Bitget Research: Market may see final downturn, consider dollar-cost averaging into BTC on second dip
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Bitget Research: Market may see final downturn, consider dollar-cost averaging into BTC on second dip
Over 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
Over the past 24 hours, BTC briefly dropped to $58,000 and ETH fell below $2,400, marking a secondary bottoming phase. Market sentiment remains weak with limited new热点, potentially setting the stage for a future major upward wave. Key highlights:
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Sectors showing strong wealth-generation potential: SOL Meme coins, RWA sector (ONDO, Pendle)
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User-searched tokens & topics: Solayer, Fractal
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Potential airdrop opportunities: Plume Network, Fuel
Data cutoff time: August 28, 2024, 04:00 UTC
I. Market Environment
In the past 24 hours, BTC briefly dipped to $58,000 while ETH temporarily dropped below $2,400. BTC’s rebound has ended with yesterday’s sharp decline, and ETH chain gas fees have dropped to 1gwei. Market热点 remain extremely scarce. The amount of Bitcoin held on exchanges has now fallen to its lowest level since November 2018. In the short term, after this double bottom formation, the market may be preparing for a primary bullish wave. The long-term outlook remains bullish.
Macroscopically, U.S.-listed Ethereum spot ETFs saw net outflows of $3.44 million yesterday, while Bitcoin spot ETFs recorded net outflows of $127 million. However, dovish remarks from the FOMC meeting minutes and Powell previously fueled BTC’s rise, and short squeezes could push prices higher. After the recent rebound and subsequent retest of lows, the market appears to be consolidating ahead of the next major uptrend. Meanwhile, Nasdaq is seeking SEC approval to launch Bitcoin index options, signaling clear institutional inflow into crypto. This is expected to improve market liquidity and potentially trigger an altcoin rally—investors are advised to monitor altcoin movements closely.
II. Wealth-Generating Sectors
1) Sector Movement: SOL Meme Coins (WIF, BONK, POPCAT)
Main reasons: SOL price has stabilized, holding above the $17 psychological level. DEX trading volume on Solana has recently hit record highs, with active capital flows driving ecosystem projects upward.
Price performance: POPCAT rose 62.5% over the past 7 days.
Factors influencing future trends:
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SOL token performance: Within the Solana ecosystem, SOL’s price movement heavily influences other ecosystem tokens, as many DEX trading pairs are priced in SOL. Continued monitoring of SOL’s price trend is recommended. If SOL maintains an upward trajectory, holding Solana-based assets remains a viable strategy.
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Performance of top-tier meme coins: Solana’s meme coins previously listed on Robinhood saw significant gains during SOL rallies. Leading Solana meme coins typically outperform during such periods. Recently, trading volumes for core Solana meme coins have increased significantly, reflecting strong demand and offering potential investment opportunities.
2) Sector to Watch: RWA (ONDO, Pendle)
Main reasons:
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The RWA sector remains one of the most watched areas in the crypto industry, believed to have substantial market growth potential. ONDO and Pendle lead in government bond tokenization and crypto interest rate swaps, respectively. These sectors have extremely high asset ceilings, and protocol revenues grow proportionally with asset scale—making them key targets during every market recovery cycle.
Factors influencing future trends:
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Total value locked (TVL): Cash flow generation for these protocols depends directly on their asset scale. As TVL increases, so does revenue potential, which typically translates into stronger token performance.
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Regulatory developments: As the crypto industry gains broader legislative support and social acceptance, favorable policies will become a key driver for token appreciation. With more traditional asset managers entering the space, the sector is poised for steady growth.
III. User Hotspots
1) Popular DApp
Solayer:
Solayer is a restaking protocol within the Solana ecosystem. It recently announced a $12 million seed round led by Polychain Capital, with participation from Big Brain Holdings, Hack VC, Nomad Capital, Race Capital, ABCDE, and Arthur Hayes’ family office Maelstrom. Solayer’s TVL currently exceeds $178 million, reflecting strong user engagement.
2) Twitter
Fractal:
Bitcoin scaling network Fractal Bitcoin announced on social media that its mainnet is expected to launch on September 9. It also revealed its tokenomics: 80% allocated to the community, 20% to the team and contributors (with vesting periods). Breakdown includes 50% for PoW mining, 15% for ecosystem treasury, 5% for private sale, 5% for advisors, 10% for community grants, and 15% for core contributors. Given the project's high热度, users may consider participating in potential airdrop opportunities.
3) Google Search & Regional Trends
Global Overview:
Blum Listing Date:
Blum is a decentralized exchange offering token trading from both centralized and decentralized platforms, along with simplified derivatives trading. It launched a mobile app and mini-app within Telegram. Blum will support futures trading and cross-network token purchases. Although full trading features are not yet live, it has already attracted over 10 million users through a gamified points-mining model. According to its official Telegram channel, users are currently accumulating Blum points, which will later be redeemable for tokens. Due to high热度, users may consider engaging with the Telegram bot mini-game to qualify for future airdrops.
Regional Search Trends:
(1) Asia: Search热度 in Asia is highly fragmented, with no dominant trending terms emerging.
(2) CIS Region: The CIS region continues to show strong interest in TON app mini-games. Projects like Blum appear frequently in searches, and Sunpump is also trending, indicating rising enthusiasm for TRON-based meme coins.
(3) Latin America: Interest in dog-themed tokens remains concentrated. Additionally, DePIN projects like Grass and meme coin launch platforms like Sunpump are appearing in searches. Overall, due to market conditions, regional focus on specific tokens has decreased.
IV. Potential Airdrop Opportunities
Plume Network
Plume Network is a modular L2 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.
Plume recently launched its testnet and initiated programs including "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 daily Check-ins within the platform.
Fuel
Fuel is a UTXO-based modular execution layer designed to bring globally accessible scalability to Ethereum. As a modular execution layer, Fuel achieves global throughput unattainable by monolithic chains while inheriting Ethereum’s security.
In September 2022, Fuel Labs raised $80 million in a round led by Blockchain Capital and Stratos Technologies, with participation from top-tier investors including CoinFund, Bain Capital Crypto, and TRGC.
How to participate: Deposit eligible tokens into Fuel to start earning points. For each dollar deposited, users earn 1.5 points per day for the following assets: ETH, WETH, eETH, rsETH, rETH, wbETH, USDT, USDC, USDe, sUSDe, and stETH. From July 8 to July 22, deposits of ezETH earned 3 points per dollar per day.
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