Bitget Research: U.S. PPI Data Rises More Than Expected, GME Leads Solana Meme Wealth Effect
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Bitget Research: U.S. PPI Data Rises More Than Expected, GME Leads Solana Meme Wealth Effect
Over the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, and they could very well represent the next wealth-building opportunities.
Navigating Web3 tides with focused insightsSummary
In April, the U.S. Producer Price Index (PPI) rose 2.2% month-on-month, marking the highest increase in 12 months and exceeding expectations. The GME token on Solana surged 245% over the past 24 hours.
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High-wealth-generation sectors: MEME sector, AI sector;
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User-searched tokens & topics: UXLINK, Constitution DAO (PEOPLE);
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Potential airdrop opportunities: Karak, Lava Network;
Data collection time: May 15, 2024, 04:00 (UTC+0)
I. Market Environment
Yesterday, Bitcoin dropped below $62,000, currently trading at $61,745, with its daily gain narrowing to 0.87%. Keith Gill, known as the "King of American Retail Investors," made a comeback, triggering a surge in the Meme sector. PEPE continued breaking through, reaching a new all-time high and surpassing RNDR to rank 27th by market cap. Meanwhile, BTC ETFs saw a net inflow of $100.5 million yesterday, boosting market confidence.
On the macro front, the U.S. Bureau of Labor Statistics reported that the U.S. PPI increased 2.2% year-on-year in April—the fastest pace in 12 months and above expectations—indicating that inflationary pressures will take longer to ease, leading markets to scale back expectations for Fed rate cuts. However, Powell's comments boosted parts of the U.S. stock market; overnight, all three major indices closed higher. On the evening of May 15, the Department of Labor will release the April CPI data, providing further clues about the timing of potential Fed rate cuts. The crypto market is moving in tandem with the volatility seen in U.S. equities.
II. Wealth-Generating Sectors
1) Sector Movement: MEME Sector (FLOKI, PEPE, GME)
Main reasons:
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In this market cycle, many infrastructure projects with strong funding backgrounds have underperformed after launch. Investor interest has shifted away from "VC Coins" toward speculation in meme coins;
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Roaring Kitty, the blogger who initiated the GameStop short squeeze during the GameStop retail movement in the U.S., returned to Twitter after a three-year absence. As a result, the GME token on Solana accumulated over $100 million in on-chain trading volume within 24 hours;
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PUMP, a meme coin launch platform on the SOL chain, now generates more revenue than Uniswap, with an annualized income of $150 million. PUMP offers one-stop services for launching memes and charges a 1% fee, fueling enthusiasm for meme speculation.
Price movements: PEPE rose 24% in one day, FLOKI rose 11%, and GME surged 245%;
Factors influencing future trends:
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Whether native public chain tokens continue rising: For example, many meme coins on Solana are priced in SOL. A rise in SOL directly amplifies gains in Solana-based memes. If SOL prices continue to climb, Solana memes can likely maintain momentum;
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Crypto market sentiment: The broader market rebounded slightly yesterday, with capital beginning to flow again. This wealth effect spilled over into the Meme sector. If the overall market maintains an upward trend, meme assets remain worth watching.
2) Sector to Watch Going Forward: AI Sector
Main reason: Recently, tech giants have announced a series of positive developments related to AI, driving both the U.S. stock market’s AI segment and the crypto AI sector:
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OpenAI launched its flagship AI model GPT-4o, 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 in focus.
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On May 14, Google held its annual I/O developer conference in Mountain View, California. At the event, Google unveiled several AI-related products, including an upgraded Gemini chatbot and a new version of its search engine with generative AI capabilities.
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Anthropic's AI chatbot Claude has officially launched in Europe.
List of specific tokens:
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ARKM: Arkham is a blockchain analytics platform leveraging AI to analyze blockchain and on-chain data;
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NEAR: Recently, numerous AI projects within the NEAR ecosystem are in development or fundraising stages, positioning NEAR as a potential 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 sectors including the Solana ecosystem. Additionally, as Apple’s VR partner, RNDR holds significant market potential, and any news regarding Apple’s upcoming VR devices could trigger market excitement.
III. User Trends
1) Popular Dapp
UXLINK: Web3 social infrastructure UXLINK announced a new $5 million funding round led by SevenX Ventures, Ince Capital, and HashKey Capital. With this round, UXLINK’s total funding has surpassed $15 million. Meanwhile, UXLINK launched its first-season airdrop campaign “IN UXLINK WE TRUST” in early May, expected to reach 550,000 community contributors—over 50% of whom have already been covered. UXLINK has not yet issued a token, so users may selectively participate in its airdrop campaign.
2) Twitter
Constitution DAO (PEOPLE): After Keith Gill (Roaring Kitten), the figurehead behind the GameStop retail frenzy in the U.S., returned to the X platform after three years, meme stock mania resurfaced, driving capital into meme tokens. Additionally, Binance will list the PEOPLE/TRY spot trading pair at 16:00 (UTC+8) on May 15, 2024, bringing fresh liquidity to PEOPLE. Given the rapid price swings typical of meme coins, users are advised to proceed with caution.
3) Google Search & Regions
Globally:
Notcoin (NOT): Notcoin is a Telegram-based game where users earn in-game tokens by tapping on a coin image—similar to the “Tap to Earn” concept. Before its token generation event (TGE), Notcoin uses vouchers to represent in-game currency, redeemable for $NOT post-TGE. The project operates its own pre-market trading platform: https://getgems.io/notcoin, where data shows over 640,000 users already hold pre-TGE NOT tokens. It has been confirmed for listing on Binance Launchpool and OKX.
By regional search trends:
(1) Asia lacks notable hotspots, with no clear regional search patterns observed.
(2) Attention in Europe and the U.S. has returned to mainstream memes: FLOKI appeared in Switzerland’s trending searches; PEPE showed up in multiple Western countries.
(3) ONDO emerged as a trending search in South American and European countries. Ondo Finance is a financial protocol focused on the RWA sector, primarily engaged in tokenizing high-quality assets such as U.S. Treasuries and money market funds within regulatory frameworks, enabling investment and trading by blockchain users. Its price performance has remained relatively strong recently.
IV. Potential Airdrop Opportunities
Karak
Karak is an Ethereum Layer2 re-staking layer with multi-chain advantages. Its parent company, Andalusia Labs, is a provider of digital asset risk infrastructure, having raised $51.2 million from investors including Pantera, Lightspeed Capital, and Framework Ventures. Staking on Karak allows users to earn “staking rewards + re-staking rewards + EigenLayer points + staked LRT points + Karak XP.”
How to participate: 1) Add the Karak network (via chainlist, add Karak Mainnet); 2) Bridge assets to the Karak chain (currently supports rswETH, USDC, wETH) and stake in Karak Pools.
Lava Network
Lava Network is hailed as the Celestia of 2024, gaining rapid visibility due to its large seed round and prestigious investor lineup. In February, it completed a $15 million seed round co-led by Jump Capital, Hashkey Capital, and Tribe Capital, with participation from North Island Ventures, Dispersion Capital, Alliance DAO, Finality Capital Partners, and executives from blockchain projects such as Celestia, Cosmos, StarkWare, and Filecoin.
Lava Network is currently in testnet phase, planning to launch its mainnet in the first half of this year. Prior to mainnet launch, Lava introduced the Magma Points rewards program. Users can earn Magma Points by switching their RPC connections to Lava.
How to participate: 1) Visit the official website, connect your wallet, join Discord, and follow their X account. 2) Change your existing wallet’s RPC settings via MetaMask network configuration to use Lava-provided RPC endpoints.
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