Bitget Research Weekly Insights: On-chain funding activity remains low, Memecoin hype gradually cools down
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Bitget Research Weekly Insights: On-chain funding activity remains low, Memecoin hype gradually cools down
Focusing on on-chain data, weekly news roundup.
Navigating Web3 tides with focused insightsOver the past week (May 15–19), several new trending cryptocurrencies and topics have emerged in the market.
Market Trends
The most discussed topics in the market this week (05.15–05.19) were:
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Low on-chain capital activity; market awaits new narratives
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Market sentiment shows signs of recovery, with broad-based gains across major assets
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Stronger US dollar puts downward pressure on BTC; short-term speculative enthusiasm continues to cool
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World App NFT mint volume surpasses 65,000; meme coin hype declines
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BRC-20 projects remain highly active in trading; Mintfun snapshot approaching
Popular Projects
The most popular projects this week (05.15–05.19) include:
LMWR (Token): A creator platform enabling interaction between creators and fans, helping artists, musicians, and video creators build communities and generate additional income. On May 17, the project announced its token listing on exchanges including Kraken, Crypto.com, Gate, Bybit, and KuCoin, leading to increased on-chain activity.
W$C (Token): Positioned as the first decentralized cryptocurrency nation currency driven by smart contracts and direct democracy, sharing similarities with Worldcoin. Recently saw significant rebound from lows, with $440K liquidity and $82K in trading volume over the past 24 hours. The contract includes a mintable function—worth monitoring.
Gala (Token): On May 16, the Gala v2 snapshot concluded, allowing all native GALA tokens to be exchanged for GALA (v2). The team will burn 500 million GALA tokens each quarter throughout 2023. Additionally, per their Medium post on May 16, an extra 3.96 billion GALA tokens—representing the team’s total revenue—are being burned. Following the announcement, GALA’s price rose 15%, currently consolidating at higher levels, with a 24-hour trading volume of $240 million.
HV-MTL (NFT): A derivative NFT collection from Bored Ape, the HV-MTL (Heavy Metal) series consists of 30,000 mechs powered by eight different energy sources. Starting March 15, 2023, eligible Sewer Pass holders can burn their passes to summon an Evo 1 mech. Evo 1 holders can participate in future mini-games to unlock further HV-MTL evolution stages. Total NFT trading volume has reached 27,699 ETH, with a floor price of 1.05 ETH and 10,100 unique holders—worth continued attention.
Introducing World App (NFT): The "Introducing World App" NFT, launched by Worldcoin—the cryptocurrency company founded by OpenAI CEO Sam Altman—to celebrate the release of the World App, has surpassed 65,000 mints. On May 8, Worldcoin launched its first product, World App, a basic crypto wallet built on Polygon that supports buying, storing, and sending tokens. Users with a World ID can access certain apps and services. The World App serves as a gateway for World ID users to claim their allocated Worldcoins.
mint.fun (NFT): A NFT mint aggregation platform where users can connect their wallets and mint various NFT series through a simple, intuitive interface with comprehensive data display. Creators can also launch their own NFT projects on mint.fun. Users who hold NFTs or purchase newly released NFTs on mint.fun earn reward points until May 15. As yesterday was the final day, the platform ranked high in gas consumption.
Loyalty Program (NFT): An NFT minted during the zkBridge Mainnet Alpha phase, part of a campaign by Polyhedra x Galxe. Users minted the NFT to earn points in anticipation of potential airdrops. Over 70,000 participants have joined the event on Galxe.
Rocket Pool (Dapp): A yield-bearing project within the LSD sector. Since the Shanghai upgrade, TVL has continuously risen, reflecting strong user participation in staking. Current TVL has reached a new all-time high. Staking ETH on the platform offers node rewards of 5% or 8%. The token has been listed on Bitget—worth participating in or monitoring.
zkSync (Dapp): zkSync has consistently ranked among the top platforms for new Ethereum user engagement. According to the latest Dune data, zkSync Era's mainnet now has 547,000 unique wallet addresses, with 204,000 ETH bridged onto the network and 667,000 total transactions recorded—user activity remains strong and is on an upward trend.
Layer Zero (Dapp): A cross-chain protocol enabling dApps deployed on different blockchains to communicate without requiring intermediate chains or consensus mechanisms. Today, the project announced a $15 million bug bounty program in partnership with Immunefi. On-chain interactions remain extremely high, reaching 275,000 transfers in the last 24 hours—approaching the historical peak of nearly 284,000.
Hot Searches
The hottest topics this week (05.15–05.19) include:
Ledger (Dapp) – Hardware wallet provider Ledger launched its ID-based key recovery service “Ledger Recover,” sparking backlash from some users. Criticized for requiring KYC registration, many argue it contradicts core privacy values held within the crypto community and undermines the fundamental purpose of a hardware wallet.
PulseX (Token) – The upcoming mainnet launch of Pulse Network, a project by well-known KOL Richard Heart, has ignited excitement within the Pulsechain community. According to PulseX’s official website, Pulsechain will be a more energy-efficient and secure fork of Ethereum. All assets such as HEX, LINK, UNI, USDC, and DAI will be fully mirrored from Ethereum. All ETH holders will receive an airdrop of PLS tokens.
AXS (Token): Apple has allowed Axie Infinity to be listed on the App Store, indicating a significant potential increase in traffic following its iOS launch. This provides strong fundamental support for the project. AXS token surged over 20% briefly yesterday—worth continued observation.
Bitget Research focuses on “tracking on-chain data to uncover valuable assets.” By continuously monitoring on-chain metrics and regional search trends, we identify early-stage investment opportunities and deliver institutional-grade insights to crypto enthusiasts worldwide. To date, we have provided Bitget’s global users with early access to high-potential assets across trending sectors such as the Arbitrum ecosystem, AI ecosystem, and SHIB ecosystem, creating superior value through data-driven research.
[Disclaimer] The market involves risks; investing carries inherent risk. This article does not constitute investment advice. Users should consider whether any opinions, viewpoints, or conclusions presented herein are suitable for their individual circumstances. Investments made based on this information are at the user’s own risk.
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