Author: Bitget Research

 

In the past week (5/29-6/2), many new hot currencies and topics have appeared in the market.

 

1. Market Trends

 

This week (05.29-06.02), the most concerned topics in the market are:

  • BRC-20 token market cap approaches $500 million, Coinbase to launch CFTC-regulated futures exchange

  • Hong Kong's new crypto regulations are implemented, and the market correction lacks upward momentum

  • The life cycle of Meme coins continues to shorten, and BTC is unable to rise and falls below the key support level of $27,500

  • New meme coins are mixed and frequently fail. Bitget Research Institute launches BRC-20 monitoring module in daily report

  • The US debt ceiling crisis has been resolved, and crypto assets have seen a phased rebound

 

2. Popular Projects

 

The most popular projects this week (05.29-06.02) are:

ORDI (BRC-20 token): As the first token of BRC-20, ORDI is the primary supported project for innovation or institutional layout in the BRC-20 track. All data indicators basically rank first. The transaction volume in the past 24 hours was nearly 200 million US dollars, and the number of transfers in 24 hours was 4059 times. Since ORDI has been listed on exchanges such as OKX and Bitget, the actual 24-hour transaction volume on the chain was 117,000 US dollars, ranking third;

OXBT (BRC-20 token): A BRC-20 token issued by KOL @BitGod. It is issued through multiple communities, KOL white orders + public free minting. After the launch, the number of coin holding addresses quickly topped the list of BRC-20 tokens, reaching 20,735. The project has been centrally operated by the project party since its launch. Yesterday, it was announced that detailed token economics will be announced this week. The current token market value is 41.36 million US dollars, and the 24-hour on-chain transaction volume is 1.23 million US dollars.

ZBIT (BRC-20 token): BTC MACHINE’s token, which is building its own ecosystem around BTC, including multiple NFT projects, and has a certain number of loyal fans. Currently, there are 8,819 token holding addresses, ranking at the forefront of the market. In the past 24 hours, the number of transfers was 5,931, the on-chain transaction volume was US$40,000, and the market value was US$2.22 million.

LOVE (token): A meme coin with a unique whitelist mechanism, innovative hype mechanism, and extremely high popularity, promoted by KOL @M 4573 RCH. The whitelist is locked by giving his address 0 ETH. For non-airdrop users, they must have at least one LOVE token to trade, so airdrop users must send LOVE tokens to non-airdrop users to trade. Due to the high number of airdrops, it has been targeted by users who are looking for wool, continuously consuming market liquidity, and the LP staking rewards are too large, resulting in a continuous spiral decline in the token price after it went online. The current token market value is 10 million US dollars, liquidity is 2.57 million US dollars, and the 24-hour trading volume is 2.81 million US dollars;

RFD (token): A meme coin issued by Blurr, one of the top ten whales in Debank, with anti-runaway meme properties. Although the project token has experienced a sharp correction recently, Twitter's operations still maintain good continuity. The current 24-hour trading volume of the token is 12.61 million US dollars, and the total market value is 21.74 million US dollars;

VV - A Film by Zora (NFT): Film NFT produced by famous NFT KOL Jack Butcher, sold at Zora for 0.0089 ETH, and currently more than 13,000 users have participated in the Mint. Its other NFT project Free Mint has skyrocketed in the secondary market, with a good wealth effect. The community has high expectations for the project's later performance, and it is quite popular.

Nakamigos (NFT): CryptoPunks-style PFPs NFT, a popular NFT followed by more than 30 KOLs, currently 5,983 holders, floor price 0.6 ETH, 6k+ transactions in the past 7 days, floor price doubled, and transaction volume increased 4 times;

Circle (Dapp): Circle has sold all of its USDC reserve portfolio’s U.S. Treasury bonds. The Circle Reserve Fund website shows that as of May 30, all of the $24 billion in assets under management were held in the form of overnight repurchase agreements. According to Circle’s monthly certification report, this is a significant change since the end of April, when the fund held more than $30 billion in U.S. Treasury bonds. The last of its holdings, worth $4 billion, matured on Tuesday;

Tabi Artifact chest NFT mint contract (Dapp): The project is positioned as an NFT trading platform built on BSC. On May 11, it announced the completion of US$10 million in financing. Investors include Animoca Brands, Binance Labs, Draper Dragon, Hashkey Capital, Infinity Crypto Ventures and Youbi Capital. On May 29, the community reward plan was launched. Users can get SBT and other rewards for completing tasks. The activity has increased recently.

LayerZero (Dapp): A full-chain cross-chain protocol that allows Dapps deployed on different chains to communicate with each other without the need for any intermediate chain or consensus mechanism. Recently, it has launched in-depth cooperation with Canto. Projects in the Canto ecosystem can complete asset transfers to the EVM ecosystem, which is a major benefit to the Canto ecosystem.

 

3. Hot Searches

 

The most popular topics this week (05.29-06.02) are:

Hongkong (Event): The Hong Kong Securities and Futures Commission (SFC) issued a circular on the transitional arrangements for a new licensing system specifically for virtual asset trading platforms. The transitional arrangements are intended to provide virtual asset services in Hong Kong before June 1, 2023. Hong Kong Virtual Asset Rating Agency HKVAC was officially established and will launch virtual asset indexes and exchange ratings. The implementation of Hong Kong's encryption policy is good news for the encryption market in the long term. Please note that there may be speculation risks in related sectors in the short term.

OP (Token): The Optimism team said in a Twitter post on May 15 that the network will upgrade Bedrock on June 6, which will be down for 2 to 4 hours. Bedrock reduces transaction fees by using optimized batch compression and Ethereum as a data availability layer; it reduces the latency of including L1 transactions in Rollup by handling L1 reorganization more gracefully. More than 386 million OP tokens are scheduled to be unlocked on May 31 before the upgrade, which is more than twice the total circulating supply. The token price is expected to be under pressure.

Shiba (Token): The token price fluctuates violently, and the community discussion is very heated; Certik recently announced that Shiba's security level has returned to AAA, which is a big benefit for Shiba. The second-layer network Shibarium continues to update product dynamics, and there may be hype opportunities at any time, so you can continue to pay attention.

The Bitget Research Institute focuses on "focusing on on-chain data and mining valuable assets". It mines cutting-edge value investments by constantly monitoring on-chain data and regional hot searches, and provides institutional-level insights for crypto enthusiasts. So far, it has provided Bitget's global users with early-stage valuable assets in multiple popular sectors such as [Arbitrum Ecosystem], [AI Ecosystem], and [SHIB Ecosystem]. Through in-depth data-driven research, it creates a better wealth effect for Bitget's global users.