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Bitget Research: Bitcoin Fluctuates in a Narrow Range at $60,000, Solana Memecoins Recover Significantly Showing Potential Buy-the-Dip Opportunity

John & Victoria
2024/08/23
Bitget Research: Bitcoin Fluctuates in a Narrow Range at $60,000, Solana Memecoins Recover Significantly Showing Potential Buy-the-Dip Opportunity
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 past 24 hours, the price of BTC has fluctuated within a narrow range. Concurrently, the U.S. Ethereum ETF has experienced fund outflows for five consecutive days. The highlights are as follows:
  • Sectors with strong wealth creation effect: Solana memecoins and DeFi.
  • Top searched tokens and topics: Satlayer, Magic Eden, and Popcat.
  • Potential airdrop opportunities: Symbiotic and Usual.
Data collection time: August 23, 2024, 4:00 AM (UTC)

1. Market Environment

In the past 24 hours, the price of BTC has fluctuated within a narrow range. A large accumulation of short positions above $62,000 has made this level a critical target for resistance and support shifts.
Meanwhile, the US Ethereum ETF has seen fund outflows for five consecutive days, marking the longest streak of continuous outflows since its launch on July 23. According to data from Farside Investors, apart from August 12 when the Grayscale Fund reported no net flows, ETHE has experienced daily outflows. As of August 22, the outflows have exceeded $2.52 billion.

2. Wealth Creation Sectors

2.1 Sector Movements – Solana Memecoins (FWOG and POPCAT)

Primary reasons:
The wealth effect of tokens launched by the Sunpump platform has started to decline, leading to a return of speculative capital to the Solana ecosystem. This influx of funds is causing previously hyped and bottomed-out memecoins to rebound.
Gainers: FWOG and POPCAT rose by 37.78% and 28.51% respectively within 24 hours.
Factors affecting future market conditions:
  • SOL trend: The price of SOL influences the prices of Solana ecosystem tokens, as many trading pairs on DEXs are priced in SOL. Monitor SOL's price trend closely. If SOL continues to rise, holding SOL ecosystem assets may be advisable.
  • Changes in open interest: SOL's recent increase in open interest suggests increased hot money inflows. Consider using tv.coinglass to gauge the movement of major funds and monitor futures data. Start by observing the uptick in net long positions, and then monitor the futures data for any increase in open interest and trading volume. Such trends typically signify heightened bullish sentiment, implying potential stability in holdings.

2.2 Sector Movements – DeFi (CAKE and CHESS)

Primary reasons:
  • The BNB Chain has introduced a memecoin issuance platform called Four.Meme, which features a points promotion. Users can complete tasks on a designated page to earn points, redeemable for BNB Chain ecosystem memecoins such as FOUR and WHY. CAT, a memecoin on the BNB Chain, saw trading volumes exceed $117 million on its launch day. Increased activity and wealth effects on the BNB Chain have stimulated the ecosystem's DeFi projects, resulting in price increases as hot money flows in.
Gainers: CAKE rose by 11.32% and CHESS by 28.55% within 24 hours.
Factors affecting future market conditions:
  • Protocol metrics: These metrics are crucial in assessing a protocol's activity level, including daily active users, trading volume, and profitability. For instance, AAVE achieving historical highs in these metrics under the current market conditions naturally prompts the market to adjust its market cap valuation accordingly. Conversely, if the protocol metrics do not grow, there is no reason for the market to be optimistic about the protocol's development.
  • Profit distribution: An increasing number of DeFi protocols are linking their tokens to protocol revenue, a business model that reactivates token trading enthusiasm. Investors have ample reason to hold the token, so the advancement of the protocol's profit distribution will significantly impact the token price.

3. Top Searches

3.1 Popular DApps

Satlayer:
SatLayer, a Bitcoin restaking platform based on Babylon, has announced the completion of an $8 million pre-seed funding round. The round was led by Hack VC and Castle Island Ventures, with participation from Franklin Templeton, OKX Ventures, Mirana Ventures, Amber Group, Big Brain Holdings, and CMS Holdings.

3.2 X (former Twitter)

Bitget Research: Bitcoin Fluctuates in a Narrow Range at $60,000, Solana Memecoins Recover Significantly Showing Potential Buy-the-Dip Opportunity image 0
Magic Eden:
The ME Foundation has officially announced the launch of the ME token, which will serve as the Web3 consumer decentralized application token for the digital asset cross-chain trading protocol. The mission of the ME Foundation is to support the ongoing development of the Magic Eden DAO and its underlying protocols through community governance. As Magic Eden expands to mobile via the Magic Eden Wallet and beyond NFTs, ME token will become a tool to incentivize users to trade various assets across multiple blockchain networks at any time. As the NFT and digital ownership ecosystem evolves, other third-party DApps are expected to continue operating based on the protocol and may adopt the ME token for various use cases.

3.3 Google Search (Global and Regional)

Bitget Research: Bitcoin Fluctuates in a Narrow Range at $60,000, Solana Memecoins Recover Significantly Showing Potential Buy-the-Dip Opportunity image 1
Global focus:
Popcat: Recently, this token has seen good gains among Solana's memecoins. Binance Futures will launch the POPCATUSDT perpetual contract on August 22 at 9:00 PM, with a maximum leverage of 75x.
Regional focus:
(1) Asia: The region has shown keen interest in major assets, including BTC, ETH, and DOGE, with different countries focusing on different aspects. For instance, Pakistan is focused on the TON game BLUM, Indonesia on ETHFI, and Singapore on the AI project FET.
(2) Europe and English-speaking regions: Taiko has been trending in searches, with the project experiencing a 6.3% rise over the past week and garnering considerable attention on X.
(3) Latin America: There is focused interest in the dog-themed tokens in the region, prominently featuring FLOKI, BONK, and SHIBA INU in hot searches. There is also growing attention to gaming projects like SAND and MANA.

4. Potential Airdrop Opportunities

Symbiotic
Symbiotic is a generalized restaking project that enables decentralized networks to bootstrap powerful, fully sovereign ecosystems. It offers decentralized applications a method known as AVS (Active Validation Service) to collectively ensure mutual security.
Symbiotic recently raised $5.8 million in seed round funding led by Paradigm and Cyber Fund.
How to participate: Visit the project's official website, link your wallet, and deposit ETH and ETH LSD assets.
Usual
Usual is an RWA stablecoin protocol that has launched USD0, a permissionless and fully compliant stablecoin backed 1:1 by RWAs. USUAL is the project's governance token that allows the community to guide the future development of the network. Usual addresses current stablecoin market issues by redistributing profits to the community and rewarding token holders with actual yields generated from RWAs.
Usual raised $7 million in a funding round led by IOSG Ventures, Kraken Ventures, GSR, and others. On July 11, Usual announced the official launch of its mainnet and simultaneously initiated a points program. Early participants can earn more Usual Pills points by providing liquidity or by minting and holding USD0++. These points can then be used to receive USUAL tokens during the airdrop period.
How to participate: Mint USD0 tokens on the Usual website using Ethereum-based USDC, ETH, or other assets. Select the option "Provide USD0 as liquidity on Curve." Use the minted USD0 tokens to provide liquidity.