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Bitget Research: Crypto Market Continues to Fluctuate in a Narrow Range, Tron Ecosystem Memecoins See Substantial Wealth Effects

Victoria & John
2024/08/21
Bitget Research: Crypto Market Continues to Fluctuate in a Narrow Range, Tron Ecosystem Memecoins See Substantial Wealth Effects
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, Bitcoin has fallen to $58,000, with the market continuing to fluctuate in a narrow range. The highlights are as follows:
  • Sectors with strong wealth creation effect: Tron ecosystem memecoins and SOL ecosystem memecoins.
  • Top searched tokens and topics: Lumiterra, Dogecoin, and Voxel.
  • Potential airdrop opportunities: Babylon and Yescoin.
Data collection time: August 21, 2024, 4:00 AM (UTC)

1. Market Environment

In the past 24 hours, BTC price has trended downward, dropping to $58,000. Despite attempts to rebound yesterday, Bitcoin failed to break out of a triangle pattern, placing the market in a phase of corrective adjustment. The U.S. spot Ethereum ETF saw a net outflow of $6.7 million yesterday, with a trading volume of $194 million. The spot Bitcoin ETF experienced a net inflow of $61.98 million, marking its fourth consecutive day of net inflows, while the total daily trading volume was $779.87 million, the lowest since February 6 and the third lowest overall.
This week, the Jackson Hole Economic Symposium will be held, and a rate cut in September is widely expected. However, a risk-averse pullback remains a possibility. As election odds shift and a slightly favorable risk preference environment emerges, Bitcoin might attempt an upward breakthrough again. Meanwhile, the total market cap of stablecoins has reached a new high of $165 billion, typically indicating a rise in Bitcoin and cryptocurrency prices. The market is now focusing on the high-traffic TON ecosystem Telegram mini bot project DOGS, set to launch on Binance Launchpool. With a significant drop in trading volumes for Solana's memecoins and the launch of Sunpump, the focus is shifting more towards Tron ecosystem memecoins.

2. Wealth Creation Sectors

2.1 Sector Movements – Tron (TRX)

Primary reasons:
  • Following Justin Sun's announcement of the launch of the token generator SunPump by Sun.io, prices for tokens based on Tron surged, leading to a spike in trading volume and revenue metrics for newly created tokens. Tron's SunPump allows for the creation of memecoins on the Tron blockchain. The platform has issued over 5500 memecoins, generating significant TRX profits. With this track record of success, SunPump positions itself as a direct competitor to Solana's popular Pump.Fun platform. Recently, its 24-hour transaction fees soared to $5.3 million.
Gainers: TRX has risen by 11% in the past 24 hours.
Factors affecting future market conditions:
  • Tron ecosystem's TVL and fund inflows: The issuance of USDT on the Tron blockchain has exceeded $60.8 billion, accounting for 53% of USDT's total issuance. A substantial liquidity pool not only enhances transaction efficiency but also provides necessary financial support for innovative projects, contributing to the prosperity of the entire memecoin ecosystem. The launch of SunPump further solidifies Tron's position in the memecoin ecosystem, offering users a more free and diverse trading environment. If funds continue to flow in, the token prices in the ecosystem could rise further.
  • Future rises and exchange listings of SUNDOG and other ecosystem memecoins: Keep an eye on listings on mainstream exchanges. If influential influencers continue to promote and exchanges like Binance continue to list these tokens, the popularity of Tron's memecoin sector is likely to persist.

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

Lumiterra:
Lumiterra is an online multiplayer game where you can freely explore, build, and battle in a virtual world, and even earn money. Players can assume roles such as warriors, farmers, explorers, or merchants in a boundless digital world. Each role comes with specific missions and goals, allowing players to earn virtual currency and trade with others. The game currently boasts a UAW count over 246,000, with a daily growth rate of 167%.

3.2 X (former Twitter)

Bitget Research: Crypto Market Continues to Fluctuate in a Narrow Range, Tron Ecosystem Memecoins See Substantial Wealth Effects image 0
Dogecoin:
Elon Musk posted on X with an image jesting that he would like to work for the "Department of Government Efficiency," with the acronym being "D.O.G.E." This caused an increase in discussions about DOGE on X. Given that the hype is likely short-lived and there are no other positive developments, it is advisable to be cautious about participating in the speculative trading.

3.3 Google Search (Global and Regional)

Bitget Research: Crypto Market Continues to Fluctuate in a Narrow Range, Tron Ecosystem Memecoins See Substantial Wealth Effects image 1
Global focus:
Voxel:
Binance launched the VOXELUSDT perpetual contract on August 20, 2024, at 18:30 (UTC+8), impacting VOXEL's trading volume and price, which quickly rose, currently showing a 24-hour increase of 48.34%. Given previous intermittent surges in related projects like RARE and SYS, users are advised to cautiously engage in related trading.
Regional focus:
(1) Asia: The Asian region has shown concentrated interest in the RWA concept and related projects, with RWA projects appearing multiple times in hot searches, such as ONDO in Singapore, RWA Crypto in Vietnam, and RWA meaning in the Philippines.
(2) CIS region: The CIS region continues to show high enthusiasm for mini games in the Ton ecosystem, such as the Blum project appearing in Uzbekistan, Ukraine, and Belarus.
(3) Latin America: There is focused interest in the dog-themed tokens in Latin America, prominently featuring FLOKI, BONK, and SHIBA INU in hot searches.

4. Potential Airdrop Opportunities

Babylon
Babylon is a Layer 1 blockchain founded by Professor David Tse from Stanford University. The project's mission is to bring unparalleled security akin to Bitcoin to all PoS blockchains without any additional energy costs. Babylon has raised $70 million in a funding round led by Paradigm with participation from Polychain Capital and the VC arm of cryptocurrency exchange Bullish.
Babylon has now launched the first phase of its Bitcoin staking mainnet, allowing Bitcoin holders to start locking BTC for staking. The protocol will be rolled out in three phases:
  • First phase: Bitcoin Locking, where users can lock their Bitcoin in secure self-custody scripts through Bitcoin transactions;
  • Second phase: Activation of Bitcoin Staking, initiating the Babylon PoS chain;
  • Third phase: Multi-Bitcoin Staking Activation, enabling users to stake the same Bitcoin across multiple PoS systems.
  • The initial total staking cap is 1000 BTC.
Staking methods include:
  • Official web application: The official Bitcoin staking web application (btcstaking.babylonlabs.io) provides a list of verified finality providers for stakers to delegate to.
  • Third-party services: Includes third-party staking websites, custodial solutions, and APIs.
  • Command Line Interface (CLI) tools.
  • Additionally, the LST (Liquidity Staking Token) protocol will participate in the Babylon Bitcoin staking mainnet.
Yescoin
Yescoin, a high-traffic Telegram mini app, began its Yes Summer promotion in August. The Yes Summer promotion announcement includes collaborations with numerous project developers and exchange wallets, distributing rewards totaling $1,000,000. https://x.com/Yescoin_Fam/status/1818913140295581817
Yescoin is partnering with Bitget Wallet. https://x.com/BitgetWallet/status/1821870001504317941 By participating in activities like opening treasure chests, inviting friends, and learning about blockchain within the Bitget Wallet, participants can earn future token airdrops and grab a share of the 100,000 BGB reward.
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