Bitget Research: LUNA surges briefly due to settlement with SEC, while BTC inscription ecosystem sees broad gains
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Bitget Research: LUNA surges briefly due to settlement with SEC, while BTC inscription ecosystem sees broad gains
Over the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, potentially representing the next wealth-building opportunities.
Navigating Web3 tides with focused insightsAuthor: Bitget Research
Summary
Bitcoin (BTC) held steady around $68,000 in early trading, while altcoins experienced broad declines:
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Wealth-generating sectors: Ordinals sector, AI sector;
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User's most searched tokens & topics: Babylon, PayPal (PYUSD), Notcoin (NOT);
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Potential airdrop opportunities: Sofamon, Lava Network;
Data as of: May 31, 2024, 04:00 (UTC+0)
I. Market Environment
Bitcoin (BTC) remained around $68,000 in early trading, while altcoins broadly declined. BTC prices were slightly below $68,400, remaining largely unchanged over the past 24 hours. Bitcoin’s resilience has driven a general uptick in the ordinals ecosystem. Ethereum’s price has retreated from Monday’s two-month high of $3,973 to $3,730. According to data provider Glassnode, the bearish/bullish open interest ratio for Ether on Deribit rose to 0.61—the highest level in a year—indicating that bullish sentiment still prevails in the market.
On specific projects, Terraform Labs and its CEO Do Kwon have reached a preliminary “in-principle” settlement with the SEC regarding the fraud case, though negotiations are not yet fully concluded. LUNA briefly surged following the positive news.
II. Wealth-Generating Sectors
1) Sector Movement: Ordinals (ORDI, SATS)
Main reason: UniSat announced an airdrop of "pizza" inscriptions to eligible users' wallets to celebrate Bitcoin Pizza Day, sparking strong interest across the ordinals ecosystem. Projects like ORDI and SATS saw inflows of capital and began rising.
Price performance: ORDI up 15.13% today; SATS up 8.15%;
Factors affecting future outlook:
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Updates from BTC core developers like Casey and related project teams: Monitor announcements on Twitter, Telegram, or Discord. Given the high likelihood of positive developments within the BTC ecosystem, timely tracking is crucial. The new asset protocol Runes, as an emerging track, could spark heated speculation on ecosystem assets;
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Progress of Atomicals’ AVM rollout: Atomicals Protocol released the whitepaper for the Atomicals Virtual Machine (AVM). Software deployment will be phased, starting with the interpreter, followed by modifications to indexer nodes. Each major subsequent milestone could trigger renewed market momentum.
2) Sector Movement: AI Sector (TAO, FET)
Main reason: Decentralized AI entities Fetch.ai, SingularityNET, and Ocean Protocol announced plans to complete the merger into the Artificial Superintelligence Alliance (ASI) before June 2024. The consolidation of these three leading AI projects’ assets is expected to drive valuations to new highs.
Price performance: TAO up 11.8% this month; FET up 8.4%;
Factors affecting future outlook:
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Tech giants’ support for AI: According to Cointelegraph, tech giant Microsoft is closely watching the crypto industry, including ways blockchain technology and artificial intelligence might one day complement each other;
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AI project development: As a product of big data, AI requires vast datasets for training. Future progress depends heavily on partnerships and user adoption.
3) Sector to Watch: Ethereum Ecosystem
Main reason: The bearish/bullish open interest ratio for ETH on Deribit rose to 0.61, the highest in a year, indicating persistent bullish sentiment in the market;
List of key tokens:
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UNI: The first DeFi swap project on blockchains. Uniswap generated $2.802 million in fees over the past 24 hours and averaged $3.74 million per day over the last seven days, demonstrating strong revenue;
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LDO: A leading LSD project in the ETH ecosystem with a TVL of $3.58 billion but a market cap of less than $210 million, suggesting it remains relatively undervalued;
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PENDLE: Project TVL continues to rise, now reaching $6.1 billion. Rising stablecoin market caps and high interest in the restaking sector are increasing demand for PENDLE’s services during the bull market;
III. User Search Trends
1) Popular Dapp
Babylon
Yesterday, Bitcoin staking protocol Babylon raised $70 million in funding, led by Paradigm, with participation from Polychain Capital and Bullish’s venture arm. Babylon previously raised $18 million in a Series A round in December 2023 and $8.8 million in a seed round in 2022. Built on the Cosmos SDK as a Layer 1 blockchain, Babylon introduces native Bitcoin staking for the first time, enabling users to participate directly in Bitcoin staking. It also launched a testnet based on BTC Signet, offering users a trustless experience for native Bitcoin staking. Participants receive a Pioneer Pass NFT; due to limited supply and a short claim window, user engagement is currently high.
2) Twitter
PayPal (PYUSD)
Payment giant PayPal’s stablecoin PYUSD is launching on Solana. Beyond cost and speed advantages, PYUSD on Solana gains new capabilities impossible on Ethereum. For example, it uses the chain’s “Token Extensions” standard to enable more private transfers for merchants. This is one of several compliance and programmability features of PYUSD.
3) Google Search & Regions
Globally:
(1) Notcoin (NOT): Notcoin is a Telegram-based game where users earn in-game tokens by tapping on coin images—a concept similar to “Tap to Earn.” NOT has consistently hit new highs this week, rising 83.5% over the past 14 days.
(2) Trump, Biden: With the U.S. election approaching, numerous meme coins themed around “Trump” and “Biden” have emerged on the blockchain. In 2023, Trump issued NFTs featuring his likeness, and recently expressed support for cryptocurrencies during campaign rallies, fueling repeated speculation around his namesake meme coin, humorously dubbed “Politifi” on social media.
By regional search trends:
(1) Asia: Limited hotspots observed, with no consistent search trend patterns identified across regions.
(2) Europe and North America: Attention has returned to mainstream memes. SHIB appeared in trending searches in Spain, Italy, and the UK; PEPE, FLOKI, DOGE, and others also featured prominently in multiple Western countries.
(3) Russian-speaking regions: BLUM trended in Russia and Ukraine. Blum is a hybrid exchange (“CeDeFi concept”) allowing access to both CEX and DEX tokens on a single platform, supporting multiple chains and offering features such as AI navigation, P2P trading, and derivatives trading.
IV. Potential Airdrop Opportunities
Sofamon
Sofamon is a project built on the Base network, currently operating a Telegram-based personal sticker marketplace where users can manage sticker packs, invite friends, and access Sofamon’s private group chats.
Web3 social project Sofamon has completed a seed round, backed by Polychain Capital, Seed Club Ventures, Inception Capital, and others. 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 haven’t been announced, given Sofamon’s growing popularity on social media and within the crypto community, an airdrop is likely. Investors can purchase Sofamon’s NFT sticker series to position themselves for potential rewards.
Lava Network
Lava Network is hailed as the “Celestia of 2024,” gaining rapid visibility due to its large seed funding and elite investor lineup. It raised $15 million in a seed round in February, co-led by Jump Capital, Hashkey Capital, and Tribe Capital, with participation from North Island Ventures, Dispersion Capital, Alliance DAO, Finality Capital Partners, and executives from blockchain projects including Celestia, Cosmos, StarkWare, and Filecoin.
Lava Network is currently on testnet and plans to launch its mainnet in the first half of this year. Ahead of mainnet, Lava introduced the Magma Points rewards program, allowing users to earn points by switching their RPC connections to Lava.
How to participate: 1) Visit the official website, connect your wallet, join Discord, and follow X (Twitter). 2) Update your wallet’s RPC settings via MetaMask network configuration, replacing your current RPC with one provided by Lava.
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