Bitget Research: Ripple ruling boosts market sentiment, Solana sector continues to rebound
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Bitget Research: Ripple ruling boosts market sentiment, Solana sector continues to rebound
In the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, and they could very well be the next wealth-generating opportunities.
Navigating Web3 tides with focused insightsAuthor: Bitget Research
Summary
Ripple Labs Inc. was ordered to pay a $125 million fine, a ruling the company considers a victory against the U.S. Securities and Exchange Commission (SEC). MEME coins within the Solana ecosystem surged over 30% in the past 24 hours, leading gains across the crypto market as SOL recovered from earlier losses. Key highlights:
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High wealth-generation potential sectors: Solana sector, POW sector;
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User-searched tokens & topics: Ton, Solana, Ripple;
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Potential airdrop opportunities: Plume Network, GaiaNet;
Data collection time: August 8, 2024, 4:00 AM (UTC+0)
1. Market Environment
Yesterday’s market remained relatively sluggish under broader macroeconomic influences. Ripple Labs Inc. being fined $125 million was seen by the company as a win against the SEC. Following this news, the cryptocurrency market saw a modest rebound this morning.
On the ETF front, Bitcoin ETFs ended their net outflow streak with $45.1 million in net inflows yesterday, while Ethereum ETFs experienced $23.7 million in net outflows. Overall crypto assets continue to trade in a low-volatility range, with widespread concerns about further downside risks persisting.
Solana and its ecosystem project tokens stood out during this recovery phase. SOL quickly regained lost ground after the downturn, while ecosystem tokens JUP, JTO, and Solana-based MEME coins WIF and POPCAT posted significant rebounds.
2. Wealth-Generating Sectors
1) Sector Movement: Solana Sector (SOL, JUP, WIF)
Main reasons:
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SOL led the entire Solana ecosystem's recovery, rebounding first from a low of $111 to $150, driving up ecosystem tokens;
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SOL is currently trading around $154, having dropped over 30% in the past two days. However, this pullback mirrors patterns seen before the major price surge in 2021. The nearest resistance level is at $217.15; a breakout above could push SOL toward $279.76.
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In this cycle, Solana has gained strong favor among most KOLs and investors in the crypto space, primarily due to its open, inclusive ecosystem and user-friendly technology approach. As a result, SOL has outperformed ETH in this cycle, a sentiment likely to continue spreading.
Price performance: SOL, JUP, and WIF rose 10%, 10%, and 20% respectively over the past 24 hours;
Factors influencing future outlook:
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Community engagement: Meme coin operations significantly influence price trends. Monitor AMAs and Twitter content for trading targets—new announcements may offer timely entry opportunities;
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Open interest changes: SOL’s open interest rose yesterday, signaling hot money inflow. Use tv.coinglass to track futures data—first check the increase in net long positions, then see if there's a rise in net longs, increasing open interest (OI), and rising trading volume. If so, it indicates sustained buying by major players, suggesting holding remains favorable.
2) Sector to Watch: POW Sector (KAS, ALPH, SMR)
Main reason:
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Governments worldwide are gradually advancing the legalization of crypto mining—for example, Russia has introduced relevant policies, and the U.S. is actively expanding the industry. As a result, miners are exploring beyond mainstream mining assets to identify emerging POW tokens for investment. Several high-quality projects have emerged recently, showing significant increases in computing power and strong price performance.
Factors influencing future outlook:
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Mining giant developments: U.S.-listed Marathon Digital recently announced its investment in Kaspa mining, directly pushing Kaspa’s price to new highs. Investors should closely monitor moves by major mining firms to help identify quality POW opportunities.
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Hashrate performance: Sustained hashrate growth indicates continuous deployment of mining hardware and rising token mining costs, suggesting most market participants believe mining remains profitable at current levels. A surge in large-scale hashrate also signals possible involvement of mining conglomerates—a sign of institutional capital entering.
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Ecosystem development: Many POW projects now feature application ecosystems. Ecosystem growth is key to mass adoption—projects attracting sufficient developers and users will see increased token demand, enhancing the likelihood of sustained price momentum.
3. User Search Trends
1) Popular Dapp
TON Blockchain
The TON blockchain was formerly known as GRAM. GRAM launched in 2019 but delayed its token launch after the SEC issued an injunction that year. In 2021, the open-source team NEWTON resumed operations of the GRAM ecosystem, rebranding it as The Open Network and renaming the token from GRAM to TON. Binance announced the listing of TON, causing the token to surge 10% to its current level of $6.15. Bitget listed TON spot and futures early, allowing users to trade TON on the platform.
2) Twitter
Solana
Amid recent market declines, Solana’s token SOL led the rebound, stabilizing above the $150 mark and rising nearly 40% from its $110 low. The SOL/ETH exchange rate has reached a historical high. Recently, Binance announced an investment in Solayer, a restaking project in the Solana ecosystem, and Ethena has integrated with Solana. Today, Brazil’s securities regulator approved a SOL spot ETF. With a steady stream of positive news, SOL has found solid support at its recent lows.
3) Google Search & Regions
Global perspective:
Ripple (XRP)
Yesterday, a federal judge finally issued a final ruling in the Ripple case:
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The judge ruled that Ripple violated federal law through institutional sales of XRP and must pay a $125 million fine;
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Ripple’s sale of XRP via exchanges to retail investors does not violate federal law;
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The SEC is prohibited from suing Ripple again over alleged securities law violations;
Overall, the $125 million fine is far below the SEC’s initial demand of $2 billion. The outcome favors Ripple’s future development, leading to a 20% surge in XRP immediately after the verdict. XRP is now trading around $0.6 with ongoing volatility.
Regional search trends:
(1) Search trends in Asia are highly fragmented. Top trending tokens in Indonesia, the Philippines, Thailand, and Malaysia include XRP, SOL, WIF, and NEIRO, showing no common pattern.
(2) In Europe, North America, and English-speaking regions, XRP dominates searches. Additionally, AI-related projects are key focus areas in several countries including Spain, the U.S., and Germany.
(3) In Latin America, Brazil’s top searches include WIF and SOL, while Argentina sees interest in G, NEAR, and ETH.
4. Potential Airdrop Opportunities
Plume Network
Plume Network is a modular L2 network focused on the RWA sector, aiming to tokenize real-world assets and integrate them directly onto the blockchain. The project recently completed a $10 million seed round with participation from Haun Ventures, Superscrypt, Galaxy, and SV Angel.
The project recently launched its testnet, featuring initiatives such as “Earn Mile,” “Check In,” and “Passport.”
How to participate: 1) Visit the official website, click “Connect Wallet,” then enter the app; 2) Earn miles by completing tasks such as Swap, Stake, Speculate, and Check-in within the platform.
GaiaNet
GaiaNet is a decentralized network providing secure and monetizable AI agents, integrating individuals’ proprietary knowledge and skills while preserving privacy. Instead of centralized servers, GaiaNet builds a distributed network of edge computing nodes controlled by individuals and enterprises, hosting fine-tuned AI models based on each node operator’s domain-specific expertise.
In May 2024, GaiaNet raised $10 million in a seed round led by EVM Capital, Mirana Ventures, Mantle EcoFund, Lex Sokolin of Generative Ventures, and Brian Johnson of Republic Capital.
How to participate: (1) GaiaNet announced the launch of its Beta version on June 5, enabling node operation; (2) Professional developers can train AI models using proprietary data to qualify for potential airdrops; (3) Regular users can contribute idle hardware computing power to become nodes (similar to io.net) and earn airdrop eligibility. Specific node setup instructions are available in the official documentation.
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