Bitget Research Weekly News: Inscriptions Tokens Surge, Bonk Market Cap Hits New High
Focus on on-chain data, weekly news roundup.In the past week (12.11-12.15), the market has seen several new popular tokens and topics.
1. Market Trends
The most focused topics in the market this week (12.11-12.15) are:
Bonk's market cap has reached a new high, with SOLS rising over 500% in 24 hours.
Engraving-related tokens have surged, with the Federal Reserve expected to cut interest rates in March next year.
Bitcoin briefly fell below 41,000, as the market awaits the FOMC interest rate decision.
Avalanche follows Solana with both price and volume rising, and TIA's price has reached a new high.
The market is experiencing a correction, with Ethereum Layer 2 TVL surpassing 16 billion USD, setting a new record.
2. Popular Projects
The hottest projects this week (12.11-12.15) include:
RATS (Token): Benefiting from SATS being listed on Binance, the BRC 20 engraving track has seen a significant surge, with RATS' price increasing over 3 times in the past three days, a 24-hour trading volume of 97 million USD, and a market cap of 250 million USD.
OZK (Token): OrdiZK, a new BRC 20 cross-chain protocol developed using zk-SNARKS technology, linking BTC and ETH. After the token deployment, it has continued to rise in the secondary market, with a market cap of 5 million USD and a 24-hour trading volume of 1.85 million USD, with a trading tax of 5%.
BONK (Token): The Solana version of BONK has launched on Coinbase, with a total market cap reaching 890 million USD, ranking 75th in cryptocurrency market cap, a 24-hour trading volume of 2.5 billion USD, up 45%, and its ERC 20 version token remains active on-chain.
BABYGROK (Token): A meme token based on the GROK concept, gaining popularity on BSC, with 52,000 on-chain holding addresses, a market cap of 48.74 million USD, a 24-hour trading volume of 2.3 million USD, and a 55% increase in the past 24 hours, now listed on Bitget.
Ethrunes (NFT): A suddenly popular ERC 1155 Ethereum engraving protocol. On-chain data shows a very high frequency of participation in Mint. The NFTs in 1155 format are displayed in NFT trading markets like Opensea, with no trading data in the secondary market, mainly focusing on primary market activities, which can be continuously monitored.
Pudgy Penguins (NFT): The NFT project Pudgy Penguins announced the launch of Pudgy World Alpha in Q1 2024, supported by zkSync. Pudgy World is a digital experience that closes the loop on its physical products, allowing Pudgy Toy holders to scan the accompanying QR code, create an account, redeem features, and customize their Forever Pudgy Penguin. An important part of the Pudgy World Alpha release is the introduction of new characters Pudgy & Peaches.
Smart Cats (NFT): NFTs related to SmartLayer, currently with over 800,000 holders. Users can perform actions like Feed and Clean on Smart Cats to upgrade the NFTs. Due to expectations of future airdrops from SmartLayer, the trading volume of this NFT is very high.
ETHRUNES (Dapp): A new token protocol based on ERC 1155 and inspired by BRC 20. The top rune $ERS on the platform https://ethrunes.xyz/ has been fully minted and is available for public market trading. This protocol can create Tokens, NFTs, and convert $eths, $ethi, BTC's engravings $ordi, $sats, and ERC 20 tokens into runes. It is an early-stage risk project worth keeping an eye on.
Inscription (Dapp): The engraving track is booming, with Polygon giving birth to over 900 types of engravings, accounting for 66% of on-chain transactions and dominating the gas consumption leaderboard.
3. Hot Searches
The hottest topics this week (12.11-12.15) include:
Bitcoin (Token): Yesterday's Federal Reserve meeting showed dovish statements, with the market expecting the Fed to start cutting interest rates as early as March next year. The 10-year Treasury yield has fallen below 4%, and the dollar index has dropped below the 103 mark. Risk assets represented by BTC have gained, showing an upward trend after the Fed meeting, with a 24-hour increase of about 5% so far.
SATS (BRC-20 Token): Binance announced the listing of SATS, which has doubled in price, with significant volatility. This has also driven trading volume for other BRC 20 tokens like ORDI and RATS, leading to sharp price fluctuations.
IMX (Token): IMX has seen high trading activity recently, with frequent activity from whale users. According to Nansen 2 data, Smart Money tracked about 2.99 million USD inflow on the Ethereum network in the past 24 hours. Lookonchain monitoring shows that three wallets (possibly belonging to the same whale) withdrew 4.3 million IMX (9.6 million USD) from Binance, continuously buying on the exchange.
Bitget Research focuses on "focusing on on-chain data and uncovering valuable assets," providing institutional-level insights for crypto enthusiasts by real-time monitoring of on-chain data and regional hot searches. 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.
【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 one's own risk.
