Bitget Research: Stablecoin Market Cap Nears All-Time High, Hinting at Market Recovery

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

Supported by gains in U.S. tech stocks and Asian markets, Bitcoin surged past $58,000, while the total market cap of stablecoins exceeded $170 billion, reaching a new high since May 2022. Key highlights include:

• Sectors with strong wealth creation effect: SUI ecosystem and Solana memecoins.
• Top searched tokens and topics: ChangeNOW, Ripple, and SUI.
• Potential airdrop opportunities: Gatto and Redstone.

Data collection time: September 13, 2024, 4:00 AM (UTC+0)

1. Market Environment

Supported by gains in U.S. tech stocks and Asian stock markets, Bitcoin surged past $58,000 and is now hovering around this price range.

According to DefiLlama, the total market cap of stablecoins surpassed $170 billion, a new high since May 2022, with a 0.22% increase over the past week. USDT accounted for $113.88 billion, or 69.7% of the market share. Stablecoins play a crucial role in providing liquidity to the crypto market. As their values are pegged to fiat currencies, stablecoins act as a bridge between crypto and fiat currencies, allowing investors to enter and exit the market more easily. An increase in stablecoin market cap typically signals improved liquidity in the market.

2. Wealth Creation Sectors

2.1 Sector Movements: SUI Ecosystem (SUI and SCA)

Primary reasons:
Binance is set to list SUI Coin-M perpetual futures on September 18, 10:00 AM (UTC), with up to 20x leverage.

Gainers:

Within the last 24 hours, SUI and SCA have risen by 0.58% and 16.36%, respectively.
Factors affecting future market conditions:

• Changes in open interest: Using SUI as an example, the volume of SUI's open interest started rising from a low point yesterday, indicating hot money inflows. Consider using tv.coinglass to gauge the movement of major funds and monitor futures data. Start by observing the uptick in net long positions, and then monitor the futures data for any increase in open interest and trading volume. Such trends typically signify heightened bullish sentiment, making it advisable to hold the assets.
• News-related impact: Keep an eye on product updates and partnership announcements from projects. If an AMA is scheduled, it may be worth positioning assets ahead of time, as there's a strong likelihood that the team will take advantage of improved market liquidity to release positive news.

2.1 Sector Movements – Solana Memecoins (CATDOG and MANEKI)

Primary reasons:
1. OSL, a licensed digital asset platform under the OSL Group, has opened Solana (SOL) trading to professional investors, increasing the number of tokens available on the platform to 15. More institutions are opening up SOL trading.

As SOL's price rebounds, panic around assets within its ecosystem has subsided. Temporary improvements in liquidity are driving up asset prices across the entire ecosystem.

Gainers:

Within the last 24 hours, CATDOG and MANEKI rose by 109% and 7.91%, respectively.

Factors affecting future market conditions:

• • SOL trend: The price of SOL influences the prices of Solana ecosystem tokens, as many trading pairs on DEXs are priced in SOL. Monitor SOL's price trend closely. If SOL continues to rise, holding SOL ecosystem assets may be advisable.
  • Changes in open interest: SOL's recent increase in open interest suggests increased hot money inflows. Consider using tv.coinglass to gauge the movement of major funds and monitor futures data. Start by observing the uptick in net long positions, and then monitor the futures data for any increase in open interest and trading volume. Such trends typically signify heightened bullish sentiment, making it advisable to hold the assets.

3. Trending Searches

3.1 Popular DApps:

ChangeNOW:

AirDAO has announced a partnership with the non-custodial cryptocurrency exchange platform ChangeNOW. This collaboration will enable AirDAO users to conduct cross-chain transactions using the ChangeNOW platform, providing access to over 1000 cryptocurrencies and more than 150 blockchains without the need for identity verification.

3.2 X (former Twitter)

Ripple:

According to FOX Business, Grayscale is set to launch the first U.S. XRP trust, paving the way for a potential ETF. The new "closed-end" fund will offer accredited investors direct exposure to XRP. The Grayscale XRP Trust has a management fee of 2.5% and an asset size of $250,000. Given that the recent XRP price increase is mainly driven by positive news rather than significant changes to its fundamentals, users are advised to exercise caution when participating.

3.3 Google Search (Global and Regional)

• Global focus:

SUI: According to the official announcement, Binance Futures will launch the SUIUSD Coin-M perpetual futures on September 18, 2024, 10:00 AM (UTC), with up to 20x leverage. SUI’s price rose by 1.18% in the past 24 hours due to the positive news. Its ecosystem tokens have seen a significant increase, and users may want to consider investing in relatively undervalued projects.

• Regional focus:

(1) Due to Binance's launch of the SUIUSD Coin-M perpetual futures, SUI has become a trending search term across various regions in Asia, particularly in Indonesia and Singapore.

(2) Telegram mini apps continue to receive widespread attention across countries and regions, with "Blum" as one of the hot search terms in Myanmar, India, Pakistan, and Russia.

(3) Trending searches in Europe and America are more varied, but they focus on older projects with strong fundamentals (particularly public chains) such as XRP, SUI, AKT, INJ, and ICP.

4. Potential Airdrop Opportunities

Gatto

Gatto, a Telegram mini app, is a pet-raising game noted for its high level of completion. It was announced on X that Gatto has partnered DWF and is one of the 11 selected from 170 projects by the TON accelerator.

The project previously ranked first on the Telegram Apps Center's P2E list and third on The Open Legend list, enjoying high traffic in the CIS region.

How to participate: Upgrade your pets by taking care of them, participate in stadium contests, and collect rewards to earn coins and experience. Pets can be converted into NFTs for sale. Players have the option to play for free or make in-game purchases, with potential future opportunities for token airdrops.

RedStone

RedStone is a modular oracle for LSTs and LRTs, delivering frequently updated, reliable, and diverse data feeds for dApps and smart contracts on multiple Layer 1s and Layer 2s. The market anticipates that Redstone will issue its token in the second half of 2024.

In 2022, RedStone raised $7 million in a seed round funding led by Lemniscap, with participation from Coinbase Ventures, Blockchain Capital, Distributed Global, Lattice, Arweave, Bering Waters, Maven11, and SevenX Ventures. In 2023, Aave founder and Polygon co-founder, among others, invested in the project during its angel round.

How to participate: (1) Earn RSG points by participating in Galxe quests and on-chain promotions by Redstone and its partners. (2) By producing content and participating in designated promotions on the RedStone Discord server, such as the Weekly Best Content or the Hall of Fame, creators can receive RSG points.