Bitget Research: Blockchain Gaming Sector Begins to Rise, Top Runes Tokens DOG Hits New High

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Bitget Research2024/06/04 08:13

By:Aaron, Bitget Research

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

Weak PMI data from the U.S. indicates a potential early recession, driving the U.S. dollar index down. BTC briefly surged past $70,000. The overall wealth creation effect in the market remains robust, including:

Sectors with strong wealth creation effect: Blockchain gaming sector, Memecoin sector and RWA sector.
Top searched tokens and topics: UXLINK, GME, and ALICE.
Potential airdrop opportunities: Bedrock and Nile Exchange.

Data collection time: June 4, 2024, 4:00 AM (UTC)

1. Market Environment

Yesterday, BTC price moved out of a low volatility range, creating an upward breakout trend and briefly surpassing $70,000 before settling around $69,000. The ETH/BTC rate fell back to a support level of 0.054, with implied volatility rates for BTC and ETH at 52 and 65, respectively. Generally, ETH's implied volatility is higher than BTC's by over 10 points, indicating potential rises in the ETH/BTC exchange rate and trading opportunities for ETH in the near future.

On the macroeconomic front, weakening U.S. PMI data suggests recession risks. U.S. 10-year Treasury yields fell from 4.5% to about 4.4%, and the U.S. dollar index declined, which is positive for the cryptocurrency market in the short term. A trading glitch at the New York Stock Exchange, causing stocks like Berkshire Hathaway to show declines of over 99%, led to a short-term risk-averse sentiment among crypto traders, contributing to the market's peak and subsequent pullback.

2. Wealth Creation Sectors

2.1 Sector Movements – Blockchain Gaming Sector (NOT, ALICE, and PORTAL)

Primary reasons:

NOT saw unusual market movement, increasing 5X from a base of $0.005 within a week, drawing fund and traffic.
Sector rotation effects are evident, with significant inflows of hot money into ALICE futures, indicating heavy buying by major investors.

Gainers: NOT up over 80%, ALICE up over 60%, and PORTAL up over 20% in three days.

Factors affecting future market conditions:

Technical indicators: In a bull market, each pullback after a token's price rise present buying opportunities. Invest when tokens fall to the lower Bollinger band and sell after breaking the upper Bollinger band. This strategy generally carries lower risk and higher returns than holding spot positions.
Open interest changes: A significant increase in open interest for ALICE, with net purchases of $5 million worth of tokens equivalent to a net investment of about $10 million by major investors, drove the price upward. With a long/short ratio below 1, this confirms major investor participation. Moving forward, it is important to monitor changes in the volume of open interest and whether it leads to an increase in net long positions.

2.2 Sector Movements – Memecoin Sector (PEOPLE and LADYS)

Primary reasons:

As the quadrennial U.S. presidential election approaches, PEOPLE and LADYS, tokens closely associated with the election and supported by mainstream CEXs, have seen heightened community interest recently.
Institutional investment: DWF announced a $5 million investment in LADYS, fueling interest in related assets.

Gainers: PEOPLE up over 40% and LADYS up 11% in seven days.

Factors affecting future market conditions:

U.S. election progress: Monitor how the election influences this sector, as favorable news could lead PEOPLE and LADYS to rise first.
Dynamics of major investors: Understand whether major investors continue to invest by checking the futures data and primary market news. A sudden increase in open interest volume typically indicates significant investor involvement; ongoing monitoring of futures metrics is advisable.

2.3 Sectors to Focus on Next — Rune Sector

Primary reason: With Bitcoin briefly breaking $70,000, the BTC ecosystem is warming up. BTC runes represent a new asset type with potential for hype.

Specific tokens:

DOG: A project created by the famous influencer and builder Leonidas from ord.io, featuring a strong community with considerable purchasing power.
RUNECOIN: Newly launched with substantial transaction fees used for airdrops to players, the project is well-funded. Previously, it collaborated with 9GAG and MEMELand on staking promotions, demonstrating expertise in token operations.
SATOSHI•NAKAMOTO: The project is gaining on-chain popularity, with yesterday’s trading volume reaching $10 million and holder numbers hitting 18,000, indicating a strong community base and high interest.

