Bitget Research: The blockchain gaming sector begins to rise, with flagship Rune token DOG hitting a new all-time high
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Bitget Research: The blockchain gaming sector begins to rise, with flagship Rune token DOG hitting a new all-time high
Over the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, potentially representing the next wealth-generating opportunities.
Navigating Web3 tides with focused insightsAuthor: Bitget Research
Summary
U.S. PMI data weakened, raising the possibility of an early economic downturn. The U.S. dollar index declined, and BTC briefly broke above $70,000. The overall wealth creation effect in the market remains strong, including:
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Strong wealth-generation sectors: GameFi, Meme coins, and Rune sector
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User's top-searched tokens & topics: UXLINK, GME, ALICE
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Potential airdrop opportunities: Bedrock, Nile Exchange
Data collection time: June 4, 2024, 4:00 (UTC+0)
1. Market Environment
Yesterday, BTC exited its low-volatility range with an upward breakout, briefly surpassing $70,000 before pulling back to around $69,000. The ETH/BTC exchange rate retraced to the support level of 0.054. Implied volatility for BTC and ETH stands at 52 and 65 respectively. Generally, when ETH’s implied volatility exceeds BTC’s by over 10 points, the ETH/BTC pair tends to rise. This dynamic suggests potential trading opportunities in ETH going forward.
On the macro front, weakening U.S. PMI data has heightened recession risks. The yield on the U.S. 10-year Treasury note dropped from 4.5% to around 4.4%, while the U.S. dollar index fell—short-term positive signals for the crypto market. A trading glitch at the New York Stock Exchange caused stocks such as Berkshire Hathaway to temporarily show declines of over 99%, triggering short-term risk-off sentiment among crypto traders and contributing significantly to the market’s pullback after reaching highs.
2. Wealth-Generating Sectors
1) Sector Movement: GameFi (NOT, ALICE, PORTAL)
Main reasons:
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NOT exhibited volatile price action, surging fivefold within a week from a low of $0.005, attracting significant capital inflows and attention;
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Clear sector rotation pattern: hot money inflows into ALICE were evident in derivatives data, with substantial accumulation by major players;
Price performance: NOT up over 80% in 3 days, ALICE up over 60% in 3 days, PORTAL up over 20% in 3 days;
Factors affecting future outlook:
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Technical indicators: In a bull market, each pullback after an uptrend presents a buying opportunity. Consider investing when key tokens retreat to the lower Bollinger Band and sell upon breaking above the upper band. This strategy typically offers lower risk and higher returns compared to simple spot holding;
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Open interest changes: ALICE saw notable derivative activity yesterday, with open interest rising sharply. Net buy volume reached $5 million worth of tokens, equivalent to ~$10 million net inflow by major players, driving prices higher. Long/short ratio below 1 confirms institutional participation. Monitor ongoing open interest trends, particularly whether net long positions continue increasing;
2) Sector Movement: Meme Coins (PEOPLE, LADYS)
Main reasons:
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With the quadrennial U.S. election approaching, PEOPLE and LADYS are currently the most election-related tokens supported on major CEXs, drawing high community attention;
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Institutional involvement: DWF announced a $5 million investment in LADYS, boosting related asset interest;
Price performance: PEOPLE up over 40% in 7 days, LADYS up 11% in 7 days;
Factors affecting future outlook:
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U.S. election developments: Monitor how election progress impacts this sector. Positive news could trigger immediate rallies in PEOPLE and LADYS;
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Major player movements: Track institutional inflows via derivatives data and primary market intelligence. A sudden sharp increase in open interest is a core indicator of major player engagement—continue monitoring derivative metrics closely;
3) Sector to Watch: Rune Ecosystem
Main reason: BTC’s short-term breakout above $70,000 signals a revival in the BTC ecosystem. As a new asset class, BTC Runes offer speculative potential;
Specific token list:
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DOG: Project created by Leonidas, a well-known KOL and builder at ord.io, featuring a strong, active community with high purchasing power;
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RUNECOIN: Distributed airdrops to users during initial launch despite high transaction fees, indicating ample funding. Previously partnered with 9GAG and MEMELand on staking campaigns, demonstrating solid tokenomics expertise;
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SATOSHI•NAKAMOTO: On-chain热度 increasing rapidly—yesterday’s trading volume hit $10 million, with over 18,000 holders. Strong community foundation and rising popularity;
3. Top User Searches
1) Popular Dapp
UXLink:
UXLINK announced on X the completion of the first-season community airdrop NFT snapshot, covering over 1.5 million unique addresses. According to DappRadar and TON blockchain data, the number of unique holders of UXLINK’s on-chain NFT ($UXLINK token claim voucher) reached 1.5 million—comparable to the current number of $NOT holders and far exceeding NOTCOIN’s 220,000 pre-listing holder count. Additionally, UXLINK has consistently ranked #1 in Unique Active Users among Arbitrum-based Dapps for multiple consecutive days.
