Bitget Research: BTC ETFs turn net inflow, driving market rally; Meme sector shows strong wealth effect
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Bitget Research: BTC ETFs turn net inflow, driving market rally; Meme sector shows strong wealth effect
In the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, and they could very well be the next wealth-building opportunities.
Navigating Web3 tides with focused insightsSummary
Yesterday, BTC led a market pullback, recovering weekend losses. The return of America's retail investing king has made meme coins the focal asset class. Key highlights:
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Wealth-generating sectors: MEME sector, AI sector
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Top-searched tokens & topics by users: Pudgy Penguins, Kaito, Notcoin, TON
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Potential airdrop opportunities: GM Network, DFlow
Data collection time: 4:00 AM, May 14, 2024 (UTC+0)
I. Market Environment
Yesterday, BTC led a rebound across the broader crypto market, surging over $2,000 within four hours and reclaiming the 63,000 level—fully recovering weekend losses. The return of American retail investor Keith Gill sparked a meme coin rally, with PEPE rising 20% in a single day to hit an all-time high. Additionally, BTC ETF data turned positive again, recording $66 million in net inflows for the day, boosting market confidence.
The U.S. Dollar Index fluctuated around the 105 mark. Technical indicators for Nasdaq and S&P 500 are showing “topping” signals. U.S. April PPI and CPI data will be released on Tuesday and Wednesday. Market expectations are for PPI to rise 0.3% month-over-month, CPI up 3.4% year-over-year, and core CPI up 3.6% year-over-year. High volatility is likely this week; traders are advised to closely monitor price movements, reduce positions appropriately, and strengthen risk management.
II. Wealth-Generating Sectors
1) Sector Movement: MEME Sector (PEPE, DOGE, WIF)
Main reasons:
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Roaring Kitty, the blogger who initiated the GameStop short squeeze during the U.S. retail investor movement three years ago, returned to Twitter yesterday, lifting market sentiment;
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Phenomenal memes such as KITTY and GME have emerged on-chain. On Solana, the GME token accumulated over $100 million in trading volume within 24 hours, fueling meme coin speculation.
Price performance: PEPE rose 24% in one day, DOGE rose 11%, and WIF rose 12%;
Factors influencing future trends:
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Sustained price increase in native public chain tokens: For example, many Solana-based meme coins are priced in SOL. An upward trend in SOL prices directly amplifies gains for Solana meme coins. If SOL continues to rise, Solana meme coins can maintain momentum;
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Crypto market sentiment: Yesterday’s slight market recovery saw capital rotation begin, spilling wealth effects into the meme sector. As long as the broader market maintains its upward trajectory, meme assets remain worth watching.
2) Sector to Watch Going Forward: AI Sector
Main reason: OpenAI launched its flagship AI model GPT-4o yesterday, capable of real-time audio, visual, and text reasoning. In February, OpenAI introduced the text-to-video model Sora, which boosted valuations across the entire sector. The release of GPT-4o keeps the AI sector firmly in focus.
Specific token list:
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ARKM: Arkham is a blockchain analytics platform leveraging artificial intelligence to analyze blockchain and on-chain data;
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NEAR: Recently, many AI projects within the NEAR ecosystem have entered the build or fundraising phase, positioning NEAR to potentially become a future AI hub.
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RNDR: As foundational infrastructure in the AI space, RNDR not only participates in AI but also expands into multiple ecosystems including Solana. Moreover, as Apple’s VR partner, RNDR holds significant market potential. Market sentiment will respond strongly to future developments around Apple’s VR devices.
III. User Search Trends
1) Popular Dapp
Pudgy Penguins:
NFT project Pudgy Penguins announced that its toy product line, Pudgy Toys, is now available at GameStop. Pudgy Toys recently launched at Target. Previously, Pudgy Penguins announced an expansion of its partnership with Walmart, adding 1,100 new stores selling the toy line and introducing a new Walmart-exclusive toy. The Pudgy Penguins NFT has doubled in value over the past year, with prices peaking at +300% this year.
2) Twitter
Kaito:
Kaito is an AI-powered digital asset research platform aiming to revolutionize cryptocurrency research and investment through AI. Kaito’s MetaSearch allows users to search the entire crypto landscape across platforms like Twitter, Discord, governance forums, Mirror, and Medium with a single click. Beyond information aggregation, Kaito leverages AI to optimize its search engine via ranking, topic mining, personalization, recommendations, voice-to-text transcription, and AI-generated content. The project has raised $10.8 million from VCs including Superscrypt, Spartan, Dragonfly, Sequoia Capital, and Jane Street.
3) Google Search & Regions
Global overview:
(1) Notcoin, TON: Already explained in yesterday’s report.
(2) Trump, Biden: With the U.S. election approaching, numerous meme tokens themed around "Trump" and "Biden" have emerged on blockchains. In 2023, Trump issued NFTs featuring his likeness, and recently expressed support for cryptocurrencies during campaign speeches, leading to repeated speculation around his namesake meme token, humorously dubbed “Politifi” on social media.
Regional search trends:
(1) Asia: Lacking notable hotspots, no widespread regional search patterns were observed.
(2) Europe and the U.S.: Attention has returned to mainstream memes, with SHIB appearing in trending searches in Spain, Italy, and the UK; PEPE, FLOKI, and DOGE also featured in multiple Western countries.
(3) Russian-speaking regions: BLUM appeared in trending searches in Russia and Ukraine. Blum is a hybrid exchange (“CeDeFi concept”) offering access to both CEX and DEX tokens on one platform, supporting multiple chains and features such as AI navigation, P2P trading, and derivatives trading.
IV. Potential Airdrop Opportunities
GM Network (A zero-cost DePIN + AI Layer2 project)
GM Network is a modular L2 focused strategically on building a closed-loop ecosystem through the integration of DePIN and AI, creating a comprehensive chain + ID + app system.
Its developer, GM Labs, has raised $8 million from VCs including Hash Global, DHVC, Matrix Partners, NGC, Mask Network, SevenX, and Znoff. The project’s founder, Chess, is also the founder of QuestN.
How to participate: GM Launchpad (launchpad.gmnetwork.ai) is currently running MISSION SEASON 1. Create your own AI character, complete social media tasks and daily check-ins to earn points—all without spending any gas or fees. To earn more points, users can purchase the project’s NFT—CyberV.
DFlow (Deposit-based project update)
DFlow is a decentralized order flow marketplace designed to support order flows from various L1 chains and Rollups. It has raised $7.5 million from well-known institutions including Framework, Coinbase, Wintermute, and Multicoin.
As previously noted, DFlow is a relatively simple deposit-to-earn-points project. Update: A few days ago, DFlow tweeted “DFlow is coming to you on May 28th,” which may refer to a major product update—but also suggests the airdrop is drawing closer. Therefore, now remains an excellent time to interact with DFlow.
How to participate: Create an account on the DFLOW website, which generates an exportable private key Solana wallet address. Deposit at least $5 worth of supported tokens (SOL, jitoSOL, USDT, USDC, etc.) into the wallet. The project awards XP points based on deposit amount and duration. Withdrawing tokens will proportionally deduct points. Additionally, inviting friends to deposit earns extra points.
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