Written by: Bitget Research Institute
summary
In the past four trading days, the Bitcoin ETF has seen continuous inflows, with a cumulative inflow of US$480 million. The market has stabilized, and the MEME sector has rebounded significantly. Among them:
The sectors with strong wealth-creating effects are: MEME sector and modular sector;
Hot search tokens and topics by users are: WalletConnect, UXLINK, Saga;
Potential airdrop opportunities include: Lombard, Fuel;
Data statistics time: September 18, 2024 4:00 (UTC+0)
1. Market environment
Yesterday, the price of Bitcoin broke through 61,000 US dollars and then fell back. The overall market sentiment remains neutral. The Federal Reserve will announce the interest rate decision at the FOMC meeting on Thursday morning. The market generally believes that this interest rate decision will be the beginning of a rate cut. At that time, the overall market will experience large fluctuations. Investors should be prepared in advance.
In terms of ETFs, Bitcoin ETF has seen net inflows for 4 consecutive trading days, with a cumulative amount of US$480 million; Ethereum ETF still performed poorly, with a net outflow of US$15.1 million yesterday. The ETF market funds are clearly paying more attention to Bitcoin, causing the ETH/BTC exchange rate to fall to a nearly 3-year low.
In terms of crypto ecology, the overall MEME market has become more active due to the recent launch of MEME coins on Binance. Various MEME coins with the same name, led by Neiro, are emerging one after another. Investors need to carefully distinguish them when trading. The best solution is to trade directly on centralized exchanges to ensure the safety of funds.
2. Wealth-making sector
1) Sector changes: MEME ecosystem (Neiro, TURBO)
main reason:
Binance recently launched three MEME coins at once, which is rare. In its official explanation, Binance said that it was selecting tokens with lower market value and healthier communities for listing. This launch also triggered other tokens in the MEME coin community. At present, the overall wealth-creating effect of the MEME token market is good. With the advancement of the interest rate cut process and the improvement of market liquidity, MEME coins, as one of the most popular cryptocurrency types among retail players in the market, have a large prospect. Investors can pay close attention to BG Wealth Creation Daily to find wealth opportunities.
Rising situation:
Neiro and TURBO rose 49.2% and 11.7% respectively in 24 hours;
Factors affecting the market outlook:
Maintaining popularity: The main value of MEME coins is the emotional value provided by the community, because its simple and easy-to-understand dissemination intention is deeply loved by retail traders. However, users need to be clearly aware that the issuance cost of MEME coins is low and the business model is simple and can be quickly replicated. Therefore, when the community enthusiasm dissipates, investors' investments may face greater risks. Therefore, investors should always pay attention to the activity and popularity of the MEME community and grasp its value source.
Increase or decrease in open interest: The open interest of some MEME coins with existing contracts increased yesterday, indicating an influx of hot money. To understand the movement of major funds, look at the contract data on the Coinglass website. First, look at the increase in net long positions on the contract; then look at whether the contract data shows a net increase in long positions, an increase in OI, and an increase in trading volume. If so, it means that the main force continues to buy up and can continue to hold.
2) Sector changes: Modular sector (TIA, SAGA, DYM)
main reason:
As an ecosystem, the DA layer led by Celestia is still receiving continuous attention and active attempts from many developers, and DA projects in niche areas are still emerging in the market to airdrop to TIA stakers. On the other hand, after a long period of washing, the TIA token has almost returned to the initial TGE price of the token, and is undervalued by multiples. Therefore, some funds in the current market have begun to increase their bets and repair the valuations of various tokens in the DA track.
Rising situation:
TIA, SAG, and DYM rose 6.9%, 19.7%, and 21.5% respectively in 24 hours;
Factors affecting the market outlook:
Project dynamics: The DA ecosystem needs to continuously expand its application coverage and depth to maintain its continued competitiveness, and the market needs to fully accept DA applications to reasonably value DA ecosystem projects. At present, the construction of Ethereum and related ecosystems has initially taken shape, and more killer applications need to appear in order for infrastructure projects to have good revenue and thus raise their valuations.
