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Bitget Research Weekly Highlights: Bot race showcases notable wealth effect, market rebounds as Powell delivers dovish remarks.
Bitget研究院
特邀专栏作者
2023-07-28 09:21
This article is about 1608 words, reading the full article takes about 3 minutes
Focus on on-chain data, weekly news inventory.

Over the past week (7/24-7/28), the market has seen a number of new popular coins and topics.

1. Market Trends

  • The most talked-about topics in the market this week (07/24-07/28) are:

  • The BOT sector rebounded across the board, as the United States passed the "Transparency Act for Stablecoins."

  • Powell's dovish remarks and the market recovery led to an initial rebound in the MEME sector.

  • Market waiting for the direction after the interest rate hike is implemented, with some meme coins experiencing a short-term rebound.

  • The overall market declined, with Twitter's rebranding as X driving a contrary rise in DOGE.

  • The wealth effect of Bot sector is evident, as Bitget launched the world's first BOT trading zone.

2. Popular Projects

The most popular projects this week (07/24-07/28) are:

ORDI (token): Recently, there have been some new developments in mainstream projects in the BRC20 sector. UniSat Wallet announced the launch of the Ordinals native DEX platform "brc 20-swap," where anyone can deploy new trading pairs and add liquidity to DEX. Meanwhile, according to media reports, ORDIs valuation is $50 million, with some investors already confirmed and currently in communication with Binance Labs. As the leading token in the sector, ORDI has been active recently, with a 24-hour trading volume of $15 million and over 12,000 on-chain addresses holding the token.

XXX (Token): As a meme token, the project itself is inspired by Elon Musk's formation of "X Holdings," and he renamed Twitter as "X." The related token is currently experiencing high trading activity, with a market cap of $2.68 million and a 24-hour trading volume of $4.7 million.

ESPR (Token): Belongs to the TG Bot track and can be used to customize the release of ERC 20 tokens. Regular users can issue tokens in just a few minutes. The project plans to use the revenue from taxes for token buybacks, marketing, and adding liquidity. The trading volume in the past 24 hours is 3.85 million USD.

LINK (Token): Chainlink, the provider of decentralized oracle networks, announced the launch of the Cross-Chain Interoperability Protocol (CCIP). This protocol aims to connect applications on both public and private blockchains and has been implemented on Avalanche, Ethereum, Optimism (now renamed as OP Mainnet), and Polygon mainnets. Link states that the synthetic asset protocol Synthetix is using CCIP for seamless cross-chain token transfers through a highly secure burn and mint model. Additionally, Matrixdock, a digital asset platform, announced the use of Chainlink's Proof of Reserve (PoR) to enhance transparency for their short-term government bond token "T-Bill" on the Ethereum mainnet.

Tabi Artifact Chest (NFT): NFTs issued by Tabi, a BSC-based NFT marketplace. The project's Twitter introduction states "bridging Web 2 to Web 3 through gameplay and NFTs." Several KOLs have recently tweeted that Tabi is the next Arkham (which recently completed token distribution and airdrop), leading to a noticeable increase in user interaction amid the airdrop anticipation.

Merkly (NFT): A multi-chain NFT cross-chain bridge that connects NFTs to different networks, using LayerZero and zkSync. With the airdrop anticipation on LayerZero and zkSync, Merkly has become an integral part of the zk+Layer 0 interaction, resulting in high interaction data and a high minting demand for multi-chain NFTs.

Unibot (Dapp): Unibot is a type of Telegram trading tool bot that helps users achieve faster trading than DEX. Some users have also achieved good profits through Unibot. CG and CMC have successively added the category of Telegram Bot to token classifications, which has been popular recently. The token UNIBOT has shown a significant rebound in the past 24 hours, with a trading volume of $18,120,639, and the token price has been very strong. Currently, Unibot has been launched on Bitget spot trading.

zkSync Era (Dapp): On July 25th, Eralend, the head lending protocol of the zkSync ecosystem, was attacked, which had a significant impact on the entire ecosystem. Recently, the TVL of zkSync has been continuously decreasing. According to l2beat website data, the current TVL of zkSync is $442 million, which is only 60% left from its peak of $735 million.

Linea (Dapp): Linea, an Ethereum Layer 2 solution launched by ConsenSys, announced the opening of Linea Mainnet Alpha version to the entire Linea community. Developers can access the Rollup and ETH bridge UI, as well as the RPC endpoints in Infura and MetaMask. Currently, Linea Mainnet has reached 13,194 ETH, and the TVL has reached $24.71 million. The project is progressing rapidly and can be continuously monitored.

3. Hot Searches

The most popular topics this week (07.24-07.28) are:

FOMC(Event): The Fed announced yesterday a 25 basis point increase in the benchmark interest rate to a range of 525-550, with the possibility of a rate hike in September and no rate cuts this year. The rate hike has led to speculation in DeFi project tokens in the RWA track, with significant increases in SNX, MKR, and COMP. The oracle Link can provide off-chain price feeds for RWA, causing a price rebound. Mainstream tokens such as BTC and ETH have experienced a temporary rebound due to the release of risk sentiment.

WLD(Token): WorldCoin, the project led by Sam Altman, the creator of ChatGPT, attracted attention as it was listed on exchanges such as Binance, OKX, and Bitget. Since its listing, it has been a subject of controversy and widely discussed in terms of narrative and token economy. After the price of WLD fell below $2 on its first day of listing, it sharply rose to around $2.5 the next day;

DOGE(Token): Musk retweeted a tweet from DogeDesigner, a UX/UI graphic designer of Dogecoin and My Doge wallet, featuring a new logo video related to X, and has changed his personal social media account name to XD (Twitter X+DOGE symbol);

The Bitget Research Institute focuses on "focusing on on-chain data and exploring valuable assets," and provides institutional-level insights for cryptocurrency enthusiasts by constantly monitoring on-chain data and regional hot searches. To date, it has provided Bitget's global users with early value assets in popular sectors such as "Arbitrum ecosystem," "AI ecosystem," and "SHIB ecosystem" through data-driven in-depth research, creating better wealth effects for Bitget's global users.

[Disclaimer] The market carries risks, and investments should be made with caution. 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 article is at one's own risk.

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