In the past 24 hours, the market has seen many new popular coins and topics, which are likely to be the next wealth creation opportunities.
Authored by: Bitget Research Institute
Abstract
Driven by the rise of US technology stocks and Asian stock markets, Bitcoin broke through $58,000, and the total market value of stablecoins exceeded $170 billion, reaching a new high since May 2022. Among them:
Strong wealth creation sectors: SUI ecosystem, Solana Meme;
User hot search tokens & topics: ChangeNOW, Ripple, SUI;
Potential airdrop opportunities: Gatto, Redstone;
Data statistics time: 4:00 on September 13, 2024 (UTC+0)
I. Market Environment
Driven by the rise of US technology stocks and Asian stock markets, Bitcoin broke through $58,000 and fluctuated narrowly around this price.
According to DefiLlama data, the total market value of stablecoins exceeded $170 billion, reaching a new high since May 2022, with a 7-day increase of 0.22%. USDT's market value exceeded $118.38 billion, accounting for 69.7%. Stablecoins provide important liquidity support for the crypto market. As their value is pegged to fiat currency, stablecoins can serve as a bridge for investors to quickly enter and exit the market between crypto assets and fiat currency. An increase in the market value of stablecoins usually indicates enhanced market liquidity.
II. Wealth Creation Sectors
1) Sector Movement: SUI Ecosystem (SUI, SCA)
Main Reasons:
According to the official announcement, Binance will launch SUI coin perpetual contracts with a maximum leverage of 20 times on September 18, 2024, at 10:00 (UTC).
Rise Situation:
SUI and SCA rose by 0.58% and 16.36% respectively in the past 24 hours;
Factors Affecting Future Market:
Changes in open interest contracts: Taking SUI as an example, the open interest contracts of SUI started to rise from a low level yesterday, indicating an influx of hot money. By checking the contract data on the tv.coinglass website to understand the movement of main funds, first observe how much the net long position of the contract has increased; then see if there is a net increase in long positions in the contract data, an increase in open interest, and an increase in trading volume. If so, it indicates that the main force continues to buy, and it is advisable to continue holding.
Impact of news: Pay attention to the recent product updates and partnerships announced by the project party. If an AMA is held, consider positioning relevant assets in advance, as there is a high probability of releasing positive news in the current environment of improved liquidity.
2) Sector Movement: Solana Meme (CATDOG, MANEKI)
Main Reasons:
OSL, a licensed virtual asset trading platform under the OSL Group, announced the opening of Solana (SOL) trading to professional investors, increasing the number of coins available for professional investors to fifteen. More institutions are starting to open SOL asset trading.
The price of SOL rebounded, easing the panic sentiment in the ecosystem, showing temporary signs of improved liquidity, driving the overall rise in ecosystem assets.
Rise Situation: CATDOG and MANEKI rose by 109% and 7.91% respectively in the past 24 hours;
Factors Affecting Future Market:
Trend of SOL token: In the Solana ecosystem, the trend of the SOL token will affect the prices of the entire ecosystem tokens, as many tokens are priced in SOL on DEX. Continuously monitor the price trend of SOL. If SOL maintains an upward trend, it is advisable to continue holding SOL ecosystem assets.
Changes in open interest contracts: The open interest contracts of SOL rose yesterday, indicating an influx of hot money. By checking the contract data on the tv.coinglass website to understand the movement of main funds, first observe how much the net long position of the contract has increased; then see if there is a net increase in long positions in the contract data, an increase in open interest, and an increase in trading volume. If so, it indicates that the main force continues to buy, and it is advisable to continue holding.
III. User Hot Search
1) Popular Dapp
ChangeNOW:
AirDAO announced a partnership with the non-custodial cryptocurrency exchange platform ChangeNOW. Through this partnership, AirDAO users will be able to use the ChangeNOW platform for cross-chain transactions, accessing over 1000 cryptocurrencies and more than 150 chains without the need for KYC verification.
2) Twitter
Ripple:
FOX BUSINESS reported that Grayscale will launch the first US XRP Trust, paving the way for a potential ETF. It is reported that Grayscale's first XRP Trust is a "closed-end" fund that will provide qualified investors with the opportunity to invest directly in XRP. Grayscale XRP Trust has a management fee rate of 2.5% and an AUM of $250,000. As the current rise in XRP is due to news stimulus, with little change in the fundamentals of XRP, users are advised to participate cautiously.
3) Google Search & Region
Global Perspective:
SUI: According to the official announcement, Binance will launch SUI coin perpetual contracts with a maximum leverage of 20 times on September 18, 2024, at 10:00 (UTC). The price of SUI has risen by 1.18% in the past 24 hours due to positive news. Its ecosystem tokens have seen a relatively large increase, and users may consider participating in relatively undervalued projects.
Regional Hot Searches:
(1) Influenced by Binance's launch of SUI coin perpetual contracts, SUI has become a popular search term in various regions in Asia, with Indonesia and Singapore being the main ones.
(2) The Telegram mini app continues to receive widespread attention in various regions, with blum appearing in the hot search terms in Myanmar, India, Pakistan, and Russia.
(3) Hot searches in Europe and the United States are scattered, but mainly focus on fundamentally old projects, mainly public chains, including: XRP, SUI, AKT, INJ, ICP, and other projects.
IV. Potential Airdrop Opportunities
Gatto
A Telegram Mini App game, a high-quality pet raising game. It was announced on Twitter that it has partnered with DWF and was one of the 11 projects selected from 170 projects in the TON Accelerator.
The project previously ranked first in the P2E list on the Telegram Apps Center and third in The Open Legend list, with high traffic in the CIS region.
How to participate: Upgrade pets by taking care of them, participate in stadium competitions, collect rewards to earn coins and experience, convert pets into NFTs for sale, and players can choose to play for free or spend money. There is a chance to receive token airdrops in the future.
RedStone
RedStone is a cross-chain oracle project. RedStone is a modular oracle for LST and LRT, providing frequent updates, reliable, and diverse data sources for dApps and smart contracts on multiple L1 and L2. The market expects the project to launch in the second half of 2024.
In 2022, RedStone completed a $7 million seed round of financing, led by Lemniscap, with participation from Coinbase Ventures, Blockchain Capital, Distributed Global, Lattice, Arweave, Bering Waters, Maven11, and SevenX Ventures. In 2023, the project received investments from Aave founders, Polygon co-founders, and others in the angel round.
How to participate: (1) Obtain RSG points through participating in online activities and Galxe tasks released by RedStone and its various partners. (2) Create content and participate in designated activities on the RedStone Discord server (such as weekly best content or hall of fame) to earn RSG points.
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