Bitget Research Weekly Highlights: CPI Data Below Expectations Triggers Market Rally, XRP Ruled Non-Security by Judge
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Bitget Research Weekly Highlights: CPI Data Below Expectations Triggers Market Rally, XRP Ruled Non-Security by Judge
Focusing on on-chain data, weekly news roundup.
Navigating Web3 tides with focused insightsOver the past week (7/10–7/14), several new trending cryptocurrencies and topics emerged in the market.
1. Market Trends
The most discussed topics in the market this week (07.10–07.14) were:
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A U.S. judge ruled that XRP is not a security, triggering broad market gains
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CPI below expectations triggered a sharp market rally followed by a pullback, with major assets entering a narrow consolidation phase
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Coinbase and Cboe reached a regulatory sharing agreement on spot Bitcoin ETFs; BTC remained range-bound ahead of today’s CPI data release
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Arkham conducted an IEO and confirmed airdrops; rumors of a LayerZero token launch drove STG price higher
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Shibarium mainnet set to launch in August, leading to collective gains among ecosystem projects
2. Popular Projects
The hottest projects this week (07.10–07.14) include:
FRAM (token): The FRAM token has consistently ranked first in on-chain trading volume recently, reaching a daily volume of $2.11 million. As a BRC-20 token, its distinguishing feature is that 98% of the supply is controlled by the top nine addresses, with two showing clear signs of wash trading. The current market cap is $230 million, with 759 holders and 2,415 transfers.
XAI (token): An original ERC-20 token concept aiming to explore artificial intelligence; the token surged nearly 10x from yesterday to today, with $7.29 million in trading volume over the past 24 hours and a market cap of $1 million—indicating high热度.
PEPE 2.0 (token): After a sustained downturn in the meme 2.0 category, the leading PEPE 2.0 remains in a downtrend but leads in trading volume at $6 million. However, most other meme 2.0 tokens saw strong rallies, with SHIB 2, DOGE 2, and BABYDOGE 2 gaining +100%, +60%, and +40% respectively over the past 24 hours. Social media suggests potential for a second wave of speculative sentiment in the meme 2.0 sector.
SHIB (Token): The announcement of Shibarium's August mainnet launch significantly increased on-chain transaction activity for SHIB. Over the weekend, ecosystem projects rose in anticipation, including BONE, LEASH, and PAW. The ecosystem shows strong momentum and presents good trading opportunities. Bitget has now opened a dedicated SHIB trading zone, allowing users to easily access these assets.
Merkly ONFT (NFT): A multichain NFT bridge leveraging LayerZero and zkSync to connect NFTs across networks. Amid expectations of airdrops from LayerZero and zkSync, Merkly has become a key interaction point within the zk + LayerZero ecosystem, resulting in high interaction metrics and significant minting activity on Merkly.com.
Fatzuki (NFT): A humorous, middle-aged, overweight version of Azuki created to parody Azuki. It launched yesterday and began trading, achieving over 350 ETH in trading volume. The NFT reveal has not yet occurred, but promotional images show it retains Azuki's artistic style while featuring a chubbier physique—hence the name "Fatzuki." Trading and engagement remain high; continued monitoring is recommended.
Starknet (Dapp): Starknet officially announced that version v0.12.0 has been deployed to mainnet, focusing on improving network throughput to enhance scalability and reduce transaction latency. Following the successful mainnet launch of v0.12.0, the team plans to test v0.12.1 in the coming weeks, which will continue efforts to boost network efficiency.
Coinbase (Dapp): Coinbase’s Layer 2 network Base announced mainnet access for developers. In the coming weeks, Base will invite early developers to deploy on the Base mainnet, commemorated by the Genesis Builder NFT. In early August, Base will open fully to all users. Since Base uses the OP Stack, which has no token issuance plan, OP rose 12% in the past 24 hours following this news.
3. Hot Searches
The hottest topics this week (07.10–07.14) include:
XRP (token): Late last night, Ripple won a legal victory in the U.S. District Court for the Southern District of New York. Judge Analisa Torres ruled that XRP is not a security. According to the court decision, using XRP for investment contracts, distributing grants via XRP, or transferring XRP to executives are not considered securities transactions. Following the ruling, Coinbase immediately relisted XRP trading pairs. XRP surged over 100%, with total trading volume reaching $13.6 billion—about half of BTC’s trading volume.
MATIC (token): As part of the Polygon 2.0 roadmap, Ethereum scaling solution Polygon has proposed a technical upgrade to its native MATIC token. Pending community approval, MATIC will transition into Polygon (POL). The POL token is designed to operate across all Polygon protocols, including PoS, zkEVM, and Supernets. MATIC rose 18% in the past 24 hours, marking a rebound of over 50% from recent lows.
Celsius (token): On Thursday, the U.S. SEC filed a lawsuit in Manhattan federal court against Celsius Network and its former CEO Alex Mashinsky, accusing them of defrauding customers and personally profiting by manipulating the price of Celsius’ proprietary token CEL. Celsius and its affiliates agreed to a settlement with the FTC, which banned the company from trading and imposed a $4.7 billion penalty.
Arkham (Dapp): On July 10, 2023, Binance launched Arkham (ARKM), its 32nd Launchpad project, with a BNB-only sale. Arkham is a crypto intelligence analytics platform designed to systematically analyze and de-anonymize blockchain transactions. Using its AI engine called Ultra, Arkham links blockchain addresses to real-world entities, revealing individuals and companies behind blockchain activity and providing behavioral data and insights. 37.3% of the total token supply will be allocated to community incentives and grants, including early user acquisition and reward programs, with plans for a community airdrop.
Bitget Research focuses on “tracking on-chain data to uncover valuable assets,” actively monitoring on-chain metrics and regional search trends to identify emerging investment opportunities. To date, it has provided Bitget’s global users with early access to high-potential sectors such as the Arbitrum ecosystem, AI ecosystem, and SHIB ecosystem, delivering institutional-grade insights and superior value creation through data-driven research.
[Disclaimer] The market involves risks; investing requires caution. This article does not constitute investment advice. Readers should consider whether any opinions, viewpoints, or conclusions expressed herein are suitable for their individual circumstances. Investment decisions based on this information are made at the user’s own risk.
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