Bitget Research: BTC falls below 63,000 as sentiment hits rock bottom, with only a few memes showing wealth effects
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Bitget Research: BTC falls below 63,000 as sentiment hits rock bottom, with only a few memes showing wealth effects
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-building opportunities.
Navigating Web3 tides with focused insightsAuthor: Bitget Research
Summary
BTC spot ETFs continue to see net outflows, BTC has dropped below $63,000, ETH chain gas fees have fallen to 1-2 gwei, altcoins are plunging, and on-chain activity along with market sentiment have hit rock bottom. TON ecosystem tokens remain relatively strong.
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The sector showing relatively strong wealth-generation potential is: TON ecosystem;
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User's most searched tokens & topics: REVOX, Linea, RWA;
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Potential airdrop opportunities: LayerN, LIFI;
Data collection time: June 24, 2024, 4:00 AM (UTC+0)
1. Market Environment
Over the past two weeks, BTC spot ETFs have consistently seen net outflows. BTC has dropped below $63,000, ETH chain gas fees have fallen to 1-2 gwei, and market sentiment has plunged to its lowest point. High-market-cap new tokens ZRO and ZK led the altcoin sell-off, dropping 30%-50% from their initial TGE prices, significantly underperforming pre-launch market expectations.
TON ecosystem tokens showed relative resilience. TON declined only 8% over the past seven days, while the TVL of two leading DEXs within the TON ecosystem—DeDust and STON.fi—rose逆势 by 12% and 3%, respectively. High-traffic Telegram Mini Apps Catizen and Hamster Kombat continue to gain massive user traction, attracting sustained market attention.
2. Wealth-Generating Sectors
1) Sector to Watch: TON Ecosystem
Main reasons:
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During the ongoing broad market decline and altcoin crash, TON and other TON-based tokens have shown relative resilience.
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The TVL of DeDust and STON.fi—the two top DEXs and highest-TVl protocols in the TON ecosystem—grew逆势 by 12% and 3%, respectively, over the past seven days.
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High-traffic Telegram Mini Apps Catizen and Hamster Kombat have seen explosive user growth, drawing significant market attention. Catizen’s on-chain user base has surpassed 1.25 million, while Hamster Kombat has exceeded 150 million users, becoming one of the few bright spots in the recent crypto market.
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Pantera Capital is raising funds for a new fund dedicated to investing in TON tokens, called the "Pantera TON Investment Opportunity," aiming to raise capital to purchase more TON tokens, with a minimum investment of $250,000 per investor.
Specific project list: TON, NOT, STON, Catizen, Hamster Kombat, etc.
3. User Search Trends
1) Popular DApps
REVOX (ReadON):
REVOX is the first Read-FI application designed for everyday users. Formerly known as the decentralized content distribution platform ReadON, REVOX aims to build a modular AI Agent network and distributed applications. It has launched an airdrop points claim campaign—users can earn points using the Web3 GPT tool at lense.revox.ai.
2) Twitter
Linea:
Linea is a high-efficiency, secure, and decentralized blockchain platform designed to provide robust infrastructure for developers and users. Utilizing advanced consensus mechanisms, it supports high-throughput transaction processing, ensuring security and reliability. Linea also supports smart contracts and cross-chain interoperability, enabling developers to build and deploy decentralized applications (DApps) and achieve seamless asset and data transfer across different blockchains. A rich set of developer tools and user-friendly documentation further lowers the development barrier, laying the foundation for ecosystem growth.
3) Google Search & Regions
Globally:
Why is crashing: Cryptocurrency tokens across the industry have broadly declined, triggering widespread global searches on why prices are falling. This is primarily due to global macroeconomic uncertainty, increased regulatory scrutiny on cryptocurrencies by various countries, market sentiment fluctuations, technical issues, and concentrated selling by large holders—all contributing to declining investor confidence and falling prices.
By regional search trends:
(1) In Asia, MEME and RWA projects dominate search trends. In this current crypto cycle, MEME coins carry the narrative of resistance against VC dominance and are widely seen as profit-making opportunities accessible to retail investors; RWA represents the institutional narrative of this cycle, with traditional finance increasingly involved and investing.
(2) In Western, English-speaking, and CIS regions, interest varies, focusing on recent major airdrop projects and Ton and its ecosystem—including Monad, FLOKI, and RWA topics topping search lists—without a unified dominant theme.
4. Potential Airdrop Opportunities
LayerN
Layer N is a high-performance rollup network designed to scale financial applications on Ethereum. It consists of ultra-high-performance, customizable modular rollups, featuring best-in-class scalability and a shared communication layer for unified liquidity.
Layer N has completed a $5 million seed round led by Founders Fund and dao5.
How to participate: Visit the project website, connect your wallet, bind social media accounts, go to http://nord.layern.com to connect your wallet and trade ETH 4–8 times. Then visit https://app.galxe.com/quest/layern/GCdcmthdaA…
Connect your wallet, complete the easiest tasks ever, and claim points.
LI.FI
LI.FI is a multi-chain liquidity aggregation protocol that aggregates bridges and DEX aggregators across more than 20 networks—including Ethereum, Arbitrum, Optimism, Solana, Polygon, and Base—to enable swaps between any two assets.
Cross-chain infrastructure protocol LI.FI has raised $17.5 million in a Series A round co-led by CoinFund and Superscrypt, with participation from Bloccelerate, L1 Digital, Circle, Factor, Perridon, Theta Capital, Three Point Capital, Abra, and nearly 20 angel investors.
How to participate: Visit the project website and perform cross-chain swaps across multiple chains. Maintaining active wallet addresses and consistent transaction volume increases the chance of receiving a potential airdrop.
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