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- Bitget Research: zkSync Plans to Launch Airdrop in Mid-June, PEPE Hits Record High
Bitget Research: zkSync Plans to Launch Airdrop in Mid-June, PEPE Hits Record High
Victoria & John
2024/05/22
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
Yesterday, optimism continued to rise, buoying the altcoin market due to positive developments in
Ethereum, with PEPE reaching a new all-time high. The highlights are as follows:
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Sectors with strong wealth creation effect: Memecoin and Mainstream coin sectors.
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Top searched tokens and topics: Ethereum and Retik Finance.
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Potential airdrop opportunities: Myshell and LIFI.
Data collection time: May 22, 2024, 4:00 AM (UTC)
1. Market Environment
Yesterday, the U.S. Securities and Exchange Commission’s shifting stance towards potentially approving a spot Ethereum ETF ignited excitement among crypto investors, driving continued market gains. Altcoins were boosted by Ethereum’s progress, with the top 200 tokens by market cap surging on Tuesday. Ethereum Name Service (ENS) led with a 29.3% increase, followed by SKALE (SKL) at 20.4%, and Metis (METIS) at 16%. The memecoin PEPE hit a new all-time high. Additionally, zkSync is scheduled to generate tokens this week with an airdrop planned for mid-June. The overall wealth creation effect was significantly positive.
Spot Bitcoin ETFs saw a total net inflow of $241 million, continuing a six-day net inflow streak. The decision deadline for the first round of spot Ethereum ETF applications is approaching, with at least five issuers including Fidelity, Invesco/Galaxy, Ark/21Shares, and Franklin Templeton having filed revised 19b-4 forms. The Nasdaq and SP 500 indexes reached new highs. By the close of trading, the SP, Dow Jones, and Nasdaq indexes were up by 0.25%, 0.17%, and 0.22% respectively. Overall, the macro-environment remains stable, and the crypto market's wealth effect is expected to continue.
2. Wealth Creation Sectors
2.1 Sector Movements — Memecoin Sector (PEPE, FLOKI, and PEOPLE)
Primary reason: Influenced by crypto market sentiment, recent significant rebounds across the broader market have led to capital rotation, with the wealth effect extending its benefits to the memecoin sector. If the broader market maintains its upward trend, memecoin assets, known for their wealth effect, are worth watching.
Gainers: PEPE hit a new all-time high, up 19%, FLOKI rose 12%, and PEOPLE surged over 30% in a single day.
Factors affecting future market conditions:
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Continued rise of ETH: DEXs in the Ethereum ecosystem have good liquidity, where many tokens are priced in ETH. An increase in ETH directly boosts the rise in Ethereum ecosystem assets. If the ETH price keeps rising, core assets on Ethereum tend to maintain their popularity.
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Community's speculative enthusiasm: PEPE perfectly embodies the characteristics of the U.S. retail speculator group, known for its emotional public response and volatile trading activity, making it prone to rapid price surges and drops. Furthermore, the main characteristic of PEOPLE is that the project is notable because the project owners have abandoned it, yet it maintains high hype popularity. The recent surge in PEOPLE's price is primarily due to a short squeeze. As a well-established memecoin, FLOKI has been particularly active recently and is worth monitoring.
2.2 Sector Movements — Mainstream Coin Sector (BTC, ETH, and SOL)
Primary reasons: Capital and risk
markets surged, with Nasdaq, Dow Jones, and SP 500 reaching all-time highs. Major crypto assets like BTC, ETH, and SOL cleared the gloom of the past two weeks.
Gainers: BTC hovered around $70,000, ETH rose by 3%, and SOL broke through $180.
Factors affecting future market conditions:
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Positive macro developments: The trend of mainstream crypto assets like BTC is currently showing a strong positive correlation with U.S. dollar liquidity. As the Federal Reserve continues to introduce liquidity into the market, crypto assets are expected to rise accordingly. However, investors should keep an eye on the Federal Reserve's management of market expectations and closely follow policy developments.
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ETF approvals and ecosystem development: For ETH, recent ETF approvals are crucial for determining whether it can sustain a trend. For SOL, the continued prosperity and increased market adoption of its ecosystem are central to its potential to continue rising.
2.3 Sectors to Focus on Next — ETH Ecosystem
Primary reason: The Ethereum ecosystem is currently undervalued, with a rebound in the ETH-BTC exchange rate. As ETF developments take shape and the SEC progresses with lawsuits against related DeFi projects, there are strategic opportunities within the Ethereum ecosystem.
