Bitget Research: Crypto market rebounds across the board; Blast to determine airdrop on June 26
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Bitget Research: Crypto market rebounds across the board; Blast to determine airdrop on June 26
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 insightsAuthor: Bitget Research
Summary
Yesterday, the U.S. released April CPI data exceeding expectations, which was widely interpreted as positive news, leading to a broad rally across the crypto market:
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High-wealth-generation sectors: Major cryptocurrencies, TON ecosystem, MEME tokens;
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User's top-searched tokens & topics: PIXELS, Sonne Finance, GME
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Potential airdrop opportunities: Tonstakers, Bemo
Data collection time: May 16, 2024, 04:00 (UTC+0)
1. Market Environment
Yesterday, the release of the U.S. April CPI data met expectations and showed signs of a turning point, widely interpreted by the market as positive. Traders generally bet on two rate cuts within 2024, increasing market activity, with major cryptocurrencies posting daily gains of around 10%.
Regarding BTC ETFs, total inflows reached $303 million yesterday, reflecting capital markets' optimistic outlook toward multiple Fed rate cuts this year. Moreover, recent disclosures of BTC ETF holdings from various institutions show an increasing number of pension funds, leading asset managers, and banks allocating to BTC ETFs. As these institutions typically build positions gradually, the purchasing power behind BTC ETFs is expected to keep growing.
In the crypto industry, Blast has confirmed its token airdrop for June 26. Additionally, several major projects have recently finalized their tokenomics and are preparing for imminent airdrops or TGEs, including LayerZero, Orbiter, and Debank.
2. Wealth-Generating Sectors
1) Sector Movement: Major Cryptocurrencies (BTC, ETH, SOL)
Main reason: The core driver behind the collective rebound in major cryptocurrencies was the stabilization of CPI data, widely interpreted as inflation being under control. Markets now generally anticipate two potential Fed rate cuts this year. Both traditional capital markets and risk assets surged, with Nasdaq, Dow Jones, and S&P 500 all hitting record highs. Leading crypto assets BTC, ETH, and SOL also reversed their previous two-week downtrend.
Price performance: BTC rose 7.6% over the past 24 hours, ETH gained 5.5%, and SOL surged 13.75%;
Factors affecting future outlook:
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Further macro-level tailwinds: The price movements of major crypto assets like BTC are now closely correlated with U.S. dollar liquidity. As the Fed gradually injects more liquidity into the market, crypto assets are likely to continue rising. However, investors should remain vigilant about how the Fed manages market expectations and stay aligned with policy developments;
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ETF approvals and ecosystem growth: For ETH, whether ETF approval materializes will be crucial in determining if it can sustain a bullish trend. For SOL, continued ecosystem expansion and broader market adoption will be key drivers for further upside.
2) Sector to Watch: TON Ecosystem
Main reason: The TON ecosystem has seen rapid TVL growth, currently reaching $508 million. Following historical patterns of blockchain development, foundational infrastructure projects such as liquid staking, swap platforms, and lending protocols have already emerged on TON and are beginning to exhibit leader concentration effects. Investors participating in these projects can earn high early APRs while also gaining eligibility for potential airdrops.
List of specific projects:
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Tonstakers: The largest liquid staking provider in the TON ecosystem. Users can stake TON to earn ~3.8% APY. The project has not yet launched a token but has strong airdrop potential;
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STON.fi: Currently the largest DEX on TON. Some liquidity pools receive support from the TON Foundation. Users providing liquidity may earn rewards. The project has not issued a token yet and holds airdrop potential;
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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, offering potential airdrop eligibility.
3) Sector to Watch: MEME Tokens
Main reason: RoaringKitty’s return has reignited retail investor enthusiasm in the U.S. His influence among retail traders is evident—after his comeback tweet, stocks like GME and AMC surged. This sentiment is spilling over into crypto. Recently, WSB communities have also increased engagement with the crypto space, raising the likelihood that certain meme assets could become speculative targets.
