Bitget Research: This week, the U.S. July PPI and CPI data will be released successively, posing a short-term risk of risk-off declines in the market.
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Bitget Research: This week, the U.S. July PPI and CPI data will be released successively, posing a short-term risk of risk-off declines in the market.
In the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, and they could very well be the next opportunity for wealth creation.
Navigating Web3 tides with focused insightsSummary
Over the past 24 hours, BTC price has fluctuated around $59,000, with the market in a recovery and upward adjustment phase. ETH/BTC experienced a brief pullback, presenting clear intraday trading opportunities. Specifically:
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Sectors showing strong wealth-creation potential: New-generation Layer 1 blockchains, Solana Meme coins;
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User-searched tokens & topics: SUI, Optimism;
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Potential airdrop opportunities: Symbiotic, Yescoin;
Data collection time: August 13, 2024, 04:00 (UTC+0)
1. Market Environment
Over the past 24 hours, BTC has oscillated around $59,000, with significantly narrowed intraday volatility, suggesting that the current rebound may be encountering resistance. The ETH/BTC exchange rate saw a notable rebound. Community concerns arose over Bitgo being controlled by Justin Sun, raising fears of centralization risks; this directly caused WBTC to weaken and decouple slightly from BTC. AAVE shut down its WBTC pool, while large holders sold WBTC on-chain for ETH, driving the rebound in the ETH/BTC ratio.
On the macro front, the U.S. will release July PPI and CPI data on Tuesday and Wednesday this week. PPI is expected to grow 0.2% month-on-month, while CPI is forecasted to rise 3.0% year-on-year. According to CME data, the market currently assigns 49.5% and 50.5% probabilities to a 25 or 50 basis point rate cut by the Fed in September, respectively. These upcoming PPI and CPI figures will significantly influence market expectations regarding future rate cuts, with pronounced effects on the U.S. dollar index and Treasury yields. Crypto assets may face downward pressure ahead of the data releases, and investors should remain cautious.
2. Wealth-Generating Sectors
1) Sector Movement: New-Generation Blockchains (SUI, SEI, APT)
Main reasons:
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New blockchain projects have undergone prolonged consolidation after prior declines. In the context of broader market oversold rebounds, they are regaining investor attention first;
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ETH has shown relative weakness recently, with frequent institutional selling in secondary markets. Capital is shifting toward new-generation blockchains, forming a growing consensus;
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Grayscale recently launched an investment trust for SUI, potentially attracting direct net inflows in the future.
Price performance: SUI, SEI, and APT have risen 71%, 21%, and 20% respectively over the past week.
Factors influencing future trends:
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ETH’s future trajectory: As the primary competitor to new-generation blockchains, if institutions continue dumping ETH and the ETH/BTC ratio keeps falling, market consensus may shift toward the need for the next user-scalable blockchain ecosystem, creating room for new chains to gain traction;
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Ecosystem token performance: Watch whether native ecosystem tokens follow the rally. For example, if SUI's rise drives broad gains across its ecosystem, the uptrend is likely sustainable. However, if SUI rises while ecosystem tokens fall, it could lead to a reversal in the chain’s native token price.
2) Sector to Monitor Going Forward: Solana Meme Coins (WIF, BONK, POPCAT)
Main reason:
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SOL has stabilized above the $140 mark. Trading volume on Solana-based DEXs has recently hit record highs, reflecting active capital flow and driving up ecosystem projects.
Specific tokens:
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WIF: A meme coin on the Solana ecosystem. Previously listed on Robinhood, WIF typically outperforms during SOL rallies, as top-tier Solana meme coins tend to surge faster than SOL itself;
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BONK, POPCAT: Core meme coins on Solana. Trading volumes have recently increased, indicating strong trading demand and room for further accumulation.
3. User Search Trends
1) Popular Dapp
Optimism:
Optimism developers released a roadmap aiming to build an interoperability communication layer among Layer 2 chains within its Superchain ecosystem. This layer will include a message-passing protocol, a Superchain ERC20 token standard, interoperable fault proofs, and a set of fully interoperable chains.
2) Twitter
SUI:
SUI has been highly active recently, rising 65% over the past seven days. Grayscale launched new crypto investment products for both SUI and TAO. One week ago, SUI integrated Mysticeti, a DAG-based consensus algorithm that decouples latency from throughput while maintaining extremely high transaction capacity, enhancing network performance and security. Leading lending protocols in the SUI ecosystem—NAVI Protocol and Scallop—have seen their TVL increase by +120% and +50% respectively over the past week. With SUI subsidies, USDC and USDT supply APYs on NAVI Protocol and Scallop have reached 15%-25%.
3) Google Search & Regional Trends
Globally:
SUI has already been discussed above.
Regional search trends:
(1) In Asia: High interest in the Elon Musk and Donald Trump Twitter Space event drove DOGE to top searches in Indonesia and Malaysia. In Singapore, SHIB ranked #1, followed by AI tokens OLAS and FET. "RWA Crypto" and the ONDO token trended in Hong Kong, Vietnam, the Philippines, and Singapore.
(2) In Western countries, search trends were more fragmented without clear patterns—e.g., MAGA, ORDI, SUI, VRA in France; SHIB and ONDO in Belgium; RENDER, CELO, FLOKI, PEPE in Switzerland.
(3) In CIS countries, apart from TON ecosystem keywords, Solana ecosystem LST project Sanctum and Debank also appeared in Russia’s trending searches.
4. Potential Airdrop Opportunities
Symbiotic
Symbiotic is a universal restaking project that has completed a seed round co-led by Paradigm and Cyber Fund, raising $5.8 million. Its TVL has surpassed $1 billion.
The project has launched its development network on Ethereum’s Holesky testnet and plans to deploy its mainnet later in Q3. The team noted that projects including Ethena, LayerZero, and Bolt are already exploring the platform, which features a modular, customizable design supporting any combination of tokens as restaking collateral.
How to participate: Visit the project’s official website, connect your wallet, and deposit ETH or ETH LSD assets. Currently, Symbiotic’s staking capacity is full; users can wait for the next opening of deposit slots.
Yescoin
Yescoin, a high-traffic Telegram Mini App, launched “Yes Summer” in August. The campaign will collaborate with numerous projects, exchanges, and wallets to distribute $1,000,000 in rewards: https://x.com/Yescoin_Fam/status/1818913140295581817
Currently partnering with Bitget Wallet: https://x.com/BitgetWallet/status/1821870001504317941. Users can earn future token airdrops and $100,000 in $BGB rewards by completing tasks such as opening treasure boxes, inviting friends, and learning about blockchain via Bitget Wallet.
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