Bitget Research Institute: ETH/BTC exchange rate continues to hit a three-year low, Solana Meme rebounds

2 months ago
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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.

Yesterday, Coinbases stock price fell nearly 8% to $202.49, and the exchange rate of the ETH/BTC trading pair continued to decline. Compared with BTC, ETH is relatively undervalued and has a large room for future growth:

  • Sectors with strong wealth-creating effects are: new generation popular MEME, new public chain sector, and AI sector;

  • Hot search tokens and topics by users: Supra, Humanity Protocol

  • Potential airdrop opportunities include: Metacene, Kiloex

Data statistics time: May 17, 2024 4: 00 (UTC + 0)

1. Market environment

Yesterday, Coinbase shares fell nearly 8% to $202.49 after the Financial Times reported that the Chicago Mercantile Exchange (CME) may soon offer spot Bitcoin trading due to strong customer interest. At the same time, the ETH/BTC exchange rate continued to decline yesterday, now at 0.045028, a three-year low. Compared with BTC, ETH is relatively undervalued and has a large room for future growth.

In the crypto market, according to Farside data, yesterday (May 16), the US Bitcoin ETF had a net inflow of $163 million. Among them, FBTC had the largest inflow, with an inflow of $67 million. The cryptocurrency panic and greed index reached 74 (70 yesterday), indicating that market sentiment continued to rebound.

2. Wealth-making sector

1) Sector changes: new generation of popular MEME (MICHI, MINI, MANEKI)

The main reason is that the new generation of popular meme coins that emerged in the recent Meme Season rebounded from oversold prices amid market upheavals. During the market crash, whale wallets and smart money bought the bottom and rose strongly during the rebound. After MANEKI issued airdrops to solana saga phone holders, the price continued to rise.

Increase: In the past 24 hours, MICHI increased by 21.78%, MINI increased by 56.64%, and MANEKI increased by 27.62%.

Factors affecting the market outlook:

  • The new generation of popular MEMEs are all characterized by strong market control and high market attention. MANEKI and MICHI have had whales absorb enough chips during several sharp price fluctuations; many of the new generation of popular MEMEs have strong market makers who have sufficient motivation to pull up these assets that have already gained huge attention in the market. The markets enthusiasm for the entire Meme track and the timing of the market makers pulling up will be the most critical factors for making profits on this track.

2) The sectors that need to be focused on in the future: New public chain sector

Main reason: SEI announced that it will launch the v2 upgrade plan in three phases, aiming to launch the first highly scalable parallelized EVM. According to the official blog of SEI, the upgrade will be divided into three phases: governance, alpha release and v2 readiness. High-performance public chains have attracted market attention, with obvious buying and rising prices. Today, SEI rose 3.72% and SUI rose 5.9%.

Specific project list:

  • SUI: Sui is a permissionless, PoS-based layer 1 blockchain designed to provide instant settlement and high throughput. Sui is horizontally scalable and can support the development of a large number of applications at ultra-fast speeds and ultra-low costs. Sui has been unlocked on May 3, and there is no obvious negative news in the near future.

  • SEI: Sei is a first-layer blockchain optimized for digital asset transactions and is a fully open-source general-purpose blockchain. SEI announced that it will launch a v2 upgrade plan in three phases, aiming to launch the first highly scalable parallelized EVM.

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

Main reason: Recently, AI-related positive news from major technology companies has frequently emerged, driving the entire US stock AI track and encrypted AI sector, which is worth paying attention to:

  • 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 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.

  • Tech giant Microsoft is taking a closer look at the crypto industry, including the ways that blockchain technology and artificial intelligence could one day support each other, Cointelgraph reported.

Specific currency list:

  • TAO: Bittensor is an open source protocol that powers a blockchain-based machine learning network. Machine learning models are trained collaboratively and are rewarded in TAO based on the value of the information they provide to the collective.

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

3. User Hot Searches

1) Popular Dapps


Supra aims to provide a comprehensive cross-chain oracle for the developer community. In September 2023, oracle and VRF service provider Supra announced that it had completed over $24 million in financing, with Animoca Brands among the investors in this round. Yesterday, Supra integrated ApeChain and became the first provider to deploy oracle price feeds and verifiable randomness (dVRF) protocols on Arbitrum L3. Supras innovative L1-based oracle and dVRF services will provide real-time data and fair randomness support for GameFi, DeFi and other decentralized applications on ApeChain, improving their performance and trust. No tokens have been issued yet.

