Bitget Research Weekly Highlights: Friend.tech receives investment from Paradigm, PEPE team's large-scale selling sparks community backlash
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Bitget Research Weekly Highlights: Friend.tech receives investment from Paradigm, PEPE team's large-scale selling sparks community backlash
Focusing on on-chain data, weekly news roundup.
Navigating Web3 tides with focused insightsOver the past week (8/21-8/25), several new trending cryptocurrencies and topics emerged in the market.
1. Market Trends
The most discussed topics in the market this week (08.21-08.25) were:
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Team dumping caused a sharp drop in PEPE, while the US Dollar Index hit a new high
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Market is in a recovery phase after the downturn; Tornado Cash co-founder arrested
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EigenLayer opened its third-phase deposit window, causing gas fees on-chain to spike; Balancer V2 pool vulnerability affected multiple protocols
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Market volatility remains extremely low; continued NFT weakness puts many blue-chip assets at risk of liquidation
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Friend.tech secured investment from Paradigm; Base ecosystem remains active
2. Popular Projects
The hottest projects this week (08.21-08.25) include:
SHIA (Token): The project's founder Carlos is the founder and CEO of G2 Esports, a well-known esports club with significant influence in the industry. Carlos himself has strong appeal. The project is about to release a series of remade Sega classic games such as Temple Run, Candy Crush, Fruit Ninja, and Pac-Man, all featuring SHIBA characters and incorporating P&E gameplay. The token currently has $3.16 million in on-chain liquidity and a 24-hour trading volume of $20 million;
USDC (Token): Coinbase announced an investment in Circle. With Coinbase’s support, USDC will launch across six new chains via the Noble network—Polygon PoS, Base, Polkadot, NEAR, Optimism, and Cosmos—laying the foundation for future cross-chain stablecoin services;
PENDLE (Token): Binance Labs announced an investment in DeFi yield protocol Pendle Finance. The PENDLE token briefly surged 20% before pulling back. The previous week, the Pendle ecosystem fund transferred 5.02 million PENDLE tokens (worth approximately $2.98 million) to Binance;
WHEE (Token): A BRC-20 meme coin. Twitter influencer @markjeffrey, with 53.5K followers, has repeatedly promoted and purchased the token, generating $11,000 in trading volume. Recently, the EVM cross-chain bridge Multibit Bridge launched, initially supporting ORDI, OXBT, and WHEE cross-chain transfers, contributing to increased attention;
DMX (NFT): A free-to-play RPG game set in the Dimension X comic universe. Players use NFT heroes to form superpowered teams, complete missions, level up, and battle other players. There are 10,300 NFTs in total, held by 4,445 addresses, with a total trading volume of 115 ETH;
Eigenworlds (NFT): EigenLayer’s latest NFT collection, potentially serving as a core operational identity token for EigenLayer in the future. As a free mint NFT, users only need to pay gas fees to claim one. Given EigenLayer’s potential as a dark horse in the LSDFi space, participation is recommended;
Coinbase (Dapp): According to recent announcements, Coinbase will delist BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Multichain (MULTI), Ooki (Ooki), and Voyager (VGX) on September 6, 2023, around 4 PM UTC. Lower-performing altcoins face greater risks during bear markets due to poor operations and trading volumes;
Friendtech (Dapp): Today, the top five highest-priced user Keys on the friend.tech platform are: Founder Racer leads at 2.65225 ETH; crypto trader L ranks second at 1.93600 ETH; crypto influencer Hsaka ranks third at 1.66056 ETH; crypto influencer Cobie ranks fourth at 1.62006 ETH; and NDV co-founder Christian 2022.mid ranks fifth at 1.50156 ETH;
Base (Dapp): On August 15, Base’s 7-day moving average of daily transactions reached 610,000, surpassing both Optimism (597,000) and Arbitrum (576,000);
3. Hot Searches
The hottest topics this week (08.21-08.25) include:
Shib (Token): Following the unexpected surge in traffic after Shibarium’s launch, the network entered safety mode and temporarily halted operations to ensure fund security. This led to unrealized expectations and a decline in the SHIB token price. Future developments to watch include when the ecosystem resumes normal operations and whether any breakout projects emerge within it. Meanwhile, SHIB ecosystem tokens such as SHIB, BONE, and LEASH have been listed on Bitget’s Shibarium zone;
PYUSD (Token): On August 19, PayPal’s USD-pegged stablecoin PYUSD surpassed 30 million tokens in circulation. Kraken listed PYUSD trading pairs against USD and EUR on August 22;
ARKM (Token): Amid frequent blockchain security incidents recently, Arkham—a blockchain data analytics tool—has gained significant visibility by quickly identifying potential risks and tracking fund flows. For example, on August 20, Arkham tweeted that the BNB Bridge attacker still had over $124 million in debt, suggesting another liquidation opportunity if BNB drops to $211;
Bitget Research focuses on "focusing on on-chain data and uncovering valuable assets." By monitoring real-time on-chain data and regional search trends, it identifies early-stage investment opportunities, offering institutional-grade insights to cryptocurrency enthusiasts. To date, it has provided early access to high-potential assets in popular sectors such as the Arbitrum ecosystem, AI ecosystem, and SHIB ecosystem, creating superior wealth effects for Bitget’s global users through data-driven research.
[Disclaimer] The market involves risks; investing requires caution. This article does not constitute investment advice. Readers should consider whether the opinions, viewpoints, or conclusions presented herein are suitable for their specific circumstances. Investment decisions based on this information are made at the user’s own risk.
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