Bitget Research Institute: The blockchain gaming sector began to rise, and the rune leader DOG hit a new high

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Bitget研究院
1 months ago
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The US PMI data weakened, and the US economy may enter an early recession. The US dollar index fell, and BTC briefly broke through $70,000. The overall wealth-creating effect of the market is good.

In the past 24 hours, many new popular currencies and topics have appeared in the market, which may be the next opportunity to make money, including:

  • The sectors with strong wealth-creating effects are: blockchain game track, Meme sector, and rune track

  • Hot search tokens and topics by users: UXLINK, GME, ALICE

  • Potential airdrop opportunities include: Bedrock, Nile Exchange

Data statistics time: June 4, 2024 4: 00 (UTC + 0)

1. Market environment

Yesterday, BTC price went out of the low volatility range and formed an upward breakthrough trend. BTC price briefly broke through 70,000 US dollars and then pulled back to around 69,000 US dollars. The ETH/BTC exchange rate pair pulled back to the support position of 0.054. The market implied volatility of BTC and ETH is 52 and 65. Generally speaking, the implied volatility of ETH is higher than that of BTC by 10, and the ETH/BTC exchange rate pair will rise. You can continue to pay attention to ETH trading opportunities in the future.

At the macro level, the US economy is at risk of recession due to the weakening of US PMI data. The yield of US 10-year Treasury bonds fell from 4.5% to around 4.4%, and the US dollar index fell, which is good for the crypto market in the short term. There was a trading failure on the New York Stock Exchange, and stocks such as Berkshire Hathaway showed a drop of more than 99%. Crypto traders formed a short-term risk aversion sentiment yesterday, which was an important reason for the market to peak and fall.

2. Wealth-making sector

1) Sector changes: blockchain gaming track (NOT, ALICE, PORTAL)

main reason:

  • NOT experienced unusual market movements, with the price rising five times from the bottom price of 0.005 within a week, attracting attention from the market’s capital inflow and traffic;

  • The effect of sector rotation is obvious. The inflow of hot money is very obvious in the ALICE contract data, and the main funds are buying in large quantities;

Increase: NOT increased by 80%+ in 3 days, ALICE increased by 60%+ in 3 days, PORTAL increased by 20%+ in 3 days;

Factors affecting the market outlook:

  • Technical indicators: In a bull market, after the token forms an upward trend, every pullback is an entry opportunity. Pay attention to the timing when the hot token pulls back to the bottom line of the Bollinger Band and invest in it, and sell it after the token breaks through the top line of the Bollinger Band. This strategy generally has lower risks and higher returns than holding spot;

  • Increase or decrease in open interest: ALICEs contract data changed yesterday, with a sharp increase in open interest, a net purchase of 5 million USD tokens, equivalent to a net purchase of about 10 million USD by the main funds, driving prices up. The long-short ratio of the contract trading account is lower than 1, verifying the entry of the main funds. In the future, we need to pay attention to the changes in the open interest volume to see if there is an increase in net longs;

2) Changes in sectors: Meme sector (PEOPLE, LADYS)

main reason:

  • The quadrennial US election is approaching. PEOPLE and LADYS are the most election-related tokens currently supported by mainstream CEXs and have received high community attention recently.

  • Institutional entry: DWF announced an investment of US$5 million in LADYS, driving the popularity of related assets;

Rising situation: PEOPLE rose 40% + in 7 days, LADYS rose 11% in 7 days;

Factors affecting the market outlook:

  • US election process: Pay attention to the impact of the US election process on this sector. If there is good news, PEOPLE and LADYS may rise first;

  • Dynamics of major funds: Understand whether major funds continue to flow in through contract data and news from the primary market. Generally speaking, a sudden and sharp increase in the number of open contracts is the core standard for indicating the main funds. You can continue to pay attention to the dynamics of contract indicators;

3) The sectors that need to be focused on in the future: Rune track

Main reasons: BTC broke through 70,000 USD in the short term, the BTC ecosystem began to recover, and BTC runes are a new asset type with room for speculation;

Specific currency list:

  • DOG: A project created by Leonidas, a well-known KOL and builder of ord.io. It has a well-run community and strong purchasing power.

