Bitget Research: DOGS Supports Pre-Deposits to Bitget, ETH Gas Fees Hit Bottom Consider Gradual Accumulation

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Bitget Research2024/08/19 08:40

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.

Overview

Over the weekend, Bitcoin fluctuated in a narrow range, while Ethereum gas fees dropped below 1 gwei, indicating subdued on-chain activity. Altcoins showed little activity. The TON ecosystem's high-traffic DOGS project captured market attention.

Noteworthy sectors: TON ecosystem.
Top searched tokens and topics: Carv, COTI, Bitget, Bloom, and Symbolic.
Potential airdrop opportunities: Movement and Elixir.

Data collection time: August 19, 2024, 4:00 AM (UTC)

1. Market Environment

The broader market remained flat, with the spot Bitcoin ETF experiencing net inflows on four out of the last five working days and a net outflow on one, totaling a mere $32 million in net inflows. Ethereum gas fees dropped below 1 gwei, indicating subdued on-chain activity. Altcoins showed little activity. Over the weekend, older cryptocurrencies like DAR, RARE, and SYN saw significant increases without any positive news, highlighting the risk of future volatile price movements.

The market is closely watching the TON ecosystem's high-traffic Telegram mini bot project, DOGS. The deadline for claiming the DOGS airdrop is August 22, with the TGE scheduled for August 23. Claimed DOGS can now be pre-deposited into Bitget.

2. Wealth Creation Sectors

2.1 Sectors to Focus on Next – TON Ecosystem

Primary reasons:

The TON ecosystem boasts a significant number of high-traffic Telegram mini app projects, with the upcoming TGE of DOGS drawing considerable market attention. Exchanges such as Bitget, OKX, and Bybit have enabled pre-deposits for the DOGS airdrop. Projects like Catizen and Hamster Kambot, along with other Tier 2 and 3 Telegram mini app projects, are increasingly collaborating with exchanges, project teams, and VCs.
The TON ecosystem is continually expanding in multiple areas with several major developments recently. Former members of the TON Foundation have established TON Ventures with an initial fund of $40 million.
TON has hinted at the upcoming launch of a Bitcoin network bridge, naming the token “tgBTC”. Injective has announced integration with the TON ecosystem.

Specific tokens:

TON, NOT, and high-traffic Telegram mini app projects yet to launch tokens.

3. Top Searches

3.1 Popular DApps

CARV:

CARV is a gaming-focused ID infrastructure designed to create a player-owned identity for showcasing achievements, discovering friends and games, direct monetization, and portability across platforms. Yesterday, the number of unique active wallets for the DApp exceeded 610,000. CARV has been very active recently: on April 26, CARV announced a $10 million Series A funding round; on May 31, Animoca Brands announced a strategic investment in CARV and became its node operator.

3.2 X (former Twitter)

Bitget Research: DOGS Supports Pre-Deposits to Bitget, ETH Gas Fees Hit Bottom Consider Gradual Accumulation image 0

COTI:

COTI is a blockchain project tailored for decentralized payment systems, providing low-cost, high-speed payment solutions through its unique Trustchain technology and DAG structure. Recently, COTI launched a "Treasury" system to enhance token utility and collaborated with Cardano to launch the DJED stablecoin. Furthermore, the upgrade to COTI Pay Business 2.0 has improved payment processing capabilities. The project is also exploring integration with the NFT market, indicating significant progress in expanding application scenarios and strengthening its ecosystem.

3.3 Google Search (Global and Regional)

Global focus:

Bitget:

Influenced by the collaboration between Bitget and DOGS, the Bitget app has seen a significant rise in its rankings within the Apple App Store, now featuring in the top ten finance apps across 11 countries—including second in Nigeria, sixth in Ukraine, and eighth in Belarus. DOGS has enabled token airdrop claims through Bitget accounts with zero gas fees. Additionally, Bitget has launched the "#BitgetLuckyDogs" promotion, where users depositing at least 1000 DOGS tokens are automatically entered into a draw to win up to 1 BTC.

Regional focus:

(1) In Asia, trending topics are varied, with terms like "RWA" and " DogeCoin" appearing in the top searches of several countries.

(2) Similarly, there are no distinct hotspots in Europe and the USA, but names such as Solana, Blum, and Symbolic are trending across multiple countries.

(3) In Latin America, there's a heightened interest in ETH and FLOKI, with terms related to chain and memecoin sectors making the top searches in Colombia and Argentina.

4. Potential Airdrop Opportunities

Movement

Founded in 2022, Movement Labs secured $3.4 million in seed round funding in September 2023. In addition to its flagship product, Movement L2, Movement Labs will also launch Move Stack—an execution-layer framework compatible with rollup frameworks including Optimism, Polygon, and Arbitrum.

Recently, Movement Labs raised $38 million in a Series A funding round led by Polychain Capital, with participation from Hack VC, Foresight Ventures, Placeholder, and other prominent institutions.

To participate, enter the Movement Zealy task interface (Note: social tasks have a time period and are continuously updated), interact with the DEX with a few tests, and await further actions from the official site.

Elixir

Founded in 2022, Elixir is a modular DPoS liquidity network that allows anyone to provide liquidity directly to the order book, bringing liquidity to long-tail crypto assets and enabling exchanges and protocols to direct their ledger liquidity.

On March 12, 2024, Elixir completed an $8 million Series B funding, bringing its valuation to $800 million. Previously, on October 18, 2023, Elixir completed a $7.5 million Series A funding, and on January 17, 2023, it secured $2.1 million in seed funding, with investors including Hack VC, GSR, Sui, and Amber Group.

How to participate: Earn points on Apothecary by depositing at least $100 worth of ETH to mint elxETH and unlock treasure boxes. elxETH is a native yield token backed on a 1:1 ratio by ETH, which will become a universal LP token across all chains upon mainnet launch, powering order book liquidity for exchanges. Additionally, you can provide liquidity for Elixir-supported protocols through https://agg.elixir.xyz/.

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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