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- Bitget Research: LUNA Surges Following Preliminary Settlement Agreement with SEC, BTC Inscription Ecosystem Surges
Bitget Research: LUNA Surges Following Preliminary Settlement Agreement with SEC, BTC Inscription Ecosystem Surges
John & Victoria
2024/05/31
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
In the morning session, the price of Bitcoin remained around $68,000, while altcoins generally experienced a decline.
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Sectors with strong wealth generation effect: Inscription and AI sectors.
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Top searched tokens and topics: Babylon, PayPal (PYUSD), and Notcoin (NOT).
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Potential airdrop opportunities: Sofamon and Lava Network.
Data collection time: May 31, 2024, 4:00 AM (UTC)
1. Market Environment
In the morning session, the price of Bitcoin remained around $68,000, while altcoins generally experienced a decline. BTC's price was slightly below $68,400, maintaining stability over the past 24 hours. Bitcoin's resilience has driven a general rise in the Inscription ecosystem. Ethereum's price has fallen from a two-month high of $3973 on Monday to $3730. According to data from Glassnode, the put/call open interest ratio for Ether on Deribit rose to 0.61, the highest level in a year, indicating the market still has a bullish inclination.
Regarding projects, Terraform Labs and its CEO, Do Kwon, have reached a preliminary "settlement in principle" with the SEC regarding a fraud case, although negotiations are not yet fully concluded. LUNA saw a short-term rise due to the positive news.
2. Wealth Creation Sectors
2.1 Sector Movements – Inscription Sector (ORDI and SATS)
Primary reason: UniSat announced an airdrop of "pizza" inscriptions to eligible user wallets in celebration of Bitcoin Pizza Day, igniting the Inscription ecosystem, causing projects like ORDI and SATS to rise due to an influx of hot money.
Gainers: ORDI rose by 15.13% today, and SATS by 8.15%.
Factors affecting future market conditions:
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Updates from BTC core developers like Casey and other project teams: Follow the project team's Twitter, Telegram, and Discord announcements. The Bitcoin ecosystem projects are very likely to share positive news. Staying updated with these news is crucial. As a relatively new sector project, the new asset protocol Runes may generate some hype around the ecosystem.
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Release schedule of Atomicals' AVM: Atomicals Protocol released the whitepaper for the Atomicals Virtual Machine (AVM), detailing a phased software launch, starting with the interpreter operation followed by modifications to the indexer nodes. Each major advancement could potentially catalyze subsequent market movements.
2.2 Sector Movements – AI Sector (TAO and FET)
Primary reason: Decentralized AI entities Fetch.ai, SingularityNET, and Ocean Protocol announced plans to merge into the Artificial Superintelligence Alliance (ASI) by June 2024. The asset integration of these three leading AI projects could lead to unprecedented valuations for them.
Gainers: TAO has increased by 11.8% this month, FET by 8.4%.
Factors affecting future market conditions:
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Support from tech giants for AI: According to Cointelgraph, tech giant Microsoft is closely monitoring the crypto industry, including ways blockchain technology and artificial intelligence might support each other.
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Development of AI projects: As a product of big data, AI requires extensive data for training. Future developments will depend on collaborations with other projects and user expansion.
2.3 Sectors to Focus on Next — ETH Ecosystem
Primary reason: The put/call open interest ratio for Ether on Deribit rose to 0.61, the highest level in a year, indicating the market still has a bullish inclination.
Specific tokens:
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UNI: The first DeFi Swap project on the blockchain, Uniswap, has generated $2.802 million in transaction fees over the past 24 hours and an average of $3.74 million daily over the past week, showing substantial revenue.
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LDO: A leading LSD project within the ETH ecosystem. It has a TVL of $35.8 billion but is valued at just under $2.1 billion, making it relatively undervalued.
