Bitget Research: zkSync plans to launch token airdrop in mid-June, PEPE hits new all-time high
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Bitget Research: zkSync plans to launch token airdrop in mid-June, PEPE hits new all-time high
In the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, which could very likely be the next wealth-generating opportunities.
Navigating Web3 tides with focused insightsSummary
Optimism continued to rise yesterday, with the altcoin market boosted by positive developments in Ethereum, and PEPE reaching a new all-time high. Key highlights:
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Wealth-generating sectors: MEME sector, major cryptocurrency sector;
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User-searched tokens & topics: Ethereum, Retik Finance;
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Potential airdrop opportunities: Myshell, LIFI;
Data collection time: 4:00 AM, May 22, 2024 (UTC+0)
I. Market Environment
Yesterday, market sentiment remained bullish. The U.S. Securities and Exchange Commission (SEC) signaled a potential shift toward approving spot Ethereum ETFs, exciting crypto investors and driving further market gains. Altcoins benefited from Ethereum's positive momentum, with most of the top 200 cryptocurrencies by market cap rising on Tuesday. Ethereum-based assets led the rally—ENS surged 29.3%, SKALE (SKL) rose 20.4%, Metis (METIS) climbed 16%, and the meme token PEPE hit a new all-time high. Additionally, zkSync plans to launch its token generation event this week, followed by an airdrop in mid-June. Overall, the wealth effect across the market remains strong.
On the market front, spot Bitcoin ETFs saw a total net inflow of $241 million yesterday, marking six consecutive days of net inflows. The deadline for first-wave spot Ethereum ETF applications is approaching, with at least five issuers—including Fidelity, Invesco/Galaxy, Ark/21Shares, and Franklin Templeton—having submitted revised 19b-4 filings. Both the Nasdaq and S&P 500 indices reached record highs. At closing, the S&P 500, Dow Jones, and Nasdaq were up 0.25%, 0.17%, and 0.22% respectively. Overall, macro conditions remain stable, and the recent wealth effect in crypto markets is likely to persist.
II. Wealth-Generating Sectors
1) Sector Movement: MEME Sector (PEPE, FLOKI, PEOPLE)
Main drivers: Influenced by improving crypto market sentiment, broad market recovery has led to increased capital flow, spilling over into the Meme sector. If the bull trend continues, meme assets are worth monitoring, as they currently exhibit notable wealth-generation potential.
Price performance: PEPE rose 19% to a new all-time high, FLOKI gained 12% in a single day, and PEOPLE surged over 30%.
Factors influencing future trends:
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ETH price trajectory: ETH’s ecosystem DEXs maintain strong liquidity, with many tokens priced in ETH. A rising ETH price directly amplifies gains across ETH-based assets. Sustained ETH appreciation could keep core Ethereum assets in the spotlight.
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Community hype dynamics: PEPE resonates strongly with U.S. retail investors due to its cultural appeal and ease of group mobilization. It is also highly active in trading, prone to sharp volatility. PEOPLE, though largely abandoned by its team, maintains high speculative interest—its recent surge was fueled by a short squeeze. FLOKI, a veteran meme coin, has seen renewed activity lately and warrants attention.
2) Sector Movement: Major Cryptocurrencies (BTC, ETH, SOL)
Main drivers: Capital and risk markets rallied broadly, with the Nasdaq, Dow Jones, and S&P 500 all hitting new highs. Leading crypto assets BTC, ETH, and SOL rebounded strongly after two weeks of weakness.
Price performance: BTC hovered around $70,000, ETH rose 3%, and SOL broke above $180.
Factors influencing future trends:
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Macro-level catalysts: Mainstream crypto assets like BTC show a strong positive correlation with U.S. dollar liquidity. As the Federal Reserve gradually increases liquidity, crypto prices are expected to rise accordingly. However, investors should remain cautious about the Fed’s communication strategy and policy shifts.
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ETF approvals and ecosystem growth: For ETH, near-term approval of spot ETFs will be crucial in determining whether it can sustain a bullish trend. For SOL, continued ecosystem expansion and broader market adoption will be key to sustaining upward momentum.
