Bitget Research: Notcoin surges with trading volume exceeding $4.6 billion, TON ecosystem MEME tokens rally across the board
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Bitget Research: Notcoin surges with trading volume exceeding $4.6 billion, TON ecosystem MEME tokens rally across the board
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-generating opportunities.
Navigating Web3 tides with focused insightsAuthor: Bitget Research
Summary
Bitcoin's price movement over the weekend was relatively flat, mostly holding within the $67,000–$69,000 range. Meanwhile, MEME coins on the Ton blockchain collectively surged by over 50%:
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Wealth-generating sectors include: Ton ecosystem MEME coins and GameFi;
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Most searched tokens & topics: MON Protocol, Ultiverse, NOT, Monad;
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Potential airdrop opportunities: Tonstakers, MYX Finance;
Data as of: June 3, 2024, 04:00 (UTC+0)
1. Market Environment
Bitcoin’s weekend performance remained muted, with prices largely stable between $67,000 and $69,000. However, boosted by Notcoin’s rise, Ton-based MEME coins such as FISH, REDO, and ANON surged collectively by over 50%. At the same time, various risk assets began to decline, including U.S. equities. Although the Nasdaq index remains near all-time highs, it fell approximately 2% this week, while the S&P 500 dropped around 1.5%.
U.S. economic data continues to show signs of stagflation. The core PCE price index for April rose 2.8% year-on-year, in line with expectations and unchanged from the previous month. The Chicago PMI for May dropped to 35.4, below the expected 41 and April’s 37.9. Such sharp declines have only occurred during the most severe phase of the 2008–2009 global financial crisis and during the March/April 2020 pandemic lockdowns.
2. Wealth-Generating Sectors
1) Sector Movement: Ton Ecosystem MEME Coins (FISH, REDO)
Primary Reason: NOT broke above $0.029 before pulling back; it is currently trading at $0.024112, marking a new all-time high. Over the past 24 hours, NOT’s total trading volume reached $4.646 billion, ranking fourth globally—behind only Bitcoin, Ethereum, and USDT. This surge has driven broad gains across other Ton-based meme tokens.
Price Performance: FISH rose 155.13% today, while REDO gained 71.68%.
Factors Influencing Future Outlook:
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Future trading activity: Currently, one major weakness in the Ton ecosystem is its relatively low number of active traders compared to other blockchains, with trading volumes operating at a different scale. If token trading volumes continue rising under NOT’s momentum, wealth effects could become more pronounced.
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Implementation of Pantera’s support for the Ton ecosystem: Dan Morehead, founder of Pantera Capital, announced that the firm recently made its largest-ever investment into Telegram’s TON blockchain project. This has significantly increased attention toward the Ton ecosystem. Timely execution of project funding and product launches could accelerate Ton’s growth.
2) Sector Movement: GameFi (NYAN, ALICE)
Primary Reason: Ultiverse, an AI-powered game publishing platform, announced on X that its token generation event (TGE) for ULTI is imminent, allowing users to claim airdrops, and confirmed listing on OKX. This announcement reignited interest in blockchain gaming.
Price Performance: NYAN is up 61.92% this month, while ALICE has gained 60.56%.
Factors Influencing Future Outlook:
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Follow-on funding trends: Last week saw 22 funding deals—a slight decrease from the prior week—with a total amount of approximately $794.48 million and an average deal size of $28.7 million. Funding was primarily concentrated in asset management, payments, DeFi, and infrastructure. Metaverse/GameFi funding rounds increased slightly. If this upward trend continues, it will help sustain GameFi sector热度.
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Growth and expansion of gaming guilds: Over time, some blockchain gaming guilds have developed unique business models offering NFT asset rentals, skill training, and education on on-chain trading. Expanding these guild operations and user bases can boost overall GameFi activity.
3) Sector to Watch: Bitcoin Layer 2 Blockchains
Primary Reason: With Bitcoin prices stabilizing, the inscriptions and runes sectors are showing signs of recovery. BounceBit has gained over 50% in the past two weeks, and Bitcoin L2 chains are performing well amid sector rotation.