Impact of news: Pay attention to the product updates and partnerships recently promoted by the project party. If an AMA is held, consider deploying related assets in advance, because there is a high probability that good news will be released in the near future using the improved liquidity environment.
3. User Hot Searches
1) Popular Dapps
UXLINK：
UXLINK has recently launched Upbit spot trading and Binance contract trading, and the price of the coin has continued to rise. It has just announced that the second airdrop will start on January 18, 2025. After launching the INVITE sub-coin, it has also launched the AIRDROP2049 sub-coin, which will be airdropped to the community. Yesterday, UXLINK released a two-month summary of TGE on the official X platform, and its number of registered users, number of partners, and profits have all reached new highs. Under the stimulation of multiple positive factors, the increase has been large, with a 7-day increase of more than 200%.
2）Twitter
WalletConnect：
WalletConnect will launch its native token WCT on Optimism. WalletConnect said that registration for the WCT airdrop will open on September 24, and airdrop qualifications are based on the usage of the WalletConnect network. The initial supply of WCT tokens is capped at 1 billion, of which 18.5%, or 185 million tokens, will be allocated to the first quarter airdrop. The airdrop will cover WalletConnect's end users, as well as wallets, applications, nodes, software development kits, and communities that have contributed to WalletConnect's success. There is no clear news on the listing of online transactions after the airdrop, and users are advised to pay attention to subsequent exchange-related information.
3) Google Search & Region
From a global perspective:
Saga: Saga is a modular one-click chain platform for the gaming industry based on Cosmos. Saga's architecture is mainly divided into three layers: Security Chain, Platform Chain, and Chainlet, all of which are developed using Cosmos-SDK. Today, the modular track tokens have seen a general rise, with SAGA tokens rising 18.98% on the day and 41.29% in the past 7 days. The increase is relatively high, and the market may change quickly during the sector rotation period. It is recommended to participate with caution.
From the hot searches in each region:
(1) Influenced by the launch of Neiro and Turbo on Binance, the hot search terms Neiro, CATE, and TURBO appeared in various regions of Europe.
(2) The Telegram mini app still received widespread attention in various regions. Influenced by the upcoming side event of TON and BLUM in Token2049, Blum appeared in the hot search terms in Myanmar, Indonesia, the Philippines and Ukraine.
(3) Hot searches in Europe and the United States are dispersed. Affected by the sharp rise in modular tokens, several European countries that used to pay more attention to traditional public chains have seen hot searches shift to modular public chains. For example, countries such as Germany, France and Poland have seen hot searches for saga and tia.
Potential Airdrop Opportunities
Lombard
Lombard is an important project in the Babylon ecosystem, aiming to unlock the potential of Bitcoin in the field of decentralized finance (DeFi). Lombard relies on Babylon's core protocol to provide trustless and self-custodial Bitcoin staking. This means that users retain control of their Bitcoin while participating in staking rewards. Lombard's core product is LBTC, a synthetic token representing staked Bitcoin. When users stake Bitcoin through Lombard, they receive an equal amount of LBTC. This LBTC acts as a bridge, allowing users to interact with various DeFi protocols on different blockchains.
Specific participation methods: 1) Link the etherum wallet; 2) Transfer the corresponding amount of BTC to the address generated by Lombard and receive LBTC; 3) LBTC can obtain Babylon and Lombard double points at the same time.
Fuel
Fuel is a UTXO-based modular execution layer that brings globally accessible scale to Ethereum. As a modular execution layer, Fuel can achieve global throughput in a way that monolithic chains cannot, while inheriting the security of Ethereum.
In September 2022, Fuel Labs successfully raised $80 million in a round of financing led by Blockchain Capital and Stratos Technologies. Multiple leading investment institutions invested, such as CoinFund, Bain Capital Crypto and TRGC.
Participation method: You can directly deposit the tokens accepted by Fuel into the points you have earned. Participants can earn 1.5 points per day for every $1 they deposit in the following assets:
Points: ETH, WET, eETH, rsETH, rETH, wbETH, USDT, USDC, USDe, sUSDe and stETH; From July 8th to 22nd, depositing ezETH will earn you 3 points per day.
