In the past 24 hours, the market has seen several new popular cryptocurrencies and topics emerge, which could potentially be the next wealth-building opportunities. These include the Chain Gaming Track, Meme Sector, and Rune Track. The most searched tokens and topics by users are UXLINK, GME, and ALICE. There are also potential airdrop opportunities with Bedrock and Nile Exchange.
Market Environment:
Yesterday, BTC price broke out of a low volatility range and formed an upward trend. It briefly surpassed $70,000 before pulling back to around $69,000. The ETH/BTC exchange rate retraced to the support level of 0.054. The implied volatility for BTC and ETH is 52 and 65, respectively. Generally, ETH’s implied volatility is 10 points higher than BTC’s, indicating potential for an increase in the ETH/BTC exchange rate. It is advised to monitor trading opportunities for ETH.
On a macro level, the US economy faces recession risks due to weakening PMI data. The US 10-year Treasury yield has dropped to around 4.4% from 4.5%, causing a decline in the US dollar index. This short-term development is favorable for the cryptocurrency market. The New York Stock Exchange experienced trading failures, resulting in stocks like Berkshire Hathaway showing a decline of over 99%. Cryptocurrency traders sought short-term safe havens, which contributed to the market’s peak and subsequent decline.
Wealth-Building Sectors:
1) Chain Gaming Track (NOT, ALICE, PORTAL):
Reasons:
NOT experienced a surge in price, increasing fivefold from a bottom of $0.005 within a week. This attracted capital inflows and attention from the market.
There is evident sector rotation, with significant inflows of hot money into ALICE contracts. Large-scale funds made significant purchases.
Price developments: NOT increased by over 80% in 3 days, ALICE increased by 60% in 3 days, and PORTAL increased by over 20% in 3 days.
Factors influencing the future:
Technical indicators: In a bull market, each pullback after a token forms an uptrend is an entry opportunity. It is advisable to invest in hot tokens when they pull back to the bottom line of the Bollinger Band and sell after the token breaks through the top line. This strategy generally carries lower risks and higher returns compared to holding spot positions.
Changes in open interest: There was significant movement in ALICE’s contract data yesterday, with a sharp increase in open interest. A net purchase of 5 million USD worth of tokens, equivalent to a net purchase of approximately 10 million USD by major funds, drove the price up. The long/short ratio of contract trading accounts is below 1, indicating the entry of major funds. Subsequent attention should be focused on changes in open interest to see if there is an increase in net long positions.
2) Meme Sector (PEOPLE, LADYS):
Reasons:
As the US presidential election approaches, PEOPLE and LADYS are the most relevant tokens supported by mainstream CEXs. They have recently gained high community attention.
Institutional entry: DWF announced a $5 million investment in LADYS, driving the hot spot for related assets.
Price developments: PEOPLE increased by over 40% in 7 days, and LADYS increased by 11% in 7 days.
Factors influencing the future:
US election process: Monitor the impact of the US election process on this sector. If there is positive news, PEOPLE and LADYS may experience an early rise.
Movement of major funds: Understand whether major funds continue to flow in through contract data and primary market news. Generally, a sudden significant increase in open interest indicates the core standard for the entrance of major funds. Continuously monitor the dynamics of contract indicators.
3) Rune Track:
Reason: With BTC’s short-term breakout above $70,000 and the recovery of the BTC ecosystem, the Rune Track offers a new asset type with speculative potential.
Specific token list:
– DOG: A project created by well-known KOL and builder Leonidas from ord.io. It has a well-operated community with strong purchasing power.
– RUNECOIN: Rune recently launched and airdropped tokens to players despite high transaction fees. The project has sufficient funds and has conducted stake activities in collaboration with 9GAGMEMELand, demonstrating knowledge in token operations.
– SATOSHI•NAKAMOTO: The project’s on-chain popularity is increasing, with a trading volume of $10 million and a number of holders reaching 18,000, indicating high community interest.
User Searches:
1) Popular Dapp:
UXLink:
UXLINK announced the completion of the first season’s community airdrop on X platform, covering over 1.5 million independent addresses in the community. According to DappRadar and TON on-chain data, UXLINK has 1.5 million independent addresses holding on-chain NFTs ($UXLINK token airdrop certificates), which is equivalent to the number of independent addresses holding NOTCOIN tokens before its listing, surpassing 220,000. UXLINK ranks first in Unique Active Users data on Arbitrum Dapp for multiple days.
2) Twitter:
GME:
Retail trading leader Roaring Kitty posted a screenshot of his positions on Reddit, showing that he holds GME stocks and GME call options, with the options expiring on June 21, 2024. Roaring Kitty also posted a picture of a “flip card” from the UNO card game on Twitter, sparking market discussions. GME, KITTY, and other GameStop-related tokens experienced a short-term surge.
3) Google Search by Region:
Globally:
– ALICE: GameFi project MyNeighborAlice (ALICE) experienced a significant increase, driving up several mid- to low-market cap old GameFi tokens.
– OMG, WAVES, XEM: Binance announced that it will halt trading and delist the following coins on June 17, 2024: OmiseGO (OMG), Waves (WAVES), Wrapped NXM (WNXM), NEM (XEM).
Region-specific searches:
(1) Asia: NOT is the most prominent search term. Additionally, the hybrid exchange Blum, which gained high popularity in the CIS region, is starting to appear in searches in some Asian countries.
(2) Europe and America: Attention is focused on the TON ecosystem. Apart from TON and NOT, the unreleased meme token Hamster Kombat also appears in the search rankings. Additionally, new memes like ZACK, CWIF, and PEW are trending in multiple European and American countries.
(3) CIS region: The Bitcoin ecosystem project Babylon ranked first in Russia’s hot searches yesterday.
Potential Airdrop Opportunities:
Bedrock:
Bedrock is a multi-asset liquidity re-collateralization protocol that originated from the institution-level liquidity re-collateralization token uniETH on the EigenLayer. It later expanded to become the first and largest liquidity re-collateralization protocol on the IoTeX network. It will introduce the protocol before the launch of the Babylon mainnet and support the liquidity collateralization of Bitcoin uniBTC. Bedrock’s Total Value Locked (TVL) has exceeded $200 million, with notable investors such as OKX Ventures, LongHash Ventures, Comma 3 Ventures leading the funding. Other investors include Waterdrop Capital, Lbank Labs, Amber Group, ArcheFund, Whale Ground, and Babylon co-founder Fisher Yu. Holders of ETH or IOTX can stake them as uniETH or uniIOTX on Bedrock to obtain staking rewards and future airdrops. Those holding wBTC can stake it as uniBTC on Bedrock to receive staking rewards, Babylon airdrops, and Bedrock airdrops.
Nile Exchange:
Nile is a centralized liquidity DEX on Linea that combines incentive measures with centralized liquidity to achieve higher capital efficiency. As the sister branch of RAMSES on Arbitrum, Nile inherits the proprietary centralized liquidity ve(3, 3) implementation mechanism. Nile Exchange is one of the eligible protocols in Linea’s The Surge event. Providing liquidity to the Nile protocol will also earn Linea’s LXP-L points. To participate, deposit LP positions of weETH/ETH, wrsETH/ETH, ezETH/ETH, and USDC/USDT on Nile on the Linea mainnet to earn high APY and multiple points.
Original Article:
https://www.bitget.com/en-us/research/articles/12560603810693
[Disclaimer] The market carries risks, and investments should be approached with caution. This article does not constitute investment advice, and users should consider whether the opinions, views, or conclusions in this article are suitable for their specific circumstances. Any investment made based on this article is at your own risk.
