Bitget Research Weekly News: ARK applies for Ethereum spot ETF, new star project Banana Gun is about to launch its token
Focusing on on-chain data, weekly news roundup.Author: Bitget Research
In the past week (09.04-09.08), the market has seen several new popular tokens and topics.
1. Market Trends
The main focus of the market this week (09.04-09.08) is:
The market slightly rebounded, and the U.S. CFTC reached a settlement regarding previous accusations against DeFi projects like Opyn.
ARK submitted an application for a spot Ethereum ETF, while the market maintained low volatility.
The Connext airdrop claim has been restarted, and Base resumed block production after a brief suspension.
The market lacks hot topics, with the new star project in the BOT track, Banana Gun, about to launch its token.
The overall market decline found support, and the end of the Cyber short squeeze led to a sharp drop in token prices.
2. Popular Projects
The most popular projects this week (09.04-09.08) are:
YAMA (Token): A meme project that launched just two days ago, achieving 3,729 interactions in a single day, with the number of holding addresses rising from zero to 1,980, and a 24-hour trading volume of $2.87 million, with 7,210 transactions. It has gained significant attention, and Bitget has listed it for trading.
PRIME (Token): Parallel is a sci-fi collectible card game (TCG) that uses NFTs to allow players to own their cards and other game assets. The project is backed by the Paradigm investment team for leading game studios. Recently, a Google engineer stated that on September 15, Google will update its advertising policy to allow the promotion of NFT games, which could lead to potential user adoption.
DORKL (Token): Pepe creator @Matt_Furie changed his profile picture to a black hoodie Pepe on September 6, naming it DORK LORD, a PEPE Father concept. Related tweets garnered up to 270,000 views, with many KOLs retweeting. The $DORKL token was created 20 minutes after the tweet was posted. Currently, the token has on-chain liquidity of $315,000, with nearly $20.45 million in trading volume in the last 24 hours. The contract has issues such as adjustable trading tax, trading cooldown, and the ability to set black & white lists. The contract permissions have been relinquished, and Bitget has listed it for trading.
PERP (Token): Perpetual Protocol received a bullish rating from Investor Observer, a crypto research institution, which has a traffic effect, ranking first in Google searches for the project. Binance opened a contract trading pair, but liquidity is poor. The recent rise in the token led to a short squeeze of $1.39 million in 12 hours, with the price increasing over 100% from its low.
Tether (Token): Tether's CTO Paolo Ardoino stated on social media that Tether currently holds $72.5 billion in U.S. Treasury bonds, surpassing countries like the UAE, Mexico, Australia, and Spain, making it the 22nd largest holder globally.
Avive Profile NFT (NFT): The goal of the Avive world project is to create a metaverse social network. Holding this profile NFT can earn VV token airdrops. It has just completed an NFT Free Mint Event, with the number of on-chain holding addresses reaching 86k and Twitter followers at 709.7k.
Banana Gun (Dapp): The project is a TG Bot that helps users trade on DEXs, with two core functions: "Sniper" (for newly launched memes) and "Quick Trade." Both features include investor protection functions like "anti-rug" and "MEV protection," with fees of 0.85% and 0.5%. According to the roadmap, future features will include automatic profit-taking, Telegram hot topic crawlers, multi-chain support, and copy trading. The project will launch its token, with a public offering this weekend, capped at 800 ETH, an FDV of $6.6 million, and an initial circulating market cap of $1.56 million, mainly held by public offering round users and airdrop users.
Coinbase (Dapp): According to Nansen data, Coinbase has seen a net outflow of over $1.05 billion in platform assets over the past 7 days, reaching $1,050,236,308. Its custody institution, Coinbase Custody, experienced a net outflow of $757 million in 7 days, indicating a continued decrease in market liquidity.
Aerodrome (Dapp): A ve(3,3) Dex on Base L2, developed and launched in collaboration with the Velodrome and Base teams. Initially, 40% of veAERO will be snapshot airdropped to veVELO users, with a 4-year lock-up. After the product launched yesterday, TVL grew rapidly, with projects like SNX and Beefy becoming initial partners. Currently, TVL has reached $190 million, gaining significant attention.
3. Hot Searches
The hottest topics this week (09.04-09.08) are:
BTC, ETH (Token) - The market remains stable, with BTC and ETH prices oscillating around $26,000 and $1,625, respectively. Implied volatility remains between 30%-35%, with the implied volatility of options expiring in 9 months rising to 47.5% and 43.4%. Yesterday, ARK's application for a spot ETF for ETH caused a short-term surge in ETH, followed by a slight correction.
Base (Dapp) - (1) Base experienced a block production halt, but the network has now returned to normal; (2) Native USDC is now locally available on the Base network, with Circle accounts and Circle API fully supporting Base USDC. The native USDC is officially issued by Circle and can always be exchanged 1:1 for USD.
GALA (Token) - Recent positive and negative events have drawn market attention: (1) Gala Games announced that the Gala platform will fully migrate to GalaChain by the end of the year; (2) Two co-founders of Gala Games have filed lawsuits against each other, leading to internal conflicts within the company.
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 regional hot searches in real-time. To date, it has provided Bitget global users with early 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.
【Disclaimer】The market has risks, and investment should be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. Investment based on this is at your own risk.
