Over the last 24 hours, Bitcoin (BTC) briefly dropped to $58,000, and Ethereum (ETH) dipped below $2,400, marking a second bottom. The market is currently lacking hot topics, which could lay the groundwork for a major upward trend in the future. Key observations include:
- High-Potential Sectors: SOL Meme tokens, Real-World Asset (RWA) sector (e.g., ONDO, Pendle).
- Popular Tokens & Topics: Solayer, Fractal.
- Potential Airdrop Opportunities: Plume Network, Fuel.
Data collection time: August 28, 2024, 4:00 AM (UTC+0).
1. Market Overview
In the last 24 hours, BTC briefly fell to $58,000, and ETH dropped below $2,400. After a recent rebound, BTC saw a sharp decline, and ETH’s on-chain gas fees fell to 1 gwei, indicating an extreme lack of market activity. The amount of Bitcoin held on exchanges has now dropped to its lowest level since November 2018. In the short term, the market may experience a significant upward trend after this second bottom, with a positive long-term outlook.
On a macro level, the U.S. Ethereum spot ETF saw a net outflow of $3.44 million yesterday, and the spot Bitcoin ETF had a net outflow of $127 million. The minutes from the FOMC meeting and Powell’s dovish stance helped boost Bitcoin’s price, and a short squeeze might push it higher. After the current rebound, a further bottoming could prepare the market for the next major upward wave. Additionally, Nasdaq is seeking SEC approval to launch Bitcoin index options, indicating a clear influx of traditional funds into the crypto market. This is expected to improve liquidity in the crypto market, potentially triggering a wave of altcoin activity. It is advisable to monitor the recent performance of altcoins.
2. Wealth-Building Sectors
1) Sector Movements: SOL Meme Tokens (WIF, BONK, POPCAT)
- Reasons: The price of SOL has remained relatively stable, holding above the $17 mark. Recently, DEX trading volume on the Solana network reached a new high, with active funds driving up the prices of ecosystem projects.
- Recent Gains: POPCAT has risen by 62.5% over the past seven days.
- Factors Influencing Future Market:
- SOL Token Performance: In the Solana ecosystem, the performance of the SOL token affects the price of many ecosystem tokens, as many DEX pairs are priced in SOL. If SOL continues to rise, it may be wise to hold onto SOL ecosystem assets.
- Leading Meme Tokens: The core Meme tokens in the Solana ecosystem, previously listed on Robinhood, tend to rise faster than SOL itself. Recently, the trading volume of these tokens has increased, suggesting that there may be opportunities for investment.
2) Key Sectors to Watch: RWA Sector (ONDO, Pendle)
- Reasons: The RWA sector continues to be one of the most watched and potentially high-growth areas in the cryptocurrency industry. ONDO and Pendle dominate the tokenized government bond and crypto asset interest rate swap markets, respectively. The asset ceiling for these sectors is extremely high, and as the asset volume in these protocols grows, so will the protocol revenue, making them especially important during market rebounds.
- Factors Influencing Future Market:
- Total Asset Size of Protocols: The cash flow generated by these protocols largely depends on their asset size. As the asset size increases, the revenue generated by the protocols will also increase, which is expected to positively impact token prices.
- Policy Impact: As the cryptocurrency industry gradually gains legislative support and social acceptance, favorable policies will likely drive up the prices of tokens in this sector. With more asset management giants entering the field, the RWA sector is expected to experience steady growth.
3. User Searches
1) Popular Dapps
Solayer
Solayer is a re-staking protocol in the Solana ecosystem. It recently announced the completion of a $12 million seed round led by Polychain Capital, with participation from Big Brain Holdings, Hack VC, Nomad Capital, Race Capital, ABCDE, and Arthur Hayes’ family office, Maelstrom. Currently, Solayer’s TVL exceeds $178 million, indicating strong user engagement.
2) Twitter
Fractal
Fractal Bitcoin, a Bitcoin expansion network, announced on social media that it plans to launch its mainnet on September 9.
The tokenomics were also revealed: 80% of tokens will be allocated to the community, with the remaining 20% going to the team and contributors (with a vesting period).
Of the total, 50% will be distributed through POW mining, 15% to the ecosystem treasury, 5% to presale, 5% to advisors, 10% to community grants, and 15% to core contributors.
Given the high project visibility, users may consider participating in potential airdrop opportunities.
3) Google Search & Regional Trends
Globally, the top search term is:
Blum Listing Date
Blum is a decentralized exchange offering token trading from both centralized and decentralized platforms, as well as simplified derivatives trading. It has launched a mobile app and a mini-app on Telegram.
Blum will offer futures trading and the ability to purchase tokens across various networks. While the trading functionality is not yet live, Blum has already attracted 10 million users through a game-based mining points system.
According to the official Telegram channel, users are currently collecting Blum points, which will be exchangeable for tokens. Given the high project interest, users may consider participating in the TG BOT mini-games for a chance at a future airdrop.
4. Potential Airdrop Opportunities
1) Plume Network
Plume Network is a modular L2 network focused on the RWA sector, with products that integrate asset tokenization to directly supply vendors’ products on-chain. The project recently completed a $10 million seed round with investors including Haun Ventures, Superscrypt, Galaxy, and SV Angel.
The project has recently launched its testnet and is running activities such as “Earn Mile,” “Check In,” and “Passport.”
Participation Method:
1) Visit the project’s website, click “Connect Wallet,” and then enter the app.
2) Earn miles by completing platform tasks such as swapping, staking, speculating, and checking in.
2) Fuel
Fuel is a UTXO-based modular execution layer that brings globally accessible scale to Ethereum. As a modular execution layer, Fuel achieves global throughput in ways that monolithic chains cannot, while inheriting Ethereum’s security.
In September 2022, Fuel Labs successfully raised $80 million in a funding round led by Blockchain Capital and Stratos Technologies, with participation from major investment firms such as CoinFund, Bain Capital Crypto, and TRGC.
Participation Method:
Participants can deposit accepted tokens into Fuel to earn points. For every $1 worth of the following assets deposited, participants earn 1.5 points daily: ETH, WET, eETH, rsETH, rETH, wbETH, USDT, USDC, USDe, sUSDe, and stETH. From July 8 to 22, depositing ezETH will earn 3 points daily.
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