Bitget Research: BTC Briefly Falls to $40,000, Fed Meeting Minutes Dampen Expectations for Rate Cuts

In the past 24 hours, many new popular tokens and topics have emerged in the market, and perhaps they will be the next focus of the market.

In Summary:

1.Popular Tokens:

INSC (Token) - A BRC-20 token representing inscriptions, INSC was deployed on March 17, 2023. After SATS, it was mined by certain community members, earning it a level of meme status within the BRC-20 sector. The token has a market cap of $15 million and a 24-hour on-chain trading volume of $880,000. It has 2250 holders, which is still considered a relatively small number.

BEND (Token) - BendDao, an NFT lending platform on Ethereum, recently issued BDIN inscription token, expanding BTC ecosystem NFT lending and cross-chain functionalities. IDOs will be conducted on BendDao, Bakery, and Turtsat, with long-term BEND token stakers having the opportunity to secure whitelist spots. BEND token has increased 185% over the past month, with a 24-hour trading volume of $2 million.

MICKEY (Token) - A memecoin themed after Disney's iconic character Mickey Mouse. Since Disney no longer holds the original copyright for Mickey Mouse as of January 1st this year, multiple Mickey Mouse memecoins emerged on the chain. MICKEY gained consensus among investors and saw its market cap exceed $10 million, with a 24-hour trading volume of $6.25 million.

1CAT (Token) - 1Cat is the native token of the multi-chain gaming project, Bitcoin Cat. It marked Bakery's first IDO within the BTC ecosystem, maintaining a high market cap of over $30 million. Following the lackluster performance of subsequent Bakery projects, the platform will collaboratively conduct an IDO for the BDIN inscription token with Turtsat and BendDao on January 6th.

ARB (Token) - Following BTC, ARB experienced a flash crash yesterday. After plummeting to $1.39, it quickly rebounded, reaching a new historic high. The ecosystem remains strong, with projects like GMX and RNDT seeing varying degrees of rebound. The 24-hour trading volume on DEXs surpassed $927 million, with a 24-hour increase of over 92%, overtaking Solana and ranking second.

2.Popular NFTs:

NodeMonkes (NFT) - An Ordinals NFT project featuring code monkeys as their meme attribute. The latest floor price has reached 0.249 BTC, surpassing Bitcoin Frogs to become the hottest NFT project in the Ordinal NFT market. Its market cap has surpassed $100 million, with a 24-hour trading volume of over $6 million on Magic Eden.

3.Popular DApps:

Uniswap (DApp) - As of January 3, the front-end transaction fees (revenue) of Uniswap Labs have accumulated over $3.3 million, with a daily revenue of $66,000. Previously, Uniswap Labs announced that beginning October 17, 2023, a 0.15% swap fee will be charged for certain tokens in its Web application and wallet. These tokens include ETH, USDC, WETH, USDT, DAI, WBTC, agEUR, GUSD, LUSD, EUROC, and XSGD.

Sleepless AI (DApp) - On January 2, the first NFT of SleeplessAI, HIM Genesis I, concluded its auction at midnight. The highest single bid exceeded 510 BNB, with the total auction amount surpassing 8477 BNB, approximately equivalent to $2.6 million. The Launchpool for SleeplessAI has ended, and its token is expected to be listed soon. The airdrop will be available for claim 20 minutes before the listing.

Hooked Pickaxe (DApp) - A Web3 gamified social education platform. In late December 2023, it announced TUNO, a BRC-20 project, as its first fair launch initiative on the Hooked Education Launchpad. TUNO is an inscription project connecting BRC-20 and Ethereum ecosystem tokens, lacking innovation. It has already been distributed, with a total market cap of $1.6 million and a 24-hour on-chain trading volume of $6,000, indicating low popularity.

Gas Hero (DApp) - Gas Hero, developed by the former StepN team, is a Web3 social and strategy game. Unlike traditional games, Gas Hero places a strong emphasis on game theory, offering players richer strategies and utilizing decentralized trading platforms to maximize the transparency of on-chain data. The game has just launched, and the in-game NFT trading is quite active.

