Bitget Research Weekly News: Low Activity of On-Chain Funds, Gradual Cooling of Memecoin Speculation

Author: Bitget Research

In the past week (5/15 - 5/19), the market has seen several new trending coins and topics.

1. Market Trends

The main topics of interest in the market this week (05.15-05.19) are:

• Low on-chain capital activity, with the market waiting for new narratives
• Market sentiment has somewhat revived, with broad-based rallies in major coins
• A strong dollar has led to a weak BTC trend, with short-term market speculation cooling down
• World App NFT minting volume has surpassed 65,000, while meme coin speculation enthusiasm has declined
• High trading activity in BRC 20 projects, with Mintfun snapshots approaching

2. Popular Projects

The hottest projects this week (05.15-05.19) include:

LMWR (Token): A creator platform that provides a space for creators and fans to communicate, helping artists, musicians, and video creators develop their own communities and earn additional income. On May 17, the project team announced the listing of the token on exchanges such as Kraken, Crypto.com, Gate, Bybit, and Kucoin, leading to increased on-chain activity;

W$C (Token): Positioned as the first decentralized cryptocurrency backed by direct democracy and driven by smart contracts, it shares similarities with the World coin concept. Recently, it has shown a significant upward trend from the bottom, with on-chain liquidity of $440,000 and a 24-hour trading volume of $82,000. The contract has a minting feature that can be monitored;

Gala (Token): On May 16, the Gala v2 snapshot ended, and all native GALA tokens can be exchanged for GALA (v2) in the future. The team will also burn 500 million GALA each quarter in 2023. Additionally, on May 16, the team revealed on Medium that they are also conducting an additional burn of 3.96 billion GALA, which is the total revenue received by the team. Following this news, the price of GALA rose by 15%, and it is currently consolidating at a high level, with a 24-hour trading volume of $240 million;

HV-MTL (NFT): A derivative NFT of Bored Ape, the HV-MTL (Heavy Metal) series consists of 30,000 mechas from 8 different power types. Starting from March 15, 2023, eligible sewer passes can be burned to summon an energy source that will reveal the Evo 1 mecha. Evo 1 holders can use their Evo 1 to participate in future mini-game sets to unlock additional HV-MTL evolution stages. Currently, the total NFT trading volume is 27,699 ETH, with a floor price of 1.05 ETH and 10,100 holding addresses, which can be monitored;

Introducing World App (NFT): The cryptocurrency company Worldcoin, founded by OpenAI CEO Sam Altman, launched the "Introducing World App" NFT to celebrate the release of World App, with minting volume surpassing 65,000. On May 8, Worldcoin launched its first product, World App, which is a cryptocurrency wallet based on Polygon, with basic functions for buying, storing, and sending tokens. Users holding World ID can access certain applications and services. World App will provide a gateway for World ID users to claim allocated Worldcoins.

mint.fun (NFT): mint.fun is an NFT mint aggregation platform where users can mint corresponding NFT series after connecting their wallets. The interface is simple and clear, displaying a comprehensive range of information. Similarly, creators can launch their own NFT projects on mint.fun. Holding NFTs and purchasing NFTs on mint.fun can earn reward points, with the deadline being May 15. Since yesterday was the last day before the deadline, it occupied a high position in gas consumption;

Loyalty Program (NFT): NFTs minted in the zkBridge Mainnet Alpha are part of an event by Polyhedra x Galxe, where users mint NFTs to earn points due to airdrop expectations. Over 70,000 people have participated in this event on Galxe;

Rocket Pool (Dapp): A yield-generating project in the LSD sector, TVL has been continuously rising after the Shanghai upgrade, with high user participation in staking. Currently, TVL has reached a new high; staking ETH on the platform can earn 5% / 8% node rewards, which can be participated in or monitored; the token is listed on Bitget;

zkSync (Dapp): Recently, zkSync's interaction activity has remained at the forefront of new ETH users. According to the latest data from Dune, zkSync Era mainnet has reached 547,000 independent wallet addresses, with 204,000 ETH cross-chain to zkSync and a total of 667,000 transfer transactions, maintaining good user activity with a recent upward trend;

Layer Zero (Dapp): A cross-chain protocol for the entire chain that allows Dapps deployed on different chains to communicate without any intermediary chain or consensus mechanism. The project announced today a $15 million bug bounty program in collaboration with Immunefi; currently, Layer Zero's on-chain interactions are very high, with nearly 275,000 transfer transactions in the past 24 hours, approaching the historical record of 284,000;

3. Hot Searches

The hottest topics this week (05.15-05.19) include:

Ledger (Dapp) - Hardware wallet Ledger has launched an ID-based key recovery service "Ledger Recover," which has faced strong opposition from some users. This feature has been criticized for requiring KYC registration, with some users claiming it violates the privacy values held by many in the crypto community, undermining the purpose of hardware wallets.

PulseX (Token) - The project Pulse Network by well-known KOL Richard Heart is about to launch its mainnet, igniting excitement in the Pulse chain community. According to information on the PulseX official website, Pulsechain will be a more energy-efficient and secure ETH fork; all assets such as Hex, Link, Uni, USDC, Dai, etc., will be fully copied from ETH; all ETH holders will receive airdropped PLS tokens;

AXS (Token): Apple has allowed the Axie Infinity game to be listed on the App Store, which means that Axie Infinity's traffic is expected to significantly increase after its launch on the Apple Store, providing substantial support for the project's fundamentals. The AXS token surged over 20% yesterday and can be continuously monitored.

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