Bitget Research: Meme sector sees significant pullback over weekend; LayerZero and zkSync expected to launch tokens and airdrops in June
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Bitget Research: Meme sector sees significant pullback over weekend; LayerZero and zkSync expected to launch tokens and airdrops in June
Over 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
Last week, BTC spot ETFs recorded five consecutive days of net inflows. The inflows over the past two weeks have fully offset all outflows from April. BTC rose 9% for the week, but most altcoins declined, with the market lacking clear catalysts. Over the weekend, announcements from LayerZero and zkSync sparked intense social media discussions, suggesting potential token launches in June.
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Sectors to watch: Meme sector, fan tokens sector
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User's top-searched tokens & topics: Scroll, Manta Network, BONK
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Potential airdrop opportunities: Scroll, Orbiter Finance
Data collection time: May 20, 2024, 4:00 (UTC+0)
I. Market Environment
Last week, BTC spot ETFs saw five straight days of net inflows, and the inflows over the past two weeks have erased all outflows from April. BTC rose 9% weekly, fluctuating around $67,000. CME FedWatch data shows a 91.1% probability that the Federal Reserve will hold rates steady in June and a 70.4% chance of no rate change in August. The SEC is set to make a decision on ETH spot ETFs this week. Market expectations are pessimistic, but this sentiment may already be priced in; even if rejected, ETH is unlikely to see a sharp short-term drop.
Over the weekend, the meme sector plunged sharply, and most other altcoins also underperformed, leaving the market without notable themes. LayerZero Labs released its first potential Sybil list containing 800,000 addresses, while zkSync announced it expects to "hand over governance" by the end of June—possibly signaling an imminent airdrop.
II. Wealth-Creating Sectors
1) Sector to Watch: Meme Coins
Main reasons:
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Meme coins are one of the main drivers of this market cycle. If the current correction continues, top-tier meme coins may present attractive entry points;
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Over the weekend, Wintermute acquired 2,000 SOL worth of MANEKI at a cost of $0.0098 per token, indicating increasing interest from VCs and market makers in meme coin speculation;
Specific projects:
WIF, PEPE, BOME, MEW, MANEKI, etc.
2) Sector to Watch: Fan Tokens
Main reasons:
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While many altcoins have halved in value over the past month, fan tokens have shown relative resilience, declining only about 5%;
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With Euro 2024, Copa América, and the Olympics approaching, fan tokens are gaining traction as speculative assets;
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Some fan tokens showed unusual activity recently: Tottenham Hotspur’s SPURS rose 14%逆势 on Sunday, while Galatasaray’s GAL saw trading volume surge eightfold week-on-week despite flat price action, largely driven by improved market-making on Turkish exchange Paribu;
Specific projects:
CHZ, along with fan tokens such as SANTOS, LAZIO, ARG, PSG, SPURS, etc.
III. User Search Trends
1) Popular Dapps
Scroll_l1: L1ScrollMessenger
Scroll recently launched its loyalty program, Session Zero, introducing a points system. Users who previously participated in StakeStone and Scroll’s joint cross-chain points campaign can now check their accumulated points via the Scroll points portal. DeFi interaction-based point accumulation is also expected soon. With clear participation rules now available, more users are bridging funds to Scroll to interact and earn points. Scroll points are already tradable on Whales Market, signaling a token launch may be near.
2) Twitter
Manta Network:
Manta Network’s CeDeFi product reached over $10 million TVL within 12 hours of launch. The CeDeFi offering brings institutional-grade yield strategies on-chain, allowing users to stake BTC, ETH, and stablecoins across Ethereum, BNB Chain, and Manta Pacific to earn both institutional CeFi yields and funding rate arbitrage returns. Current APYs: 5.6% for BTC and ETH, 17.5% for USDT and USDC. Additionally, users earn points toward MANTA token rewards, capped at the first $500 million in TVL. Extra point multipliers apply for participation exceeding 30 or 60 days.
3) Google Search & Regional Trends
Global trends:
BONK (BONK): BONK received significant visibility at the SKYDECK EDC music festival, generating strong on-site buzz and positive user feedback. Among major memecoins, BONK has performed particularly well. Despite the weekend-wide decline across mainstream memes, BONK has maintained a relatively stable upward trend, with its overall bullish momentum intact.
Regional search trends:
(1) Southeast Asia: Searches primarily focus on recent hot tokens including memes, RWA, and newly listed tokens:
Users in Southeast Asia show strong reactions to new crypto projects and trends. Recently, searches for Shiba Inu, RWA, AI-related tokens, and newly launched tokens like BUBBLE and NOT have surged.
(2) Europe and CIS regions: Increased searches related to GME:
Amid the recent rise of U.S. meme stocks such as GME, AMC, and FFIE, similarly named crypto tokens have attracted speculative capital. This trend is reflected in increased Google search volumes in Europe and CIS countries, where user interest in these tokens has risen noticeably.
IV. Potential Airdrop Opportunities
Scroll
Scroll recently launched its points system, signaling a final push toward token issuance. The current point-earning rules are clear: users can earn points by staking ETH, LSTs, and various stablecoins, making it a prime opportunity to capture pre-launch airdrops.
Scroll has raised $80 million in total funding, with investors including Polychain Capital, Sequoia China, Bain Capital Crypto, Moore Capital Management, Variant Fund, Newman Capital, IOSG Ventures, and Qiming Venture Partners.
How to participate: Users can connect their wallets via https://scroll.io/sessions and complete tasks outlined in Session Zero to earn points and qualify for future airdrops.
Orbiter Finance
Orbiter Finance is a decentralized cross-chain bridge offering low-cost and near-instant asset transfers, serving as key infrastructure for Ethereum Layer 2 ecosystems.
Layer 2 cross-chain protocol Orbiter Finance completed a Series A round led by OKX Ventures, with participation from Redpoint China, Hash Global, Skyland Ventures, Mask Network, Bas1s Ventures, and Zonff Partners.
How to participate: Simply visit the official Orbiter Finance website and conduct multiple cross-chain transactions across different networks to generate on-chain activity qualifying for potential airdrops.
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