In the past 24 hours, the market has seen the emergence of several new popular cryptocurrencies and topics that could potentially be the next wealth-building opportunities. These include:
1. Strong wealth-building sectors: MEME sector and ETH ecosystem blue-chip projects.
2. User trending tokens and topics: pump.fun, MOG, Jenner, FLOKI, TURBO.
3. Potential airdrop opportunities: Linea Surge, Sanctum (Community Quests).
Data statistics as of May 28, 2024, 4:00 (UTC+0).
I. Market Environment
Yesterday, Mt. Gox transferred over 107,000 BTC from its cold wallet, which is worth approximately $7.2 billion. This action has sparked speculation about Mt. Gox’s future moves. Traders and market makers have started reducing their BTC positions as a safe-haven measure, leading to a retracement in BTC’s price after it reached $70,500. It is advised for users to reduce their account leverage and BTC positions and wait for clarity on Mt. Gox’s transfer intentions before making trading decisions.
On a macro level, BTC ETFs have become a gateway for traditional funds to enter the market, with $2 billion flowing in over the past two weeks. As the US midterm elections approach, Trump has expressed strong support for the development of the crypto industry, attracting market attention. Both parties are likely to try to win over cryptocurrency holders before the elections, so there may be more positive news about the crypto industry released before the competition.
II. Wealth-Building Sectors
1) Sector movements: MEME sector (WOJAK, FLOKI, WIF)
Main reasons:
– WOJAK generated community sentiment of “time to pump,” attracting significant market attention and substantial capital inflow.
– FLOKI announced the completion of beta testing for its trading robot, which will use transaction fees for FLOKI buybacks.
Price increases: WOJAK up 30% in a single day, FLOKI up 15% in a single day, WIF up 9% in a single day.
Factors influencing future trends:
– Community information: The operations of meme coins have a significant impact on their price movements. It is important to pay attention to AMA sessions and Twitter announcements related to these coins. If there are new updates, it presents an opportunity to enter the market early.
– Open interest changes: The open interest of WIF and FLOKI increased yesterday, indicating an influx of hot money. By analyzing contract data on platforms like tv.coinglass, it is possible to understand the trend of major funds. Look for an increase in net long positions and rising open interest and trading volume, which suggests that major players continue to buy, making it advisable to hold these positions.
2) Sectors to focus on: ETH ecosystem blue-chip projects
Main reasons: The ETH ecosystem is relatively undervalued, and the ETH-BTC exchange rate has shown sustained rebounds. With the approval of important ETF-related documents and SEC prosecutions of relevant DeFi projects, there is room for ETH ecosystem projects, especially those with strong fundamentals.
Specific project list:
– UNI: The first DeFi swap project on the blockchain. Last month, it received a Wells notice from the SEC, and Uniswap is expected to provide self-proving evidence soon, creating trading opportunities.
– LDO: A leading LSD project in the ETH ecosystem with a TVL of $34.5 billion and a valuation of less than $2.5 billion, making it relatively undervalued.
– OP: Base Chain built using OP stack technology. Last year, Base Chain signed a profit-sharing agreement with OP Foundation, indirectly gaining endorsement from Coinbase.
– PENDLE: The TVL of this project has been continuously increasing and has reached $5.7 billion. The demand for PENDLE’s business in the bull market has increased due to the rising total market value of stablecoins and the popularity of restaking.
III. User Trends
1) Popular Dapps
– pump.fun: A one-click meme coin issuance platform on Solana. It recently achieved a record-high daily revenue of $753,000 on May 7, making it the highest-grossing application on the Solana network. In the past two days, celebrity tokens related to American media personality Caitlyn Jenner and rapper Rich The Kid have also been launched on Pump, further increasing the popularity of this application.
2) Twitter
– MOG: The ETH-based meme coin MOG has experienced a significant surge of +70% in the past week, with a high trading volume of over $90 million in the past 24 hours. Following the approval of important ETF-related documents for ETH, meme coins in the ETH ecosystem, including MOG, TURBO, and WOJAK, have collectively experienced a surge.
3) Google Search (by region)
From a global perspective:
– Jenner: American media personality Caitlyn Jenner promoted a Meme Coin called “JENNER” through her X account. It was later speculated to be a hacked account, but Jenner’s subsequent deletion of tweets and change in statements sparked new speculation and led to significant price fluctuations. Following this, rapper Rich The Kid also started issuing tokens on Pump, leading to rapid price fluctuations after the token generation event (TGE).
– FLOKI: Floki developers announced the launch of a trading robot tool that allows FLOKI holders to trade on the BNB Chain network. This Telegram-based robot will initially be open to a limited number of users during the beta testing phase and is expected to be available to the public in mid-June. The robot charges a 1% fee per transaction, with 50% of the fees used to buy FLOKI on the open market, thereby increasing demand.
– TURBO: Turbo is a meme coin created using the ChatGPT Turbo model, combining the AI and meme sectors, which have been the focus of recent market trends. There have been positive news and upcoming events in the AI field, such as the Apple Worldwide Developers Conference and the potential release of GPT 5 in June. As a result, TURBO has experienced a remarkable price increase, rising fivefold in the past week.
From regional searches:
– Polifi concept meme coins related to MAGA and TRUMP have made it to the top of the trending lists in several countries in Europe, the US, and the Middle East.
– There are no significant trends or features in the search terms from Asian regions.
IV. Potential Airdrop Opportunities
1) Linea Surge
Following Linea Park, Linea Voyage: The Surge campaign has officially started. It is important to note that users need to activate their Linea accounts using a referral code on the Linea website to start receiving LXP-L points (https://referrals.linea.build/?refCode=zC0GCkXn5K).
The purpose of Linea Surge is to attract users and increase TVL. The campaign will last for 6 months or until the TVL reaches $3 billion. Previously, the community believed it would take 6 months for Linea to reach $3 billion TVL. However, Linea’s TVL has already reached $1.1 billion, and with the release of heavyweight projects like zkSync and LayerZero, funds may flow into Linea, bringing its TVL to $3 billion and ending the campaign earlier than expected.
Specific participation steps:
1) Activate a Linea account as described above.
2) Deposit assets supported by The Surge campaign, such as ETH and DAI, into the Linea network.
3) Deposit assets into DEX platforms, lending protocols like SyncSwap, Mendi Finance, and SushiSwap to earn LXP-L points (Linea has more than 20 supported protocols, which can be found here: https://www.openblocklabs.com/app/linea/dashboard).
2) Sanctum (Community Quests)
As mentioned in previous reports, the Solana ecosystem’s LST protocol, Sanctum, has officially launched its loyalty program, Sanctum Wonderland. Previously, Sanctum completed seed and expansion rounds of funding, with Dragonfly leading the investment and participation from Solana Ventures, Jump Capital, and others, bringing the total funding to $6.1 million.
The basic participation steps were explained in the daily report on May 24 and will not be repeated here. During the Wonderland campaign, the project’s website will feature several Community Quests. Answering the questions in these quests will earn participants bonus points. Here are the answers to a few quests:
– Answer for Season 2: EVENSTAR CATHEDRAL
– Answer for Season 3: GLOAMTIDE
– Answer for Season 4: THE EARNEST SHALL BUILD OUR NEW WORLD
– Answer for Season 5: A SYZYGY OVER THE HEART OF VOH
Original article link:
https://www.bitget.com/en-us/research/articles/12560603810344
[Disclaimer] The market carries risks, and investments should be made with caution. This article does not constitute investment advice, and users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their specific circumstances. Responsibility lies with the individual for any investment made based on this information.