  • RUNECOIN: Runecoin was just launched and airdropped to players with a high transaction fee. The project team has sufficient funds and has previously cooperated with 9 GAGMEMELand to carry out stake activities, so they understand token operations.

  • SATOSHI•NAKAMOTO: The popularity of the project chain has begun to increase. Yesterdays transaction volume reached 10 million US dollars, and the number of coin holders has reached 18,000. It has a community foundation and is very popular.

3. User Hot Searches

1) Popular Dapps

UXLink:

UXLINK announced on the X platform that it has completed the first quarter community airdrop certificate NFT snapshot, covering more than 1.5 million community independent addresses. According to DappRadear and TON chain data, the number of independent holding addresses of NFT ($UXLINK token airdrop certificate) on the UXLINK chain is 1.5 million, which is equivalent to the number of independent holding addresses of $NOT tokens currently, and exceeds the 220,000 independent addresses before the NOTCOIN token was listed. UXLINKs Dapp Unique Active Users data on the Arbitrum chain has also been ranked first for many days.

2) Twitter

Bitget Research Institute: The blockchain gaming sector began to rise, and the rune leader DOG hit a new high

GME:

The king of retail investors, Roaring Kitty, posted a screenshot of her position on Reddit, showing that she holds GME shares and GME call options, of which the call option will expire on June 21, 2024. Roaring Kitty posted a flip card in the UNO card game on Twitter, sparking heated discussions in the market. GME, KITTY and other GameStop-related tokens soared in a short period of time.

3) Google Search Region

Bitget Research Institute: The blockchain gaming sector began to rise, and the rune leader DOG hit a new high

From a global perspective:

ALICE: GameFi project MyNeighborAlice (ALICE) rose sharply yesterday, driving up several old GameFi tokens with medium and low market capitalizations.

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

From the hot searches in each region:

(1) Notcoin (NOT) is the most popular search term in Asia. In addition, Blum, a hybrid exchange with the CeDeFi concept that was previously very popular in the CIS region, has also begun to appear on the hot searches in some Asian countries.

(2) Europe and the United States are paying attention to the TON ecosystem. In addition to TON and NOT, the unissued Hamster Kombat is also on the hot search list; in addition, new memes such as ZACK, CWIF, and PEW also appear on the hot searches in many European and American countries.

(3) In the CIS region, Bitcoin ecosystem project Babylon was listed as the top 1 trending topic in Russia yesterday.

Potential Airdrop Opportunities

Bedrock

Bedrock is a multi-asset liquidity re-pledge protocol that started with the institutional-grade liquidity re-pledge token uniETH on EigenLayer, and later expanded to the first and largest liquidity re-pledge protocol on the IoTeX network. It will also be introduced before the launch of the Babylon mainnet, supporting liquidity pledged Bitcoin uniBTC.

Bedrocks current TVL has exceeded US$200 million, with a strong lineup of investors: OKX Ventures, LongHash Ventures, and Comma 3 Ventures led the investment, and Waterdrop Capital, Lbank Labs, Amber Group, ArcheFund, Whale Ground, and angel investors such as Babylon co-founder Fisher Yu followed suit.

How to do it specifically: If you hold ETH or IOTX, you can go to Bedrock to stake it into uniETH or uniIOTX to get staking income and future Bedrock airdrops; if you hold wBTC, you can go to Bedrock to stake it into uniBTC, and you will get staking income, Babylon airdrops, and Bedrock airdrops in the future.

Nile Exchange

Nile is a centralized liquidity DEX on Linea that combines incentives with centralized liquidity to achieve a higher level of capital efficiency. As a sister branch of RAMSES on Arbitrum, NILE inherits the proprietary centralized liquidity ve(3, 3) implementation mechanism. Nile Exchange is one of several Eligible Protocols in Linea The Surge event. Providing liquidity to the Nile protocol can also earn Lineas points LXP-L.

How to do it specifically: On the Linea mainnet, deposit LP positions of weETH/ETH, wrsETH/ETH, ezETH/ETH, and USDC/USDT to Nile to obtain a higher APY and multiple points.

Original link: https://www.bitget.com/zh-CN/research/articles/12560603810693

【Disclaimer】The market is risky, so be cautious when investing. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions in this article are suitable for their specific circumstances. Investing based on this is at your own risk.

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