2) Twitter

Bitget Research Institute: ETH/BTC exchange rate continues to hit a three-year low, Solana Meme rebounds

Humanity Protocol:

Palm scanning ID project Humanity Protocol announced that it has completed a new round of financing of US$30 million at a valuation of US$1 billion, led by Kingsway Capital, with participation from Animoca Brands, and Shima Capital. Terence Kwok, founder of Humanity Protocol, said the company has also raised about US$1.5 million from influential crypto figures. Kwok said the startup plans to launch its test network in the second quarter, and the waiting list is currently about 500,000 people. When launching its technology, it plans to first release an application that can scan peoples palm prints using their mobile phone cameras to determine their identities. The project also plans to release an unnamed crypto token that can be used to pay verification fees. The two recent rounds of financing have been conducted through simple agreements for future tokens (known as SAFT in the industry).

3) Google Search Region

Bitget Research Institute: ETH/BTC exchange rate continues to hit a three-year low, Solana Meme rebounds

From a global perspective:

Fantom (FTM): Fantom recently completed the upgrade of Sonic, with a good overall increase and high community popularity. It has risen by 11.8% so far. Fantom Opera includes a new client, validator, virtual machine (FVM), Carmen database and optimized Lachesis consensus mechanism, which will greatly improve the execution efficiency of the original Fantom. Its selling point is also very obvious, that is, it is faster and more powerful than all current EVMs. If the performance is really as advertised, the narrative of parallel EVM may be hit to a certain extent, and Fantom, as a competitor, can gain greater valuation space.

From the hot searches in each region:

(1) Yesterday’s hot search focus in the CIS region was NOTCOIN:

Notcoin (NOT): Notcoin is a game based on Telegram, where users can earn in-game tokens by clicking on coin images. Similar to the concept of Tap to Earn. Before the Notcoin TGE, vouchers were used to represent the Notcoin currency in the game, which could be exchanged for $NOT after the TGE. Currently, it has been listed on mainstream exchanges such as OKX, Bybit, Bitget, and Kucoin. At the same time, Notcoin has airdropped more than 80 billion NOT tokens on TON.

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

(3) The attention of Europe and the United States has returned to the mainstream memes. SHIBA appeared on the hot searches in Switzerland; PEPE also appeared on the hot searches in many European and American countries.

Potential Airdrop Opportunities

Metacene (10 million in financing, high potential returns)

MetaCene is a social networking game similar to Xpet. The team and investment are both very luxurious. MetaCenes founder and CEO Alan Taam has more than 20 years of experience in the game industry and served as managing director and president of Shanda Games. Chief Product Officer Cary Chen also has more than 20 years of experience in the game industry. He has led the development of many large-scale multiplayer online games with millions of monthly active users and cumulative turnover of more than 1 billion US dollars. The team is very mature.

The project has raised $10 million, led by Folius Ventures, with participation from Animoca Ventures, IGG, etc. Currently, participants in the game have the opportunity to obtain whitelist and token rewards.

Specific participation methods: 1) Download the Google plug-in: xMetaCene; 2) Log in with X. Enter the invitation code, complete simple tasks, follow, forward, like, bind email, wallet link, etc.; 3) Use crystals to upgrade your miners, and use crystals to play battle mode after producing crystals. After defeating the boss, share the boss treasure chest rewards and get star honor points;


A derivatives DEX that has received investments from Binance Labs, Foresight Ventures, 7 upDAO, etc. The project currently supports three chains: opBNB, Manta, and BNB. Points can be earned by trading derivatives, depositing USDT and converting it into kUSDT for financial management, and depositing STONE.

Specific ways to participate: 1) Trade in the derivatives market. On this platform, you can open both long and short orders in the same currency to prevent trading losses. You can get 35 points for every $1,000 traded. 2) It is recommended to choose opBNB or Manta chain for trading. The fee rate is lower than that of BNB chain. 3) When it comes to financial management to obtain points, you should pay attention to the premium of kUSD. If the price of kUSD falls, there will be a loss when redeeming it, so you need to judge for yourself whether to participate in financial management.

More information about Bitget Research Institute:

Bitget Research Institute focuses on focusing on on-chain data and mining valuable assets. It mines cutting-edge value investments through real-time monitoring of on-chain data and regional hot searches, and provides institutional-level insights for crypto enthusiasts. So far, it has provided Bitgets global users with early-stage valuable assets in multiple popular sectors such as [Arbitrum Ecosystem], [AI Ecosystem], and [SHIB Ecosystem]. Through in-depth data-driven research, it creates a better wealth effect for Bitgets global users.

【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 is at your own risk.

Original article, author:Bitget研究院。Reprint/Content Collaboration/For Reporting, Please Contact;Illegal reprinting must be punished by law.

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