CoinWorld.com reports:
In the past 24 hours, there have been many new popular coins and topics in the market, which are likely to be the next wealth creation opportunities.
Summary:
The price of Bitcoin briefly fell below $58,000, causing a surge in panic in the overall crypto market. Yesterday, the Federal Reserve released minutes of its meeting, which continued to emphasize that inflation has not yet been resolved.
The sectors with strong wealth creation effects are:
DePin (MOBILE, HONEY), ETH ecosystem (ENS, SSV).
The most searched tokens and topics by users are: Sentient, Astar Network, TAO.
Potential airdrop opportunities: Linea Surge, Solayer.
Data statistics time: July 4, 2024, 4:00 (UTC+0).
1. Market Environment:
The crypto market experienced a overall decline yesterday, with the price of Bitcoin briefly falling below $58,000, leading to a surge in panic in the crypto market. Most mainstream coins have fallen below the daily bullish trend line, indicating the possibility of further decline in the market.
The minutes of the Federal Reserve meeting released yesterday indicated that further confidence data is needed to support its interest rate cut, suggesting that inflation has not yet reached its target. As for Bitcoin ETF, there was a net outflow of $20.5 million yesterday. The previously rumored Ethereum ETF, which was expected to start trading on July 4, has fallen through, resulting in a sharp decline in Ethereum ecosystem tokens.
Solana LST protocol Sanctum announced the details of the airdrop yesterday, with 10% of the token supply allocated to the initial airdrop, half of which (5%) will be distributed proportionally based on Wonderland XP. The other half (5%) will be distributed based on Earnestness. Sanctum’s overall TVL on Solana has reached $790 million, ranking fifth in TVL on the Solana chain.
2. Wealth Creation Sectors:
1) Sector dynamics: DePin (MOBILE, HONEY)
Main reasons:
Recently, some DePin projects have frequently announced positive news, such as Helium Mobile launching a licensing program for its hotspots, through which Helium Mobile earns licensing fees from hotspots manufactured elsewhere while developing its cellular network. Hivemapper has already covered 23% of the global map, among others.
Rise in prices: MOBILE has risen 70% in the past 7 days, HONEY has risen 48.8% in the past 7 days.
Factors affecting future market:
The future performance of DePin projects is mainly influenced by project progress, incentive policy changes, and the number of global nodes. The core of DePin is to allow more hardware distributed around the world to participate in the incentive network and share profits. Therefore, the primary factor that affects the project is the increase in the number of devices. Investors should closely monitor the dynamics and data of the project in this regard in order to make investment decisions.
2) Sectors to be closely monitored: ETH ecosystem (ENS, SSV)
Main reasons:
The planned listing of Ethereum spot ETF on July 4 fell through, resulting in a decline in some tokens in the Ethereum ecosystem. However, there is still a chance for the listing of Ethereum spot ETF in mid-July, so some tokens in the Ethereum ecosystem may have a certain oversold rebound opportunity.
Nate Geraci, President of The ETF Store, predicted the launch time of Ethereum spot ETF, stating that Bloomberg still predicts mid-July, with the revised S-1 expected to be submitted on July 8, and the final S-1 possibly submitted on July 12. Theoretically, this means that it will be launched during the week of July 15.
Even in the market news on June 29, where the U.S. SEC classified Lido and Rocket Pool staking projects as securities, leading to a decline in LDO and RPL, it did not prevent the rise of ENS, SSV, and other ETH ecosystem tokens during the market rebound, with ENS reaching a new high in the past 29 months.
Factors affecting future market:
The two main factors affecting the prices of tokens in the Ethereum ecosystem are: 1. Whether the Ethereum spot ETF can be listed and traded in the near future, 2. The regulatory attitude of the U.S. SEC towards certain projects. If the Ethereum spot ETF can be approved and listed for trading in mid-July, it will be considered a major positive for various projects in the Ethereum ecosystem. Otherwise, the market may sell off due to failed trading expectations.
3. User Hot Searches:
1) Popular Dapp:
Sentient
Sentient is an open-source artificial intelligence development platform. Sentient initiates “activities” for contributors, each with specific metrics to evaluate contributions and rewards. The project recently completed a substantial financing of $85 million, with top-tier institutions such as Pantera Capital*, Framework Ventures, Hash VC, Foresight Ventures participating. The project may become a focus of attention in the future AI field, and it is worth keeping up with its latest developments.
2) Twitter:
Astar Network (ASTR) launched its coin on mainstream exchanges 22 years ahead of schedule. Amidst a significant decline in the market over the past week, Astar Network achieved an early bottoming rebound, attracting the interest of traders. The token is currently listed on Bitget, and its trend should be closely monitored. If the overall market stops declining and rebounds, Astar Network may generate a good wealth effect.
3) Google Search & Regions:
From a global perspective:
Why is down today:
The crypto market continues to decline, with BTC finding support around $58,000. As the expectation of rate cuts in the second half of the year is priced in, accompanied by a decline in 10-year bond yields, the U.S. dollar index is likely to weaken. Rate cuts will be positive for crypto assets, so it is worth considering positioning for the second half of the year.
TAO:
Yesterday, Bittensor suffered an attack due to the theft of private keys, resulting in the theft of 32,000 TAO tokens (worth about $8 million). As a result, Bittensor (TAO) fell below $240, currently trading at around $237, with a decline of over 10% in the past 24 hours. The significant decline in the token due to the theft has attracted market attention.
From the perspective of various regions:
(1) Asian countries: “why crypto is down today” and “greed and fear index” are among the top search terms in several Asian countries. Investors are most concerned about the reasons for the market decline.
(2) European and American countries: No obvious hotspots, different tokens and terms appear on the top search lists of each country. For example, Italian traders are interested in TAO, NOT, SOL, while German users focus on SOL, LDO, and British users focus on ETH, TAO, etc.
4. Potential Airdrop Opportunities:
Linea Surge
Following Linea Park, Linea Voyage: The Surge event has officially started. It is worth noting that the referral code needs to be used to activate the Linea account on the Linea website before starting to receive LXP-L points. Linea’s points trading market is now available on Whales Market, indicating potential airdrop opportunities in the future.
The market believes that it is difficult for Linea to reach a TVL of $3 billion, but Linea’s TVL has already reached $700 million. With the launch of heavyweight projects such as zkSync and LayerZero, funds may flow into Linea, bringing its TVL to $3 billion and ending the event ahead of schedule.
Specific participation methods: (1) First, activate a Linea account through the invitation link; (2) Deposit assets supported by The Surge activity, such as ETH, DAI, into the Linea network; (3) Deposit assets into DEX, lending protocols such as SyncSwap, Mendi Finance, SushiSwap, etc., to obtain LXP-L points (Linea has more than 20 supported protocols, which can be found here: https://www.openblocklabs.com/app/linea/dashboard).
Solayer
Solayer is a native Restaking protocol in the Solana ecosystem, similar to Eigenlayer in the Ethereum ecosystem. Solayer protects data security and enables fast transaction verification through decentralized cloud infrastructure.
The project recently completed a financing round with participation from institutions and individuals including Anatoly Yakovenko, Sandeep Nailwal, Joseph Delong, Joe Lallouz, Rooter, Richard Wu, Ansem, DCF GOD, etc. Anatoly Yakovenko is the Founder of Solana, and Sandeep Nailwal is the Co-founder of Polygon. Solayer is a project with a high-profile team, and its valuation is expected to be high, with a good wealth effect from the airdrop.
Specific participation methods: (1) Enter the official website and enter the invitation link; (2) Deposit SOL, mSOL, Jitosol, bSOL on the official website.