Port3 Network (DApp) - Port3, a social data gateway, will hold its public sale on January 7 at 22:00 (UTC+8) on platforms such as Bounce Brand, WePad, FlyBTC, and Poolz Finance, with the token ticker being PORT3. Established in 2022, Port3 Network is a portal for accessing and aggregating Web3 social data. The SoQuest application by Port3 enables projects to incentivize users to share their data through tasks and rewards to drive traffic.

Xai (DApp) - Xai is a game-centric blockchain built on Arbitrum and it is also the first Layer3 on this chain, with XAI being its native gas token. Binance has announced the launch of XAI in its Launchpool, with mining commencing on January 5 at 00:00 (UTC). Additionally, the XAI team has disclosed details about their token airdrop. The XAI airdrop will account for 5% of the total supply, totaling 125 million tokens. Vanguard NFT holders will receive 1307 XAI per NFT, Legendary NFT holders will get 290 XAI per NFT and Sentry Node Operators will be awarded 1658 XAI.

Jupiter Exchange (DApp) - Meow, the co-founder of Jupiter, outlined plans for a JUP token airdrop at the end of this month. To facilitate this, 10% of the tokens will be extracted from the team's wallet and 15% from the community wallet for use as liquidity provision, initial airdrops, and meeting community activity demands. It is estimated that on the first day of launch, between 15% and 17.5% of the tokens will enter the market circulation, with 10% to 7.5% stored in hot wallets and 75% stored in cold wallets.

Pixels (DApp) - During a community AMA, the blockchain game Pixels announced that the second season of Play to Airdrop will commence on January 5 (UTC+8). The distribution amount in season 2 will be less compared to the first and may include a lottery system. Furthermore, the token generation event (TGE) for the game's main token, PIXEL, will occur within one to two weeks, and the rewards from Play to Airdrop's first season will be distributed before this TGE.

4.Twitter Hot Topics:

ETH (Token) - The cryptocurrency market experienced a sharp decline yesterday, with core assets led by BTC and ETH briefly falling by over 10%, resulting in a significant drop in altcoins. The entire market saw over $500 million in liquidations within an hour. The verdict on the spot Bitcoin ETF is anticipated within the next 1-2 weeks. The market's concentrated bullish strategy makes it susceptible to panic selling.

5.Regional Trending Searches:

BITCOIN (Token) - Yesterday, the minutes from the Federal Reserve's December meeting were released, indicating that the interest rate hiking cycle has definitively ended. However, the timing for the commencement of rate cuts is still undecided and might be delayed. According to CME data, the market's expectation for a rate cut in March decreased from 80% to 68%, which directly supported the rise of the US Dollar Index. In the cryptocurrency market, the heavy concentration of trading strategies focused on the anticipated approval of Bitcoin ETF played a significant role in the panic selling seen yesterday.

Main Body

Written by: Bitget Research

Data collection time: January 4, 10:30 AM

Data sources: Dune, DApps, Twitter, Google

Note:

1) New active users: Refers to wallet addresses that were newly created on the chain in the past 24 hours and had interactions on the chain.

2) Existing active users: Refers to wallet addresses that were created on the chain 24 hours ago and had interactions on the chain in the past 24 hours.

3) DApp daily activity (UAW: unique active wallets)

4) TGE (Token Generation Event)

5) In this report, the term "Entity" refers to both Contract Account (CA) and Ethereum Original Account (EOA), and is not a result of the aggregation of actual entity addresses.

1.BTC Profile - BRC-20

INSC (Token) - A BRC-20 token representing inscriptions, INSC was deployed on March 17, 2023. After SATS, it was mined by certain community members, earning it a level of meme status within the BRC-20 sector. The token has a market cap of $15 million and a 24-hour on-chain trading volume of $880,000. It has 2250 holders, which is still considered a relatively small number.

2.Blockchain Profile - ETH Chain

2.1 User Profile

2.1.1 Core Data

Total active users on ETH: 421,904

New active users on ETH: 86,060, with a daily decrease of 5.38%

Existing active users on ETH: 335,844, with a daily decrease of 8.86%

2.1.2 New User Profile

Core data: There were a total of 86,060 new active users on ETH yesterday, with a daily decrease of 5.38%

Popular Sectors

Popular Projects

Key Projects:

BEND (Token) - BendDao, an NFT lending platform on Ethereum, recently issued BDIN inscription token, expanding BTC ecosystem NFT lending and cross-chain functionalities. IDOs will be conducted on BendDao, Bakery, and Turtsat, with long-term BEND token stakers having the opportunity to secure whitelist spots. BEND token has increased 185% over the past month, with a 24-hour trading volume of $2 million.

