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- Bitget Research: Bitcoin Continues to Rise Breaking $66,000, Memecoin Sector Demonstrates Significant Wealth Creation Effect
Bitget Research: Bitcoin Continues to Rise Breaking $66,000, Memecoin Sector Demonstrates Significant Wealth Creation Effect
Victoria & John
2024/07/17
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
BTC continues its upward trend as the overall market recovers. BTC breaks through the $66,000 resistance level, resulting in a positive market wealth effect. The highlights are as follows:
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Sectors with strong wealth creation effect: Memecoin sector, AI sector, and ETH ecosystem projects.
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Top searched tokens and topics: Jumper.Exchange, Ethereum, and PEPE.
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Potential airdrop opportunities: Kiloex and Owlto Finance.
Data collection time: July 17, 2024, 4:00 AM (UTC)
1. Market Environment
Over the past 24 hours, BTC has seen a one-sided rise, with its price climbing continuously from $64,000 to the current level of $66,000. On July 16, nine US spot Bitcoin ETFs added 5383 BTC, valued at $342.5 million. The assassination attempt on Donald Trump, which took place over the weekend, has driven market speculation around election-themed memecoins. Numerous new memecoins related to this theme emerged on the blockchain. Additionally, the AI sector also rebounded along with the broader market.
On the market front, the Wall Street Journal reports that the U.S. Securities and Exchange Commission (SEC) has informed asset management companies that the US spot Ethereum ETF could be launched on July 23. The SEC has preliminarily approved at least three asset management companies to trade Ethereum spot ETFs starting next Tuesday, with a total of eight firms hoping to launch such funds.
2. Wealth Creation Sectors
2.1 Sector Movements – AI Sector (WLD, TAO, and NEAR)
Primary reasons:
According to the Worldcoin official blog, Tools for Humanity announced an extension of the token lock-up period for early Worldcoin contributors. Starting July 24, 2024, the lock-up period for WLD tokens held by Tools for Humanity team members and investors will extend from the originally planned three years to five years.
Gainers: WLD has risen for two consecutive days, with a 24% increase in the past 24 hours. TAO rose by 7%, and NEAR by 5% during the same period.
Factors affecting future market conditions:
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Significant funding in the primary market: The Ethereum Community Conference (EthCC) proceeded as scheduled in Brussels, with participating institutions closely monitoring developments in the AI sector. The AI model research project, Sentient, completed a financing of $85 million, drawing renewed market attention to the integration of AI with blockchain.
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Positive news release: Projects like Near and Worldcoin have recently released favorable news, receiving positive market reactions. The Worldcoin Foundation previously announced it would launch the World Chain, with potential new developments in the next two months. Worldcoin developers are also attempting to collaborate with PayPal and OpenAI.
2.2 Sector Movements — Memecoin Sector (PEPE, WIF, and FLOKI)
Primary reasons:
This bull market's core theme revolves around institutional and retail investors not holding each other's bags. Retail investors prefer fairly distributed, simple, and easy-to-understand memecoins, including market leaders like PEPE, WOJAK, WIF, and FLOKI. The pursuit of these memecoins by retail investors, combined with the hype generated by related groups, has led to an exceptionally strong performance of memecoins in this cycle.
Gainers: PEPE, WIF, and FLOKI have risen by 6%, 7%, and 6% respectively within 24 hours.
Factors affecting future market conditions:
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Community information: Memecoin operations significantly influence market movements. Stay updated on AMA sessions and X posts for timely trading opportunities.
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Open interest volume increase: Users can check the futures data on tv.coinglass to understand the movements of whales. Over the past 24 hours, the open interest volume of PEPE has surged by 30%, mainly due to the increase in net long positions. The long/short ratio (accounts) has dropped below 1, indicating whales are going long on PEPE through futures. Keep a close eye on subsequent changes in futures data.
