Bitget Research: ETH ecosystem tokens continue to rise, with an altcoin season possibly emerging in the short term
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Bitget Research: ETH ecosystem tokens continue to rise, with an altcoin season possibly emerging in the short term
Over the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, which could very likely represent the next wealth-building opportunities.
Navigating Web3 tides with focused insightsAuthor: Bitget Research Institute
Summary
The ETH/BTC exchange rate rose to 0.057, reaching a new high in nearly 70 days. Meanwhile, BTC spot ETFs recorded net inflows for 10 consecutive days over the past two weeks. Top meme tokens and blue-chip DeFi projects on the ETH chain surged, with strong upward momentum across ETH ecosystem tokens, potentially signaling the arrival of an altcoin season in the short term.
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Wealth-generating sectors: Blue-chip projects within the ETH ecosystem
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User's most searched tokens & topics: Uxlink, Stargate Finance, MAGA
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Potential airdrop opportunities: Uxlink, Sofamon
Data collection time: May 27, 2024, 4:00 AM (UTC+0)
1. Market Environment
Last week, the SEC shifted its stance on spot ETH ETFs and approved the key Form 19b-4. The ETH/BTC exchange rate climbed to 0.057, marking the highest level in nearly 70 days. BTC spot ETFs also saw net inflows for ten consecutive days.
Over the weekend, leading meme tokens and top-performing blue-chip projects from the previous bull market showed strong performance on the Ethereum chain. Whales continued buying PEPE, pushing its price to new highs. ENS, LDO, and UNI rose by 70%, 50%, and 43% respectively over the past seven days. Ethereum’s strength is likely to drive passive gains in altcoins primarily priced in ETH on-chain. Combined with overflowing trader sentiment, an altcoin season may emerge amid sustained ETH appreciation.
2. Wealth-Generating Sectors
1) Sector Movement: ETH Ecosystem Blue-Chip Projects
Main reasons:
The SEC’s approval of a key document for a spot Ethereum ETF has driven ETH prices higher, triggering significant catch-up rallies in blue-chip tokens from the last bull cycle within the ETH ecosystem. High-market-cap memes like PEPE and TURBO on the ETH chain have surged to new all-time highs, while whales are making large purchases of blue-chip DeFi tokens such as LDO, UNI, and AAVE.
Price movements:
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PEPE and TURBO rose 78% and 320% respectively over the past 7 days;
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ENS, LDO, and UNI increased by 70%, 50%, and 43% respectively over the past 7 days;
Factors influencing future trends:
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Currently, it is highly likely that the spot ETH ETF will be approved and begin trading within weeks to months. Prior to and following this approval, the ETH/BTC exchange rate could continue rising, with ETH potentially reaching new highs in the coming months. Such a breakout would significantly boost the market cap of the broader altcoin market. Traders on Ethereum may increase leveraged positions and trading activity, further driving growth in blue-chip projects—especially revenue-generating blue-chip DeFi protocols—and potentially ushering in an altcoin season.
2) Sectors to Watch: Fan Token Sector
Main reasons:
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The UEFA European Championship begins on June 14, the Copa América on June 21, and the Olympics on July 26—major sporting events are approaching.
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Signs of movement in certain fan tokens: For example, the GAL/TRY trading pair surged before sharply correcting; on Paribu, a Turkish local exchange, it reached $53M in 24-hour trading volume, ranking first ahead of major tokens like BTC and PEPE.
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Binance will launch a new NFT collection featuring Cristiano Ronaldo on May 29, and promotional activities are already underway.
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Dragon8 hard fork on Chiliz Chain has been delayed but is expected to be completed soon.
Specific project list:
CHZ and top-tier Fan Tokens on Chiliz Chain and BSC, such as ARG and SANTOS.
3. User Search Trends
1) Popular Dapp
Uxlink:
UXLink is the largest Web3 social infrastructure project built on the Telegram ecosystem, having connected over 1.69 million users and secured investments from prominent firms including ZhenFund, Sequoia, and GGV. Leveraging authentic social data from Telegram communities, UXLink offers modular community management services, creating an efficient, secure, fast, and highly autonomous on-chain social product for Web3 users. Users can utilize UXLink’s community tools based on personal preferences to enable diverse commercial use cases within communities.
2) Twitter
Stargate Finance:
Stargate Finance recently announced that Stargate V2, its cross-chain bridge built on LayerZero, will go live on May 28. The Stargate community voted in favor of the Stargate V2 proposal, which introduces transaction batching and dynamic credit allocation to improve cross-chain efficiency and reduce costs. Additionally, the Stargate Foundation has initiated a governance vote on the distribution of LayerZero tokens. The proposal outlines allocating LayerZero tokens to three user groups: cross-chain bridge users, liquidity providers (LPs), and veSTG holders.
3) Google Search & Regional Trends
Globally:
MAGA: A trending meme coin on Ethereum, inspired by former U.S. President Trump’s campaign slogan "Make America Great Again." With Trump officially announcing his candidacy in the upcoming U.S. presidential election and publicly supporting cryptocurrencies, related meme coins have rapidly gained traction. MAGA recorded $58 million in trading volume over the past 24 hours and surged approximately 12x over the weekend, reflecting high热度.
By region:
(1) Europe and CIS regions show notable interest in MEME tokens:
As the crypto market rebounds strongly and PEPE continues hitting new highs, users are reinvesting in meme coins to capture higher returns. High search frequency among European users indicates active participation in the meme coin rally.
(2) Asian markets show increased attention toward BTC and ETH ETFs:
Driven by the recent approval momentum around ETH ETFs, search volumes for both ETH and BTC ETFs have risen significantly across Asia. Additionally, Ethereum-related sectors such as LSD and LRT have attracted varying degrees of interest, indicating that users are not only tracking Ethereum itself but also exploring yield-generating mechanisms like staking.
4. Potential Airdrop Opportunities
UXLINK
UXLINK is a pioneering Web3 social system designed for mass adoption, enabling users to build social assets and trade cryptocurrencies. It features a suite of highly modular Dapps—from onboarding and profile creation to group tools and socialized trading—all seamlessly integrated within Telegram.
UXLINK recently announced a funding round led by SevenX Ventures, Ince Capital, and HashKey Capital, raising $15 million in total.
How to participate: Web3 social infrastructure project UXLINK has launched the "IN UXLINK WE TRUST" NFT series as airdrop eligibility tokens. Based on users’ community contributions, on-chain interactions, and asset holdings, participants are categorized into four tiers—"MOON", "TRUST", "FRENS", and "LINK"—each offering different privileges and amounts of UXLINK token airdrops.
Sofamon
Sofamon is a project built on the Base network currently developing a personal sticker marketplace on Telegram, allowing users to manage their sticker collections, invite friends, and access private group chats hosted by Sofamon.
Web3 social project Sofamon has completed a seed funding round co-led by Polychain Capital, Seed Club Ventures, and Inception Capital. Angel investors include Nick White, COO of Celestia; 0xBeans, former Coinbase engineer; and George Lambeth, co-founder of Divergence Ventures.
How to participate: While official airdrop details have not yet been released, given Sofamon’s current visibility on social media and within the crypto community, an airdrop is highly likely. Investors can purchase Sofamon’s NFT sticker collections to position themselves for potential rewards.
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