Main reasons: BGB recently broke through $1.20, showing a very stable trend from a technical standpoint. Bitget recently announced an upgrade to the smart contract of Bitget Token (BGB) to enhance the rights of BGB holders and expand the use of BGB in decentralized applications such as DeFi, DEX, and GameFi.
Specific currency list:
BGB: Bitget platform currency, which has recently undergone an upgrade to its smart contract. In the future, BGB will be deeply integrated into the development of applications such as DeFi, DEX, and GameFi. There may be a potential surge in demand for BGB in the future, so it is advisable to focus on it.
BWB: Bitget Wallet token, with a total market value of only $500 million. The wallet track has good growth prospects in the future and is suitable for long-term holders.
III. User Hot Searches
1) Popular Dapp
Pixels:
On the occasion of the release of the second chapter of the Pixels game, Pixels founder Luke revealed that the studio is developing other games in the Pixels universe and collaborating with external developers to expand this series, considering launching it on Telegram.
2) Twitter
ENS:
ENS has become one of the tokens with the largest increase in the ETH ecosystem during the market rebound, with ENS soaring 30% yesterday, breaking a new high in the past 29 months.
3) Google Search Area
From a global perspective:
HERO:
A celebrity coin launched by YouTube star SteveWillDoIt, known for his pranks and challenge videos. The token has a large trading volume and has seen a strong increase in the last two days. The total market value has exceeded $50 million, but there is still an issue of concentrated chips, with the top 10 addresses holding over 60% of the chips.
Sony Exchange:
Sony Group in Japan has acquired the Japanese crypto exchange Amber Japan for billions of yen. Singapore market maker Amber Group had previously acquired the regulated Japanese cryptocurrency exchange DeCurret in early 2022 and renamed it Amber Japan.
From the hot searches in various regions:
(1) In various Asian countries yesterday, there were no obvious popular altcoins. “ETH, DCA, staking crypto” became the hot searches in most countries, possibly reflecting the market’s attitude toward hoarding ETH, dollar-cost averaging, and staking before the approval of the ETH Spot ETF.
(2) Europe and the United States: Kaspa (KAS) appeared in the hot searches in Poland, Switzerland, Italy, Belgium, and other countries. Two popular unreleased projects, Blum and Grass, appeared in the hot searches in many European and American countries, as well as CIS countries.
IV. Potential Airdrop Opportunities
Mitosis
Mitosis is a liquidity protocol for the modular era, aiming to redefine cross-chain liquidity. It makes cross-chain LPing more attractive by providing liquidity to cross-chain LPing. Mitosis LPs receive derivative tokens that can be exchanged 1:1 with their locked assets. LPs can use these derivative tokens to participate in various DeFi applications on Ethereum L1 chain and L2 Rollup, essentially allowing LPs to earn additional income on their cross-chain assets based on shared default fee. In May 2024, Mitosis completed a $7 million financing round, led by Amber Group and Foresight Ventures, with participation from Big Brain Holdings, Folius Ventures, Citizen X, GSR, and others.
Specific operations: (1) Use ether.fi to deposit ETH into Linea and convert it to weETH; (2) Deposit weETH into Mitosis and convert it to miweETH; (3) Remember to activate Linea The Surge, so you can earn Mitosis points, Linea points, and future airdrops from ether.fi.
GaiaNet
GaiaNet is a decentralized network that provides secure and monetizable AI agents, integrating everyone’s proprietary knowledge and skills while protecting privacy. GaiaNet does not establish centralized servers, but builds a distributed network of edge computing nodes controlled by individuals and businesses to host fine-tuned AI models based on the domain knowledge and expertise of the node operator.
In May 2024, GaiaNet completed a $10 million seed round of financing, with participation from EVM Capital, Mirana Ventures, Mantle EcoFund, Lex Sokolin from Generative Ventures, and Brian Johnson from Republic Capital.
Specific operations: (1) GaiaNet announced the launch of the Beta test version on June 5th, allowing nodes to be run; (2) Professional developers can train AI models with proprietary data to qualify for airdrops; (3) Ordinary users can contribute idle hardware computing power to become nodes (similar to io.net) to qualify for airdrops. The specific method of running nodes needs to be referenced from the official documentation.
Original article link:
https://www.bitget.com/zh-CN/research/articles/12560603812051
【Disclaimer】The market is risky, and investment needs to be cautious. This article does not constitute investment advice. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their specific situation. Invest at your own risk.
