Bitget Research: Major flagship projects陆续 launching tokens and draining liquidity, causing the market to continue declining
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Bitget Research: Major flagship projects陆续 launching tokens and draining liquidity, causing the market to continue declining
Over the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, and they could very well represent the next wealth-building opportunity.
Navigating Web3 tides with focused insightsAuthor: Bitget Research
Summary
Bitcoin rose initially then fell within 24 hours due to ZRO's token launch continuously draining market liquidity, ending the day nearly flat. The U.S. Commodity Futures Trading Commission (CFTC) is investigating Jump Crypto. Key highlights:
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The most wealth-generating sectors were: AI sector, TON ecosystem;
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Top user-searched tokens & topics: Particle Network, Artificial Superintelligence Alliance (ASI), Lista;
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Potential airdrop opportunities: Nifty Island, Eigenpie
Data cutoff time: June 21, 2024, 04:00 (UTC+0)
1. Market Environment
Bitcoin rose as high as approximately 1.5% to $66,300, while Ethereum gained 2% to $3,600. However, due to ZRO’s token issuance draining market liquidity, the broader market declined during early Asian trading hours. Prices ended nearly unchanged from the previous day. AI-related tokens surged 30% over the past 24 hours. Fetch.ai’s FET, SingularityNET’s AGIX, and Ocean Protocol’s OCEAN led the gains, with the sector averaging a 15% increase. This followed rising share prices of chipmaker Nvidia (NVDA), which has climbed 5% since Monday and now ranks as the world’s most valuable company by market capitalization.
According to Fortune, the U.S. Commodity Futures Trading Commission (CFTC) is investigating Jump Crypto. It remains unclear whether the CFTC is considering any charges against the firm.
2. Wealth-Generating Sectors
1) Sector Movement: AI Sector (FET, AGIX, OCEAN)
Main reasons:
As NVDA became the world’s highest-valued company by market cap, interest in AI-related companies intensified. In the crypto space, the Artificial Superintelligence Alliance announced major progress on the ASI token merger—AGIX and OCEAN will first be converted into FET starting July 1, before transitioning into ASI tokens, boosting prices of related tokens FET, AGIX, and OCEAN.
Price performance:
Over the past 24 hours, FET, AGIX, and OCEAN rose 4.2%, 2.9%, and 1.78% respectively.
Factors affecting future outlook:
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Project development: Most AI projects are currently focused on acquiring more users and increasing market share. Similar to consumer products, only platforms that attract consistent usage and build user stickiness will generate profits in the future. Therefore, teams must strengthen product development and community engagement.
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Overall AI sector valuation: As U.S. tech giants MAN (Microsoft, Apple, Nvidia) continue leveraging AI to elevate their valuations, markets are redefining how these companies are valued. Once mature institutions establish clearer valuation frameworks for such AI firms, we expect similar reassessments in the crypto AI sector, potentially triggering a valuation rebound.
2) Sector to Watch: TON Ecosystem
Main reasons:
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Pantera’s investment in TON may exceed $250 million, marking Pantera’s largest-ever investment in a cryptocurrency project.
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TON has shown strong price resilience, resisting downturns seen across other altcoins and maintaining exceptional stability.
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TON network TVL surpassed $600 million, reaching $611 million—a new all-time high. Among TON-based protocols, DeDust, the DEX protocol, saw its TVL grow 54.43% over the past week, becoming the ecosystem’s largest TVL protocol.
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The authorized issuance of USDT on the TON chain has increased to around $580 million, making TON the sixth-largest blockchain by USDT issuance, behind Tron, Ethereum, Solana, Avalanche, and Omni.
Key project list:
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TON: Native token of the Ton blockchain, already listed on exchanges including OKX and Bitget.
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FISH: Leading meme token in the Ton ecosystem.
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REDO: Dog-themed meme coin on Ton, currently the highest-trading-volume meme token in the Ton ecosystem.
3. User Search Trends
1) Popular Dapp
Particle Network
Modular blockchain Particle Network announced a $15 million Series A funding round co-led by Spartan Group and Gumi Cryptos Capital, with participation from SevenX Ventures, Morningstar Ventures, Flow Traders, HashKey Capital, and others. This brings Particle Network’s total raised capital to $25 million.
2) Twitter
Artificial Superintelligence Alliance (ASI):
Yesterday, the AI Superintelligence Alliance tweeted that the ASI token merger plan will begin on July 1. In the first phase, AGIX and OCEAN will temporarily be merged into FET, later converting into ASI. Deposits and withdrawals of AGIX and OCEAN have begun closing on exchanges, while FET deposits, withdrawals, and trading remain operational. The migration platform for converting AGIX and OCEAN to FET is now live on the SingularityDAO dApp. The exchange rate is set at 1 AGIX = 0.433350 FET and 1 OCEAN = 0.433226 FET. Ultimately, 1 FET will equal 1 ASI.
3) Google Search & Regional Trends
Globally:
Lista: The liquid staking and decentralized stablecoin protocol Lista (LISTA) previously ran the Binance Lista Megadrop starting May 30, 2024, at 08:00. On June 20, LISTA conducted its token generation event (TGE) and airdrop, giving users 30 days to claim their tokens. The official team also stated that details on the claiming process would be released prior to June 20. The token ranked highly on Twitter trends yesterday and performed well post-listing.
By region:
(1) In Asia, AI projects dominated search trends, primarily due to strong performance over the past 24 hours by AI tokens such as FET, AGIX, and OCEAN.
(2) In Western, English-speaking, and CIS regions, interests varied, with recent major airdrop projects and memecoins trending—including Monad, FLOKI, and RWA topics—showing no unified thematic trend.
4. Potential Airdrop Opportunities
EIGENPIE
Eigenpie is a restaking SubDAO offering Liquid Staking Token (LST) holders the opportunity to restake their assets and amplify earning potential. By creating dedicated liquid restaking versions for each LST accepted on its platform, Eigenpie effectively isolates risks associated with any individual LST.
The project’s TVL has just crossed the $1 billion mark. Given the high valuation of this sector, the potential airdrop rewards appear promising.
How to participate: Visit the project website and stake ETH, swETH, or other LSD assets via the protocol into EigenLayer. Alternatively, you can directly delegate your EigenLayer token voting rights to Eigenpie.
Nifty Island
Nifty Island launched its public test version back in January. It is a game styled similarly to Sandbox, incorporating creative elements from Roblox and Fortnite.
The Nifty Island airdrop campaign has already started, incentivizing community members to earn ISLAND tokens. According to official social media announcements, users will receive points based on gameplay duration, number of referrals, and ownership of relevant NFT assets in their connected wallets.
How to participate: 1) Create a game account and start building your island following the in-game guide; 2) Earn more ISLAND tokens by completing challenges or increasing island visitor traffic.
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