2.1.3 Existing User Profile

Core data: The number of ETH active existing users is 335,844, with a daily decrease of 8.86%

Popular Sectors

Popular Projects

Key Projects:

Uniswap (DApp) - As of January 3, the front-end transaction fees (revenue) of Uniswap Labs have accumulated over $3.3 million, with a daily revenue of $66,000. Previously, Uniswap Labs announced that beginning October 17, 2023, a 0.15% swap fee will be charged for certain tokens in its Web application and wallet. These tokens include ETH, USDC, WETH, USDT, DAI, WBTC, agEUR, GUSD, LUSD, EUROC, and XSGD.

2.2 Popular Trading Pairs

2.2.1 Uniswap V2

MICKEY (Token) - A memecoin themed after Disney's iconic character Mickey Mouse. Since Disney no longer holds the original copyright for Mickey Mouse as of January 1st this year, multiple Mickey Mouse memecoins emerged on the chain. MICKEY gained consensus among investors and saw its market cap exceed $10 million, with a 24-hour trading volume of $6.25 million.

2.2.2 Uniswap V3

1CAT (Token) - 1Cat is the native token of the multi-chain gaming project, Bitcoin Cat. It marked Bakery's first IDO within the BTC ecosystem, maintaining a high market cap of over $30 million. Following the lackluster performance of subsequent Bakery projects, the platform will collaboratively conduct an IDO for the BDIN inscription token with Turtsat and BendDao on January 6th.

2.3 Popular NFTs

2.3.1 Top NFT Collections

NodeMonkes (NFT) - An Ordinals NFT project featuring code monkeys as their meme attribute. The latest floor price has reached 0.249 BTC, surpassing Bitcoin Frogs to become the hottest NFT project in the Ordinal NFT market. Its market cap has surpassed $100 million, with a 24-hour trading volume of over $6 million on Magic Eden.

3.Blockchain Profile - BSC

3.1 User Profile

3.1.1 Core Data

Total active users on BSC: 1,695,641

New active users on BSC: 209,117, with a daily decrease of 11.99%

Existing active users on BSC: 1,486,524, with a daily increase of 2.28%

3.1.2 New User Profile

Core data: There were a total of 209,117 new active users on BSC yesterday, with a daily decrease of 11.99%

Popular Sectors

Popular Projects

Key Projects:

Sleepless AI (DApp) - On January 2, the first NFT of SleeplessAI, HIM Genesis I, concluded its auction at midnight. The highest single bid exceeded 510 BNB, with the total auction amount surpassing 8477 BNB, approximately equivalent to $2.6 million. The Launchpool for SleeplessAI has ended, and its token is expected to be listed soon. The airdrop will be available for claim 20 minutes before the listing.

3.1.3 Existing User Profile

Core data: The number of BSC active existing users is 1,486,524, with a daily increase of 2.28%

Popular Sectors

Popular Projects

Key Projects:

Hooked Pickaxe (DApp) - A Web3 gamified social education platform. In late December 2023, it announced TUNO, a BRC-20 project, as its first fair launch initiative on the Hooked Education Launchpad. TUNO is an inscription project connecting BRC-20 and Ethereum ecosystem tokens, lacking innovation. It has already been distributed, with a total market cap of $1.6 million and a 24-hour on-chain trading volume of $6,000, indicating low popularity.

3.2 Popular Trading Pairs

3.2.1 PancakeSwap V2

BSC hosts a significant number of high-risk memecoins. Currently, new projects incubated and supported by Binance are transitioning to opBNB.

4.Blockchain Profile - Polygon Chain

4.1 User Profile

4.1.1 Core Data

Total active users on Polygon: 572,739

New active users on Polygon: 99,220, with a daily increase of 1.72%

Existing active users on Polygon: 473,519, with a daily increase of 4.77%

4.1.2 New User Profile

Core data: There were a total of 99,220 new active users on Polygon yesterday, with a daily increase of 1.72%

Popular Sectors

Popular Projects

Key Projects:

Gas Hero (DApp) - Gas Hero, developed by the former StepN team, is a Web3 social and strategy game. Unlike traditional games, Gas Hero places a strong emphasis on game theory, offering players richer strategies and utilizing decentralized trading platforms to maximize the transparency of on-chain data. The game has just launched, and the in-game NFT trading is quite active.

