Bitget Research: Bitget Launchpool opens deposits for Layer3, Solana ecosystem continues to demonstrate significant wealth effects
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Bitget Research: Bitget Launchpool opens deposits for Layer3, Solana ecosystem continues to demonstrate significant wealth effects
Over the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, potentially representing the next wealth-building opportunities.
Navigating Web3 tides with focused insightsAuthor: Bitget Research
Summary
Over the past 24 hours, BTC briefly dropped below $66,000 and is currently fluctuating around $66,500. As the market recovers, sectors worth positioning for recently include:
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Sectors with relatively strong wealth-generation potential: Major MEME coins, SOL, and its ecosystem;
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User-searched tokens & trending topics: Layer3, Solana, Deso;
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Potential airdrop opportunities: LayerN, Skate;
Data collection time: July 31, 2024, 4:00 AM (UTC+0)
1. Market Environment
Over the past 24 hours, BTC briefly fell below $66,000 but is now trading around $66,500. On Monday, Bitcoin's on-chain activity surged significantly compared to the weekend, indicating that the impact of Trump’s speech not only persisted but intensified over the weekend. This drove Bitcoin’s price to temporarily rise to $70,000 before U.S. stock market open. However, after the U.S. markets opened yesterday, Bitcoin’s price gradually declined, suggesting the market is digesting the implications of Trump’s remarks. Yesterday, spot Ethereum ETFs recorded a total net inflow of $33.6683 million. Meanwhile, Grayscale’s Ethereum Trust ETF (ETHE) saw a single-day net outflow of $120 million. ETH did not follow BTC’s downward movement significantly. Going forward, continued monitoring of Grayscale’s holdings is necessary. With market recovery underway, it may be prudent to prepare for potential altcoin opportunities, such as SOL and its ecosystem tokens PYTH and RAY.
On the macro front, key events this week include Wednesday’s ADP employment report, Thursday’s FOMC interest rate decision, and Friday’s unemployment data. A rate cut at the July meeting is nearly impossible—markets do not even expect one. The main focus will be whether Powell hints at a possible September rate cut during the Q&A session. Currently, most market participants believe the Fed will initiate its first rate cut in September, with CME pricing in a nearly 90% probability for a September cut.
2. Wealth-Generating Sectors
1) Sector Movement: Notable Memes (BONK, PEPE, BOME)
Main reasons:
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Blue-chip tokens like ETH and SOL are showing signs of bottoming out and rebounding;
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Increased market attention toward meme coins; BOME has recently gained significant traction in communities and Twitter trends.
Price performance: BOME briefly reached $0.0103 USDT, up 20.53% over 24 hours;
Factors influencing future outlook:
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Valuation token trends: For BONK, SOL’s price movements directly affect BONK since BONK is priced in SOL on DEXs. Monitor ETH and SOL prices closely—continued upward momentum supports holding meme assets within these ecosystems.
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Value discovery: As market attention shifts toward meme coins, BOME remains near historical lows. Despite peaking at launch, it hasn’t yet entered a second growth phase, giving it notable breakout potential.
2) Sectors to Watch: SOL and the Solana Ecosystem
Main reasons:
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SOL has shown strong price performance, rebounding 50% from its recent low over the past month. The SOL/BTC pair rose 20%, and the SOL/ETH pair increased 39% over the same period.
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On July 28, Solana’s 24-hour DEX trading volume surpassed the combined volumes of both ETH and Arbitrum. On July 24, Solana’s 30-day DEX trading volume exceeded Ethereum’s for the first time.
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The emergence of the Neiro-themed meme over the weekend boosted Solana-based meme trading volume. The two most traded Neiro tokens on Solana recorded over $550 million in 24-hour DEX volume, far exceeding their counterparts on the ETH chain.
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Solana Breakpoint 2024 will be held in Singapore on September 20–21. Unlike other projects where “prices drop at every conference,” SOL demonstrated remarkable upward momentum surrounding last year’s Breakpoint event, breaking through multiple key resistance levels from $30.
Price performance: SOL up 3% over the past 7 days;
Factors influencing future outlook:
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Development of the Solana ecosystem: Whether DEX trading volume can be sustained and if Solana meme activity continues.
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Ongoing innovation within the Solana ecosystem: Progress on features like Solana Blinks, major project updates, and announcements leading up to Solana Breakpoint 2024.
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Expectations for a Solana spot ETF: Although SOL dipped with the broader market yesterday, with ETH ETFs already launched, speculation is building about the next likely ETF candidate. However, Nate Geraci, President of The ETF Store, noted on X that even if the SEC stops classifying SOL as a security, it wouldn't necessarily increase the chances of a SOL spot ETF approval. To qualify, one of the following would still be required: a sufficiently long history of SOL futures trading on CME, a comprehensive crypto regulatory framework, or administrative changes.
3. User Search Trends
1) Popular Dapp
Layer3:
The project opened airdrop claims on July 30. Users can stake L3 to earn rewards, with a 7-day withdrawal period for unstaking. Team, VC, and advisor tokens are locked for 12 months and cannot participate in staking. Bitget Launchpool has listed Layer3 (L3), with current BGB pool APR reported at 36.02%.
2) Twitter
Solana:
Yesterday, Solana followed broader market declines. With ETH ETFs already live, market speculation is growing about the next potential ETF candidate. However, Nate Geraci, President of The ETF Store, stated on X that even if the SEC ceases to classify SOL as a security, it won’t automatically improve the odds of approving a SOL spot ETF. Meeting ETF approval requirements would still depend on factors such as a sufficiently long history of SOL futures trading on CME, a comprehensive crypto regulatory framework, or administrative reforms.
3) Google Search & Regional Trends
Global Overview:
Deso:
DeSo is a decentralized social media blockchain designed to overcome limitations of traditional platforms by fostering an open, user-centric, and censorship-resistant ecosystem. Like conventional social protocols, it links user profiles with digital content. Profiles are typically NFTs, and all published content—posts, videos, comments—is associated with core accounts either on-chain or off-chain. Currently, there are few operational updates from the project.
Regional search trends:
(1) Hotspots in Europe and North America are scattered without clear patterns. Relatively speaking, the U.S. and UK show greater interest in layer-1 blockchain projects.
(2) Asia also lacks distinct hotspots, but interest centers mainly on projects built on the ETH chain, including restaking protocols like etherfi, and RWA and meme projects such as Ondo and Pepe.
(3) Latin America shows stronger interest in memes, with Shiba Inu (SHIB), Bonk (BONK), and Floki appearing in top searches in Mexico, Brazil, and Chile, respectively.
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, modular rollups with 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, link social media accounts, go to http://nord.layern.com, connect wallet and trade ETH 4–8 times. Then visit https://app.galxe.com/quest/layern/GCdcmthdaA...
Connect wallet, complete the easiest tasks ever, earn points.
Skate
Skate aims to create a “cross-chain application layer” that breaks down DApp silos—enabling DApps to run across multiple chains with a single state. New blockchains can seamlessly connect to Skate, allowing users and developers to interact solely with Skate to instantly access various networks with unified liquidity. The project has openly announced an 8% token airdrop.
Skate was formerly the on-chain asset management protocol Range Protocol, which raised $3.75 million in a seed round last September led by HashKey Capital and Nomad Capital.
How to participate: Complete simple tasks to earn 600 Ollies points and an early-bird NFT. Connect your wallet and complete basic social media tasks like retweeting to mint an early-bird NFT with no gas fees. Referrals yield additional points.
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