2) Twitter
GME:
Roaring Kitty, known as the "king of retail investors," posted a position screenshot on Reddit showing holdings in GME stock and GME call options expiring on June 21, 2024. He also shared an “UNO Reverse Card” image on Twitter, sparking widespread speculation. As a result, GME and related tokens like KITTY surged sharply.
3) Google Search & Regional Trends
Globally:
ALICE: MyNeighborAlice (ALICE), a GameFi project, rose sharply yesterday, lifting several mid-to-low cap legacy GameFi tokens.
OMG, WAVES, XEM: Binance will delist and halt trading for OmiseGO (OMG), Waves (WAVES), Wrapped NXM (WNXM), and NEM (XEM) on June 17, 2024.
By region:
(1) In Asia, Notcoin (NOT) dominated search trends. Additionally, Blum—a hybrid CeDeFi exchange previously popular in CIS regions—is now appearing in search trends across several Asian countries.
(2) In Western markets, interest centers on the TON ecosystem. Besides TON and NOT, Hamster Kombat—an unreleased meme coin—is trending. New memes like ZACK, CWIF, and PEW are also gaining traction across multiple European and American countries.
(3) In CIS regions, Babylon, a Bitcoin ecosystem project, ranked #1 in Russia’s daily search trends yesterday.
4. Potential Airdrop Opportunities
Bedrock
Bedrock is a multi-asset liquidity restaking protocol that began with uniETH, an institutional-grade liquid restaking token on EigenLayer. It later expanded to become the first and largest liquidity restaking protocol on the IoTeX network and plans to integrate with the Babylon mainnet, supporting liquid staked Bitcoin (uniBTC).
Bedrock’s TVL has surpassed $200 million, backed by strong investors including OKX Ventures, LongHash Ventures, and Comma3 Ventures, with participation from Waterdrip Capital, Lbank Labs, Amber Group, ArcheFund, Whale Ground, and Fisher Yu, co-founder of Babylon.
How to participate: If you hold ETH or IOTX, stake them on Bedrock to receive uniETH or uniIOTX, earning staking rewards and eligibility for future Bedrock airdrops. If you hold wBTC, stake it to receive uniBTC and earn staking rewards plus future airdrops from both Babylon and Bedrock.
Nile Exchange
Nile is a concentrated liquidity DEX on Linea that combines incentives with concentrated liquidity to achieve high capital efficiency. As a sister protocol to RAMSES on Arbitrum, NILE inherits the proprietary ve(3,3) concentrated liquidity mechanism. Nile Exchange is one of the eligible protocols in Linea’s The Surge campaign—providing liquidity to Nile also earns participants Linea Experience Points (LXP-L).
How to participate: On the Linea mainnet, deposit LP positions for weETH/ETH, wrsETH/ETH, ezETH/ETH, or USDC/USDT into Nile to earn high APY and accumulate multiple reward points.
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