List of specific tokens:
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PEPE: PEPE best aligns with the American retail trader community. Its narrative is easy to spread, and it remains highly active in trading, prone to sharp price swings;
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PEOPLE: Although the project team has largely abandoned the project, PEOPLE retains significant speculative momentum. Its recent surge was primarily driven by a short squeeze;
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FLOKI: As a veteran meme coin, FLOKI has seen increased activity lately and warrants attention.
3. User Search Trends
1) Popular Dapps
PIXELS (Dapp): Pixels is a social-casual Web3 game built on the Ronin network, featuring an open-world environment with exploration, farming, and creation elements. According to DappRadar, Pixels has achieved 740,000 unique active wallets (UAW), indicating substantial user adoption. A key feature of Pixels is its integration of play-to-earn (P2E) mechanics with farmland NFTs, aiming to create a comprehensive gaming economy powered by the PIXEL token, tightly linking in-game currency use with gameplay, making it popular among players.
2) Twitter
Sonne Finance (Dapp): A decentralized, non-custodial liquidity management protocol deployed on Optimism and Base blockchains. Yesterday, it was reported that Sonne Finance suffered a hacker attack resulting in a $20 million loss. The attacker used a flash loan to borrow VELO tokens, transferred them to the soVELO contract, created new contracts, and repeatedly borrowed tokens from Sonne Finance until draining its funds. This highlights the high risks associated with DeFi protocols and underscores the need for users to carefully manage interaction risks with on-chain projects.
3) Google Search & Regions
Globally:
GME (Shares, Token): The return of well-known Wall Street trader Keith Gill triggered a sharp rise in GME (GameStop) stock, pushing its price from $17.46 to $64, causing four circuit breakers due to volatility. Prices began correcting sharply yesterday, dropping 20% in a single day, attracting significant market attention. This surge in GME directly fueled momentum in crypto meme coins. Bitget has listed GME, and trading opportunities can be monitored.
By regional search trends:
(1) English-speaking regions focused mainly on GME, AMC, and PEPE:
GME, AMC, PEPE (Token): These tokens have shown unusual activity recently on secondary markets and DEXs. Meme coin rallies tend to be sudden and unpredictable, usually driven by spot trading. Traders should monitor technical indicators for entry, take-profit, and stop-loss points. Participation is risky; intraday trading is recommended.
(2) Africa, Asia, and other regions focused on overall market trends:
BTC (Token): Yesterday, the U.S. Department of Labor released April CPI data showing a 3.4% year-on-year increase and core CPI up 3.6% YoY, in line with expectations. Compared to last month, CPI growth slightly decelerated, interpreted by the market as peaking and starting to decline. The U.S. Dollar Index and Treasury yields dropped significantly, while BTC surged $5,000 in one day, capturing attention from users in Africa, Asia, and beyond.
4. Potential Airdrop Opportunities
[Tonstakers]
Tonstakers is the largest liquid staking service provider in the TON ecosystem, allowing users to stake TON and earn approximately 3.8% APY. The project currently has a TVL of $240 million, suggesting high valuation potential.
The project has received attention from the Ton Foundation and currently has 68,000 stakers. It collaborates with core Ton developers, Tonkeeper, OKX, and other institutions, strengthening prospects for future token issuance.
How to participate: 1) Visit the official website and click "Stake Now"; 2) Connect your Ton wallet to begin staking.
[Bemo]
Bemo is the second-largest liquid staking service provider in the TON ecosystem, offering users approximately 3.9% APY for staking TON. With a current TVL of $60 million, it is an early-stage project in the Ton ecosystem with significant growth potential.
The project’s official website hosts airdrop campaigns—users who stake via the app receive xtXP rewards, redeemable for the future $BMO token.
How to participate: 1) Visit the official website and click "Stake Now"; 2) Connect your Ton wallet to begin staking.
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