Bitget Research Weekly Highlights: Inscription-based tokens surge, Bonk market cap hits new high
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Bitget Research Weekly Highlights: Inscription-based tokens surge, Bonk market cap hits new high
Focusing on on-chain data, weekly news roundup.
Navigating Web3 tides with focused insightsOver the past week (12.11–12.15), several new trending cryptocurrencies and topics emerged in the market.
1. Market Trends
The most discussed topics in the market this week (12.11–12.15) were:
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Bonk’s market cap hits a new high; SOLS surges over 500% in 24 hours
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Inscription-based tokens surge; Fed expected to cut rates as early as March next year
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Bitcoin briefly drops below 41,000; market awaits FOMC rate decision
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Avalanche follows Solana with strong price and volume gains; TIA reaches new highs
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Market correction underway; Ethereum Layer 2 TVL surpasses $16 billion, setting a new record
2. Popular Projects
The hottest projects this week (12.11–12.15) include:
RATS (Token): Benefiting from SATS listing on Binance, the BRC-20 inscription sector saw a significant rally. RATS surged over 3x in the past three days, with a 24-hour trading volume of $97 million and a market cap reaching $250 million.
OZK (Token): OrdiZK, a new BRC-20 cross-chain protocol leveraging zk-SNARKS technology to bridge BTC and ETH. After token deployment, it continued rising in secondary markets, achieving a market cap of $5 million and 24-hour trading volume of $1.85 million, with a 5% buy/sell tax.
BONK (Token): The Solana version of BONK launched on Coinbase, pushing its total market cap to $890 million, ranking it #75 among cryptocurrencies. It recorded a 24-hour trading volume of $2.5 billion, up 45%, maintaining high popularity. Its ERC-20 version remains active on-chain.
BABYGROK (Token): A meme token inspired by GROK, gaining traction on BSC. It has 52,000 on-chain holders, a market cap of $48.74 million, and a 24-hour trading volume of $2.3 million. It rose 55% over the past 24 hours and is now listed on Bitget.
Ethrunes (NFT): A recently popular ERC-1155 Ethereum inscription protocol. On-chain data shows extremely high minting activity. Minted as ERC-1155 NFTs, they appear on NFT marketplaces like OpenSea. There is currently no secondary market trading data—primary mints are driving interest, making it worth monitoring.
Pudgy Penguins (NFT): The NFT project Pudgy Penguins announced it will launch Pudgy World Alpha in Q1 2024, powered by zkSync. Pudgy World offers a digital experience tied to its physical products. Pudgy Toy holders can scan included QR codes, create accounts, redeem traits, and customize their Forever Pudgy Penguin. A key part of the Alpha release is the introduction of the new character Pudgy & Peaches.
Smart Cats (NFT): NFTs linked to SmartLayer, currently held by over 800,000 users. These NFTs can be upgraded through actions like Feed and Clean. High expectations for future SmartLayer airdrops have driven substantial trading volume.
ETHRUNES (Dapp): A new token protocol based on ERC-1155 and inspired by BRC-20. On the platform https://ethrunes.xyz/, the leading rune $ERS has been fully minted and is available for open market trading. The protocol supports creating Tokens and NFTs, and can convert $eths, $ethi, BTC inscriptions like $ordi, $sats, and ERC-20 tokens into runes. This is an early-stage, high-risk project worth watching.
Inscription (Dapp): The inscription trend heats up, with Polygon spawning over 900 types of inscriptions. Inscription transactions account for 66% of all on-chain activity and dominate the gas consumption leaderboard.
3. Hot Searches
The most trending topics this week (12.11–12.15) include:
Bitcoin (Token): Yesterday's FOMC meeting featured dovish remarks, reinforcing market expectations that the Fed could begin rate cuts as early as March next year. The 10-year Treasury yield fell below 4%, and the U.S. Dollar Index dropped below 103. Risk assets like BTC rallied after the meeting, rising approximately 5% in the past 24 hours.
SATS (BRC-20 Token): Binance announced the listing of SATS, triggering a doubling in price and extreme volatility. This also boosted trading volume and price swings for other BRC-20 tokens such as ORDI and RATS.
IMX (Token): IMX has seen heightened trading activity and frequent whale movements. According to Nansen 2, Smart Money inflows into IMX on Ethereum reached ~$2.99 million in 24 hours. Per Lookonchain, three wallets (likely belonging to one whale) withdrew 4.3 million IMX ($9.6 million) from Binance and continue buying on exchanges.
Bitget Research focuses on “tracking on-chain data to uncover valuable assets.” By monitoring real-time on-chain metrics and regional search trends, it identifies emerging investment opportunities, delivering institutional-grade insights to crypto enthusiasts. To date, Bitget Research has helped global users discover early-value assets across trending sectors including the Arbitrum ecosystem, AI ecosystem, and SHIB ecosystem, creating superior wealth effects through data-driven research.
[Disclaimer] The market involves risks; invest cautiously. This article does not constitute investment advice. Users should consider whether the opinions, viewpoints, or conclusions presented herein align with their individual circumstances. Investment decisions based on this information are made at the user’s own risk.
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