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Bitget Research: Powell Signals Rate Cuts, But Caution Needed Before the Final Dip Ahead of the Main Uptrend

Tommy & Jarseed
2024/08/26
Bitget Research: Powell Signals Rate Cuts, But Caution Needed Before the Final Dip Ahead of the Main Uptrend
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 U.S. dollar index continues to decline as Powell issues strong signals for potential rate cuts. BTC rose on Friday and maintained fluctuations over the weekend. The arrest of Telegram's founder in France led to a significant drop in TON ecosystem TVL, with the TON token price experiencing a sharp decline followed by a rebound. The incident has been widely discussed on social media.
  • Sectors to focus on: BTC inscription sector, and tokens like APT and SUI poised for major unlocking.
  • Top searched tokens and topics: CARV, TON, and Sun Pump.
  • Potential airdrop opportunities: Fuel and Story Protocol.
Data collection time: August 26, 2024, 4:00 AM (UTC)

1. Market Environment

The U.S. dollar index continued its decline to around 100.6 as Federal Reserve Chair Powell expressed favorable comments about a potential rate cut in September during the Jackson Hole Economic Symposium on Friday. BTC rose, surpassing the $64,000 mark, before experiencing fluctuations over the weekend. Spot BTC ETFs have seen net inflows for seven consecutive days.
Telegram founder and CEO Durov was arrested at a French airport by France's National Anti-Fraud Office, leading to a significant drop in TON's price, followed by a rebound. The DOGS community, along with figures like Elon Musk, voiced support for the Telegram founder, while the founders of DWF and Zhu Su announced they had bought TON tokens to show their support. The TON token's logo has been updated to "Resistance Dog" on platforms such as X, CoinGecko, and select pages on Binance.

2. Wealth Creation Sectors

2.1 Sector Movements – BTC Inscription Sector

Primary reasons:
  • The inscription sector has recently seen an uptick, with SATS breaking through resistance levels and mid-level inscription assets following suit;
  • Babylon initiated staking with high participation, quickly filling the initial 1000 BTC staking quota;
  • After a period of dormancy, the Bitcoin ecosystem has attracted new financing, such as the Bitcoin re-staking platform SatLayer based on Babylon securing $8 million and the Bitcoin-native stablecoin project Ducat completing a $1.25 million pre-seed funding round.
Gainers: SATS increased by 35% over the past 7 days, while MICE rose by 53% during the same period.
Factors affecting future market conditions:
  • The BTC ecosystem currently remains in a relatively weak narrative position. The future trajectory of BTC inscriptions will depend on whether Bitcoin inscription platforms like Unisat can release new positive developments, whether products can undergo new iterations to capture market attention, and whether Babylon's narrative gains market acceptance.

2.2 Sectors to Focus on Next: Tokens like APT and SUI Set to Unlock Large Amount of Tokens

Primary reasons:
  • On September 3 and September 12, SUI and APT will unlock 3.24% and 2.35% of their circulating supply, valued at $82 million and $81 million, respectively, at current market prices. APT has previously seen significant price movements before and after large unlockings, but the outcome could differ greatly depending on current market conditions and sentiment. These events merit close attention for trading opportunities near the unlock dates.
Specific tokens: APT and SUI.

3. Top Searches

3.1 Popular DApps

CARV:
CARV is a gaming-focused ID infrastructure designed to create a player-owned identity for showcasing achievements, discovering friends and games, direct monetization, and portability across platforms. The number of unique active wallets for the DApp exceeded 445,000 in the past week. CARV has been very active recently: on April 26, CARV announced a $10 million Series A funding round; on May 31, Animoca Brands announced a strategic investment in CARV and became its node operator.

3.2 X (former Twitter)

Bitget Research: Powell Signals Rate Cuts, But Caution Needed Before the Final Dip Ahead of the Main Uptrend image 0
TON:
Telegram CEO Pavel Durov was arrested by French police upon landing at Bourget Airport north of Paris, according to BBC. The chain token TON quickly fell, dropping over 17% in two days. The total futures open interest for TON soared 59.21% to $363 million following Durov’s arrest.

3.3 Google Search (Global and Regional)

Bitget Research: Powell Signals Rate Cuts, But Caution Needed Before the Final Dip Ahead of the Main Uptrend image 1
Global focus:
Sun Pump:
According to Dune data, the Tron network's memecoin issuance platform Sun Pump generated $548,000 in revenue over the past 24 hours, surpassing the $367,000 revenue of the Solana-based memecoin platform pump.fun during the same period. Sun Pump saw a total of 7351 tokens issued in the last 24 hours, while pump.fun had 6941 tokens issued, indicating high levels of activity.
Regional focus:
(1) Asia: Asia showed high search volumes for RWA and Dogecoin, indicating a strong interest in real-world assets and memecoins.
(2) Europe and English-speaking regions: Tokens like SHIBA, RNDR, and ALPH have been trending, suggesting interest in memecoins, AI-related tokens, and new PoW cryptocurrencies.
(3) Latin America: The region displayed significant search volumes for FLOKI, Solana, and XRP, highlighting a focus on mainstream public chains and leading memecoins.

4. Potential Airdrop Opportunities

Fuel
Fuel is a UTXO-based modular execution layer that brings a globally accessible scale to Ethereum. As a modular execution layer, Fuel can achieve global throughput in a way not possible with monolithic chains, while inheriting security from Ethereum.
In September 2022, Fuel Labs successfully raised $80 million in a funding round led by Blockchain Capital and Stratos Technologies. Fuel also received investments from several leading investment institutions, including CoinFund, Bain Capital Crypto, and TRGC.
How to participate: Deposit qualifying tokens to earn points. For every $1 deposited, participants will earn 1.5 points per day.
Earn 1.5 points per day with the following assets: ETH, WET, eETH, rsETH, rETH, wbETH, USDT, USDC, USDe, sUSDe, and stETH. Additionally, earn 3 points per day when you deposit ezETH from July 8 to July 22.
Story
Story Protocol is an IP management protocol aiming to change the way human history is recorded using blockchain technology, documenting and integrating content and IP across various blockchains.
The project recently completed a $80 million Series B funding round led by a16z Crypto, with participation from other institutions like Foresight Ventures and Hashed. To date, the development team behind Story Protocol, PIP Labs, has raised $140 million with a valuation of $2.25 billion. The project has garnered significant market attention and could become a leading initiative in a new blockchain sector.
How to participate: The project has previously held a narrative continuation promotion where users continue a narrative and upload it to the blockchain, where Story Protocol permanently stores and visualizes it. The protocol has not launched any other promotions yet. But users can stay informed and wait for upcoming opportunities.
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