Key Tokens to Note:
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CKB: As a Bitcoin Layer2 project built on the RGB++ extension protocol, CKB has consistently adhered to its original vision in the Layer2 solutions race. It maintains architectural alignment with Bitcoin and further bridges gaps in the Bitcoin ecosystem.
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BB: BounceBit is a BTC restaking chain. BB has a maximum supply of 2.1 billion, with an initial circulating supply of 409.5 million. It is a Binance Lab-backed project, and Binance plans to list BB following the Megadrop event.
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MERL: Merlin Chain is now listed on major exchanges like OKX. As a Bitcoin network-based Layer2 solution, Merlin Chain has achieved a TVL of $3.1 billion—the highest among Bitcoin L2 projects.
3. User Search Trends
1) Popular Dapp
MON Protocol
MON Protocol (MON) is a pioneering developer and publisher of blockchain-native IPs and games. Its mission is to democratize gaming and promote community engagement through Pixelmon Games—an immersive suite of experiences that has attracted over 1 million Web3-savvy gamers and fans.
MON is the native utility token of Mon Protocol, unlocking endless possibilities within its gaming ecosystem. Serving as the primary in-game currency across all Pixelmon titles, MON facilitates in-game transactions and rewards for players and tournament participants. Additionally, MON holders benefit from decentralized IP licensing, community airdrops, and governance rights over IP and ecosystem funds.
With Mon Protocol leading the charge in blockchain-native IP and gaming innovation, Bitget has listed MON, enabling investors to trade MON tokens on its platform.
2) Twitter
Ultiverse
Ultiverse aims to build an AI-driven gaming world on Web3, connecting Web3 with immersive VR-compatible virtual worlds of AAA quality. Leveraging artificial intelligence technologies and cutting-edge DApps, Ultiverse seeks to create a diverse and inclusive user community.
To date, Ultiverse has raised over $20 million across three funding rounds, with participation from top-tier investors including Binance Labs, Sequoia Capital, Foresight Ventures, and Defiance Capital.
Ultiverse has already launched a pre-market listing on Bitget, where users can submit trades for the ULTI token ahead of its official release.
3) Google Search & Regional Trends
Global Overview:
Notcoin (NOT): Notcoin is a Telegram-based game where users earn in-game tokens by tapping on coin images—similar to the "Tap to Earn" concept. This week, NOT continued reaching new highs, with a peak gain of approximately 503% over the past seven days.
Regional Search Trends:
(1) In Asia, search interest focuses on high-trading-volume tokens and trending sectors such as Bitcoin, RWA, AI-related projects, and MEME coins. This reflects a market tendency to chase hot narratives and actively trade trending assets.
(2) In Western markets, attention centers on widely discussed blockchains and applications. Searches include Monad, ICP, TON, FTM, and SUI, indicating that English-speaking regions tend to focus more on foundational layer-1/blockchain and ecosystem-level opportunities.
4. Potential Airdrop Opportunities
Tonstakers
Tonstakers is the largest liquid staking provider in the TON ecosystem, offering users an annual yield of 3.8% for staking TON. The protocol currently holds a TVL of $240 million, suggesting a potentially high valuation.
The project has drawn attention from the Ton Foundation and currently has 68,000 stakers. It collaborates with core Ton developers, Tonkeeper, OKX, and other institutions, increasing the likelihood of future token issuance.
How to Participate: 1) Visit the project website and click “Stake Now”; 2) Connect your Ton wallet to stake.
MYX Finance
MYX Finance is a decentralized derivatives exchange operating under the MPM model, incubated by D11 Labs. It employs smart fee structures and risk hedging mechanisms to ensure protocol stability and deliver sustainable high returns.
In November 2023, MYX announced a $5 million seed round at a $50 million valuation, led by HongShan (formerly Sequoia China), with participation from Consensys, Hack VC, OKX Ventures, Foresight Ventures, Redpoint China, HashKey Capital, GSR Markets, Alti5, Leland Ventures, Cypher Capital, Bing Ventures, and Lecca Ventures.
How to Participate: Operationally, MYX functions similarly to other derivative DEXs. Users can trade or provide liquidity (LP). Currently integrated with Linea and Arbitrum, increasing activity on Linea may also position users favorably for potential future Linea airdrops.
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