Bitget Research: Tomarket Traffic Surges with User Base Surpassing 18 Million, Potentially the Next Notcoin

Bitget Research2024/09/03 08:12

By:Aaron & Tommy

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

In the past 24 hours, BTC started to rebound on the daily chart, indicating clear intraday trading opportunities. The highlights are as follows:

Sectors with strong wealth creation effects: BTC inscription projects and Tomarket.
Top searched tokens and topics: Ethervista (VISTA), IDEX, and REEF
Potential airdrop opportunities: Ethena Season 3 and Pencils Protocol.

Data collection time: September 3, 2024, 4:00 AM (UTC)

1. Market Environment

In the past 24 hours, BTC price has been fluctuating upwards, currently hovering at the $63,000 level. According to Alternative.me, the Fear and Greed Index has dropped to 26, indicating a state of fear. Total open interest volume in the market has increased by 3%, and the funding rates for BTC and ETH futures are below an annualized 5%, indicating a clear willingness among traders to bet on a rebound through futures.

On a macro level, the Nasdaq futures index has seen minor fluctuations. After the U.S. stock market was closed on Monday, it's expected to open on Tuesday with continued volatility. Keep an eye on the inflows and outflows of Bitcoin and Ethereum ETFs on Tuesday to gauge short-term trends. The U.S. will release initial unemployment claims data this Thursday and the unemployment rate on Friday, which are two key indicators that determine the Federal Reserve's rate cut decision in September. While the data is expected to not deviate significantly from forecasts, the market might experience a cautious pullback ahead of the release.

2. Wealth Creation Sectors

2.1 Sector Movements: BTC Inscriptions (ORDI, SATS, and RATS)

Primary reasons:

After reaching a support level of $57,000 yesterday, BTC began to rebound, rising nearly 4% within 24 hours, which reignited interest in ecosystem assets.
The 24-hour open interest for ORDI, SATS, and RATS increased by 40%, 21%, and 16%, respectively, leading to an influx of speculative capital.

Gainers: ORDI, SATS, and RATS rose by 21%, 15%, and 16%, respectively, in the past 24 hours.

Factors affecting future market conditions:

BTC price trend: Whether the popularity of the BTC inscription sector can be sustained is closely tied to BTC's price movement. If BTC can maintains its upward trend, it is wise to continue accumulating or holding related inscription assets.
Changes in open interest: The open interest for ORDI futures trades increased by 40% in the past 24 hours, indicating that the price of ORDI has risen due to the influx of speculative capital. It is recommended to keep a close watch on the changes in open interest for related assets in the secondary market. If open interest continues to increase, it suggests ongoing inflows of speculative capital, and holding these assets might be advisable.

2.2 Projects to Focus on Next: Tomarket

Primary reasons:

Tomarket is a Telegram bot jointly invested in by Bitget Wallet and Foresight Ventures. After its launch, it has gained widespread recognition in the community. Tomarket has seen a surge in traffic, with over 18 million users and 6 million DAU to date, making it one of the most watched projects in the market.

3. Trending Searches

3.1 Popular DApps

Ethervista (VISTA):

Ethervista brands itself as the "new DEX standard", aiming to challenge existing platforms such as Uniswap. Its token VISTA saw a 10-fold increase yesterday, In addition to being a DEX, Ethervista has planned more features that are not yet fully available, including flash loans, futures, and lending. An outsider revealed that the project owner or the related address is likely to be associated with an early ETH whale and an assistant professor from ETH Zurich, which has increased the mystery and discussion surrounding the project.

3.2 X (former Twitter)

Ethena (ENA):

Ethena's Season 2 airdrop has ended. Points from the Season 3 airdrop has automatically begun to accrue on September 2. The Season 3 airdrop will run for six months until March 23, 2025. In the Season 2 airdrop, 5% of the total ENA supply will be distributed as rewards. Users will be able to visit designated websites to check the amount of ENA they will receive on September 9 and claim their ENA on September 30.

3.3 Google Search (Global and Regional)

Global focus:

IDEX, REEF:

IDEX (IDEX) is a hybrid liquidity decentralized exchange that had its TGE in 2019. Reef (REEF) is a Layer 1 blockchain based on Substrate that had its TGE in 2020. There have been no significant announcements regarding IDEX or REEF recently, except that the REEF price has risen over 30% in the past 24 hours.

Regional focus:

(1) No distinct hot topics are observed in Europe, America, or the English-speaking regions. The trending tokens vary from country to country. In Switzerland, TRON, TAO, and LIMIT are the most popular. In Spain, QUBIC, TON, DOGS, PEPE, VELO, and DOT are trending. In France, PEPE, REEF, OLAS, FLOKI, and BLUM are the most searched. Australia is seeing growing interest in TRON and ADA, while the United Kingdom is focused on UNI and DOGE.

(2) The situation in Asia, Latin America, and other regions is similar to that in Europe and America, with no significant trends or unified trending keywords.

4. Potential Airdrop Opportunities

Ethena

How it works: (1) Points can be obtained through various means, such as restaking ENA on Mellow/Symbiotic, locking ENA or USDe, buying and holding USDe, or staking and holding sUSDe. (2) A more mainstream method is to swap assets like USDT for USDe, then lock the USDe as sUSDe or put the USDe in another associated protocol. If you hold ENA positions, you can stake ENA to earn double points.

Pencils Protocol

Pencils Protocol, a Scroll ecosystem project, recently announced the closing of a new funding round at a valuation of $80 million, with participation from Taisu Ventures, DePIN X, Bing Ventures, and Black GM Capital. Previously, in May, Pencils Protocol raised $2.1 million in seed round funding from OKX Ventures, Animoca Brands, and others.

How to participate: Participants can take tokens such as USDC, USDT, ETH, and ETH LST in the Farming section of Pencils to earn points. Additionally, Pencils Protocol hosts quarterly promotions that allow participants to earn extra rewards, such as boosted points or specific NFTs.

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.

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