Bitget Research: BWB Launches on Bitget Launchpad, RWA Sector Continues to Rise

Bitget Research2024/05/30 07:57

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

The cryptocurrency market is experiencing high volatility, as it awaits the release of macroeconomic data to determine future trends.

Sectors with strong wealth creation effect: RWA and Memecoin sectors.
Top searched tokens and topics: Farcaster, TrueFi, and DOG•GO•TO•THE•MOON.
Potential airdrop opportunities: Scroll and Particle.

Data collection time: May 30, 2024, 4:00 AM (UTC)

1. Market Environment

The cryptocurrency market is experiencing high volatility. Following the approval of the Ethereum ETF, the market is repeatedly testing price support levels in anticipation of upcoming events or macroeconomic data to determine future trends. Investors are advised to keep an eye on the PCE data release this Friday, the European Central Bank's rate cut on June 6, and CPI data on June 12.

In terms of BTC ETFs, there has been a continuous inflow of funds, with $45 million entering yesterday, and IBIT's BTC holdings have surpassed those of GBTC. In terms of stablecoins, the USDC Treasury minted an additional 250 million USDC yesterday, indicating a sustained inflow into stablecoins.

2. Wealth Creation Sectors

2.1 Sector Movements – RWA Sector (ONDO, TRU, and PRCL)

Primary reason: This bull market is mainly fueled by traditional market investments driven by ETFs. RWA, serving as a bridge to traditional financial markets, has continuous product updates and funding. Recently, the RWA Layer 2 network Plume Network completed a $10 million seed round funding. Additionally, the United States House Financial Services Subcommittee on Digital Assets will hold a hearing next Wednesday to discuss the tokenization of real-world assets.

Gainers: Over the past 7 days, ONDO has increased by 18.9%, TRU by over 70.8%, and PRCL by 5.6%.

Factors affecting future market conditions:

Policy support: If the United States House of Representatives can release clear regulatory guidelines related to RWAs, it would significantly benefit the sector. With a clear regulatory framework, RWA projects could develop in an organized manner, stimulating related startups and established leading projects.
Changes in macroeconomic monetary policy: From a macroeconomic perspective, the rise in U.S. 10-Year Treasury Bond Yields supports the fundamentals of the RWA sector. It is essential to monitor subsequent changes in the dollar index, treasury yields, and the cryptocurrency market to adjust trading strategies dynamically.
TVL changes in projects: RWA sector projects are generally supported by TVL, making it essential to monitor the changes in this metric. If a project's TVL rises continuously or suddenly, it is usually a signal to buy.

2.2 Sector Movements – Meme Sector (WOJAK, FLOKI, and WIF)

Primary reasons: This bull market's core theme revolves around institutional and retail investors not holding each other's bags. Retail investors prefer fairly distributed, simple, and easy-to-understand memecoins, including market leaders like PEPE, WOJAK, WIF, and FLOKI. The pursuit of these memecoins by retail investors, combined with the hype generated by related groups, has led to an exceptionally strong performance of memecoins in this cycle.

Gainers: Over the past month, PEPE has increased by 93.9%, WIF by 37.3%, and FLOKI by 51.4%.

Factors affecting future market conditions:

Community information: Operations of memecoins significantly influence their market movements. Pay attention to AMA sessions and X posts. Timely trades based on new information can provide opportunities to establish positions early.
Changes in the open interest amount: The increase occurred yesterday in open interest for WIF and FLOKI indicates an influx of hot money. Utilize the tv.coinglass to understand the direction of major funds, monitor futures data, especially the increase in net long positions. Check again if there is a rise in open interest (OI) and trading volume. If so, it indicates increased bullish buying, suggesting that holdings can be maintained.

