Bitget Research: Cryptocurrency Market Rebounds Across the Board, Blast Airdrop Confirmed for June 26

Bitget Research2024/05/16 08:04

By:Jarseed & Aaron

In the past 24 hours, many new popular tokens and topics have emerged in the market, which are likely to be the next wealth creation opportunities.

In the past 24 hours, many new popular tokens and topics have emerged in the market, which are likely to be the next wealth creation opportunities.

Overview

Yesterday, the U.S. released its April CPI figures, exceeding expectations. The market interpreted this positively, leading to a significant rally across the cryptocurrency sector:

Sectors with strong wealth creation effect: Mainstream coins, TON ecosystem, and Meme sector;
Top searched tokens and topics: PIXELS, Sonne Finance, and GME;
Potential airdrop opportunities: Tonstakers and Bemo.

Data collection time: May 16, 2024, 4:00 AM (UTC)

1. Market Environment

Yesterday, the U.S. CPI data for April was released, which was in line with expectations and showed a turning point, and widely considered a positive outcome by the market. Traders are betting on two rate cuts within the year, increasing market activity. Mainstream cryptocurrencies experienced approximately 10% gains in a single day.

Regarding BTC ETFs, there was a total inflow of $303 million yesterday, reflecting a bullish outlook from the capital markets on multiple Federal Reserve rate cuts within the year. Recently, major institutions have released information on their BTC ETF holdings. A growing number of retirement funds, top asset management firms, and banks are investing in BTC ETFs, suggesting that the buying power for BTC ETFs will continue to grow.

In the crypto industry, the Blast is set to airdrop on June 26. Several significant projects have confirmed their tokenomics, with upcoming airdrops or TGEs, including LayerZero, Orbiter, and Debank.

2. Wealth Creation Sectors

2.1 Sector Movements — Mainstream Coin Sector (BTC, ETH, and SOL)

Primary reasons: The collective rebound of mainstream coins was primarily due to the halt in CPI increase, interpreted as inflation being under control. Hence, the general market consensus is hopeful for two Federal Reserve rate cuts this year. Capital and risk markets surged, with Nasdaq, Dow Jones, and SP 500 reaching all-time highs. Major crypto assets like BTC, ETH, and SOL cleared the gloom of the past two weeks.

Gainers: BTC rose by 7.6%, ETH by 5.5%, and SOL by 13.75% in the last 24 hours.

Factors affecting future market conditions:

Positive macro developments: The trend of mainstream crypto assets like BTC is currently showing a strong positive correlation with U.S. dollar liquidity. As the Federal Reserve continues to introduce liquidity into the market, crypto assets are expected to rise accordingly. However, investors should keep an eye on the Federal Reserve's management of market expectations and closely follow policy developments.
ETF approvals and ecosystem development: For ETH, recent ETF approvals are crucial for determining whether it can sustain a trend. For SOL, the continued prosperity and increased market adoption of its ecosystem are central to its potential to continue rising.

2.2 Sectors to Focus on Next — TON Ecosystem

Primary reason: The TON ecosystem has seen rapid growth in TVL recently, with the current TVL reaching $508 million. When considering the development history of past blockchains, infrastructure projects (liquid staking, swap, lending, etc.) will emerge on the TON chain and leading aggregators will gradually form. Investors can participate in such projects to reap high early-stage APRs and potentially receive airdrops.

Specific projects:

Tonstakers: This project is the largest liquid staking service provider in the TON ecosystem. Users can stake their TON in the protocol to earn a 3.8% APY. Although the project has not yet launched its token, it presents potential airdrop opportunities.
STON.fi: This project is currently the largest DEX in the TON ecosystem, with some LP pools supported by the TON Foundation. Users can provide liquidity on DEXs to earn returns. Although the project has not yet launched its token, it presents potential airdrop opportunities.
EVAA Protocol: This project is currently the largest lending project in the TON ecosystem. Users can deposit tokens into this protocol to enjoy interest on their loaned assets. Although the project has not yet launched its token, it presents potential airdrop opportunities.

2.3 Sectors to Focus on Next — Meme Sector

Primary Reasons: RoaringKitty's return has reignited the enthusiasm of retail investors in the United States. RoaringKitty's influence among U.S. stock retail investors is significant, as evidenced by the surge in stocks like GME and AMC following his tweets. This sentiment may spread to the crypto assets. Additionally, WSB has been actively engaging with the crypto community, making it likely that some memecoins will be hyped in the near future.

