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Bitget Research: ETH/BTC Exchange Rate Hits Three-Year Low, Solana Memecoins Bounce Back

John & Victoria
2024/05/17
Bitget Research: ETH/BTC Exchange Rate Hits Three-Year Low, Solana Memecoins Bounce Back
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, Coinbase's stock price fell nearly 8% to $202.49, while the ETH/BTC exchange rate continued to decline, suggesting Ethereum is undervalued compared to Bitcoin and may have significant potential for appreciation:
  • Sectors with strong wealth creation effect: new generation of popular memecoins, new blockchain platforms, and AI sector.
  • Top searched tokens and topics: Supra and Humanity Protocol.
  • Potential airdrop opportunities: Metacene and Kiloex.
Data collection time: May 17, 2024, 4:00 AM (UTC)

1. Market Environment

Yesterday, Coinbase's stock price dropped nearly 8% to $202.49. A Financial Times report indicated strong customer interest might soon lead the Chicago Mercantile Exchange (CME) to offer Bitcoin spot trading. Meanwhile, the ETH/BTC trading pair hit a three-year low at 0.045028, marking Ethereum as relatively undervalued compared to Bitcoin, with substantial room for growth.
In the cryptocurrency market, according to data from Farside, on May 16, 2024, US Bitcoin ETFs saw a net inflow of $163 million, with FBTC receiving the most at $67 million. The crypto Fear and Greed Index rose to 74 (from 70 the previous day), indicating a continued increase in market sentiment.

2. Wealth Creation Sectors

2.1 Sector Movements – New Generation of Popular Memecoins (MICHI, MINI, and MANEKI)

Main reason: The recent memecoin season has introduced a new generation of popular memecoins that rebounded strongly from an overcorrection amid market volatility. During the market downturn, significant investments by whale wallets and smart money capitalized on the low prices, leading to robust gains during the rebound. MANEKI's price continues to climb following the distribution of airdrops to Solana Saga phone owners.
Gainers: In the past 24 hours, MICHI rose by 21.78%, MINI by 56.64%, and MANEKI by 27.62%.
Factors affecting future market conditions:
  • The new generation of popular memecoins is characterized by the activities of whales with significant influence and high market attention. During periods of severe price volatility, these tokens have been acquired by whales, accumulating significant stakes. Many whales holding these new generation memecoins are motivated to pump the prices of these highly noticed assets. The enthusiasm for the memecoin sector and the timing of these price pumps are critical factors for profiting within this sector.

2.2 Sectors to Focus on Next — New Blockchain Platforms

Primary reason: Sei announced a three-phase V2 upgrade plan aimed at launching the first highly performant parallelized EVM. According to SEI's official blog, this upgrade will consist of governance, alpha release, and v2 readiness phases. High-performance blockchains have captured market attention, leading to price increases. Today, SEI rose by 3.72%, and SUI by 5.9%.
Specific projects:
  • SUI: A permissionless, PoS-based Layer 1 blockchain designed for instant settlement and high throughput. Sui features horizontal scalability, supporting the development of a multitude of applications with rapid speed and low costs. There have been no significant negative events since Sui's unlock on May 3.
  • SEI: A Layer 1 blockchain optimized for digital asset trading and fully open-source. The project announced a three-phase V2 upgrade plan aimed at launching the first highly performant parallelized EVM.

2.3 Sectors to Focus on Next — AI Sector

Primary reasons: Recent positive developments in AI from major tech companies have spurred interest in both the U.S. stock market's AI segment and the crypto AI sector:
  • OpenAI launched its flagship AI model, capable of real-time audio, visual, and text reasoning processing. The release of the text-to-video model Sora by OpenAI in February drove up valuations across the sector. The launch of GPT-4o highlights the importance of maintaining focus on the AI sector.
  • According to Cointelgraph, tech giant Microsoft is closely monitoring the crypto industry, including ways blockchain technology and artificial intelligence might support each other.
Specific tokens:
  • TAO: Bittensor is an open-source protocol that powers a blockchain-based machine learning network. Machine learning models train collaboratively and are rewarded in TAO according to the informational value they offer the collective.
  • NEAR: Recently, many AI projects within the NEAR ecosystem are in the development or funding stage, positioning NEAR to potentially become a future AI Hub.