2.3 Sectors to Focus on Next – Bitget Launchpad

The subscription period for Bitget's latest Launchpad project, Bitget Wallet Token (BWB), is from June 1, 2024, 11:00 AM to June 6, 2024, 8:00 PM (UTC+8). This Bitget Launchpad will feature both BGB and USDT purchase zones, each with a quota of 5 million BWB tokens. Bitget Wallet is a multi-chain Web3 wallet that offers a rich and diverse ecosystem of applications and services, including features such as Swap, an NFT marketplace, a browser, and a Launchpad. This exclusive Bitget Launchpad promotion is highly recommended for investors.

3. Top Searches

3.1 Popular DApps

Farcaster (DApp) – A decentralized social network that enables developers to build innovative social networking applications. Users will always be able to freely move their social identities between apps, and developers will always be able to freely build new functionality on the network. On March 31, news broke that Farcaster's developer, Merkle Manufactory, is close to completing a funding round led by Paradigm, valuing the company at approximately $1 billion. The project has developed an application, which users are encouraged to download and register via the Google Store or App Store to potentially qualify for upcoming airdrop opportunities.

3.2 X (former Twitter)

TrueFi (Token) – The TRU token has shown impressive performance recently, doubling in price over the last two weeks. This rise is attributed primarily to renewed interest in its sector rather than fundamental updates. The project's market cap stands at $300 million with significant inflows from major investors. It is backed by a US team and funding, with a primary user base in Europe and the USA. TrueFi offers tokenized short-term United States Treasury bills, which are more recognized in Europe and CIS regions. Positive developments could continue to drive the price up, meriting ongoing attention.

3.3 Google Search (Global and Regional)

Global focus:

DOG•GO•TO•THE•MOON (Token) – Tokens within the rune sector are generally up. On-chain data shows that the top 10 addresses have recently increased their holdings of DOG tokens by more than 4%, indicating significant investments flowing into DOG. The leading project, DOG•GO•TO•THE•MOON, rose 25% in the last 24 hours, and since its listing on Bitget, it has surged over 70%. With the asset now available on Bitget, it is important to keep an eye on trading opportunities.

CTK (Token) – Shentu Chain is a security-focused blockchain integrating features like a security oracle and ShentuShield compensation pool, and uses the secure programming language DeepSEA The token experienced significant fluctuations yesterday, with a short-term surge of over 100% and a 250-fold increase in trading volume, attracting high community interest. The token has since seen a pullback, and its recent volatility makes it suitable for professional traders, with caution advised due to potential risks.

Regional focus:

(1) In Asia, Notcoin garnered significant attention yesterday, primarily due to the price surge of the NOT token.

(2) In Europe, the USA, and Latin America, DOG, TRU, PEPE, CTK, and SOL appeared on trending searches.

(3) In the CIS region, the Philippines, Türkiye, and Poland, assets like NOTCOIN and CTK were trending.

4. Potential Airdrop Opportunities

Scroll

Scroll has recently launched a points system in preparation for its upcoming token issuance. This system clearly outlines the methods through which users can accumulate points by staking assets such as ETH, LST, and various stablecoins, providing an opportunity for the airdrop before the token launch.

Scroll has completed a funding round of $80 million, with investments from Polychain Capital, Sequoia China, Bain Capital Crypto, Moore Capital Management, Variant Fund, Newman Capital, IOSG Ventures, and Qiming Venture Partners.

How to participate: Users can link their wallets at https://scroll.io/sessions and complete tasks as required by Session Zero to earn points and future airdrop rewards.

Particle

Particle is a decentralized margin trading protocol that operates in a permissionless manner and is applicable to any digital asset, from tokens to NFTs. It features no price oracles, no counterparty risk, and no liquidations. It is a highly anticipated project within the Blast ecosystem, with early participation offering a chance for an airdrop.

Particle has completed a seed round funding with contributions from renowned institutions and individuals including Polychain*, Nascent, Inflection, Neon DAO, and Arthur Hayes.

How to participate: Users can visit https://www.duo.exchange/, link their wallets, and stake core assets from the Blast ecosystem (ETH, WETH, USDB, USDe) to participate.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.