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Bitget Research: Top-tier Projects Continuously Issuing Tokens Draining Liquidity, Crypto Market Continues to Decline

John & Victoria
2024/06/21
Bitget Research: Top-tier Projects Continuously Issuing Tokens Draining Liquidity, Crypto Market Continues to Decline
In the past 24 hours, many new popular tokens and topics have emerged in the market, which are likely to be the next wealth creation opportunities.

Overview

Within the past 24 hours, Bitcoin experienced an initial rise followed by a decline as ZRO continued to absorb market liquidity, essentially maintaining its price from yesterday. The U.S. Commodity Futures Trading Commission (CFTC) is investigating Jump Crypto. The highlights are as follows:
  • Sectors with strong wealth creation effects: AI sector and TON ecosystem sector.
  • Top searched tokens and topics by users: Particle Network, Artificial Superintelligence Alliance (ASI), and Lista.
  • Potential airdrop opportunities: Nifty Island and Eigenpie.
Data collection time: June 21, 2024, 4:00 AM (UTC+0)

1. Market Environment

Bitcoin rose by about 1.5% to $66,300 in the past 24 hours, while Ethereum rose by 2% to $3600. As the ZRO issuance continued to absorb liquidity, the market subsequently fell during Asian trading hours. The price remained essentially unchanged from yesterday. AI tokens have surged 30% in the past 24 hours. Fetch.ai's FET, SingularityNET's AGIX, and Ocean Protocol's OCEAN led the gains, while the sector saw an average increase of 15%. This comes on top of a surge in the share price of chipmaker Nvidia (NVDA), which has risen 5% since Monday, making it the world's largest company by market cap.
According to Fortune, the U.S. Commodity Futures Trading Commission (CFTC) is investigating Jump Crypto. It is unclear whether the U.S. Commodity Futures Trading Commission is considering any charges against the company.

2. Wealth Creation Sectors

2.1 Sector Movements: AI Sector (FET, AGIX, OCEAN)

Primary reasons:
With NVDA becoming the company with the highest market cap in the world, the popularity of related companies in the AI sector has further increased. In the crypto sector, the Artificial Superintelligence Alliance announced significant developments and updates regarding the merger of ASI tokens. Starting from July 1, AGIX and OCEAN will initially be exchanged for FET, followed by a transition to ASI tokens, stimulating an increase in the prices of FET, AGIX, and OCEAN.
Gainers:
FET, AGIX, and OCEAN increased by 4.2%, 2.9%, and 1.78%, respectively, in the past 24 hours.
Factors affecting future market conditions:
  • Project development: Most AI projects are currently focused on capturing more users and increasing market dominance. Similar to the consumer goods sector, only by getting users to utilize their AI services and creating user stickiness can these projects generate future profits, necessitating intensified efforts in product and community management.
  • Overall AI sector valuation: As the U.S. stock market giants, Microsoft, Apple, and Nvidia, continue to elevate their market caps through AI, the market is also redefining these giants' valuations. As established business institutions reassess valuations for these AI companies, it is anticipated that the valuations of AI projects within the cryptocurrency sector will also be redefined, likely leading to a market correction in valuations.

2.2 Sectors to Focus on Next – TON Ecosystem

Primary reasons:
  • Pantera's investment in TON may exceed $250 million, marking its largest investment in cryptocurrency to date.
  • Ton's price performance has been very strong, with a significant drop in altcoins accompanied by resistance to price declines and very stable performance.
  • The TON network's TVL has surpassed $600 million and now stands at $611 million, continuing to reach new historical highs. Among them, DeDust, a TON ecosystem DEX protocol, has seen its TVL increase by 54.43% in the past week, leapfrogging to become the largest protocol by TVL within the ecosystem.
  • The authorized issuance of USDT on the TON chain has increased to approximately $580 million, making it the sixth-largest blockchain by issuance of USDT, after Tron, Ethereum, Solana, Avalanche, and Omni.
Specific projects:
  • TON: The native token of the Ton chain, currently listed on OKX, Bitget, and other exchanges.
  • FISH: A leading memecoin in the Ton ecosystem.
  • REDO - A dog-themed memecoin on the Ton chain, currently experiencing the highest trading volume among memecoins within the Ton ecosystem.

3. Top Searches

3.1 Popular DApps

Particle Network
Particle Network, a modular blockchain project, raises $15 million in Series A funding co-led by Spartan Group and Gumi Cryptos Capital, with participation from SevenX Ventures, Morningstar Ventures, Flow Traders, HashKey Capital, and others. This funding round brings Particle's total funding to $25 million.

3.2 X (former Twitter)

Bitget Research: Top-tier Projects Continuously Issuing Tokens Draining Liquidity, Crypto Market Continues to Decline image 0
AI Superintelligence Alliance (ASI):
Yesterday, the AI Superintelligence Alliance tweeted that the ASI token merge program will begin on July 1, with the first phase temporarily merging AGIX and OCEAN into FETs, which will be converted into ASI later. Deposits and withdrawals of AGIX and Ocean began to close on exchanges. However, the deposits, withdrawals, and trading for FET will continue as usual. The migration platform for the merge of AGIX and OCEAN to FET is available on the SingularityDAO DApp, allowing holders to convert their tokens into FETs. The exchange rate between AGIX and FET is 1 AGIX = 0.433350 FET, and the exchange rate between OCEAN and FET is 1 OCEAN = 0.433226 FET. The final conversion rate is 1 FET = 1 ASI.

3.3 Google Search (Global and Regional)

Bitget Research: Top-tier Projects Continuously Issuing Tokens Draining Liquidity, Crypto Market Continues to Decline image 1
Global focus:
Lista - The liquidity staking and decentralized stablecoin protocol Lista (LISTA), which was made accessible through BInance Lista Megadrop starting at 8:00 AM on May 30, 2024, initiated the LISTA token TGE and airdrop on June 20. Users will have 30 days to claim the airdrop. The collection process was also announced in advance. It ranked high in Twitter trending searches and performed well after its listing on the secondary market.
Regional focus:
(1) Asia: AI projects are especially prominent in the searches, primarily because projects like FET, AGIX, and OCEAN have performed well over the past 24 hours.
(2) Europe and America, the English-speaking regions, and the CIS region have shown diversified interest, with hot topics ranging from recent airdrop projects to memecoins. Monad, FLOKI, and RWA are also among the trending topics. However, there is no sign of a dominant topic.

4. Potential Airdrop Opportunities

EIGENPIE
Eigenpie is a SubDAO focused on restaking, offering LST holders the opportunity to restake their assets and enhance their profit potential. By creating dedicated liquid restaking versions for each LST accepted on our platform, Eigenpie effectively isolates the risks associated with any specific LST.
The project's TVL has recently surpassed the $1 billion mark. The sector has a high valuation and Eigenpie's potential airdrop returns are promising.
How to participate: Visit the project website and stake ETH or swETH into Eigenlayer via the protocol. Additionally, you can directly delegate your Eigenlayer token voting rights to Eigenpie.
Nifty Island
Nifty Island, which launched its public beta in January this year, is a game similar to Sandbox, also incorporating creative elements from Roblox and Fortnite.
The Nifty Island airdrop has already started, aimed at incentivizing community users with ISLAND tokens. According to the airdrop rules posted on its social media accounts, points are awarded based on the time users spend playing the game, the number of players they refer, and the relevant NFT assets they hold in their connected wallets.
How to participate: 1. Create a game account and start building islands according to the game guide; 2. Earn more ISLAND tokens by completing challenges or increasing island traffic.
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