Bitget Research: Memecoin Sector Sees Significant Pullback Over the Weekend, LayerZero and zkSync Expected to Launch Airdrop in June

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Bitget Research2024/05/20 08:01

By:Tommy & Jarseed

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.

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

Last week, the spot BTC ETFs saw net inflows for five consecutive days, offsetting the total outflows from April in the past two weeks. BTC rose 9% in a week, but altcoins generally fell, with the market lacking hot spots. Announcements from LayerZero and zkSync over the weekend suggest a possible token launch in June, sparking heated discussions on social media.

Sectors to focus on next: Memecoin sector and Fan token sector.
Top searched tokens and topics: Scroll, Manta Network, and BONK.
Potential airdrop opportunities: Scroll and Orbiter Finance.

Data collection time: May 20, 2024, 4:00 AM (UTC)

1. Market Environment

Last week, the spot BTC ETFs saw net inflows for five consecutive days, offsetting the total outflows from April in the past two weeks. BTC rose 9% in a week, fluctuating around $67,000. CME FedWatch data indicates a 91.1% probability of the Fed holding rates steady in June and a 70.4% probability in August. The SEC will make a decision on the spot Ethereum ETF this week, with current market expectations being pessimistic, although this pessimism might already be priced in, meaning ETH is unlikely to see a sharp short-term drop even if not approved.

Over the weekend, the Memecoin sector saw a significant decline, with other altcoins also performing poorly and the market lacking hot spots. LayerZero Labs released its first list of potential sybil addresses, containing 800,000 entries. zkSync officials indicated that governance is expected to be handed over by the end of June, possibly suggesting an airdrop could occur at that time.

2. Wealth Creation Sectors

2.1 Sectors to Focus on Next — Memecoin Sector

Primary reasons:

Memecoins are one of the main drivers of the current market trend. If the pullback continues, top memecoins will offer a favorable entry point.
Over the weekend, a Wintermute address spent 2000 SOL to buy MANEKI at a price of $0.0098. VCs and market makers began speculating on memecoins.

Specific projects:

WIF, PEPE, BOME, MEW, MANEKI, and others.

2.2 Sectors to Focus on Next — Fan Token Sector

Primary reasons:

Over the past month, many altcoins saw their prices halved, while fan tokens fell about 5%, showing relative resilience.
Upcoming events like the European Championship, Copa America, and the Olympics provide excellent opportunities to speculate on fan tokens.
Recent movements in certain fan tokens include Tottenham's SPURS token, which rose 14% on Sunday against the trend, and Galatasaray's GAL token, which saw an eightfold increase in trading volume without a price increase, primarily due to significant improvements in market making on the Turkish exchange Paribu.

Specific projects:

CHZ, SANTOS, LAZIO, ARG, PSG, and SPURS.

3. Top Searches

3.1 Popular DApps

Scroll_l1: L1ScrollMessenger

Recently, Scroll launched its loyalty program, Session Zero, which allows users who participated in the StakeStone and Scroll cross-chain loyalty promotion to check their accumulated points through the Scroll points system. Points from DeFi applications are also set to go live soon. After clarifying interaction rules, more users will move funds across chains to Scroll to earn points. Scroll points are now live on Whales Market, with a coin launch expected soon.

3.2 X (former Twitter)

Bitget Research: Memecoin Sector Sees Significant Pullback Over the Weekend, LayerZero and zkSync Expected to Launch Airdrop in June image 0

Manta Network:

Within just 12 hours of its launch, Manta Network's CeDeFi product achieved a TVL exceeding $10 million. This CeDeFi product introduces VIP asset management strategies to the blockchain, allowing users to stake BTC, ETH, and stablecoins via Ethereum mainnet, BNB Chain, and Manta Pacific to earn institutional CeFi returns and funding rate arbitrage profits. The current APYs are 5.6% for BTC and ETH, and 17.5% for USDT and USDC. Additionally, users can accumulate points to earn MANTA token rewards, available only to the first $500 million in TVL participating in CeDeFi. The product also offers extra point multiplier for participation exceeding 30 and 60 days.

3.3 Google Search (Global and Regional)

Bitget Research: Memecoin Sector Sees Significant Pullback Over the Weekend, LayerZero and zkSync Expected to Launch Airdrop in June image 1

Global focus:

BONK (BONK) – Recently, BONK has been prominently featured at the SKYDECK EDC music festival, enjoying high visibility and positive user feedback. Among mainstream memecoins, BONK has performed well, maintaining a stable upward trend despite a general downturn in mainstream memecoins over the weekend.

Regional focus:

(1) The main searches in Southeast Asia focused on various recently popular tokens, including memecoins, RWAs, and newly listed tokens:

Cryptocurrency enthusiasts in Southeast Asia have shown significant interest in new projects and trends within the industry. Recently, Shiba Inu, RWAs, AI tokens, and newly listed tokens such as BUBBLE and NOT have been particularly popular in searches.

(2) High volume of GME-related searches in Europe and the CIS region:

Concurrently, with the rise of popular U.S. meme stocks such as GME, AMC, and FFIE, the cryptocurrencies sharing these names have experienced speculative trading. In Europe and the CIS regions, there has been a noticeable increase in Google searches related to these tokens, indicating a significant rise in user interest.

4. Potential Airdrop Opportunities

Scroll

Scroll has recently launched a points system in preparation for its upcoming token issuance. This system clearly outlines the methods through which users can accumulate points by staking assets such as ETH, LST, and various stablecoins, providing an opportunity for the airdrop before the token launch.

Scroll has completed a funding round of $80 million, with investments from Polychain Capital, Sequoia China, Bain Capital Crypto, Moore Capital Management, Variant Fund, Newman Capital, IOSG Ventures, and Qiming Venture Partners.

How to participate: Users can link their wallets at https://scroll.io/sessions and complete tasks as required by Session Zero to earn points and future airdrop rewards.

Orbiter Finance

Orbiter Finance is a decentralized cross-chain bridge application that offers low-cost and near-instant asset bridging and it is one of the foundational infrastructure providers for Ethereum Layer 2.

Layer 2 cross-chain protocol Orbiter Finance completed its Series A funding round, led by OKX Ventures and joined by investors such as Redpoint China, Hash Global, Skyland Ventures, Mask Network, Bas1s Ventures, and Zonff Partners.

How to participate: Users simply need to log in to the official Orbiter Finance website and cross-chain their assets between multiple chains to generate several on-chain cross-chain transactions.

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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