1. Summary of the patterns of 100X cryptocurrencies in the last bull market

1. Just like the iteration of leading technology stocks in the US stock market, each round of crypto 100X projects will rush from obscurity to the top 100 in market value, and the replacement rate of the top 100 in market value is about 70%. It is precisely because of this high-speed iteration that the crypto industry is booming.

2. From the perspective of market capitalization ranking, in March 2020, 61 100X coins were born among the top 600 currencies by market capitalization. There are 11 100X coins born among the top 100 currencies by market capitalization, accounting for 18%; old coins have new narratives, which is also a new growth outbreak point. For example, BNB and BSC have broken away from the single exchange token attribute; among the top 100-300 currencies by market capitalization, 21 100X coins were born, accounting for 34.4%. Among the top 300-600 currencies by market capitalization, 22 were born, accounting for 36%. Overall, among the top 300 by market capitalization, a total of 32 100X coins were born, accounting for 10.6% of the total, one in ten.

3. From the perspective of institutions, only 9 companies have verifiable institutional investments. The proportion is relatively low. The main reason is that the fundraising method of cryptocurrencies at that time still applied the traditional ICO logic of 2017, and there were few institutional players. In addition, due to the restrictions on the secondary market screening logic, many projects had not yet issued coins.

4. From the perspective of unlocking and circulation. MC is concentrated in the range of 40%-60%. It is not that full circulation is good, nor is it that little circulation is good. This is a strange phenomenon that cannot be falsified. Historically, the birth of 100X projects is mostly at the end of the bear market and the beginning of the bull market.

5. From the perspective of unit price, people prefer cheap products. The lower the unit price, the more project tokens can be exchanged for the same unit U subjectively. This is a strange phenomenon. The public's anchoring psychology leads to the consensus resonance of low-priced and high-quality targets.

6. Best configuration time: From a cyclical perspective, the lows of 100X coins are basically synchronized with the lows of Bitcoin, and the highs of 100X coins are also basically synchronized with the highs of Bitcoin. The current market is hot, and investors generally forget what a fall looks like.

Shang Ge believes that in the extreme situation in 2024, there may be three major retracement logics: technical shock, the realization of the positive effects of the halving, and the realization of the recession caused by the interest rate cut.

7. Track classification, the largest number of 100X coins belong to public chains, with a total of 17. Among them, there are 14 L1, 2 L2, and 1 L0. In the last cycle, in order to solve the pain points of ETH expansion, TPS, GAS fees, etc., similar to the bull market in 2017, the public chain has a phenomenon of a hundred schools of thought, among which SOL, MATIC, AVAX and other high-performance public chains shine.

8.100X coins ranked second in number and belonged to GAMEF, such as Gala, Uos, Axs, Wemix, etc. The game track has always been a battleground for traditional WEB2 strategists, with money-making beasts such as Tencent, NetEase, and Mihoyo. At the same time, it is also the best window for cultivating non-circle users to enter WEB3, and institutional investment intentions are strong.

This round of GameFi was falsified by Vitalik, and the sustainability of several rebounds in this round is generally average

The third largest number of 9.100X coins belongs to cross-chain, IOT (Internet of Things), DEFI, and MEME coins.

Cross-chain is a rigid demand;

It depends on fate for MEME, it will definitely happen. The method is to do more on-chain analysis, the correlation between addresses, and the ability to capture whales.

[Many have already run out in this round]

DEFI should also be one of the top three tracks to produce 100X coins in the next cycle.

The key focuses include: derivatives in DEFI, algorithmic stablecoins, credit, NFT lending, and NFT liquidity.

Later, we will systematically summarize the rules of 100X encryption from other dimensions. **

[For more content, please follow the same-named Weibo account Shang Ge’s encryption logic]

The above information is for communication and sharing only and is not intended as investment advice.