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Bitget Research: U.S. Dollar Index Falls Below 102, Potential Opportunity for Dollar Cost Averaging in Spot Assets

Aaron, Bitget Research
2024/08/20
Bitget Research: U.S. Dollar Index Falls Below 102, Potential Opportunity for Dollar Cost Averaging in Spot Assets
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, the price of BTC has fluctuated upward, breaking through the $61,000 threshold as the market enters a phase of upward adjustment. The highlights are as follows:
  • Sectors with strong wealth creation effect: AI sector and Solana memecoins.
  • Top searched tokens and topics: Particle Network, TON, Gary Gensler, and Tron Network.
  • Potential airdrop opportunities: Gatto and Bcoin 2048.
Data collection time: August 20, 2024, 4:00 AM (UTC)

1. Market Environment

Over the last 24 hours, the price of BTC has fluctuated upwards, with a significant rebound of 1000 USD within one hour, leading to short-term liquidation of short futures positions. The mood in the crypto market shows signs of recovery; according to data from Alternative.me, the fear index has improved to 30. Although still in a state of fear, the mood has eased compared to the previous two weeks. The market may maintain a rebound for several trading days.
On the macroeconomic front, the Jackson Hole Economic Symposium is scheduled this week, with a rate cut in September widely anticipated. However, a risk-averse pullback remains a possibility. The U.S. Dollar Index has fallen below the 102 mark, and the 10-year Treasury yield is fluctuating around 3.88%. This critical window for rate cut trades has led to a rebound in the Nasdaq monthly trend, supporting an overall pullback in risk markets. The macro environment is favorable for sustained increases in crypto assets, presenting an excellent opportunity for regular investments in spot assets.

2. Wealth Creation Sectors

2.1 Sector Movements – AI Sector (NMR, FET, and TAO)

Primary reasons:
  • Numerai is currently hosting the Crypto Factor Modeling data competition, continuing to deepen its engagement in the AI sector; FET recently completed a successful merger and was featured yesterday by the media outlet New to The Street.
  • AI projects are a core focus for users in Europe and English-speaking regions, recently trending on Google with related crypto terms such as AI and FET.
Gainers: NMR, FET, and TAO have risen by 28%, 11%, and 6.5% respectively in the last 24 hours.
Factors affecting future market conditions:
  • Nvidia's future trend: Nvidia is a bellwether for the AI sector and influences the overall market valuation of the sector. If Nvidia continues to rebound in the U.S. stock market tomorrow, the AI segment of the crypto market is likely to sustain its rebound.
  • Impact of news: Pay attention to recent product updates and partnerships announced by projects. If an AMA is scheduled, consider positioning in related assets early, as there is a high likelihood that positive news will be released soon given the improved liquidity conditions.

2.2 Sectors to Focus on Next – SOL Memecoins (WIF, BONK, and POPCAT)

Primary reasons:
  • The price of SOL has stabilized, firmly holding above the $140 mark and potentially breaking through the $150 level soon. Recent record highs in trading volume on Solana's DEXs indicate active capital, which has spurred the rise of ecosystem projects.
Specific tokens:
  • WIF: A memecoin within the Solana ecosystem, previously listed on Robinhood. Typically, when SOL rises, leading Solana memecoins tend to rise even faster.
  • BONK and POPCAT: Core memecoins on Solana, which have seen a recent increase in trading volume. The high demand for transactions suggests that these tokens have potential for strategic positioning.

3. Top Searches

3.1 Popular DApps

Particle Network:
Particle Network, an L1 solution that unifies all blockchains via Universal Accounts and aims to address user and liquidity fragmentation in Web3. Previously, Binance Labs announced an investment in Particle Network. Particle Network announced the launch of the first co-testnet of the Chain Abstraction Alliance, marking the first step towards unifying all chains. The network is in collaboration with Berachain. With the announcement of financing details and the testnet launch, Particle Network has seen high interest, attracting significant user participation.

3.2 X (former Twitter)

Bitget Research: U.S. Dollar Index Falls Below 102, Potential Opportunity for Dollar Cost Averaging in Spot Assets image 0
TON:
The market is closely watching the TON ecosystem's high-traffic Telegram mini bot project, DOGS. The deadline for claiming the DOGS airdrop is August 22, with the TGE scheduled for August 23. Claimed DOGS can now be pre-deposited into Bitget. The TON ecosystem is continually expanding in multiple areas with several major developments recently. Former members of the TON Foundation have established TON Ventures with an initial fund of $40 million; TON has hinted at the upcoming launch of a Bitcoin network bridge, naming the token “tgBTC”. Injective has announced integration with the TON ecosystem.

3.3 Google Search (Global and Regional)

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Global focus:
Gary Gensler:
Media speculation suggests that if Vice President Harris wins the presidential election this November, she plans to nominate SEC Chairman Gary Gensler as Secretary of the Treasury.
Tron:
Since the launch of SunPump, over 11,000 memecoins have been created on the Tron blockchain, generating earnings exceeding 4 million TRX. IntoTheBlock posted on X, stating that transaction counts within the TRON ecosystem, ranging from $100 to $10,000, have increased by 124%. This growth is likely due to the introduction of SunPump.
Regional focus:
(1) Asia: Users in Singapore are showing interest in AI sector tokens, with OLAS and FET making the hot search list. In Japan, the top three hot searches are NXRA, TAIKO, and BOME, while in Hong Kong, the keyword RWA has appeared in hot searches.
(2) CIS region: Hot searches continue to revolve around the TON ecosystem, with Blum, Tapswap, and TON being popular in this region.
(3) Latin America: Dog-themed memecoins including FLOKI, SHIB, and BONK are trending in multiple countries.

4. Potential Airdrop Opportunities

Gatto
A Telegram mini app, Gatto is a pet raising game noted for its high level of completion. Gatto has announced a partnership with DWF on X, and was one of the 11 projects selected from 170 by the TON accelerator.
The project previously ranked first on the Telegram Apps Center's P2E list and third on The Open Legend list, enjoying high traffic in the CIS region.
How to participate: Upgrade your pets by taking care of them, participate in stadium contests, and collect rewards to earn coins and experience. Pets can be converted into NFTs for sale. Players have the option to play for free or make in-game purchases, with potential future opportunities for token airdrops.
BCoin 2048
A Telegram mini app version of the 2048 mini game, featuring mechanisms like ad-based revivals and task completion rewards. On August 4, the project officially reported over 4 million total users and 41 million games played.
How to participate: Gameplay is similar to the casual 2048 mini game, where playing games and completing tasks earn points. Future opportunities for token airdrops are possible.
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