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Bitget Research: Ethereum ETF Expected to Gain Approval in July, Blast Launches Token Airdrop

Victoria & John
2024/06/26
Bitget Research: Ethereum ETF Expected to Gain Approval in July, Blast Launches Token Airdrop
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 has experienced a slight recovery over the last 24 hours, with Ethereum ETFs potentially gaining approval as early as July and a general increase in memecoins. The highlights are as follows:
  • Sectors with strong wealth creation effects: Memecoin sector and TON ecosystem projects.
  • Top searched tokens and topics: The Beacon, Blast, and FET.
  • Potential airdrop opportunities: Bemo and Bedrock.
Data collection time: June 26, 2024, 4:00 AM (UTC)

1. Market Environment

Over the past 24 hours, Bitcoin has surged past 62000 USDT, with an intraday gain of 2.83%. Ethereum has broken above 3400 USDT, with an intraday gain of 1.43%. Memecoins such as WIF, PEPE, and BONK have all seen gains exceeding 10% over the past 24 hours. Additionally, yesterday the Blast Foundation announced it would airdrop BLAST to the community on June 26, 10:00 PM (UTC+8). Blast revealed its tokenomics, with a total supply of 100 billion BLAST, 50% of which will be airdropped to the community, starting with an initial 17 billion BLAST. Blast is currently the 6th largest on-chain economy globally, and Bitget is launching a limited-time BLAST airdrop, which investors should watch closely.
On the market front, spot Bitcoin ETFs saw a total net inflow of $31.013 million yesterday, marking the first net inflow after seven days of net outflows, indicating a potential strengthening in the Bitcoin price. Meanwhile, there is positive news regarding spot Ethereum ETFs. Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), noted that the process of launching an Ethereum ETF is progressing smoothly, suggesting a high probability of Ethereum ETF approval in July based on the timeline of the previously submitted Form 8-A.

2. Wealth Creation Sectors

2.1 Sector Movements — Memecoin Sector (PEPE, WIF, and BONK)

Primary reasons: Influenced by the sentiment in the crypto market, the slight rise in Bitcoin and net inflows into BTC ETFs have positively impacted the memecoin sector. If the broader market continues to rise, memecoins, which often lead in wealth creation effects during a Bitcoin recovery, should continue to be watched.
Gainers: Over 24 hours, Pepe (PEPE) increased by 15.96%, dogwifhat (WIF) by 17%, and Bonk (BONK) by 12.8%.
Factors affecting future market conditions:
  • Continued rise of ETH: DEXs in the Ethereum ecosystem have good liquidity, where many tokens are priced in ETH. An increase in ETH directly boosts the rise in Ethereum ecosystem assets. If the ETH price keeps rising, core assets on Ethereum tend to maintain their popularity.
  • Community's speculative enthusiasm: PEPE perfectly embodies the characteristics of the U.S. retail speculator group, known for its emotional public response and volatile trading activity, making it prone to rapid price surges and drops. Furthermore, the main characteristic of PEOPLE is that the project is notable because the project owners have abandoned it, yet it maintains high hype popularity. The recent surge in PEOPLE's price is primarily due to a short squeeze. As a well-established memecoin, FLOKI has been particularly active recently and is worth monitoring.

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.
Gainers: Notcoin rose 8% in the last 24 hours.
Specific tokens: TON, NOT, STON, GRAM, and FISH.
Influencing factors:
  • 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.

3. Top Searches

3.1 Popular DApps

Blast: Today, Blast released its tokenomics. Blast is a Layer 2 network based on Optimistic Rollup, launched by Pacman, the founder of the NFT marketplace Blur, with investments from Paradigm, Standard Crypto, and others. It secured $20 million in total funding and went live in March this year. Blast network has a TVL of over $3 billion, while the DApps on the network have a TVL of over $2 billion. The number of user addresses has surpassed 1.5 million, with over 200 DApps launched. Blast's total token supply is 100 billion, 50% of which will be airdropped to the community. The first phase of the airdrop accounts for 17% of the total supply, with Blast Gold and Blast Point each representing 7% of the total token amount. Several high-profile projects have recently launched, but their performance has been very poor due to the current market downturn. This weak market sentiment should make users cautious about airdropped tokens.

3.2 X (former Twitter)

Bitget Research: Ethereum ETF Expected to Gain Approval in July, Blast Launches Token Airdrop image 0
The Beacon: A pixel-style Free2Play action role-playing game, The Beacon is developed by TreasureDAO on the Arbitrum chain. The gameplay includes solo challenges, team adventures, and casual dressing. Recently, The Beacon launched the third phase of a major promotion where participants can earn token airdrops. The TGE is planned shortly after the global game release, anticipated for December.

3.3 Google Search (Global and Regional)

Bitget Research: Ethereum ETF Expected to Gain Approval in July, Blast Launches Token Airdrop image 1
Global focus:
FET: The Artificial Superintelligence Alliance has announced significant progress and updates regarding the ASI token merger. The first phase is set to begin on July 1, 2024, with the migration platform on the SingularityDAO DApp opening for AGIX and OCEAN to be converted to FET. The conversion rates are 1 AGIX for 0.433350 FET and 1 OCEAN for 0.433226 FET.
The second phase involves cross-chain deployment of ASI tokens, with the FET network upgrading to the ASI network. Migration contracts from FET, AGIX, and OCEAN to ASI will open, along with EVM and other bridges, as trading platforms begin transitioning from FET to ASI's spot market. Currently, AI tokens are rising with the broader market rebound.
Regional focus:
(1) Asian Countries: Searches in Asian countries show no significant preferences, but AI projects appear more frequently. This is mainly because projects like FET, AGIX, and OCEAN have performed well in the past 24 hours.
(2) Europe and the USA: There are no clear trends in the top searches, as the tokens and terms vary from country to country. In UK and the USA, users are shifting back to a more conservative approach, with blockchain projects like ICP and SUI appearing frequently in searches. European countries show a similar pattern, though the focus slightly differs with more attention given to tokens like Solana, ADA, and StarkNet.

4. Potential Airdrop Opportunities

Bemo
Bemo is the second largest liquid staking service provider in the TON ecosystem. Users can stake their TON in the protocol to earn a 3.9% APY. The project currently has a TVL of $76 million and is an early-stage project with significant potential within the Ton ecosystem.
The official website features an airdrop promotion, where Bemo's staking users can earn xtXP rewards, which can later be exchanged for $BMO tokens.
How to participate: 1. Visit the project's official website and select Stake Now; 2. Connect your Ton wallet to stake.
Bedrock
Bedrock is a multi-asset liquidity re-staking protocol, initially starting with institutional-grade liquidity re-staking token uniETH on EigenLayer, later expanding as the first and largest liquidity re-staking protocol on the IoTeX network. Bedrock will introduce this protocol before the launch of the Babylon mainnet to support liquidity staking of Bitcoin as uniBTC.
Bedrock's current TVL is over US$200 million, supported by a strong line-up of investors including OKX Ventures, LongHash Ventures, Comma3 Ventures leading the round, with participation from Waterdrip Capital, Lbank Labs, Amber Group, ArcheFund, Whale Ground, and Babylon co-founder Fisher Yu among others.
How to engage: If you hold ETH or IOTX, you can stake them as uniETH or uniIOTX on Bedrock to earn staking rewards and future Bedrock airdrops; if you hold wBTC, you can stake it as uniBTC to receive staking rewards, Babylon airdrops, and Bedrock airdrops.
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