Bitget Research: Major coins weaken as Celsius rises amid token burn
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Bitget Research: Major coins weaken as Celsius rises amid token burn
In the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, which could very well be the next wealth-generating opportunities.
Navigating Web3 tides with focused insightsAuthor: Bitget Research
Summary
The crypto market remains in a volatile state, with some sectors beginning collective pullbacks and overall trends remaining unclear. Certain projects have逆势 risen due to internal developments—for example, Celsius saw gains after burning its own tokens. Market capital currently lacks trading enthusiasm, with funds waiting for further signals from the macroeconomic environment.
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High-wealth-generation sectors: Celsius (CEL), AI sector (RNDR, LPT, ARKM);
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User-searched tokens & topics: Jupiter Exchange, Bitlayer, TRB;
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Potential airdrop opportunities: MEZO, Bitlayer;
Data collection time: May 9, 2024, 4:00 AM (UTC+0)
I. Market Environment
The Federal Reserve continues emphasizing its commitment to bringing inflation down to 2%, making next Wednesday’s CPI data release a key market focus. Most crypto tokens have entered a "boring" phase—lacking clear directional movement with significantly reduced trading volatility. The market is expected to determine its new trend following the CPI data release.
Regarding ETFs, major players have seen zero or minimal inflows/outflows recently, indicating that ETF investors are closely monitoring future market direction rather than rushing into trades. All eyes remain on further signals from the Fed to determine asset price movements.
II. Wealth-Generating Sectors
1) Sector Movement: Celsius (CEL)
Main Reason: Celsius is a cryptocurrency lending firm that was popular among U.S. retail and institutional investors during the last bull run. However, it eventually collapsed due to the Luna and 3AC incidents. Recently, CEL executed a drastic token burn, eliminating 94% of its total supply. This move triggered a counter-trend price surge for the CEL token.
Price Performance: Over 550% gain in the past nine days
Factors Influencing Future Trends:
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Celsius Business Development: While the token burn may provide short-term price stimulation, long-term sustainability depends on genuine business progress by the team. Investors should monitor Celsius's operational development and base investment decisions on real business advancements.
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Progress of Celsius Bankruptcy Restructuring: The spike in CEL’s price reflects market optimism about a successful restructuring and future potential. This shift in sentiment serves as an indicator of investor confidence, showing that even after severe financial and legal setbacks, crypto firms can regain market support through strategic adjustments.
2) Sector Movement: AI Sector (RNDR, LPT, ARKM)
Main Reason: Major U.S. tech companies have recently held product launches featuring new AI-integrated offerings—for instance, Apple unveiled its new product line powered by the M4 chip. RNDR, which has certain collaborations with Apple, has drawn speculative interest, driving up prices across similar AI-themed assets.
Price Performance: RNDR up 8.84% in the last 24 hours, LPT up 11.81%, ARKM up 8.69%
Factors Influencing Future Trends:
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The crypto AI sector will continue to be driven by new products, technologies, and partnerships announced by U.S. tech giants. AI has clearly emerged as a speculative theme. Investors should identify leading projects within sub-sectors and monitor them closely when relevant narratives emerge. However, most such moves involve limited substantive collaboration, so risk awareness is essential.
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New AI projects continue to emerge, often at high valuations, potentially disrupting the current competitive landscape. Investors should stay updated on shifts in the crypto AI ecosystem, focus on established leaders, and recognize that most concept-driven projects lose momentum quickly.
3) Sector to Watch: TON Ecosystem
Main Reason: The TON ecosystem has seen rapid TVL growth, now reaching $508 million. Following historical patterns of blockchain development, foundational infrastructure projects—including Liquid Staking, Swap, and Lending—have emerged on TON and are beginning to show signs of leader concentration. Participation in these early-stage projects offers both high APR returns and potential airdrop opportunities.
List of Key Projects:
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Tonstakers: The largest liquid staking provider in the TON ecosystem. Users stake TON to earn ~3.8% APY. The project has not yet issued a token but is widely expected to conduct an airdrop;
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STON.fi: Currently the largest DEX on TON. Some liquidity pools receive support from the TON Foundation. Users providing liquidity can earn rewards, and the project is expected to launch a token via airdrop;
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EVAA Protocol: The largest lending protocol in the TON ecosystem. Users deposit tokens to earn interest. No token has been launched yet, but an airdrop is anticipated.
III. User Search Trends
1) Popular Dapp
Jupiter Exchange: A decentralized DEX aggregator on the Solana ecosystem, helping users swap tokens with minimal slippage. The project aims to become Solana’s leading launchpad platform through exposure and promotional activities. JUP holders can participate in VOTE events to earn airdropped rewards and take part in future Launchpad voting campaigns.
2) Twitter
Bitlayer (Dapp): A Bitcoin Layer2 network aiming for Bitcoin-level security. It introduces the BitRC-20 token standard to enable token diversification within its ecosystem. Backed by investors including ABCDE and OKX, the native token has not yet launched. The project has released Helmet NFTs, positioning them as “golden shovels” for ecosystem participation.
3) Google Search & Regions
Global Overview:
UMA (Token): The token experienced unusual price movement yesterday, with a sudden $6 million buy order appearing in futures markets, accompanied by heavy spot buying, causing funding rates to turn negative. No significant product updates or positive news were announced by the project recently. The 50% intraday surge was primarily driven by large-capital inflows. Prices have since corrected. Traders may consider small-position speculation with strict profit-taking and stop-loss levels.
Regional Search Trends:
(1) Asian regions focused mainly on TRB, CEL, FRONT yesterday:
TRB, CEL, FRONT (Token): These tokens showed unusual activity in secondary markets. Futures data indicate long/short ratios far below the equilibrium level of 1, suggesting strong buying pressure from major players. The price increases were largely driven by large-scale capital inflows from institutional or organized entities. If long/short ratios reverse and open interest declines, a trend reversal may occur. Users are advised to exercise caution and consider only intraday trading.
(2) Africa, parts of Asia, and English-speaking regions showed no prominent hotspots:
Interest in these regions remained fragmented, with BTC, ETH, and Solana frequently appearing in search trends. Some users showed interest in AI and meme-themed narratives, reflecting thematic fragmentation across the broader market.
IV. Potential Airdrop Opportunities
[Mezo]
Mezo is a BTC Layer2 project focused on expanding the Bitcoin ecosystem by enabling on-chain transfers and financial services for BTC holders, thereby advancing BTC DeFi. Mezo recently announced a $21 million funding round backed by top-tier investors including Pantera Capital, Hack VC, and Multicoin Capital.
The official team has publicly released a BTC asset staking plan and introduced a referral mechanism, signaling strong airdrop expectations. The project is currently in its early operational phase.
How to Participate: 1) Visit the official website and find the invite code in Discord; 2) Enter the invite code and connect your Unisat wallet; 3) Deposit BTC.
[Bitlayer]
Bitlayer is a Bitcoin Layer2 network designed for Bitcoin-equivalent security. It innovatively introduced the BitRC-20 token standard to promote token diversity within its ecosystem. The project secured $5 million in funding from institutions such as ABCDE and OKX.
The official website features a “Bridge & Earn” interface. Users who bridge BTC to the Bitlayer network qualify for future token airdrops. Airdrop expectations are high, with potentially attractive returns.
How to Participate: 1) Visit the official website and locate the “Bridge & Earn” section; 2) Connect your wallet and deposit BTC assets onto the Bitlayer network.
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