Bitget Research: The market lacks significant short-term catalysts, but stablecoin circulation has reached an all-time high, building momentum for long-term growth.
TechFlow Selected TechFlow Selected
Bitget Research: The market lacks significant short-term catalysts, but stablecoin circulation has reached an all-time high, building momentum for long-term growth.
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 insightsExecutive Summary
Last week, BTC spot ETFs experienced net outflows exceeding $700 million, reflecting persistently bearish market sentiment. However, the circulating market cap of stablecoins (excluding algorithmic stablecoins) has quietly risen to a record high, laying groundwork for future bullish momentum.
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Sectors to watch: SUI and the SUI ecosystem
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User trending tokens & topics: Delabs Games, Reef Chain, SUI, QNT
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Potential airdrop opportunities: Story Protocol, Symbiotic
Data cutoff time: September 9, 2024, 4:00 AM (UTC+0)
I. Market Environment
BTC spot ETFs saw over $700 million in net outflows last week, with market sentiment remaining weak. According to CME FedWatch data, after the Bureau of Labor Statistics released employment figures, the probability of a 50-basis-point rate cut by the Federal Reserve in September dropped to 30%.
Despite the gloomy outlook, the total market cap of stablecoins (excluding algorithmic stablecoins) has quietly climbed to a record high of $158 billion. USDT and USDC have each seen issuance growth of over 2.2% in the past month alone—accumulating dry powder for a potential future rally.
II. Wealth-Creating Sectors
1) Sector to Watch: SUI and the SUI Ecosystem
Main reasons:
(1) SUI has demonstrated relative resilience during recent market declines. While BTC fell 9% and ETH dropped 12% over the past month, SUI rose 6%.
(2) SUI has been highly active recently:
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On August 7, Grayscale announced two new trusts: the Grayscale Sui Trust and the Grayscale Bittensor Trust. The Grayscale Sui Trust will exclusively invest in SUI, the native token of the Sui network. This marks another instance of Grayscale launching a dedicated investment product focused on a single Layer 1 blockchain, following BTC, ETH, SOL, and FIL.
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In early September, SuiPlay launched pre-orders for its Web3-native handheld gaming device, the SuiPlay0X1. The product is expected to officially launch in the first half of 2025, signaling Sui’s accelerating ambitions in the gaming space.
Factors influencing future performance:
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In the short term, SUI's price will be influenced by market maker strategies. In the medium to long term, the market’s reception of Sui’s renewed push into GameFi, the development of GameFi projects within the SUI ecosystem, and the growth of SUI’s DeFi sector will likely play significant roles in shaping its trajectory.
III. User Trends
1) Popular Dapps
Delabs Games:
Delabs Games is a Web3 gaming studio committed to building fun-first Web3 games from the ground up. Since 2021, the team has been developing three games: Rumble Racing Star, Space Frontier, and Metabolts. Rumble Racing Star’s Web3 features allow players to deeply customize their karts, drivers, and profile pictures (PFPs), all offered as NFTs. RRS has also partnered with several NFT PFP collections—including Goblintown, y00ts, a KID named BEAST, Killabears, and Quirkiesby—using their characters in-game. Holders of these NFTs receive exclusive in-game benefits.
2) Twitter
Reef:
Layer 1 blockchain Reef has launched a $10 million accelerator program aimed at supporting, incubating, and investing in Web3 developers, teams, and Reef-based projects in the Middle East. This accelerator is part of Reef’s previously announced $20 million developer support fund. Reef has recently engaged in extensive community-building efforts, boosting developer activity and supporting the ongoing MEME season. These factors have collectively contributed to the recent price surge of the REEF token.
3) Google Search & Regional Trends
Global trends:
SUI: Adeniyi Abiodun, co-founder of Mysten Labs, revealed in an interview that the team has completed research on using radio waves to enable offline crypto transactions. This innovation allows the Sui blockchain to transmit transactions via long-range radio signals—even compressing them into compact text messages. Additionally, the gaming handheld SuiPlay0x1, developed through a collaboration between game startup Playtron and Mysten Labs, is now open for pre-order until all units are sold out. Priced at $600 per unit (including shipping and taxes), it can be purchased using SUI, ETH, or SOL. These developments are providing strong momentum for SUI’s price.
Regional search trends:
(1) In Western, English-speaking regions, there is notable search interest in established projects such as Quant, Cardano, XEN, and SUI. With many crypto projects trading at depressed levels, positive announcements from project teams have triggered visible price rebounds. Users in these regions are familiar with these older projects, and the sharp price increases have driven a corresponding rise in search volume.
(2) In Asia, Latin America, and other regions, no clear hotspots emerge—search terms are scattered. A few countries mentioned RUNE ecosystem, Polygon, Avalanche, among others.
IV. Potential Airdrop Opportunities
Story Protocol
Story Protocol is an IP management protocol aiming to transform how humanity records history by leveraging blockchain technology to register and interconnect content and intellectual property across multiple blockchains.
The project recently raised $80 million in a Series B round led by a16z Crypto, with participation from Foresight Ventures, Hashed, and others. To date, PIP Labs—the open team behind Story Protocol—has raised $140 million at a $2.25 billion valuation. The project has attracted significant market attention and could become a leading player in a new blockchain sector.
How to participate: Story Protocol has partnered with several projects including Colormp. Users can mint Launch NFTs from these partner platforms and continue engaging with project milestones and tasks to potentially qualify for future IP token airdrops.
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 mutually secure one another.
Symbiotic recently closed its seed round, raising $5.8 million from Paradigm and Cyber Fund.
How to participate: Visit the project’s official website, connect your wallet, and deposit ETH or ETH LSD assets.
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