Bitget Research Institute: BTC ETFs net inflow drives market growth, and the Meme sector has a strong wealth effect

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Yesterday, BTC led the market to pull back and recovered the weekend losses. The king of US retail investors returned, and Meme coins became the focus of the market.

In the past 24 hours, many new hot currencies and topics have appeared in the market, and it is very likely that they will be the next opportunity to make money.

  • The sectors with strong wealth-creating effects are: MEME sector, AI sector

  • The most popular tokens and topics searched by users are: Pudgy Penguins, Kaito, Notcoin, TON

  • Potential airdrop opportunities include: GM Network, DFlow

Data statistics time: May 14, 2024 4: 00 (UTC + 0)

1. Market environment

Yesterday, BTC led the overall crypto market to rebound and rise. BTC rose by more than $2,000 in 4 hours, reaching 63,000 points and completely recovering the losses from the weekend. The return of Keith Gill, the king of American retail investors, led to a surge in the Meme sector, and PEPE rose 20% in a single day to a record high. In addition, BTC ETF data turned to net inflow again, with a net inflow of $66 million in a single day, boosting market confidence.

The US dollar index fluctuated around 105 US dollars, and the technical indicators of Nasdaq and SP 500 showed peaking signals. The US PPI and CPI data for April will be released on Tuesday and Wednesday. The market expects PPI to increase by 0.3% month-on-month, CPI to increase by 3.4% year-on-year, and core CPI to increase by 3.6% year-on-year. The market is likely to experience high volatility this week. Traders are advised to pay attention to changes in the market, appropriately reduce positions, and do a good job of risk control management.

2. Wealth-making sector

1) Sector changes: MEME sector (PEPE, DOGE, WIF)

main reason:

  • Roaring Kitty, the blogger who first initiated the short squeeze of GameStop stock in the GameStop US stock retail investor movement yesterday, returned to Twitter to post after 3 years, boosting market sentiment;

  • Phenomenal memes such as KITTY and GME appeared on the chain. The GME single coin on Solana accumulated over 100 million US dollars in trading volume on the chain in 24 hours, driving the enthusiasm for meme hype.

Increase: PEPE increased by 24% in a single day, DOGE increased by 11% in a single day, and WIF increased by 12% in a single day;

Factors affecting the market outlook:

  • Whether the native token of the public chain continues to rise: For example, many meme coins on Solana are denominated in SOL, and the increase in SOL can be directly superimposed on the increase in Solana Meme. If the price of SOL continues to rise, the meme on Solana can often maintain its popularity;

  • Crypto market sentiment: The overall market rebounded slightly yesterday, funds began to flow, and the market wealth effect spilled over to the Meme sector; if the overall market maintains an upward trend, you can continue to pay attention to Meme assets.

2) Sectors that need to be focused on in the future: AI sector

The main reason: Yesterday, OpenAI launched its flagship AI model GPT-4o, which can perform audio, visual and text reasoning in real time. In February, OpenAI launched the text and video model Sora, which led to an increase in the valuation of the entire sector. The launch of GPT-4o allows us to keep an eye on the AI sector.

Specific currency list:

  • ARKM: Arkham is a blockchain analytics platform that uses artificial intelligence to analyze blockchains and on-chain data;

  • NEAR: Recently, many AI projects in the NEAR ecosystem are in the building/financing stage, and NEAR is expected to become the AI hub of the future.

  • RNDR: As the underlying infrastructure of the AI track, RNDR is not only involved in the AI field, but also has in-depth layouts in multiple tracks such as the Solana ecosystem. In addition, as Apples VR partner, RNDR undoubtedly has huge market potential. The market will also have a hype response to the dynamics of Apples subsequent VR devices.

3. User Hot Searches

1) Popular Dapps

Pudgy Penguins:

NFT project Pudgy Penguins tweeted that its toy product Pudgy Toys has been launched on GameStop. Pudgy Toys toys have just been listed on Target. Previously, Pudgy Penguins announced that Pudgy Toys will expand its partnership with Walmart, add 1,100 new stores to sell the series of toys, and launch new Walmart exclusive toys. Pudgy Penguins NFT has doubled in a year, and the highest price this year has reached +300%.