2.3 Sectors to Focus on Next – ETH Ecosystem Projects (UNI, LDO, PEPE)
Primary reasons:
The spot Ethereum ETF is expected to officially debut on the U.S. capital market on July 23, presenting potential speculative trading opportunities for ETH ecosystem assets. The sector has recently experienced a significant pullback, falling out of expected levels.
Specific tokens:
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UNI: The first DeFi Swap project on the blockchain, Uniswap, has generated an average daily revenue of around $1 million.
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LDO: A leading LSD project within the ETH ecosystem, with a TVL of $29.6 billion and a valuation of just under $1.8 billion, indicating it is relatively undervalued.
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PEPE: Currently the most hyped memecoin in the Ethereum ecosystem, PEPE boasts a strong community base. Its price is likely to follow ETH's upward trend.
3. Top Searches
3.1 Popular DApps
Jumper.Exchange:
The cross-chain aggregator LI.FI has confirmed that the protocol was attacked. Users who had set infinite approvals are urged to immediately revoke contract authorizations. The losses from the vulnerability attack have exceeded $10 million. The investigation is ongoing, and users are advised to revoke their authorizations as soon as possible.
3.2 X (former Twitter)
Ethereum:
According to The Wall Street Journal, informed sources state that the U.S. Securities and Exchange Commission (SEC) has notified several asset management firms that the initial batch of spot Ethereum ETFs might be launched next Tuesday, July 23. Following the submission of the final round of filings by these companies this week, the agency is expected to announce the ETF registration statement's effectiveness next Monday. Once effective, trading of the spot Ethereum ETFs can begin, and users might want to keep an eye on tokens related to the Ethereum ecosystem.
3.3 Google Search (Global and Regional)
Global focus:
Pepe coin:
Yesterday, as the broader market recovered, memecoins generally rose. Pepe saw an increase of over 26% for the day. Due to significant fund inflows into Pepe, both the price and trading volume rose, with the trading volume increasing by 62.8% for the day. Some smart money has begun buying this token, and the crypto investment firm Nascent has withdrawn Pepe worth $7.73 million over the past month. Investors may want to pay attention to related trades.
Regional focus:
(1) Asia: Yesterday's hot searches across Asian regions showed no significant pattern. It is worth noting that with the approaching Ether.fi Season 2 token airdrop, Indonesia has shown an increasing interest in ETHFI.
(2) Europe and the Americas: The hot searches in multiple countries are still dominated by memecoins. In the USA, there is a significant interest in BODEN, while in France, MAGA has captured attention. Dog-themed memecoins like FLOKI and SHIBA have also appeared in the hot searches in countries such as the USA, Switzerland, and Poland.
4. Potential Airdrop Opportunities
Kiloex
The exclusive airdrop promotion jointly hosted by the perpetual futures DEX KiloEx and Binance Web3 Wallet has officially commenced. Binance wallet users simply need to stake in the KiloEx yield pool on the opBNB chain and complete a leveraged trade on KiloEx to share a pool of 3,750,000 KILO tokens. The promotion runs from July 16 to July 30.
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.
Owlto Finance
Owlto Finance is a decentralized cross-rollup bridge focused on Layer 2. It supports cross-chain transactions among over 15 Layer 2 networks, including Ethereum mainnet, zkSync Era, and Starknet.
Owlto Finance has launched the Owlmazing Summer cross-chain promotion today, lasting four weeks. Each week, the top 1000 users on the leaderboard will receive a free NFT, which might have a significant impact on the future Owlto airdrops. Additionally, collecting four different NFTs offers participants the chance to win a mystery grand prize.
How to participate: 1. Owlto has launched the Owlto Solana Bridger NFT, with WIF, BOME, and Solana Mobile 2 holders directly eligible for the NFT airdrop; 2. Engaging in Solana cross-chain transactions on the Owlto platform also provides eligibility to mint the NFT; 3. All new Solana addresses will also receive an extra Owlto activation subsidy.
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