In the past 24 hours, there have been several new popular cryptocurrencies and topics in the market, which could be the next wealth-building opportunity. These include:
Strongly wealth-building sectors: ETH ecosystem blue-chip projects, Curve-related tokens
User hot search tokens & topics: Renzo, Particle Network, DJT
Potential airdrop opportunities: Skate, Sanctum
Data statistics time: June 19, 2024, 4:00 (UTC+0)
I. Market Environment
On Tuesday, the cryptocurrency market was down across the board, with Bitcoin falling below the short-term support level of $65,000. Multiple mainstream altcoins saw double-digit declines, with Bitcoin trading at $65,056, down 2.36% in the last 24 hours. According to Coinglass data, approximately $372 million in leveraged long positions were liquidated in the past 24 hours, with $61.8 million in short positions. The market is showing significant spot premiums, indicating reduced speculative activity. Bitcoin is still trading below the 50-day moving average, putting pressure on the medium-term trend, so investors need to remain patient.
In the US stock market, Nvidia surpassed Microsoft to become the world’s most valuable listed company. At the close, the S&P 500 and the Dow Jones Industrial Average rose by 0.25% and 0.15%, respectively, and the Nasdaq Composite remained relatively stable. It will be important to continue monitoring the correlation between the Nasdaq and BTC. If the correlation begins to turn positive, but the Nasdaq starts to fall, it could have a significant impact on the cryptocurrency market.
II. Wealth-building Sectors
1) Sector Movement: ETH Ecosystem Blue-Chip Projects
Main reasons:
Bitwise has submitted a revised Ethereum spot ETF S-1 filing to the US Securities and Exchange Commission (SEC), which will include changes after the first round of comments from the SEC. It is unclear whether more rounds of comments are required, and the product costs have not been disclosed. According to the filing, the SEC has ended its investigation into ETH 2.0, which has driven a significant surge in the blue-chip tokens in the ETH ecosystem that performed well in the previous bull market cycle. This sector is expected to be stronger than others, but it also depends on the overall market conditions, which are currently weak, so caution is still advised in trading.
Rises:
ENS, LDO, RPL rose by 16%, 20%, and 17% in the past 24 hours, respectively.
Factors affecting future markets:
It is likely that the ETH spot ETF will be approved and begin trading in several weeks to months. Before and after the approval, the ETH/BTC exchange rate may continue to rise, and ETH is expected to reach new highs in the next few months. An ETH breakthrough will drive a significant increase in the market value of the entire altcoin sector. Traders on ETH will have a greater need for leverage and trading, leading blue-chip projects, especially profitable blue-chip DeFi projects, to continue to rise and start a new altcoin season.
2) Sector Movement: Curve-Related Tokens (CRV, CVX)
Main reasons:
Following yesterday’s news, Bitwise submitted a revised Ethereum spot ETF S-1 filing, and the SEC will end its investigation into Ethereum 2.0, meaning that ETH is not considered a security. ETH ecosystem assets CRV and CVX also saw significant increases.
Rises:
CRV and CVX rose by 17% and 36% in the past 24 hours, respectively.
Factors affecting future markets:
Curve is still one of the best places for stablecoin bulk trading and has maintained good real profits. However, the lack of excitement in the market due to its outdated narrative and previous incidents and recent liquidation declines have raised concerns. However, multiple OTC whales have bought CRV at prices above $0.3, making the current CRV price still attractive.
3) Sectors to Watch: AI Sector
Main reasons:
Binance recently announced its support for FET, AGIX, and OCEAN to merge into ASI, generating significant attention in the European and American regions.
Arweave AO announced that it has launched the AO token minting feature, allowing users to receive AO by holding AR, providing a fair issuance model for the data layer business.
Specific coin list:
TAO: Bittensor is an open-source protocol that supports blockchain-based machine learning networks. It offers rewards for collaborative training of machine learning models based on the value of information they provide to the collective in TAO.