4.1.3 Existing User Profile

Core Data: The number of Polygon active existing users is 473,519, with a daily increase of 4.77%

Popular Sectors

Popular Projects

Key Projects:

Port3 Network (DApp) - Port3, a social data gateway, will hold its public sale on January 7 at 22:00 (UTC+8) on platforms such as Bounce Brand, WePad, FlyBTC, and Poolz Finance, with the token ticker being PORT3. Established in 2022, Port3 Network is a portal for accessing and aggregating Web3 social data. The SoQuest application by Port3 enables projects to incentivize users to share their data through tasks and rewards to drive traffic.

4.2 Popular Trading Pairs

4.2.1 Uniswap V3

There are no particularly popular trading pairs on Polygon.

5.Blockchain Profile - Arbitrum Chain

5.1 User Profile

5.1.1 Core Data

Total Active Users on Arbitrum: 182,325

New Active Users on Arbitrum: 27,356, with a daily decrease of 1.18%

Existing Active Users on Arbitrum: 154,969, with a daily increase of 6.72%

5.1.2 New User Profile

Core data: There were a total of 27,356 new active users on Arbitrum yesterday, with a daily decrease of 1.18%

Popular Sectors

Popular Projects

Key Projects:

xPet.tech (DApp) - XPET is a project on the Arbitrum chain that combines SocialFi and GameFi, requiring players to feed, accompany, and ensure the survival of their pets, thereby helping them earn token rewards. Recently, XPET has introduced a PvE gameplay mode, increasing the consumption of $BPET. The user and trading data of this project have rapidly grown. Additionally, the egg fragments produced in the PvE mode can be combined into NFTs, which are now circulating in the secondary market. Bitget has listed the XPET token.

5.1.3 Existing User Profile

Core data: The number of Arbitrum active existing users is 154,969, with a daily increase of 6.72%

Popular Sectors

Popular Projects

Key Projects:

Xai (DApp) - Xai is a game-centric blockchain built on Arbitrum and it is also the first Layer3 on this chain, with XAI being its native gas token. Binance has announced the launch of XAI in its Launchpool, with mining commencing on January 5 at 00:00 (UTC). Additionally, the XAI team has disclosed details about their token airdrop. The XAI airdrop will account for 5% of the total supply, totaling 125 million tokens. Vanguard NFT holders will receive 1307 XAI per NFT, Legendary NFT holders will get 290 XAI per NFT and Sentry Node Operators will be awarded 1658 XAI.

5.2 Popular Trading Pairs

5.2.1 Uniswap V3

ARB (Token) - Following BTC, ARB experienced a flash crash yesterday. After plummeting to $1.39, it quickly rebounded, reaching a new historic high. The ecosystem remains strong, with projects like GMX and RNDT seeing varying degrees of rebound. The 24-hour trading volume on DEXs surpassed $927 million, with a 24-hour increase of over 92%, overtaking Solana and ranking second.

6.Blockchain Profile - Base Chain

6.1 User Profile

6.1.1 Core Data

Total Active Users on Base: 67,802

New Active Users on Base: 10,364, with a daily increase of 7.72%

Existing Active Users on Base: 57,438, with a daily decrease of 11.14%

6.1.2 New User Profile

Core data: There were a total of 10,364 new active users on Base yesterday, with a daily increase of 7.72%

Popular Sectors

Popular Projects

Key Projects:

Dmail (DApp) - Dmail is a mail application based on Web 3.0 and Dfinity technology, integrating NFT functionality and distributed storage, with each account itself being an NFT. This project aims to bridge the gap between traditional email systems and blockchain-based email systems, thereby lowering the barrier for users and developers to engage with the crypto world. The design philosophy of Dmail is to make the use of blockchain technology as simple and intuitive as using the internet.