3. Top Searches

3.1 Popular DApps

UXLink:

UXLINK announced the completion of the first season airdrop voucher NFT snapshot on the X platform, covering over 1.5 million unique community addresses. According to DappRadar and TON chain data, UXLINK’s on-chain NFT ($UXLINK token airdrop voucher) has 1.5 million unique holders, comparable to $NOT’s current number of holders and exceeding the 220,000 addresses before NOTCOIN’s token launch. UXLINK also consistently ranks first in "Dapp Unique Active Users" on the Arbitrum chain.

3.2 X (former Twitter)

Bitget Research: Blockchain Gaming Sector Begins to Rise, Top Runes Tokens DOG Hits New High image 0

GME:

Retail-investor favorite Roaring Kitty posted a position screenshot on Reddit showing ownership of GME stock and bullish options expiring on June 21, 2024. Roaring Kitty also tweeted an image of a reverse Uno card, sparking widespread discussion in the market. Tokens related to GameStop, including GME and KITTY, saw a brief surge in value.

3.3 Google Search (Global and Regional)

Bitget Research: Blockchain Gaming Sector Begins to Rise, Top Runes Tokens DOG Hits New High image 1

Global focus:

ALICE: The GameFi project MyNeighborAlice (ALICE) experienced a significant rise yesterday, driving up several mid to low market cap old GameFi tokens.

OMG, WAVES, XEM: Binance has decided to halt trading and delist the following tokens on June 17, 2024: OmiseGO (OMG), Waves (WAVES), Wrapped NXM (WNXM), and NEM (XEM).

Regional focus:

(1) Notcoin (NOT) stands out in Asia's hot searches. Additionally, the CeDeFi concept of hybrid exchange Blum, previously popular in the CIS region, is gaining traction in some Asian countries.

(2) In Europe and the USA, the TON ecosystem is garnering attention. Besides TON and NOT, the yet-to-be-launched Hamster Kombat is also trending; furthermore, new memecoins such as ZACK, CWIF, and PEW are trending in multiple European countries and the USA.

(3) In the CIS region, the Bitcoin ecosystem project Babylon topped Russia's hot searches yesterday.

4. Potential Airdrop Opportunities

Bedrock

Bedrock is a multi-asset liquidity re-staking protocol, initially starting with institutional-grade liquidity re-staking token uniETH on EigenLayer, later expanding as the first and largest liquidity re-staking protocol on the IoTeX network. Bedrock will introduce this protocol before the launch of the Babylon mainnet to support liquidity staking of Bitcoin as uniBTC.

Bedrock's current TVL is over US$200 million, supported by a strong line-up of investors including OKX Ventures, LongHash Ventures, Comma3 Ventures leading the round, with participation from Waterdrip Capital, Lbank Labs, Amber Group, ArcheFund, Whale Ground, and Babylon co-founder Fisher Yu among others.

How to engage: If you hold ETH or IOTX, you can stake them as uniETH or uniIOTX on Bedrock to earn staking rewards and future Bedrock airdrops; if you hold wBTC, you can stake it as uniBTC to receive staking rewards, Babylon airdrops, and Bedrock airdrops.

Nile Exchange

Nile is a concentrated liquidity DEX on Linea that combines incentive mechanisms with concentrated liquidity for higher capital efficiency. As the sister fork to RAMSES on Arbitrum, NILE inherits the proprietary Concentrated Liquidity ve(3,3) implementation. Nile Exchange is one of several eligible protocols in Linea's The Surge promotion, providing liquidity to the Nile protocol can also earn Linea's LXP-L points.

How to engage: On the Linea mainnet, deposit LP positions like weETH/ETH, wrsETH/ETH, ezETH/ETH, USDC/USDT into Nile to earn a high APY and multiple points.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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