Bitget Research: Large outflows from ETHE caused ETH to briefly drop below $3,100; MUMU leads gains in Solana-based MEME tokens
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Bitget Research: Large outflows from ETHE caused ETH to briefly drop below $3,100; MUMU leads gains in Solana-based MEME tokens
In the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, which could very likely represent the next wealth-building opportunities.
Navigating Web3 tides with focused insightsAuthor: Bitget Research
Summary
Amid a stock market plunge and weakening sentiment toward risk assets including cryptocurrencies, Bitcoin dropped to $64,000 before rebounding to $67,000 in Asian morning trading. Ethereum continues to see net outflows, with the following observations:
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The relatively strong wealth-generating sectors are: Solana Meme sector, BTC Inscriptions sector;
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User trending tokens & topics: Polymarket, Solana;
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Potential airdrop opportunities: Allora Network, RedStone;
Data collection time: July 26, 2024, 4:00 (UTC+0)
I. Market Environment
In the context of a stock market crash and declining investor appetite for risk assets including cryptocurrencies, Bitcoin fell to $64,000 before rebounding to $67,000 during Asian morning trading. The rally triggered partial liquidation of short positions. According to Coinglass data, total liquidations across the market reached $34.21 million over the past four hours, with $31.47 million coming from short positions. The primary driver was sustained net inflows into Bitcoin ETFs, which provided clear buying momentum. U.S. spot Bitcoin ETFs recorded a combined net inflow of $31.4 million yesterday.
Ethereum declined more than 8% yesterday and has partially recovered, but its performance remains weaker than the broader crypto market. This followed Grayscale's Ethereum Trust ETF (ETHE) seeing outflows worth $346.2 million.
II. Wealth-Generating Sectors
1) Sector Movement: Solana Meme (MUMU, NUB)
Main reasons:
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Solana’s DEX trading volume over the past 30 days surpassed Ethereum’s mainnet for the first time, attracting users to trade meme tokens. Currently, leading meme tokens have daily trading volumes exceeding $50 million.
Price movement: MUMU and NUB rose 107.79% and 29.92%, respectively, within 24 hours;
Factors affecting future outlook:
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SOL token price trend: Within the Solana ecosystem, SOL’s price influences the value of other ecosystem tokens, as many DEX trading pairs are priced in SOL. Monitor SOL’s price closely; if it maintains an upward trend, holding Solana-based assets may remain favorable.
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Open Interest (OI) changes: SOL’s OI increased yesterday, indicating inflow of speculative capital. Use tv.coinglass to track futures data—first check the increase in net long positions; then determine whether there is a net increase in long contracts, rising OI, and expanding trading volume. If so, this suggests sustained institutional buying, supporting continued holding.
2) Sector Movement: BTC Inscriptions (ORDI, QUARK)
Main reasons:
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UniSat has adjusted inscription service fees—no fee is charged for orders with up to 20 inscriptions; fees apply starting from the 21st inscription in a single order;
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Lightning Labs announced the launch of Taproot Assets on the Lightning Network, enabling Bitcoin to support multiple asset types and enabling instant, low-cost payments.
Price movement: ORDI and QUARK逆势 rose 10.89% and 15.94% on the day, respectively;
Factors affecting future outlook:
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News developments: Monitor announcements from UniSat, KOLs, and major exchanges regarding the inscriptions space. Prompt investment may be warranted upon positive news;
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Futures data trends: Historically, ORDI has seen long-to-short ratios below 1 in futures accounts, suggesting large capital is bullish. Monitor Coinglass data continuously—should the data begin to shift, consider timely profit-taking.
III. User Trending Topics
1) Popular Dapp
Polymarket:
Decentralized prediction market platform Polymarket achieved its highest monthly trading volume in July, surpassing $275 million to date. The number of monthly traders also hit a record high of over 33,000—an increase of more than eightfold from around 4,000 in January—driven largely by popularity of election-related prediction markets. According to DefiLlama data, Polymarket’s TVL exceeded $70 million, currently standing at $73.52 million, with a 7-day increase of 47.49%. As a blockchain-based decentralized prediction market, Polymarket allows users to bet on future outcomes of various events using cryptocurrency.
2) Twitter
Solana:
According to Defillama data, Solana’s TVL reached $5.15 billion, ranking third after Ethereum and Tron, with a 7-day growth of 13.7%. Over the past 24 hours, Solana’s NFT sales neared $6 million, surpassing Ethereum to rank first. CryptoSlam data shows Solana’s NFT sales reached $5,821,706 in the last 24 hours—a 55.7% increase—while Ethereum recorded $3,666,892, down 21.53%. Bitcoin ranked third with approximately $2.902 million in sales, down 19.89%. The surge in Solana’s NFT sales was primarily driven by three collections: Retardio Cousins, Solana Monkey Business, and Mad Lads, which generated sales of approximately $1.271 million, $1.081 million, and $871,000, respectively, over the past 24 hours.
3) Google Search & Regional Trends
Global overview:
Why is down today & fear and greed index:
Yesterday, U.S. major indices dropped sharply—Tesla fell 12.33%, Nasdaq dropped 3.64%, and the VXX volatility index rose 13.55%, reflecting heightened market risk aversion, dragging down crypto assets. Although ETH ETF approval was confirmed, whale activity indicated "sell the news"—yesterday saw $100 million in net outflows from ETH ETFs, led by Grayscale. The market will need time to absorb Grayscale’s near-term selling pressure.
Regional search trends:
(1) In Asian countries, Google Trends show no distinct patterns—RWA and individual meme coins like SHIBA are focal points, while crypto data platforms Coinglass and Coinmarketcap also appear in regional searches.
(2) CIS region searches feature more meme coins such as BLUM, while Western countries show trending interest in Monad, crypto AI, and other hot emerging projects and sectors.
IV. Potential Airdrop Opportunities
Allora Network
Allora is a decentralized artificial intelligence network focused on self-improvement, aiming to provide smarter and more secure AI services for applications. By integrating cutting-edge technologies such as peer prediction, federated learning, and zero-knowledge machine learning, Allora unlocks new design possibilities for applications at the intersection of crypto and AI.
Decentralized AI network Allora raised $3 million in strategic funding, with participation from Archetype, Delphi Ventures, CMS Holdings, ID Theory, and DCF God. The round began in March and closed in early June under an equity structure. Allora’s total funding now stands at $35 million. The funds will support hiring 5 to 7 employees. In February, Upshot rebranded to Allora, transitioning from an NFT valuation platform to a decentralized AI network. Allora Network is currently on testnet, and Allora Labs is collaborating with the Allora Foundation to launch the mainnet this summer. The team has not yet confirmed plans to link points directly to a token.
How to participate: Complete any task on Galxe, add the Allora-Testnet network to your wallet, claim testnet tokens, stake them by selecting a validator, and send any amount to finalize registration.
RedStone
RedStone is a cross-chain oracle project, serving as a modular oracle for LST and LRT, providing frequent, reliable, and diverse data feeds to dApps and smart contracts across multiple L1s and L2s. The market expects the project to launch its token in the second half of 2024.
In 2022, RedStone raised $7 million in seed funding led by Lemniscap, with participation from Coinbase Ventures, Blockchain Capital, Distributed Global, Lattice, Arweave, Bering Waters, Maven11, and SevenX Ventures. In 2023, the project received angel investments from Aave’s founder and Polygon’s co-founder.
How to participate: (1) Earn RSG points by participating in on-chain activities and Galxe quests launched by RedStone and its partners. (2) Content creators can earn RSG points by producing content and engaging in designated activities on the RedStone Discord server (e.g., weekly best content or hall of fame).
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