NEAR: Many AI projects in the NEAR ecosystem are in the build/financing stage, and NEAR is expected to become a future AI hub.
ASI: Tokens formed after the merger of FET, AGIX, and OCEAN, which may have significant volatility after the merger, presenting speculative opportunities.
AR: Arweave’s new token AO is about to be issued, with technical fundamentals and a promising track record.
III. User Hot Searches
1) Popular Dapp
Renzo: Liquidity re-staking protocol Renzo announced the completion of a $17 million financing, divided into two rounds, with Galaxy Ventures leading the first round and Nova Fund – BH Digital based in Abu Dhabi leading the second round. Due to the favorable news, the REZ token briefly rose by 3.74%. Despite significant token price declines, Renzo still has a TVL of $3.8 billion, with no significant user loss.
2) Twitter
Particle Network: Positioned as a modular L1 empowering chain abstract, in Phase 1 of the test network, Particle Network’s Universal Account, based on Particle L1’s unique high-performance EVM execution environment, links various mainstream L1/L2 networks such as Ethereum, BNB Chain, Polygon, and BTC L2s. The number of on-chain accounts has already exceeded 1 million, and there may be future airdrops, making it highly recommended for users to participate.
3) Google Search Regional
From a global perspective:
DJT: The US media Pirate Wires published a tweet on the X platform, stating, “Rumors have it that Trump is launching an official token—$DJT—on Solana.” This move caused a surge in the attention to the DJT token. However, the price began to fall, with a drop of over 57% in the last 24 hours, leading to high price volatility and uncertainty. It is not recommended for users to continue paying attention to this token.
From the perspective of regional hot searches:
(1) There is a lack of unified attention to a single theme in the Asian region, with each country focusing on different points of interest. There is little attention to projects and hot events.
(2) The differences in hot searches between the European and American regions and the Asian region are significant. English-speaking countries show concentrated interest in meme tokens, such as boden, pepe, trump, and floki, while the UK focuses more on public chain projects, with monad, icp, and hedra consistently making the hot search list.
IV. Potential Airdrop Opportunities
Skate
Skate aims to “break the DApp application islanding at the whole-chain application layer Skate.” In other words, it allows DApps to run on multiple chains with a single-state and new blockchains to connect to Skate. The project openly airdrops 8% of the tokens.
Skate, formerly known as the on-chain asset management protocol Range Protocol, completed a $3.75 million seed round of financing in September last year, led by HashKey Capital and Nomad Capital.
Specific operating methods: Completing simple tasks can earn 600 Ollies points and an early bird NFT, linking a wallet, and completing simple social media tasks such as retweeting can mint an early bird NFT with no gas fees. More points can be earned through invitations.
Sanctum
The Solana ecosystem LST protocol Sanctum has officially launched the Sanctum Wonderland loyalty program. Sanctum Wonderland aims to leverage SOL to earn income through a gamified experience. Users can collect pets by staking SOL and earn experience points to upgrade, earning EXP through pets.
Previously, the Solana ecosystem liquidity staking protocol Sanctum completed a seed round and expanded financing, with Dragonfly leading the investment and participation from Solana Ventures, CMS Holdings, DeFiance Capital, Genblock Capital, Jump Capital, Marin Digital Ventures, among others. The total financing has reached $6.1 million.
Specific participation method: Open the link, connect the wallet, enter an invitation code, exchange 2 SOL for Infinity, deposit at least 0.122 SOL + 0.05 for deposit fees. A wallet needs to prepare at least 0.172 SOL, and pets will start growing and earning EXP only when at least 0.11 SOL is deposited. Once the LST balance drops below 0.1 SOL, the pets will enter a hibernation state and stop earning EXP. It is recommended to deposit 1 SOL or more. 1 SOL earns 10 EXP per minute, can be withdrawn at any time, and has extremely low GAS fees.
Original article link:
https://www.bitget.com/zh-CN/research/articles/12560603811433
【Disclaimer】The market is risky, and investments should be made 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. Users are responsible for their own investment decisions.
