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Bitget Research: BTC Briefly Breaks $62,000, U.S. Election-Themed Meme Coins Surge Due to Event-Driven Spike

Tommy & Jarseed
2024/07/15
Bitget Research: BTC Briefly Breaks $62,000, U.S. Election-Themed Meme Coins Surge Due to Event-Driven Spike
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

Spot BTC ETFs have experienced net inflows for six consecutive working days, and the balance of BTC in German government wallets has hit zero. BTC briefly surged past $62,000. However, this rebound driven by BTC did not result in strong sectors emerging. Over the weekend, the assassination attempt on Trump spurred increases in election-related memecoins and the emergence of numerous new memecoins.
  • Sectors to focus on next: ETH ecosystem.
  • Top searched tokens and topics: Fuel Network, VetChain, Bloom, and RWA.
  • Potential airdrop opportunities: Fuel Network and Symbiotic.
Data collection time: July 15, 2024, 4:00 AM (UTC)

1. Market Environment

Spot BTC ETFs have experienced net inflows for six consecutive working days, and the balance of BTC in German government wallets has hit zero. BTC briefly surged past $62,000. Currently, BlackRock's IBIT and Grayscale's GBTC hold 316,284 and 273,726 BTC respectively, surpassing MicroStrategy's BTC holdings.
However, despite BTC driving a market rebound, no strong recovery trends emerged. Sectors like AI and the Solana ecosystem, which had previously shown strong performance in rebounds, lacked robust recovery momentum today. The ongoing low ETH gas fees, still around 2 gwei, also indicate a lack of focal points in altcoins.
The assassination attempt on Donald Trump, which took place over the weekend, has driven market speculation around election-related memecoins. Numerous new memecoins related to this theme emerged on the blockchain, with many PoliFi memecoins rebounding from lows following the incident.

2. Wealth Creation Sectors

2.1 Sectors to focus on next – ETH ecosystem (Blue-chip DeFi tokens like LDO and UNI and hot Ethereum ecosystem memecoins)

Primary reasons:
  • On July 11, The Block reported that potential issuers of Ethereum ETFs are eagerly awaiting the latest updates from the U.S. SEC on their upcoming products. Previously, several institutions submitted revised S-1 forms for spot Etherem ETFs on July 9.
  • On the prediction platform Polymarket, the bets that "the Ethereum ETF will be approved by the US before July 26" currently show a probability exceeding 82%.
  • Once the spot Ethereum ETFs begin trading, traditional funds could flow into the Ethereum ecosystem through Ethereum ETFs. Given the ample liquidity in the U.S. capital markets, a wealth effect due to these inflows is highly probable.
Factors affecting future market conditions:
  • The timing and pace of news releases about spot Ethereum ETFs will directly influence the price of ETH. Whether traditional DeFi projects in the ETH ecosystem, such as LDO and UNI, to capitalize on this opportunity by releasing positive news could significantly influence whether an altcoin season within the ETH ecosystem can start and the extent of its hype. Additionally, the performance of hot memecoins in the Ethereum ecosystem, such as PEPE, may determine whether a new memecoin season can begin.

3. Top Searches

3.1 Popular DApps

Fuel Network
Fuel is a UTXO-based modular execution layer that brings a globally accessible scale to Ethereum. As a modular execution layer, Fuel can achieve global throughput in a way not possible with monolithic chains, while inheriting security from Ethereum. In September 2022, Fuel Labs successfully raised $80 million in a funding round led by Blockchain Capital and Stratos Technologies. Fuel also received investments from several leading investment institutions, including CoinFund, Bain Capital Crypto, and TRGC. Recently, Fuel has gained popularity with its new deposit to earn points program, accumulating a total deposit amount of $78.02 million on the platform.

3.2 X (former Twitter)

Bitget Research: BTC Briefly Breaks $62,000, U.S. Election-Themed Meme Coins Surge Due to Event-Driven Spike image 0
Aptos:
Since its mainnet launch 19 months ago, Aptos has approved 90 improvement proposals through on-chain governance, playing a significant role in advancing Web3 technology. Key proposals include: AIP-11: Aptos Token Standard using Move Objects, AIP-21: Fungible Asset Standard using Move Objects, AIP-41: Move APIs for Public Randomness Generation, AIP-26: Quorum Store, AIP-47: Aggregators V2, AIP-62: Wallet Standard, AIP-66: Passkey Accounts. The Aptos developer community continues to grow robustly, consistently driving innovation and breakthroughs.

3.3 Google Search (Global and Regional)

Bitget Research: BTC Briefly Breaks $62,000, U.S. Election-Themed Meme Coins Surge Due to Event-Driven Spike image 1
Global focus:
VetChain:
Recently, VetChain has made significant advancements in the Internet of Things (IoT) sector, notably through a collaboration with UFC to launch NFC applications integrated into a complete suite.
Additionally, VetChain has partnered with NonFungibleBC to launch blockchain-based audiobooks, attracting user attention. With tangible progress and updates in its project, VetChain's token price has shown robust performance, surging 34.4% in the past seven days and making it onto Google's trending searches.
Regional focus:
(1) Google Trends in Asian countries show a notable focus on RWA, influenced by market news that "MakerDAO announced plans on Thursday to invest $1 billion of its reserves in tokenized U.S. Treasury products." This announcement led to a significant rise in RWA searches across several regions, with major players in the field including BlackRock's BUIDL, Superstate, and Ondo Finance expressing active participation.
(2) In Europe and the Americas there's a heightened interest in recent popular projects like Symbiotic; the DEX Blum, which offers a one-click purchase of crypto assets via Telegram, has appeared in hot searches across multiple countries, indicating high popularity.

4. Potential Airdrop Opportunities

Fuel Network
Fuel is a UTXO-based modular execution layer that brings a globally accessible scale to Ethereum. As a modular execution layer, Fuel can achieve global throughput in a way not possible with monolithic chains, while inheriting security from Ethereum.
In September 2022, Fuel Labs successfully raised $80 million in a funding round led by Blockchain Capital and Stratos Technologies. Fuel also received investments from several leading investment institutions, including CoinFund, Bain Capital Crypto, and TRGC.
How to participate: Deposit qualifying tokens to earn points. For every $1 deposited, participants will earn 1.5 points per day.
Earn 1.5 points per day with the following assets: ETH, WET, eETH, rsETH, rETH, wbETH, USDT, USDC, USDe, sUSDe, and stETH. Additionally, earn 3 points per day when you deposit ezETH from July 8 to July 22.
Symbiotic
Symbiotic is a versatile restaking project that enables decentralized networks to foster 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 a seed round funding with investments from Paradigm and Cyber Fund.
How to participate: Visit the project's official website, link your wallet, and deposit ETH and ETH LSD assets.
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