6.1.3 Existing User Profile

Core data: The number of Base active existing users is 57,438, with a daily decrease of 11.14%

Popular Sectors

Popular Projects

Key Projects:

Layerzero (DApp) - According to the V2 technical whitepaper, the V2 version is already deployed on over 40 testnets, with the mainnet expected to launch in January 2024. Currently, more detailed information is not available. Layerzero currently ranks high in gas consumption across various chains.

7. DApp Ecosystem - All Chains

CARV (DApp) - CARV is an AI-powered super app focused on socializing, authenticating, and publishing within gaming. It enables users to self-verify ownership, role actions, social connections, or past experiences as credentials. The platform builds reputation through consented zero-party data. CARV is a user-centric platform, offering true data autonomy, where users can control and monetize their identity and data.

8.DApp Ecosystem - ETH Chain

Uniswap (DApp) - As of January 3, the front-end transaction fees (revenue) of Uniswap Labs have accumulated over $3.3 million, with a daily revenue of $66,000. Previously, Uniswap Labs announced that beginning October 17, 2023, a 0.15% swap fee will be charged for certain tokens in its Web application and wallet. These tokens include ETH, USDC, WETH, USDT, DAI, WBTC, agEUR, GUSD, LUSD, EUROC, and XSGD.

9.DApp Ecosystem - BSC

NFPrompt (DApp) - NFPrompt is the first AI-driven art creation and NFT trading platform, enabling users to generate artworks through text prompts and mint them as NFTs. This empowers every user to become an artist and own their creations on blockchain.

10.DApp Ecosystem - Polygon Chain

Gas Hero (DApp) - Gas Hero, developed by the former StepN team, is a Web3 social and strategy game. Unlike traditional games, Gas Hero places a strong emphasis on game theory, offering players richer strategies and utilizing decentralized trading platforms to maximize the transparency of on-chain data. The game has just launched, and the in-game NFT trading is quite active.

11.DApp Ecosystem - Solana Chain

Jupiter Exchange (DApp) - Meow, the co-founder of Jupiter, outlined plans for a JUP token airdrop at the end of this month. To facilitate this, 10% of the tokens will be extracted from the team's wallet and 15% from the community wallet for use as liquidity provision, initial airdrops, and meeting community activity demands. It is estimated that on the first day of launch, between 15% and 17.5% of the tokens will enter the market circulation, with 10% to 7.5% stored in hot wallets and 75% stored in cold wallets.

12.DApp Ecosystem - Arbitrum Chain

WOOFi (Dapp) - The cryptocurrency trading platform WOO X is set to expand its Designated Market Maker (DMM) program to the spot market this month. According to WOO X, since the launch of the perpetual contract DMM model in August 2023, the model currently accounts for nearly 80% of all pending order transactions in the perpetual futures market.

13.DApp Ecosystem - Base Chain

Odos (DApp) - The Odos Protocol stands out as the first Dex aggregator that allows users to swap multiple tokens for a single asset in one atomic transaction. This system facilitates the exchange of a basket of input tokens for the desired output in one go, saving on gas fees and mitigating market volatility.

14.DApp Ecosystem - GameFi Sector Across All Chains

Pixels (DApp) - During a community AMA, the blockchain game Pixels announced that the second season of Play to Airdrop will commence on January 5 (UTC+8). The distribution amount in season 2 will be less compared to the first and may include a lottery system. Furthermore, the token generation event (TGE) for the game's main token, PIXEL, will occur within one to two weeks, and the rewards from Play to Airdrop's first season will be distributed before this TGE.

15.Gas Fee Consumption - ETH Chain

Maestro (DApp) - Maestro is a renowned on-chain bot, and the crypto community highly favors that. Maestro's daily transaction fees have increased to previous high points, ranging between $150,000 and $200,000, which helps it maintain its top position in the BOT sector.

16.Gas Fee Consumption - BSC

bloXroute (DApp) - bloXroute Labs, one of the largest censorship-resistant block producers on Ethereum, has made a complete u-turn. It announced that it will start censoring OFAC-sanctioned blocks across all of its MEV relays in compliance with local laws. It is reported that bloXroute Labs has produced at least 400,000 Ethereum blocks from its two leading MEV relays.