2) Twitter

Bitget Research Institute: BTC ETFs net inflow drives market growth, and the Meme sector has a strong wealth effect

Kaito:

Kaito is an AI-driven digital asset research platform that hopes to revolutionize cryptocurrency research and investment through AI. Kaitos MetaSearch aims to enable users to search the entire crypto space through platforms such as Twitter, Discord, governance forums, Mirror, Medium, etc. through a one-click product. In addition to aggregating information, Kaito also uses AI to optimize its search engine through ranking, topic mining, personalization, recommendations, voice-to-text transcription, and AI-generated content. The project has received a total of US$10.8 million in investment from VCs such as Superscrypt, Spartan, Dragonfly, Sequoia Capital, and Jane Street.

3) Google Search Region

Bitget Research Institute: BTC ETFs net inflow drives market growth, and the Meme sector has a strong wealth effect

From a global perspective:

(1) Notcoin, TON: Already explained in yesterday’s daily report.

(2) Trump, Biden: As the US presidential election approaches, a large number of meme tokens with themes similar to Trump, Biden have appeared on the blockchain. In 2023, Trump issued an NFT related to his image, and expressed support for cryptocurrency in a recent speech, causing his meme token of the same name to be repeatedly hyped, and he was also nicknamed Politifi on social media.

From the hot searches in each region:

(1) There is a lack of hot spots in Asia, and no general pattern of hot searches has been found in each region.

(2) The attention of Europe and the United States has returned to the mainstream memes. SHIB has appeared on the hot searches in Spain, Italy, the United Kingdom and other countries; PEPE, FLOKI, DOGE and others have also appeared on the hot searches in many European and American countries.

(3) Russian-speaking area: BLUM appeared on the hot searches in Russia and Ukraine. Blum is a hybrid exchange and CeDeFi concept that can access CEX and DEX tokens on one platform, supports multiple chains, and provides AI navigation, P2P trading, derivatives trading, etc.

4. Potential Airdrop Opportunities

GM Network (Zero-cost DePIN+AI Layer 2 project)

GM Network is a modular L2 with a strategic focus on establishing a closed-loop ecosystem through the integration of DePIN+AI, thereby building a comprehensive closed-loop system across Chain+ID+App.

The developer of the project, GM Labs, has received a total investment of US$8 million from VCs including Hash Global, Danhua Capital, Matrix Partners, NGC, Mask Network, SevenX, and Znoff. The project founder, Chess, is also the founder of QuestN.

The specific participation method is: GM Launchpad (launchpad.gmnetwork.ai) is currently conducting MISSION SEASON 1. You can create your own AI character, complete social media activities + daily check-ins, and earn points without spending any gas or handling fees. If you want to get more points, you need to purchase the projects NFT - CyberV.

DFlow (deposit project update)

DFlow is a decentralized order flow market designed to support order flows from various L1 chains and Rollups. It has received US$7.5 million in financing from well-known institutions such as Framework, Coinbase, Wintermute, and Multicoin.

It has been mentioned before that DFlow is a relatively simple project for earning points by depositing money. Now let’s make an update: a few days ago, DFlow officially tweeted that “DFlow is coming to you on May 28th”. This tweet may refer to a major update of the product, but it also means that it is one step closer to the airdrop, so now is still a good time to interact with DFlow.

The specific way to participate is: create an account on the DFLOW official website, which will generate a Solana wallet address from which you can export your private key. Deposit at least $5 worth of DFLOW-supported tokens (SOL, jitoSOL, USDT, USDC, etc.) into the wallet. The project will give XP points based on the amount and time of deposit, and points will be deducted proportionally when tokens are withdrawn. In addition, you will get extra points by inviting friends to deposit into DFLOW.

Original link: https://www.bitget.com/zh-CN/research/articles/12560603809555

【Disclaimer】The market is risky, so be cautious when investing. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions in this article are suitable for their specific circumstances. Investing based on this information is at your own risk.

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