Specific tokens:

PEPE: PEPE perfectly embodies the characteristics of the U.S. retail speculator group, known for its emotional public response and volatile trading activity, making it prone to rapid price surges and drops.
PEOPLE: This project is notable because the project owners have abandoned it, yet it maintains high hype popularity. The recent surge in PEOPLE's price is primarily due to a short squeeze.
FLOKI: As a well-established memecoin, FLOKI has been particularly active recently and is worth monitoring.

3. Top Searches

3.1 Popular DApps

PIXELS (DApp): Pixels is a Web3 casual game based on the Ronin network, featuring a social and leisurely open-world environment where exploration, farming, and creation are key activities. According to DappRadar, Pixels boasts a user base of 740,000, indicating a substantial scale of engagement. A distinctive feature of Pixels is its integration of play-to-earn (P2E) functionality with farming NFTs, aimed at providing a comprehensive gaming environment through the PIXEL token. This integration of currency use and gameplay has made it a favorite among a wide range of players.

3.2 X (former Twitter)

Sonne Finance (DApp): This project is a decentralized, non-custodial liquidity management protocol deployed on the Optimism and Base chains. Yesterday, Sonne Finance suffered a $20 million loss due to a hack involving a flash loan attack, which manipulated the VELO token through soVELO contracts and drained the project's funds through repeated transactions. The risk associated with on-chain DeFi projects is high, and managing interaction risks is crucial.

3.3 Google Search (Global and Regional)

Global focus:

GME (Shares, Token): Keith Gill's return to the Wall Street scene drove a sharp rise in GameStop's stock price, which quickly surged from $17.46 to $64, triggering four trading halts due to excessive gains. The price began a sharp correction yesterday, with a 20% drop in a single day, attracting significant market attention. The rise in GME also directly influenced the performance of memecoins in the cryptocurrency market. Bitget has listed GME, providing ongoing trading opportunities to monitor.

Regional focus:

(1) The focal points of yesterday's hot searches in English-speaking countries/regions were primarily GME, AMC, and PEPE:

GME, AMC, PEPE (Token): These tokens have been notably active on secondary markets and DEXs, displaying both sudden and sporadic movements typical of memecoins. Trading in memecoins is predominantly driven by spot markets, requiring attention to technical indicators for entry points, profit-taking, and stop-loss positions. Traders are advised to be cautious of risks and to focus on intraday trading.

(2) Africa, Asia and other regions focused on the overall market conditions

BTC (Token): The U.S. Department of Labor released the April CPI data yesterday, showing a month-on-month increase of 3.4%, with the core CPI showing a month-on-month increase of 3.6%, aligning with market expectations. This slight decrease compared to last month's data was interpreted as a peak and subsequent fall in CPI. The U.S. dollar index and U.S. Treasury yields experienced significant declines, with BTC rising by $5000 in a single day, drawing the attention of users in Africa and Asia.

4. Potential Airdrop Opportunities

Tonstakers

Tonstakers is the largest liquid staking service provider in the TON ecosystem. Users can stake their TON in the protocol to earn a 3.8% APY. The project currently boasts a TVL of $240 million, indicating a high potential valuation.

The project has garnered attention from the Ton Foundation and currently has 68,000 stakers. Tonstakers collaborates with Ton's core developers, Tonkeeper, and OKX, which supports its potential for future token issuance.

How to participate: 1. Visit the project's official website and select Stake now; 2. Connect your Ton wallet to stake.

Bemo

Bemo is the second largest liquid staking service provider in the TON ecosystem. Users can stake their TON in the protocol to earn a 3.9% APY. The project currently has a TVL of $60 million and is an early project within the Ton ecosystem with significant potential.

The official website features an airdrop promotion, where Bemo's staking users can earn xtXP rewards, which can later be exchanged for $BMO tokens.

How to participate: 1. Visit the project's official website and select Stake now; 2. Connect your Ton wallet to stake.

Disclaimer: everything in the article represents the author's point of view and has nothing to do with this platform. This article is not intended to be used as a reference for making investment decisions.