Bitget Research Weekly News: Friend.tech receives investment from Paradigm, PEPE project team faces community dissatisfaction due to large sell-off
Focus on on-chain data, weekly news roundup.Author: Bitget Research Institute
1. Market Trends
The main topics of interest in the market this week (08.21-08.25) are:
Team sell-offs lead to a sharp decline in PEPE, and the dollar index hits a new high.
The market is in a recovery phase after a decline, and the co-founder of Tornado has been arrested.
EigenLayer opens the third round of subscriptions, causing on-chain gas fees to soar, while a vulnerability in Balancer V2 affects multiple protocols.
Market volatility is extremely low, and the continuous weakness of NFTs poses liquidation risks for many blue-chip assets.
Friend.tech receives investment from Paradigm, and the Base ecosystem remains active.
2. Popular Projects
The hottest projects this week (08.21-08.25) are:
SHIA (Token): The project founder Carlos is the founder and CEO of the well-known esports club G2 Esports, which has significant influence in the industry. Carlos himself also has a strong following. The project is about to release a series of remade classic Sega games, such as Temple Run, Candy Crush, Fruit Ninja, and Pac-Man, all featuring SHIBA characters and adding P&E gameplay. Currently, the token has an on-chain liquidity of $3.16 million, with a trading volume of $20 million in the last 24 hours.
USDC (Token): Coinbase announces an investment in Circle, and USDC will launch on six new chains through the Noble network with Coinbase's backing: Polygon PoS, Base, Polkadot, NEAR, Optimism, and Cosmos. This also lays the foundation for its future cross-chain stablecoin services.
PENDLE (Token): Binance Labs announces an investment in the DeFi yield protocol Pendle Finance. The PENDLE token briefly surged 20% before retreating. In the previous week, the Pendle ecosystem fund transferred 5.02 million PENDLE to Binance, approximately $2.98 million.
WHEE (Token): A meme token on BRC-20, Twitter KOL @markjeffrey with 53.5k followers has repeatedly promoted and bought it, with a trading volume of $11,000. Recently, it launched the EVM cross-chain bridge Multibit Bridge, supporting ORDI, OXBT, and WHEE for cross-chain transactions, which has contributed to its growing popularity.
DMX (NFT): An RPG free game set in the Dimension X comic universe, where players can use NFT heroes to build superpower teams, complete missions, level up, and battle other players. There are a total of 10,300 NFTs, with 4,445 holding addresses and a total trading volume of 115 ETH.
Eigenworlds (NFT): The latest NFT series released by Eigenlayer, which may serve as the core operational identity token for Eigenlayer in the future. Since the project is a Free Mint NFT, users only need to pay the Gas Fee to obtain the corresponding NFT. Eigenlayer is a potential dark horse project for future LSDFi, and participation is recommended.
Coinbase (Dapp): According to recent reviews, Coinbase will delist BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Multichain (MULTI), Ooki (Ooki), and Voyager (VGX) around 16:00 on September 6, 2023. Some altcoins with poor operational status and trading volume will face greater risks in the bear market.
Friendtech (Dapp): Today, the top five user account Keys prices on the friend.tech platform are: platform founder Racer ranked first at 2.65225 ETH; crypto trader L ranked second at 1.93600 ETH; crypto KOL Hsaka ranked third at 1.66056 ETH; crypto KOL Cobie ranked fourth at 1.62006 ETH; and NDV co-founder Christian 2022.mid ranked fifth at 1.50156 ETH.
Base (Dapp): On August 15, Base's 7-day moving average daily trading volume reached 610,000 transactions, surpassing Optimism and Arbitrum (Optimism at 597,000 transactions, Arbitrum at 576,000 transactions).
3. Hot Searches
The hottest topics this week (08.21-08.25) are:
Shib (Token): Due to traffic exceeding expectations after the launch of Shibarium, the network entered a fail-safe mode and stopped operating to ensure fund security. The SHIB token is expected to drop as it fulfills its promise. Future attention will be on the normal opening time of the ecosystem and the outbreak of hot projects within the ecosystem. The Shib ecosystem tokens SHIB, BONE, LEASH, etc., have reopened trading in the Bitget Shibarium section.
PYUSD (Token): On August 19, PayPal's dollar stablecoin PYUSD surpassed 30 million in issuance; Kraken launched PYUSD trading pairs in USD and EUR on August 22.
ARKM (Token): Recently, there have been frequent blockchain security incidents. Arkham, as an on-chain data analysis tool, can quickly expose potential risks and fund movements, gaining significant exposure. For example, on August 20, Arkham tweeted that the BNB Bridge attacker still has over $124 million in debt, and liquidation could occur again when BNB drops to $211.
The Bitget Research Institute focuses on "focusing on on-chain data and uncovering valuable assets," providing institutional-level insights for crypto enthusiasts by monitoring on-chain data and trending topics in real-time. To date, it has provided Bitget global users with early-stage valuable assets in several popular sectors, including the 【Arbitrum ecosystem】, 【AI ecosystem】, and 【SHIB ecosystem】, creating a better wealth effect for Bitget global users through data-driven in-depth research.
