Bitget Research Weekly News: CPI data lower than expected triggers market surge, XRP ruled as non-security by judge
Focusing on on-chain data, weekly news roundup.Author: Bitget Research Institute
In the past week (7/10-7/14), the market has seen many new popular coins and topics.
Market Trends
The main topics of focus in the market this week (07.10-07.14) are:
A U.S. judge ruled that XRP is not a security, causing the market to rise across the board.
CPI lower than expected triggered a rapid market surge followed by a pullback, with the market entering a narrow range of fluctuations.
Coinbase and Cboe reached a regulatory sharing agreement for a Bitcoin spot ETF, with BTC consolidating as it awaits today's CPI data release.
Arkham conducted an IEO and confirmed an airdrop, while rumors of LayerZero issuing tokens led to an increase in STG prices.
Shibarium mainnet is set to launch in August, leading to a collective rise in projects within its ecosystem.
Popular Projects
The most popular projects this week (07.10-07.14) are:
FRAM (token): The FRAM token has recently maintained the highest on-chain trading volume, with daily trading volume reaching $2.11 million. This project, as a BRC 20 token, is notable for the fact that 98% of the tokens are controlled by the top 9 addresses, two of which show obvious wash trading behavior. Currently, the token has a market cap of $230 million, with 759 holding addresses and 2,415 transfers.
XAI (token): Original ERC 20 token concept; aims to explore the field of artificial intelligence; the token has increased nearly 10 times from yesterday to today, with a trading volume of $7.29 million in the past 24 hours and a market cap of $1 million, showing high popularity.
PEPE 2.0 (token): The meme 2.0 series continues to decline, but the leading PEPE 2.0 remains in a downtrend, although its trading volume leads among concept tokens, reaching $6 million. However, many meme 2.0 tokens have seen significant increases, with SHIB 2, DOGE 2, and BABYDOGE 2 rising by +100%, +60%, and +40% respectively in the past 24 hours. Social media indicates that the meme 2.0 sector may experience a second wave of speculative sentiment.
SHIB (Token): Shibarium announced it will launch in August, significantly increasing SHIB's on-chain trading interaction. Over the weekend, projects within the ecosystem saw price increases due to launch expectations, such as BONE, LEASH, and PAW. The ecosystem projects have good popularity and trading opportunities. Currently, Bitget has opened a trading zone for SHIB, allowing users to easily choose assets for trading.
Merkly ONFT (NFT): A multi-chain NFT cross-chain bridge that connects NFTs to various networks through LayerZero and zkSync. Under the expectation of airdrops from LayerZero and zkSync, Merkly has become a part of zk+Layer 0 interactions, leading to high interaction data and high minting popularity for multi-chain NFTs on Merkly.com.
Fatzuki (NFT): A middle-aged, plump version of Azuki, created to poke fun at Azuki. It was released for sale yesterday and is now trading, with over 350 ETH in trading volume. The NFT reveal has not yet occurred, but from promotional images, the project still follows Azuki's style but is more robust, hence the name Fatzuki. The project's trading interaction is quite high, and it is recommended to keep an eye on it.
Starknet (Dapp): Starknet officially announced that version 0.12.0 has been deployed to the mainnet, focusing on improving network throughput to enhance scalability and transaction delays. With the successful launch of version 0.12.0 on the mainnet, the team will test and deploy version 0.12.1 in the coming weeks, which will continue to focus on improving network efficiency.
Coinbase (Dapp): Coinbase's Layer 2 network Base announced it will open the mainnet to developers. In the coming weeks, Base will invite early developers to deploy on the Base mainnet and commemorate this with Genesis Builder NFTs. At the beginning of August, Base will open to all users. Due to the lack of a token issuance plan for the OP Stack underlying Base, OP rose 12% in the past 24 hours following this news.
Hot Searches
The hottest topics this week (07.10-07.14) are:
XRP (token): Last night, Ripple won in the U.S. District Court for the Southern District of New York, with Judge Analisa Torres ruling that XRP is not a security in a decision against the U.S. Securities and Exchange Commission. According to the court's ruling, using XRP to invest in others, providing funding with XRP, and transferring XRP to executives are not considered securities. Meanwhile, Coinbase has directly re-listed XRP trading pairs. Following this news, XRP surged over 100%, with a total trading volume of $13.6 billion, half of BTC's trading volume.
MATIC (token): As part of the Polygon 2.0 roadmap, the Ethereum scaling solution Polygon has proposed a technical upgrade to its native MATIC token. While awaiting community approval, MATIC will transition to Polygon (POL), which aims to operate across all Polygon protocols, including Proof of Stake (PoS), zkEVM, and Supernets. MATIC rose 18% in the past 24 hours, rebounding over 50% from its low.
Celsius (token): The U.S. SEC filed a lawsuit against Celsius Network and its former CEO Alex Mashinsky in Manhattan federal court on Thursday, accusing them of deceiving Celsius customers and profiting personally by manipulating the price of Celsius's proprietary token CEL. Celsius has been banned from trading by the U.S. Federal Trade Commission (FTC) and fined $4.7 billion, and Celsius and its affiliates have agreed to the judgment.
Arkham (Dapp): On July 10, 2023, Binance is set to launch its 32nd Launchpad project, Arkham (ARKM), and open a BNB special session. Arkham is a crypto intelligence analysis platform designed to systematically analyze and de-anonymize blockchain transactions. It links blockchain addresses to real-world entities using an AI algorithm engine called Ultra, revealing the individuals and companies behind blockchain activities and providing data and analysis about their behaviors. 37.3% of the total token supply will be allocated for community incentives and grants to attract early users and incentivize activities, with a community airdrop planned.
The Bitget Research Institute focuses on "focusing on on-chain data and mining valuable assets," continuously monitoring on-chain data and trending topics to uncover cutting-edge value investments, providing institutional-level insights for crypto enthusiasts. To date, it has provided Bitget global users with early valuable assets in several popular sectors such as the 【Arbitrum ecosystem】, 【AI ecosystem】, and 【SHIB ecosystem】, creating a better wealth effect for Bitget global users through data-driven in-depth research.