Specific tokens:
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UNI: The first DeFi Swap project among blockchain applications, which received a Wells notice from the SEC last month. Uniswap is expected to soon present a self-defense, creating trading opportunities.
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LDO: A leading LSD project within the ETH ecosystem. It has a TVL of $34.5 billion but is valued at just under $2.5 billion, making it relatively undervalued.
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OP: Built using OP stack technology on the Base chain. Last year, the project signed a profit-sharing agreement with the OP Foundation, indirectly receiving an endorsement from Coinbase.
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PENDLE: The project's TVL has been on a continuous rise, now standing at $5.7 billion. The increase in stablecoin market cap and high demand in the restaking sector have led to an increased demand for PENDLE's services during the bull market.
3. Top Searches
3.1 Popular DApps
Whales Market – Whales Market has launched a token issuance platform, whales.meme, based on the
Solana network. This platform enables users to safely launch tokens with gamified liquidity bootstrapping capabilities in just a few seconds. Whales Market founder, Dexter, announced on social media that they launched the first memecoin, GMCAT, on the whales.meme platform. This token is fully decentralized, and will be airdropped to GMM.ai presale addresses and xWHALES holders. Being the first token of the platform, it may have a significant wealth effect.
3.2 X (former Twitter)
Ethereum: According to Barron's report, SEC staff stated that they are inclined to approve exchanges where Spot Ethereum ETF products will be listed. Currently, five potential issuers of spot Ethereum ETFs have filed revised 19B-4 forms for a proposed Ethereum spot ETF to the SEC through the Chicago Board Options Exchange (Cboe BZX). Updating the 19b-4 form is a crucial step, but more work is needed to ensure final approval of the ETFs. Potential issuers need to obtain approval for their S-1 applications before trading can begin. Therefore, there is a possibility that both the 19b-4 and S-1 might be approved on May 23, though the likelihood is slim. Users might consider taking profits in stages.
3.3 Google Search (Global and Regional)
Global focus:
Retik finance: Retik Finance is a decentralized finance (DeFi) project. Its ecosystem's core functions and components include three modules: a DeFi debit card, Retik Pay, and the Retik Wallet. Since its launch yesterday, the trading volume surpassed $10 million, indicating high on-chain activity.
Regional focus:
(1) There were no significant or distinctive hot search terms in various regions of Asia yesterday.
(2) Interest in
Europe, the USA, and Latin America is very scattered, focusing RWAs, AI, ETH ecosystem, and memecoins.
(3) Discussions in Africa and the Middle East are centered around "crypto bubbles".
4. Potential Airdrop Opportunities
MyShell
MyShell is a Web3-supported AI platform that allows users to create personalized chatbots, referred to as “Shells.” The platform boasts about 50,000 creators and over 1 million registered users, and its ecosystem includes tools and services like OpenVoice, MeloTTS, and Alice. The project has a large user base and a clear airdrop plan on its website, providing an opportunity for early participation.
The project has an impressive financing background. MyShell has announced the completion of a $11 million pre-Series A funding round, led by Dragonfly, along with angel investors such as Bankless Ventures, Balaji, and Lllia. The project completed a $5.6 million seed round funding at a valuation of $57 million, with investment from INCE Capital, Hashkey Capital, and Folius Ventures.
To participate in the airdrop, users can register an account on the official website and earn shell points by completing daily tasks, such as creating a Telegram bot. The upcoming airdrop rewards will be based on these shell points. The token exchange for points is currently in its seventh season, and participation is still open.
LI.FI
LI.FI is a multi-chain liquidity aggregation protocol that supports exchanges between any two assets by aggregating bridges and DEX aggregators from over 20 networks including Ethereum, Arbitrum, Optimism, Solana, Polygon, and Base.
The cross-chain infrastructure protocol LI.FI completed a $17.5 million Series A funding round led jointly by CoinFund and Superscrypt, with participation from Bloccelerate, L1 Digital, Circle, Factor, Perridon, Theta Capital, Three Point Capital, Abra, and nearly 20 angel investors.
How to participate: Visit the project's website and engage in cross-chain swaps across multiple chains, and maintain the activity and transfer volume of the wallet address to qualify for potential airdrop opportunities.