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Bitget Research: European Central Bank Cuts Rates as Scheduled, IO.NET to Open for Trading on June 11

Tommy & Victoria
2024/06/07
Bitget Research: European Central Bank Cuts Rates as Scheduled, IO.NET to Open for Trading on June 11
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 European Central Bank has cut interest rates by 25 basis points, potentially initiating a global trend of rate cuts. Spot BTC ETFs have seen continuous net inflows for 18 days, whereas altcoins have exhibited modest performance. Meanwhile, trading activity for memecoins within the Solana ecosystem remains high. io.net (IO) is scheduled to open for trading on June 11:
  • Sectors with strong wealth creation effect: Memecoins with the GameStop concept.
  • Sectors to focus on next: TON ecosystem.
  • Top searched tokens and topics: Glacier Network, Ultiverse, and io.net.
  • Potential airdrop opportunities: UXLINK and Movement.
Data collection time: June 7, 2024, 4:00 AM (UTC)

1. Market environment

The European Central Bank has implemented its first rate cut since 2019, reducing rates by 25 basis points, potentially starting a global trend of rate cuts. Spot BTC ETFs saw a net inflow of $218 million yesterday, marking 18 consecutive days of net inflows, with BlackRock's IBIT open interest surpassing 300,000 BTC. After some minor fluctuations, BTC broke through $71,000 today, aiming for new highs.
Altcoins performed modestly, but memecoins on the Solana chain continue to show robust trading activity. Keith Gill (Roaring Kitty) has scheduled a livestream on YouTube for June 8. Meanwhile, his GME stock and options positions valued at $586 million were revealed, which triggered a surge in Solana's GME and KITTY tokens. Additionally, the AI+DePIN project io.net (IO), funded with $40 million, announced its tokenomics and is set to open for trading on June 11.

2. Wealth creation sectors

2.1 Sector Movements – Memecoins with the GameStop Concept

Primary reasons:
The King of Retail Investors, Roaring Kitty, has scheduled a livestream on YouTube for June 8. GME stocks and the memecoin with the same name saw significant short-term increases. A screenshot on Reddit revealed that Roaring Kitty's total holdings in GME stocks and options are worth approximately $586 million.
Gainers:
In the past 24 hours, GME token on Solana increased by 120%, and KITTY (Roaring Kitty) by 240%; on the Ethereum chain, GameStop (GME) rose by 160% during the same period.
Factors affecting future market conditions:
Whether Roaring Kitty's scheduled livestream takes place as planned and its content and impact will greatly influence market sentiment. Each surge in the memecoins with the GameStop concept has historically been followed by a significant pullback, so investors need to be cautious about risk management and avoid blindly chasing highs.

2.2 Sectors to Focus on Next – TON Ecosystem

Primary reasons:
The popularity of Notcoin has significantly boosted the activity level across the entire TON ecosystem, leading to an influx of similar and improved GameFi projects. Currently, the TON ecosystem includes several high-traffic projects that have not yet launched tokens. For example, the TON ecosystem game Hamster Kombat reports over 100 million users, and Catizen has exceeded 15 million users. This has fueled market expectations for the mass adoption of future TON ecosystem projects, which are anticipated to attract more users and funds to the TON ecosystem.
Specific tokens: TON, NOT, STON, GRAM, and FISH.

3. Top Searches

3.1 Popular DApps

Glacier Network:
Glacier Network is developing a programmable, modular, and scalable blockchain infrastructure designed for storing, indexing, and querying data, significantly enhancing AI capabilities. Glacier Network achieves verifiable computing through GlacierAI, GlacierDB, and GlacierDA. It completed its angel and seed funding rounds, raising $8 million at a valuation of $100 million, with investments from entities like Foresight X.

3.2 X (former Twitter)

Ultiverse:
Ultiverse is an AI-driven, one-stop platform for creating and publishing Web3 games, facilitating the mass adoption of AI-enhanced Web3 games. Built on the Bodhi protocol, Ultiverse connects different gaming worlds using generative AI. Ultiverse has completed three funding rounds, securing over $10 million from prestigious investors including Binance Labs. Yesterday, Binance Web3 announced on X that the 15 million ULTI rewards from the Binance Web3 Wallet promotion in collaboration with Ultiverse have been fully distributed, and eligible participants can check their wallets.

3.3 Google Search (Global and Regional)

Global focus:
IO.Net: Yesterday, Binance announced the launch of io.net (IO) on the Binance Launchpool, allowing users to mine IO by staking BNB and FDUSD. The mining period will last for four days, starting from 8:00 AM (UTC+8) on June 7. This announcement has garnered significant attention on X and within the community, bringing substantial traffic. The project is a decentralized computing network that supports the development, execution, and scaling of ML applications on the Solana blockchain. It combines one million GPUs to form the world's largest GPU cluster and aggregates underutilized resources.
Regional focus:
(1) In English-speaking regions, there has been considerable attention on Bitstamp, primarily due to Robinhood announcing a $200 million acquisition of the cryptocurrency exchange to expand outside the United States. The acquisition is expected to be completed in the first half of 2025, drawing significant interest.
(2) In Europe and the USA, there is significant interest in projects with strong fundamentals, primarily focusing on RWA, DePIN, and POW blockchains. Popular projects currently trending in searches include Etherfi, Floki, and Boden.
(3) The CIS region is focused on the TON ecosystem and AI projects, with assets such as NOTcoin and ARKM standing out in Google's hot searches.

4. Potential Airdrop Opportunities

UXLINK
UXLINK is a pioneering Web3 social system designed for mass adoption, enabling users to build social assets and trade cryptocurrencies. It includes a highly modular range of DApps, from entry-level to graph formation, group tools to social trading, all seamlessly integrated into Telegram.
UXLINK recently announced a funding round led by SevenX Ventures, Ince Capital, and HashKey Capital, with a total of $15 million raised.
How to participate: UXLINK has issued "IN UXLINK WE TRUST" NFT collection as airdrop vouchers based on users' community contributions, on-chain interactions, and asset status, divided into four tiers—"MOON," "TRUST," "FRENS," and "LINK"—each corresponding to different rights and amounts of UXLINK token airdrops.
Movement
Movement Labs is a blockchain development team founded in 2022, which secured $3.4 million in seed round funding in September 2023. In addition to its flagship product, Movement L2, Movement Labs will also launch Move Stack—an execution-layer framework compatible with rollup frameworks including Optimism, Polygon, and Arbitrum.
Movement Labs is a blockchain development team founded in 2022, which secured $3.4 million in seed round funding in September 2023. In addition to its flagship product, Movement L2, Movement Labs will also launch Move Stack—an execution-layer framework compatible with rollup frameworks including Optimism, Polygon, and Arbitrum.
Recently, Movement Labs raised $38 million in a Series A funding round led by Polychain Capital, with participation from Hack VC, Foresight Ventures, Placeholder, and other prominent institutions.
To participate, enter the Movement Zealy task interface (note: social tasks have a time period and continuously updated tasks), interact with the DEX with a few tests, and await further actions from the official site.
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