Bitget Research: ETH/BTC exchange rate hits a new three-year low, Solana Meme tokens rebound after decline
TechFlow Selected TechFlow Selected
Bitget Research: ETH/BTC exchange rate hits a new three-year low, Solana Meme tokens rebound after decline
In the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, and they could very likely represent the next wealth-building opportunities.
Navigating Web3 tides with focused insightsAuthor: Bitget Research
Summary
Yesterday, Coinbase's stock price dropped nearly 8% to $202.49, and the ETH/BTC trading pair continued to decline. Compared to BTC, ETH is relatively undervalued, suggesting significant upside potential:
-
High-potential wealth-generating sectors include: next-generation popular MEMEs, new public chain sector, and AI sector;
-
User’s most searched tokens & topics: Supra, Humanity Protocol
-
Potential airdrop opportunities: Metacene, Kiloex
Data collection time: May 17, 2024, 4:00 (UTC+0)
1. Market Environment
Yesterday, Coinbase's stock price fell nearly 8% to $202.49. This followed a Financial Times report indicating that the Chicago Mercantile Exchange (CME) might soon offer spot Bitcoin trading due to strong client interest. Meanwhile, the ETH/BTC exchange rate continued to drop, currently at 0.045028—a three-year low—suggesting ETH remains relatively undervalued compared to BTC with considerable room for future appreciation.
In the crypto market, according to Farside data, U.S. Bitcoin ETFs saw net inflows of $163 million yesterday (May 16). FBTC led the inflow with $67 million. The Crypto Fear & Greed Index reached 74 (up from 70 yesterday), indicating sustained market sentiment recovery.
2. Wealth-Generating Sectors
1) Sector Movement: Next-Generation Popular MEMEs (MICHI, MINI, MANEKI)
Main reason: A recent wave of Meme Season has brought forth a new generation of popular meme coins that rebounded strongly after sharp declines. During market downturns, whale wallets and smart money accumulated heavily, fueling robust rebounds. After distributing airdrops to Solana Saga phone holders, MANEKI’s price continued rising.
Price performance over the past 24 hours: MICHI up 21.78%, MINI up 56.64%, MANEKI up 27.62%.
Factors affecting future trends:
-
Next-gen popular MEMEs are characterized by strong whale control and high market attention. Whales behind MANEKI and MICHI have accumulated sufficient holdings during periods of high volatility. These well-positioned whales have strong incentives to pump assets already attracting massive market attention. Market enthusiasm for the broader Meme sector and timing of whale-driven pumps will be key to profitability in this space.
2) Sector to Watch: New Public Chain Sector
Main reason: SEI announced a three-phase rollout plan for its v2 upgrade, aiming to launch the first highly scalable parallelized EVM. According to the official SEI blog, the upgrade will proceed through governance, alpha release, and v2 readiness phases. High-performance blockchains have drawn market attention, with visible buying pressure driving prices upward. Today, SEI rose 3.72%, SUI rose 5.9%.
Specific project list:
-
SUI: Sui is a permissionless, PoS-based Layer 1 blockchain designed for instant settlement and high throughput. With horizontal scalability, Sui supports large-scale application development at ultra-fast speeds and minimal cost. Sui completed its unlock on May 3 with no significant bearish catalysts recently.
-
SEI: Sei is a first-layer blockchain optimized for digital asset trading and fully open-source general-purpose chain. SEI plans a phased v2 upgrade to deploy the first highly scalable parallelized EVM.
3) Sector to Watch: AI Sector
Main reason: Recent positive developments in AI from major tech firms have driven both U.S. AI stocks and crypto AI tokens, making this sector worth watching:
-
OpenAI launched GPT-4o, its flagship AI model capable of real-time audio, visual, and text reasoning. In February, OpenAI introduced Sora, a text-to-video model, which boosted valuations across the sector. The launch of GPT-4o reinforces reasons to keep an eye on AI-related projects.
-
According to Cointelegraph, tech giant Microsoft is closely monitoring the crypto industry, particularly how blockchain technology and artificial intelligence could one day support each other.
Specific token list:
-
TAO: Bittensor is an open-source protocol supporting a blockchain-based machine learning network. Machine learning models train collaboratively and are rewarded in TAO based on the informational value they contribute to the collective.