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PENDLE: The project's TVL has been on a continuous rise, now standing at $6.1 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
Babylon
Yesterday, the Bitcoin staking protocol Babylon raised $70 million in a funding round led by Paradigm with participation from Polychain Capital and the VC arm of the cryptocurrency exchange Bullish. Babylon raised $18 million in a Series A funding in December 2023 and $8.8 million in a seed round funding in 2022. Babylon is a Layer 1 blockchain developed using the Cosmos SDK and was the first to introduce the concept of native Bitcoin staking, fundamentally engaging in Bitcoin staking operations. Babylon also launched a testnet based on BTC Signet to offer users a trustless native Bitcoin staking experience. The staking grants a Pioneer Pass NFT, which is highly sought after due to its limited supply and short availability period, resulting in high user engagement.
3.2 X (former Twitter)
PayPal (PYUSD)
Payments giant PayPal's stablecoin PYUSD will be launched on Solana. Beyond cost and speed, PYUSD possesses new superpowers on Solana that are unachievable on Ethereum. For instance, it uses the chain's "token extension" standard to make transfers more confidential for merchants, which is one of the few compliance and programmability features of PYUSD.
3.3 Google Search (Global and Regional)
Global focus:
(1) Notcoin (NOT): Notcoin is a game based on Telegram where users can earn in-game tokens by tapping coin images, similar to the "Tap to Earn" concept. The NOT token continued to break new highs this week, rising 83.5% in the past 14 days.
(2) Trump and Biden: As the US election approaches, numerous memecoins themed around "Trump" and "Biden" have emerged on the blockchain. In 2023, Trump released NFTs associated with his image and recently expressed support for cryptocurrencies during a speech, leading to repeated hype of his eponymous memecoin, humorously referred to in social media as "PolitiFi."
Regional focus:
(1) Asia shows a scarcity of trending topics, with no consistent patterns observed across different areas.
(2) In Europe and the USA, the focus has shifted back to mainstream memecoins. SHIB has appeared in hot searches in countries like Spain, Italy, and the UK; PEPE, FLOKI, and DOGE have also trended in multiple European countries and the USA.
(3) Russian-speaking countries and regions: BLUM has been trending in Russia and Ukraine. Blum is a hybrid exchange based on the "CeDeFi concept", allowing access to both CEX and DEX tokens on a single platform, supporting multiple blockchains, and offering services including AI navigation, P2P trading, and derivatives trading.
4. Potential Airdrop Opportunities
Sofamon
Sofamon is a project based on the Base network, currently developing a personal chat sticker marketplace on Telegram where users can manage their sticker collections, invite friends, and access Sofamon's private group chats.
The Web3 social project Sofamon completed its seed round funding with investments from Polychain Capital, Seed Club Ventures, Inception Capital, among others. Angel investors include Celestia COO Nick White, former Coinbase engineer 0xBeans, and Divergence Ventures co-founder George Lambeth.
How to participate: While no specific airdrop information has been released by the project, given Sofamon's current popularity on social media and in the crypto community, an airdrop opportunity is highly probable. Investors can participate by purchasing the NFT sticker collection launched by Sofamon.
Lava Network
Lava Network is touted as the "Celestia of 2024" due to its significant seed round funding and strong investor lineup. In February of this year, it raised $15 million in a seed round funding led by Jump Capital, Hashkey Capital, and Tribe Capital with participation from North Island Ventures, Dispersion Capital, Alliance DAO, and Finality Capital Partners. Executives from blockchain projects like Celestia, Cosmos, StarkWare, and Filecoin also participated in this funding round.
Lava Network is currently in its testnet phase, with plans to launch the mainnet in the first half of this year. Before the mainnet launch, Lava introduced the Magma points reward program. Users can earn Magma points by switching their RPC connection to Lava.
How to participate: 1. Visit the official website, connect your wallet, follow the project’s account on Discord and X; 2. Change the RPC of your existing wallet by logging into Metamask network settings and updating the RPC to the one provided by Lava.