3) Sector to Watch: Ethereum Ecosystem
Main reasons: The Ethereum ecosystem remains relatively undervalued, and the ETH-BTC exchange rate has begun to recover. With developments such as ETF decisions and SEC actions against DeFi protocols unfolding, the ETH ecosystem presents strategic investment opportunities.
Specific token list:
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UNI: The first DeFi swap project on blockchain. Last month, Uniswap received a Wells Notice from the SEC and is expected to present its defense soon, potentially creating a trading opportunity;
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LDO: A leading LSD project in the Ethereum ecosystem with a TVL of $34.5 billion but a market cap under $250 million, indicating relative undervaluation;
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OP: Base chain, built using OP Stack technology, signed a revenue-sharing agreement with the OP Foundation last year, indirectly backed by Coinbase;
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PENDLE: Project TVL has risen steadily to $5.7 billion. Rising stablecoin market caps and growing interest in the restaking sector are increasing demand for PENDLE’s services during the bull market.
III. User Search Trends
1) Popular Dapp
Whales Market: Whales Market launched whales.meme, a token issuance platform built on Solana. Users can securely launch tokens in seconds using gamified liquidity bootstrapping. Founder Dexter announced the first meme coin on the platform, GMCAT—a fully decentralized token currently airdropping to gm.ai presale participants and xWHALES holders. As the inaugural project, it may generate significant wealth effects.
2) Twitter
Ethereum: According to Barron's, SEC staff have indicated a preference for "approving spot Ethereum ETFs." Currently, five potential issuers have submitted revised 19b-4 filings for their proposed spot Ethereum ETFs via the Chicago Board Options Exchange (Cboe BZX) to the SEC. While updating the 19b-4 filing is a critical step, more work remains before final approval. Issuers must also secure approval for their S-1 registration statements before trading begins. Simultaneous approval of both 19b-4 and S-1 by May 23 is possible but unlikely. Investors may consider partial profit-taking.
3) Google Search & Regions
Global overview:
Retik Finance: Retik Finance is a decentralized finance (DeFi) project whose ecosystem includes three core components: a DeFi debit card, Retik Pay, and the Retik Wallet. After launching yesterday, it recorded over $10 million in trading volume, generating significant on-chain activity.
Regional search trends:
(1) In Asia, no clear or dominant search trends emerged yesterday.
(2) Interest in Europe, North America, and Latin America was highly diversified, covering RWA, AI, Ethereum ecosystem, and meme coins.
(3) Discussions in Africa and the Middle East were heavily focused on “crypto bubbles.”
IV. Potential Airdrop Opportunities
MyShell
MyShell is a Web3-powered AI platform enabling users to create personalized chatbots called "Shells." The platform reportedly has around 50,000 creators and over 1 million registered users, with an ecosystem including tools like OpenVoice, MeloTTS, and Alice. Given its large user base and official airdrop plan, early participation is advisable.
The project has strong funding credentials, having raised $11 million in a Pre-A round led by Dragonfly, with angel investors including Bankless Ventures, Balaji, and Ilya. Previously, it secured $5.6 million in seed funding at a $57 million valuation, with participation from INCE Capital, Hashkey Capital, and Folius Ventures.
How to participate: Register on the official website and complete daily tasks—such as creating a Telegram bot—to earn Shell points. Future airdrop rewards will be distributed based on accumulated Shell points. Season 7 of point accumulation is ongoing, and users can still join.
LI.FI
LI.FI is a multi-chain liquidity aggregation protocol that aggregates bridges and DEX aggregators across more than 20 networks—including Ethereum, Arbitrum, Optimism, Solana, Polygon, and Base—to enable asset swaps between any two chains.
Cross-chain infrastructure protocol LI.FI raised $17.5 million in a Series A round co-led by CoinFund and Superscrypt, with participation from Bloccelerate, L1 Digital, Circle, Factor, Perridon, Theta Capital, Three Point Capital, Abra, and nearly 20 angel investors.
How to participate: Visit the project website and conduct cross-chain swaps across multiple chains. Maintaining wallet activity and transaction volume increases chances of qualifying for a potential airdrop.
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