3. Top Searches

3.1 Popular DApps

Supra:
Supra aims to provide the developer community with comprehensive cross-chain oracle services. In September 2023, the oracle and VRF service provider Supra announced it had completed a funding round exceeding $24 million, with participants including Animoca Brands. Yesterday, Supra integrated with ApeChain, becoming the first provider to deploy an oracle price feed and distributed verifiable random function (dVRF) protocol on Arbitrum L3. Supra's innovative L1 security-level oracles and dVRF services will provide real-time data and fair randomness to GameFi, DeFi, and other decentralized applications on ApeChain, enhancing their performance and trustworthiness. Currently, it has not yet launched its token.

3.2 X (former Twitter)

Humanity Protocol:
Palm-scaning ID project Humanity Protocol announced it completed a new funding round of $30 million at a valuation of $1 billion, led by Kingsway Capital with participation from Animoca Brands, Blockchain.com, and Shima Capital. Founder Terence Kwok stated the company also raised about $1.5 million from influential crypto figures. Kwok noted the startup plans to launch its testnet in the second quarter, with a current waitlist of about 500,000 people. Upon launching its technology, the plan is to initially release an app that uses a smartphone camera to scan people's palm prints to verify their identities. The project also plans to launch an as yet unnamed cryptocurrency for paying verification fees, with the recent two rounds of funding conducted through a simple protocol for future tokens (known in the industry as SAFT).

3.3 Google Search (Global and Regional)

Global focus:
Fantom (FTM): Fantom recently completed the Sonic upgrade, showing substantial gains and high community engagement. The price has risen by 11.8%. Fantom Opera includes new clients, validators, virtual machines (FVMs), Carmen database storage, and an optimized Lachesis consensus mechanism, dramatically improving the efficiency of Fantom's implementation, with a clear selling point being faster and stronger performance than existing EVMs. If Fantom's performance is as advertised, then parallel EVM narratives may take a hit, and competitors such as Fantom will be able to reap the benefits of a higher valuation.
Regional focus:
(1) Yesterday's hot searches in the CIS region focused on NOTCOIN:
Notcoin (NOT): Notcoin is a game based on Telegram where users can earn in-game tokens by tapping coin images, similar to the "Tap to Earn" concept. Prior to the TGE, "vouchers" represented Notcoin in the game, which can be exchanged for $NOT post-TGE. It is now listed on major exchanges such as OKX, Bybit, Bitget, and Kucoin, and Notcoin has airdropped over 80 billion NOT tokens on the TON network.
(2) There is a lack of notable trends in hot search topics in Asia.
(3) The spotlight in Europe and America has returned to mainstream memecoins, with SHIBA appearing on trending searches in Switzerland and PEPE appearing on trending searches in several European countries/regions and the USA.

4. Potential Airdrop Opportunities

Metacene – Raised $10 million and offers high potential profit
MetaCene is a SocialFi mini-game similar to xpet, backed by an impressive team and investment. MetaCene's founder and CEO, Alan Taam, boasts over 20 years of experience in the gaming industry, having served as Director General Manager and President at Shanda Games. Chief Product Officer, Cary Chen, also has more than 20 years of experience in the gaming industry, having led the development of several large-scale multiplayer online games with millions of monthly active users and over $1 billion in cumulative revenue. The team is highly experienced.
The project has raised $10 million, led by Folius Ventures, with participation from Animoca Ventures, IGG, and others. Participating in the game offers a chance to secure an allowlist spot and token rewards.
How to participate: 1. Download the Google Chrome plugin: xMetaCene; 2. Log in with X. Enter the invitation code, complete simple tasks such as following, reposting, liking, email binding, and linking your wallet; 3. Use crystals to upgrade your miner, then use crystals to play in battle mode. Defeat the boss to grab a share of the boss chest rewards and earn star honor credits.
Kiloex
A derivatives DEX invested by Binance Labs, Foresight Ventures, 7upDAO, currently supporting opBNB, Manta, and BNB chains. Points can be earned through trading derivatives, depositing USDT and converting to kUSDT, and depositing STONE, among other methods.
How to participate: 1. Trade on the derivatives market, where both long and short positions can be opened for the same cryptocurrency to prevent trading losses, earning 35 points for every $1000 traded; 2. It is advised to choose opBNB or Manta chains for trading due to lower fees compared to the BNB chain; 3. When it comes to earning points in the Earn product, it is important to note that kUSD comes at a premium. If kUSD falls, there will be a loss on redemption, so whether to participate in the Earn product should be carefully considered.
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