-
NEAR: Recently, many AI projects within the NEAR ecosystem are in build or fundraising stages, positioning NEAR as a potential future AI Hub.
3. User Search Trends
1) Popular Dapp
Supra:
Supra aims to provide comprehensive cross-chain oracle services for developer communities. In September 2023, oracle and VRF service provider Supra announced it had raised over $24 million, with participation from Animoca Brands. Yesterday, Supra integrated ApeChain, becoming the first provider to deploy oracle price feeds and verifiable randomness (dVRF) protocols on Arbitrum L3. Supra’s innovative L1-secured oracle and dVRF services will support real-time data and fair randomness for GameFi, DeFi, and other decentralized applications on ApeChain, enhancing their performance and trustworthiness. No token has been launched yet.
2) Twitter
Humanity Protocol:
Palm-scan ID project Humanity Protocol announced a $30 million Series A funding round at a $1 billion valuation, led by Kingsway Capital, with participation from Animoca Brands, Blockchain.com, and Shima Capital. Founder Terence Kwok stated the company also raised approximately $1.5 million from influential figures in the crypto space. Kwok said the startup plans to launch its testnet in Q2, with around 500,000 people on the waitlist. Upon launch, it will first release an app using smartphone cameras to scan palm prints for identity verification. The project also plans to issue an unnamed cryptocurrency token usable for validation fees. The latest two funding rounds were conducted via Simple Agreements for Future Tokens (SAFT).
3) Google Search & Regional Trends
Globally:
Fantom (FTM): Fantom recently completed its Sonic upgrade, showing strong price momentum and high community engagement. It is currently up 11.8%. Fantom Opera includes new clients, validator nodes, a virtual machine (FVM), the Carmen database, and an optimized Lachesis consensus mechanism, significantly improving execution efficiency. Its main selling point is superior speed and performance compared to existing EVMs. If performance matches claims, it could challenge the narrative of competing parallel EVMs and capture greater valuation.
Regional search trends:
(1) CIS region’s top search focus yesterday was NOTCOIN:
Notcoin (NOT): Notcoin is a Telegram-based game where users earn in-game tokens by tapping coin images—similar to the “Tap to Earn” concept. Before its token generation event (TGE), “vouchers” represented Notcoin currency, redeemable for $NOT post-TGE. It has now listed on major exchanges including OKX, Bybit, Bitget, and Kucoin. Additionally, Notcoin has distributed over 80 billion NOT tokens via airdrop on TON.
(2) Asia showed little regional heat, with no clear search trend patterns observed.
(3) Western attention has returned to mainstream memes: SHIBA appeared in Switzerland’s trending searches; PEPE surfaced in multiple European and American countries’ trending lists.
4. Potential Airdrop Opportunities
Metacene (multi-million dollar funding, high potential return)
MetaCene is a socialfi mini-game similar to xpet. The team and investors are impressive. Alan Taam, MetaCene’s founder and CEO, has over 20 years of experience in the gaming industry and previously served as Managing Director and President at Shanda Games. Chief Product Officer Cary Chen also brings over 20 years of gaming expertise, having led development of multiple MMO games with millions of monthly active users and cumulative revenues exceeding $1 billion. The team is highly seasoned.
The project has raised $10 million, led by Folius Ventures, with participation from Animoca Ventures, IGG, and others. Early participants may receive whitelist access and token rewards.
How to participate: 1) Download the Chrome extension: xMetaCene; 2) Log in via X. Enter referral code, complete simple tasks such as following, retweeting, liking, binding email, and connecting wallet; 3) Use crystals to upgrade your miner, generate more crystals, play battle mode, defeat bosses, and share boss treasure chest rewards to earn star honor points.
Kiloex
A derivatives DEX backed by Binance Labs, Foresight Ventures, 7upDAO, and others. Currently supports opBNB, Manta, and BNB chains. Users can earn points through derivative trading, depositing USDT to convert into kUSDT for yield farming, or depositing STONE.
How to participate: 1) Trade on the derivatives market—users can open long and short positions on the same asset to hedge losses. Every $1,000 traded earns 35 points; 2) It is recommended to trade on opBNB or Manta chains, which have lower fees than BNB chain; 3) For yield farming, note that kUSD carries a premium—redemption losses may occur if kUSD price drops, so participation should be carefully evaluated.
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
