Written by: Bitget Research Institute
Summary
In the past 24 hours, the overall crypto market fell, and altcoins began to rebound after falling. Mt.Gox initiated BTC repayments, causing market panic, and the AI sector performed well. Among them:
The sectors with relatively strong wealth-creating effects are: AI sector, Solana sector, and ETH ecological projects
The most popular tokens and topics searched by users are: Orderly, Berachain, Moonshoot
Potential airdrop opportunities include: Scroll - Scroll Session 1, Sanctum - Sanctum Profiles
Data statistics time: 4:00, June 25, 2024 (UTC+0)
1. Market environment
In the past 24 hours, BTC led the overall decline of the crypto market, with BTC hitting the lowest mark of 58,400 US dollars and then starting to pull back. This was mainly due to Mt.Gox's announcement of BTC repayment yesterday. The market was worried that Mt.Gox would sell off the 140,000 BTC it held, causing panic selling. BTC quickly rose 5% after hitting 58,400 and is currently fluctuating around 61,500 US dollars. The BTC contract rate turned negative, and attention was paid to the recent rebound opportunities.
From the external market perspective, Nasdaq fell 1.09% yesterday, Nvidia fell 6.68% in a single day, and fell 15% for three consecutive trading days. The blood-sucking effect of the US capital market began to fade. The Fed net liquidity index rose by 400 billion US dollars in a week. The last short-term surge occurred during the Silicon Valley Bank crash. During the same period, the price of BTC fell first and then rose due to the liquidity problem caused by the Silicon Valley Bank crash.
2. Wealth-making sector
1) Sector changes: AI sector (AGIX, FET, OCEAN)
main reason:
Binance recently announced support for the merger of FET, AGIX, and OCEAN into ASI, which has caused heated discussions in Europe and the United States and has attracted high attention from the community;
The overall assets of the AI sector have taken a long time to bottom out, and technical indicators show momentum for a rebound.
Rising situation: AGIX, FET, OCEAN rose by 20%+ in 24 hours;
Factors affecting the market outlook:
Trading activity in the future market: Currently in the bottoming-out stage, we need to pay close attention to whether the trading volume of this sector continues to increase. If the trading volume remains high and the price of the currency continues to rise, it means that the trading enthusiasm can be maintained and can be held continuously.
The future performance of the three projects after the merger: You can continue to follow SingularityNET's Twitter. There will be a technical AMA about the future development of the project in the near future. You can pay attention to the future delivery. If there are innovative products, you can hold the token for a long time.
2) Sector changes: Solana sector (SOL, POPCAT, WIF)
Main reasons: SOL was the first to reach its previous low point, and after reaching $120, it rebounded first, driving the ecological meme coins to rise;
Rising situation: SOL, POPCAT, and WIF rose by 8%, 60%, and 20% respectively within 24 hours;
Factors affecting the market outlook:
Community information: The operation of Meme coin has a great impact on the trend of Meme. Pay attention to the AMA and Twitter content information of the trading target. If there is new news, you can trade in time and seize the opportunity to build a position at the first time;
Increase or decrease in open interest: SOL's open interest rose yesterday, indicating an influx of hot money. Use the contract data on the tv.coinglass website to understand the movement of the main funds. 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;
3) The sectors that need to be focused on in the future: ETH ecological projects
The main reason is that the S-1 document of the ETH spot ETF may be approved by the SEC in early July. ETH ecological assets may have room for speculation. Recently, the track has experienced a large correction and has fallen out of layout space.
Specific currency list:
UNI: The first DeFi Swap project on blockchain applications. Uniswap generated more than $2 million in fees in the past 24 hours, with considerable revenue.
LDO: The leading LSD project in the ETH ecosystem, with a TVL of 32.5 billion US dollars and a valuation of less than 2.5 billion US dollars, is relatively undervalued;
PENDLE: The TVL of the project has continued to rise. Currently, the TVL has reached 6.2 billion US dollars. The total market value of stablecoins has increased, and the popularity of the Restaking track has increased the demand for PENDLE's business in the bull market.
3. User Hot Searches
1) Popular Dapps
Orderly：
The full-chain derivatives liquidity layer Orderly Network announced an increase in airdrop allocations, increasing the token allocation of the points program "Merits" by 50%, from 59 million to 92 million; and increasing the total airdrop amount from 10% of the total supply to 13.3%. In addition, the Orderly points event "The Road to The Order" has been extended for another eight weeks and may end early.
2）Twitter
Berachain:
According to The Block, Berachain’s liquidity pledge protocol Infrared has received an investment from Binance Labs, with the amount of investment not disclosed. The funds will be used to develop the protocol, expand the team, and conduct audits.
3) Google Search & Region
From a global perspective:
Moonshoot：
DEX Screener launched a token issuance trading platform "Moonshot", which will compete with pump.fun. The launch platform follows the issuance logic of unruggable, LP Burn, ownership renounced, and "market value reaches 500 SOL (about 677,000 US dollars), all remaining tokens and liquidity will be migrated to Raydium".
“CTO Meaning” is on the list because this word was mentioned after the news was released. This is a jargon in the meme circle. The full name is “Chief Troll Officer”, which refers to the concept token driven/issued by the community.
From the hot searches in each region:
(1) Asian countries: The terms “why crypto is down today” and “greed and fear index” appeared at the top of the hot searches in many Asian countries, and investors were most concerned about the reasons for the market crash.
(2) European and American countries: There are no obvious hot spots. The tokens and terms on the top search lists of different countries are different. For example, Italian traders are paying attention to SHIB, NOT, SAND, etc., German users are paying attention to Raydium, ARKM, and British users are paying attention to TURBO, Moonshot, etc.
Potential Airdrop Opportunities
Scroll - Scroll Session 1
The highly funded Layer public chain Scroll3 recently released Scroll Session 1. The previous Session 0 was to store tokens in the wallet and earn points by doing anything on the Scroll chain, but this Session 1 requires assets to be deposited in certain officially designated protocols.
Specific participation methods: (1) The official recommended DEXs are Ambient and Nuri, and the official recommended lending protocols are Aave and Rho Markets; (2) "Marks = Value x Action x Time", that is, "Marks = Value x Action x Time"; for details, please check the official blog: https://scroll.io/blog/session-one-defi-on-scroll
Sanctum - Sanctum Profiles
Sanctum is Solana's liquidity staking protocol, with a current TVL of over $750 million, ranking fifth in the Solana ecosystem. The project previously ended the Wonderland points activity and just released Sanctum Profiles (in beta) yesterday. Sanctum Profiles is a user's supplementary identity in the Sanctum world, and may develop into a larger DID product in the future.
How to participate: (1) Go to https://app.sanctum.so/profile, connect your wallet, and click "Create Profile" to edit. (2) This may become one of the standards and methods for $CLOUD token airdrops or anti-witch efforts.
