Bitget Research: Bitcoin oscillates narrowly at $60,000; Solana memes rebound significantly, presenting a bottom-fishing opportunity
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Bitget Research: Bitcoin oscillates narrowly at $60,000; Solana memes rebound significantly, presenting a bottom-fishing opportunity
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 insightsSummary
BTC prices fluctuated within a narrow range over the past 24 hours. Meanwhile, U.S.-listed Ethereum ETFs have experienced outflows for five consecutive days, during which:
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The most wealth-generating sectors were: Solana Meme, DeFi;
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User-searched tokens & topics: Satlayer, Magic Eden, Popcat;
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Potential airdrop opportunities: Symbiotic, Usual;
Data cutoff time: August 23, 2024, 4:00 AM (UTC+0)
I. Market Environment
BTC prices moved in a tight range over the past 24 hours. A large number of short positions have accumulated above $62,000, making this level a key target for potential resistance-to-support reversal.
Meanwhile, U.S. Ethereum ETFs have seen outflows for five straight days—the longest such streak since their launch on July 23. According to Farside Investors, except for Grayscale’s fund reporting no net flow on August 12, ETHE has recorded daily outflows. As of August 22, total outflows exceeded $2.52 billion.
II. Wealth-Generating Sectors
1) Sector Movement: Solana Meme (FWOG, POPCAT)
Main reasons:
The wealth effect from Sunpump’s launchpad token is weakening, prompting speculative capital to return to the Solana ecosystem. Previously oversold meme tokens, driven down by earlier profit-taking, are now rebounding due to renewed inflows.
Price performance: FWOG and POPCAT rose 37.78% and 28.51% respectively in 24 hours.
Factors affecting future trends:
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SOL price movement: Within the Solana ecosystem, SOL's price influences most ecosystem tokens, as many DEX trading pairs are priced in SOL. Monitor SOL closely; if it maintains an upward trend, holding Solana-based assets remains favorable.
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Open Interest (OI) changes: SOL's OI increased yesterday, indicating hot money inflow. Use tv.coinglass to track futures data—first check the net long increase, then observe whether there's a net rise in long positions, rising OI, and increased trading volume. If all three occur, it signals sustained institutional buying, supporting continued holding.
2) Sector Movement: DeFi (CAKE, CHESS)
Main reasons:
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BNB Chain launched Four.Meme, a meme token launchpad, along with a points campaign where users complete tasks to earn points redeemable for BNB Chain ecosystem meme tokens FOUR and WHY. On its debut, the meme token CAT recorded over $117 million in trading volume. Rising activity and wealth effects on BNB Chain boosted DeFi protocol metrics, attracting capital inflows and driving up token prices.
Price performance: CAKE up 11.32% in 24h, CHESS up 28.55% in 24h.
Factors affecting future trends:
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Protocol metrics: Key indicators such as daily active users, trading volume, and profitability determine a protocol’s valuation. For example, AAVE reached record-high metrics in the current market, justifying a market cap recovery. Conversely, stagnant metrics offer little reason for optimism.
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Revenue distribution: More DeFi protocols are linking token value to protocol revenue. This business model reactivates trading interest, giving investors strong incentives to hold. Progress in revenue-sharing mechanisms will significantly impact token prices.
III. User Search Trends
1) Popular Dapp
Satlayer:
SatLayer, a Bitcoin restaking platform built on Babylon, announced an $8 million Pre-Seed round led by Hack VC and Castle Island Ventures, with participation from Franklin Templeton, OKX Ventures, Mirana Ventures, Amber Group, Big Brain Holdings, and CMS Holdings.
2) Twitter
Magic Eden:
The ME Foundation officially announced the launch of the $ME token, which will serve as the Web3 consumer-facing token for a cross-chain digital asset trading protocol. The foundation aims to support the ongoing development of Magic Eden DAO and its underlying protocol through community governance. As Magic Eden expands beyond NFTs via Magic Eden Wallet into mobile, $ME will incentivize users to trade diverse assets across multiple blockchains at any time. As the NFT and digital ownership ecosystem grows, third-party dApps are expected to build on the protocol and adopt $ME across various use cases.
3) Google Search & Regional Trends
Global trends:
Popcat: Among Solana meme coins, Popcat has recently shown strong gains. Binance Futures will list the POPCATUSDT perpetual contract on August 22 at 21:00, offering up to 75x leverage.
Regional search trends:
(1) Asia: Focus remains on major assets like BTC, ETH, and DOGE. Preferences vary by country—Pakistan shows interest in TON gaming project BLUM, Indonesia in ETHFI, and Singapore in AI project FET.
(2) Europe & English-speaking regions: Rising searches for Taiko, which gained 6.3% over the past week and has notable Twitter traction.
(3) Latin America: Strong focus on dog-themed tokens including floki, bonk, and shiba inu. Growing interest in gaming projects like SAND and MANA is also evident.
IV. Potential Airdrop Opportunities
Symbiotic
Symbiotic is a universal restaking protocol enabling decentralized networks to bootstrap robust, fully sovereign ecosystems. It offers decentralized applications a mechanism called Active Validation Service (AVS) to collectively secure one another.
Symbiotic recently completed a seed round raising $5.8 million, backed by Paradigm and Cyber Fund.
How to participate: Visit the project’s official website, connect your wallet, and deposit ETH or ETH LSD assets.
Usual
Usual is an RWA-backed stablecoin protocol. Its USD0 is a permissionless, fully compliant stablecoin 1:1 backed by real-world assets. USUAL is the governance token, empowering the community to guide the network’s future. Usual addresses current stablecoin market gaps by redistributing profits to the community and rewarding holders with real yield generated from RWA.
Usual raised $7 million in funding from IOSG Ventures, Kraken Ventures, GSR, and others. On July 11, Usual launched its mainnet and initiated a points program. Early users can earn more “Usual Pills” points by providing liquidity or minting and holding USD0++, which can be redeemed for USUAL tokens during the airdrop.
How to participate: Mint USD0 on the Usual platform using USDC or ETH on Ethereum, then select the option to “Provide USD0 liquidity on Curve” and deposit your USD0 into the liquidity pool.
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