17.Gas Fee Consumption - Polygon Chain

Port3 (DApp) - Port3 is a blockchain project designed to become a Web3 social data gateway. It provides open data services by aggregating Web2 and Web3 data. Port3 is structured around three fundamental modules: data collection, data reading, and data application. These modules are integral in aggregating various types of information, including community dynamics, social media trends, and on-chain transaction data. Recently, the Port3 Network launched a BRC-20 section and is set to release Bitcoin BQL. Yesterday, it was announced that an IDO for the PORT3 token will be conducted on platforms such as Auction. The valuation is considered to be quite reasonable and it is advisable to keep a close watch on the subsequent developments.

18.Gas Fee Consumption - Arbitrum Chain

ParaSwap (DApp) - ParaSwap is a multi-chain decentralized exchange (DEX) aggregator operating on the Ethereum blockchain, dedicated to enhancing user experience when navigating various decentralized finance (DeFi) protocols. Its ultimate goal is to facilitate liquidity flow in the decentralized market. ParaSwap's mission is to elevate DeFi participation to new heights by offering secure, intelligent, and optimized trading solutions for both individual and institutional traders, enabling them to seamlessly tap into decentralized liquidity pools.

19.Gas Fee Consumption - Base Chain

There are no new contracts with significant popularity on the Base Chain.

20.Top Trending Tokens on Twitter

ETH (Token) - The cryptocurrency market experienced a sharp decline yesterday, with core assets led by BTC and ETH briefly falling by over 10%, resulting in a significant drop in altcoins. The entire market saw over $500 million in liquidations within an hour. The verdict on the spot Bitcoin ETF is anticipated within the next 1-2 weeks. The market's concentrated bullish strategy makes it susceptible to panic selling.

21.Google Trends - Global

BITCOIN (Token) - Yesterday, the minutes from the Federal Reserve's December meeting were released, indicating that the interest rate hiking cycle has definitively ended. However, the timing for the commencement of rate cuts is still undecided and might be delayed. According to CME data, the market's expectation for a rate cut in March decreased from 80% to 68%, which directly supported the rise of the US Dollar Index. In the cryptocurrency market, the heavy concentration of trading strategies focused on the anticipated approval of Bitcoin ETF played a significant role in the panic selling seen yesterday.

22.Google Trends Surge - East Asia, South Asia, Southeast Asia, Hong Kong, Macau, and Taiwan

a) South Asia Region

India Trends: IOST, Crypto Crash

Pakistan Trends: Crypto Crash, Yahoo Finance

b) Southeast Asia Region

Malaysia Trends: Crypto Crash, Bonk, Bitcoin, MATIC

Philippines Trends: BEAM

Singapore Trends: ENTS, BTC, Matic, Crypto Crash

Indonesia Trends: ACE, etf, Babydoge

c) East Asia

Trends: crypto bubbles

23.Google Trends Surge - English-speaking Countries, Europe, CIS Region

a) CIS Region

Trends: Crypto Bubble, Crypto News

b) English-speaking Countries

Australia Trends: Crypto Crash, ORDI

UK Trends: Crypto Crash, CNBC, Coinskid

USA Trends: Crypto Crash, Matrixport

Canada Trends: Matrixport, ORDI, Trader joe, Matrixport

c) Europe

France Trends: DYDX, XAI, ENS, Crypto Crash, ETH

Poland Trends: btc etf, Pancake, trx, XAI

Switzerland Trends: grt, sia, bonk, sei, gmx

Turkey Trends: Crypto Crash, SEC, BTC

Germany Trends: Matrixport, XRP, Solana

Italy Trends: SLP, PEOPLE, ENS, AVAX

Spain Trends: ARB, HEAR, FREE, LTC, PERP

24.Google Trends Surge - Middle East, Latin America, Africa

a) Africa

South Africa Trends: Crypto Crash, ICO

Nigeria Trends: Crypto Crash

b) Middle East

Trends: BTC ETF, SHIB, ICP, BTC NEWS

c) Latin America

Brazil Trends: mubi, icp, uniswap, pepe, eth

Argentina Trends: arb, ada, shib, avax, Crypto Crash

Mexico Trends: Crypto Crash

Reference Links

Dune On-Chain Data Dashboard - Blockchain Profile: https://dune.com/bitgetresearch/bitgetreseach-chains-overview

Dune On-Chain Data Dashboard - Gas Consumption: https://dune.com/bitgetresearch/gas-overview