Bitget Research: BTC Falls Below $63,000 and Market Sentiment Hits Rock Bottom, Only a Few Memecoins Show Wealth Effect
Bitget Research2024/06/24 08:25
By:Tommy & Jarseed
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
Spot BTC ETFs continued to see net outflows and BTC fell below $63,000. ETH on-chain gas dropped to 1-2 gwei. Altcoins plummeted while on-chain activity and market sentiment hit rock bottom. Ton ecosystem tokens showed relatively strong performance.
-
Sectors with strong wealth creation effects: TON ecosystem.
-
Top searched tokens and topics: REVOX, Linea, and RWA.
-
Potential airdrop opportunities: LayerN and LIFI.
Data collection time: June 24, 2024, 4:00 AM (UTC+0)
1. Market Environment
In the past two weeks, spot BTC ETFs showed a continuous net outflow trend. BTC fell below $63,000, and ETH on-chain gas dropped to 1-2 gwei, bringing market sentiment to rock bottom. High market cap new tokens ZRO and ZK led the altcoin decline, falling 30%-50% from their initial TGE prices Their market cap performances fell far short of pre-market expectations.
Ton ecosystem tokens showed relative strength, with TON only down 8% in the past 7 days. The TVL of two leading DEXs within the ecosystem, DeDust and STON.fi, grew 12% and 3% respectively over the past 7 days despite market trends. High-traffic Telegram mini apps Catizen and Hamster Kombat saw a surge in user numbers, continuing to attract market attention.
2. Wealth Creation Sectors
2.1 Sectors to Focus on Next – TON Ecosystem
Primary reasons:
-
During the broader market decline and altcoin crash, TON and Ton ecosystem tokens showed relative resilience.
-
The TVL of the two leading DEXs within the Ton ecosystem, DeDust and STON.fi—which are also the protocols with the highest TVL—grew 12% and 3% respectively over the past 7 days despite market trends.
-
High-traffic Telegram mini apps Catizen and Hamster Kombat have seen a surge in user numbers, attracting market attention. Catizen's on-chain users have surpassed 1.25 million, and Hamster Kombat's user count has exceeded 150 million, making them some of the few hotspots in the cryptocurrency market recently.
-
Pantera Capital is raising funds for a new fund dedicated to investing in TON tokens named the "Pantera TON Investment Opportunity," aiming to raise funds to buy more TON tokens, with a minimum investment of $250,000 per supporter.
Specific projects: TON, NOT, STON, Catizen, and Hamster Kombat.
3. Top Searches
3.1 Popular DApps
REVOX (ReadON):
REVOX is the first Read-FI program for regular users. Formerly known as the decentralized content distribution platform ReadON, it aims to build a modular AI Agent network and distributed applications. REVOX has launched an airdrop points claim promotion. Users can earn airdrop points using the Web3 GPT tool at lense.revox.ai.
3.2 X (former Twitter)
Linea:
Linea is a high-efficiency, secure, and decentralized blockchain platform designed to provide powerful infrastructure for developers and users. It employs an advanced consensus mechanism to support high-throughput transaction processing, ensuring the platform's security and reliability. Linea also supports smart contracts and cross-chain interoperability, allowing developers to build and deploy decentralized applications (DApps) and facilitate the free flow of assets and information across different blockchains. Its rich development tools and user-friendly documentation further lower the development barrier, laying the foundation for a thriving ecosystem.
3.3 Google Search (Global and Regional)
Global focus:
Why is crashing: The decline in various tokens has led to widespread searches about the reasons for the downturn. This is primarily due to global macroeconomic uncertainties, increased regulatory scrutiny of cryptocurrencies by various countries, market sentiment fluctuations, technical issues, and the concentrated sell-off by large holders. These factors collectively contribute to decreased investor confidence and falling market prices.
Regional focus:
(1) In Asia, Meme and RWA projects are the most prominent searches. In this crypto cycle, Meme and RWA have their unique narratives. Meme is seen as the core narrative against venture capital and widely perceived as a profit opportunity for retail investors. RWA is considered the core narrative for institutions in this crypto cycle, with traditional finance extensively involved.
(2) In Europe, America, English-speaking regions, and the CIS region, trending topics varied significantly. The topics ranged from recent airdrop projects to TON and its ecosystem, including discussions on Monad, FLOKI, and RWA. However, there are no signs of a dominant topic in these regions.
4. Potential Airdrop Opportunities
LayerN
Layer N is a high-performance rollup network designed to scale financial applications on Ethereum. It consists of ultra-high-performance, modular rollups with top-tier scalability and a shared communication layer for unified liquidity.
Layer N raised US$5 million in seed round funding led by Founders Fund and dao5.
How to participate: Visit the project website, connect your wallet, link social media accounts, and go to http://nord.layern.com to connect your wallet and trade ETH 4-8 times. Then, visit https://app.galxe.com/quest/layern/GCdcmthdaA...
to connect your wallet and complete the simplest task ever, which is to claim points.
LI.FI
LI.FI is a multi-chain liquidity aggregation protocol that supports exchanges between any two assets by aggregating bridges and DEX aggregators from over 20 networks including Ethereum, Arbitrum, Optimism, Solana, Polygon, and Base.
The cross-chain infrastructure protocol LI.FI raised $17.5 million in Series A funding round led jointly by CoinFund and Superscrypt, with participation from Bloccelerate, L1 Digital, Circle, Factor, Perridon, Theta Capital, Three Point Capital, Abra, and nearly 20 angel investors.
How to participate: Visit the project's website and engage in cross-chain swaps across multiple chains, and maintain the activity and transfer volume of the wallet address to qualify for potential airdrop opportunities.
0
0
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.
PoolX: Stake to earn
CEC, QTLX, GDV and other popular new coins are in hot progress!
Stake now!
You may also like
SEC seeks sanctions against Elon Musk over Twitter purchase
Cointelegraph•2024/09/20 21:33
SEC greenlights listing and trading options for BlackRock's spot bitcoin ETF
The SEC approved spot bitcoin ETFs earlier this year, but had not yet approved listing and trading for options on those products.
The Block•2024/09/20 21:27
Securitize adds Wormhole for multi-chain RWA tokens
Cointelegraph•2024/09/20 21:00
Telegram May Face India Ban After Hacker Exploits Chatbots to Leak Insurer Data
Cryptonewsland•2024/09/20 20:30
Trending news
MoreCrypto prices
MoreBitcoin
BTC
$63,228.46
+0.32%
Ethereum
ETH
$2,550.07
+3.32%
Tether USDt
USDT
$1
+0.01%
BNB
BNB
$569.3
+0.58%
Solana
SOL
$147.76
+3.19%
USDC
USDC
$1
+0.03%
XRP
XRP
$0.5879
-0.29%
Dogecoin
DOGE
$0.1058
-0.03%
TRON
TRX
$0.1521
+0.80%
Cardano
ADA
$0.3536
+0.43%
Bitget pre-market
Buy or sell coins before they are listed, including HMSTR, CATI, OGC, EIGEN, and more.
Trade now
Not a Bitgetter yet?Sign up now to embark on a journey into the crypto world!
Sign up now