Bitget Wallet Weekly Report｜23.Apr- 28.Apr
About this week
Following the success of Ethereum's Shangai upgrade, the market has entered a stage of recovery, with meme coins and new coins becoming the new hotspots. $PEPE has attracted a lot of attention, not only ushering in huge profits for everyone, but also driving the entirememe sector upwards. The trading frenzy has even pushed Ethereum's gas fees. Recently, top meme coins with high activity such as $PEEPO and $PLEB have seen a maximum daily increase of 810.9% and 165.1%, respectively.
Driven by the sharp rise in ETH, previously suppressed altcoins have skyrocketed, and various meme coins have exhibited rapid growth. Layerzero is also gradually being recognized as the future of cross-chain interoperability, and more builders are bringing their projects on it as a result. Even if the market experiences a short-term correction, the downside is limited, and the overall upward trend remains strong.
In the past week, a total of 37 new projects were added to our online database. The chart below shows the top performing projects in the past week and reflects the overall increase over the last week.
The Bitget Wallet (Previously BitKeep) Academy continually sources for promising projects showcases trending projects, providing the most detailed information as soon as possible. All the projects mentioned in this article can be traded on the Bitget Wallet (Previously BitKeep) wallet. Bitget Wallet (Previously BitKeep) will select high-quality assets and NFT projects daily to share with Bitget Wallet (Previously BitKeep)ers, helping everyone easily capture market opportunities while obtaining the latest information.
$FLOKI is a utility, governance, and interaction token that serves as the core of the Floki ecosystem. The FlokiInu ecosystem includes a "play-to-earn" game, FlokiFi (DeFi), Floki prepaid cards (Visa/Mastercard), NFT collections and marketplace, and more.
This week, $FLOKI was listed on Binance US. Binance seldom lists independent coins in its US platform, and this exception indicates Binance's recognition of the trading popularity of $FLOKI in the US region.
$PLEB is marketed as a commemorative coin for the common man, and is independently held by 1,250 addresses in just 4 days of launch.
94% of $PLEB's supply is sent to the Uniswap liquidity pool. LP tokens are burned forever and users can safely enjoy the process. The other 6% of supply is reserved for future CEX listings and airdrops. It is currently being followed by several headline CEXs, is live on LBank, has a high level of community discussion, and continues to see traffic inflow.
$REKT is a new meme token that has also recently exploded in popularity, and boasts a claim mechanism akin to $AIDOGE. The earlier a user participates, the more tokens they will receive, and for every 5% of users who receive, the number of tokens decreases by 20%.
It has over 120,000 addresses, over 30,000 USDT traded on the chain in 8 hours, and at one point the transaction value was as high as 8M USDT. Plenty ofKOLs on Twitter are promoting it, and communities are abuzz, which indicates a great potential of this token.
Following the completion of the Ethereum Shanghai upgrade, more LSDFi protocols have emerged and performed well.
Lybra Protocol is the latest LSDFi project after Agility. It is a protocol that generates stablecoins through overcollateralizing ETH and allows users to exchange their deposited ETH for stETH to earn an annualized yield of over 200%. According to on-chain data, recently, some DeFi whales have invested in $LBR, and the community and KOLs have paid high attention to it. The token has low inflation and has great potential for growth.
The native token of the Lybra Protocol, $LBR, is used for governance, voting, and sharing protocol revenue. Users can obtain $LBR by participating in the Lybra LBR's IDO, minting eUSD, and becoming an eUSD/ETH liquidity provider.
LSD has become a main player within DeFi and is leading the DEX category by a slight margin. It has performed steadily on the market and gained the favor of more investors. ZeroLiquid released its test version on Wednesday and enabled product testing. ZeroLiquid offers 0% loan interest, self-repaying loans, and faces no liquidation issues.
The liquidity of $ZERO has been locked (originally 100 million, but 69% was burned). All tokens locked in the ownership contract will be subject to equal burning of 76.12%, resulting in a total supply burn of $ZERO equivalent to 69%. With the launch of the LSD track and products, it is expected that $ZERO will have good potential for growth in the later period.
DEXTools ($DEXT) Keyword：TOOL+DEX
DexTools is an ethereum-based application and ecosystem that allows traders to access information about decentralised markets in a single integrated interface. With the explosion of meme tokens over the past month, demand for Dextool products has skyrocketed, directly causing a surge in demand for $DEXT purchases.
Currently, the circulating supply of $DEXT is less than 100 million tokens and according to the burn indicator, approximately 1% of the supply has been burned in just 30 days. In addition, the number of people holding $DEXT has surpassed 15,000. These figures all indicate that $DEXT has gained market attention and is showing strong upside potential.
IDEX ($IDEX) Keyword：DEX+ETH
IDEX ($IDEX) is a Layer3 DEX set up on Ether that combines the ledger model with AMM functionality, and has some similarities to dydx, gns, and gmx. On Wednesday this week IDEX's official Twitter feed announced the upcoming launch of the mainnet and announced information on the rate structure, trading incentives and early experience eligibility, with lively community discussion and some anticipation.
The $IDEX price is currently bucking the overall market downward trend, gaining nearly 60% cumulatively over two consecutive days, with 24-hour market-wide trading volume of $240 million, amplifying trading volume nearly eightfold.
Render Network ($RNDR) Keyword：Gamefi+ETH+Polygon
The Render Network is a provider of decentralised distributed GPU rendering solutions where artists on the network use $RNDR to exchange GPU compute power with GPU providers (node operators).
This week, Render has just successfully passed two proposals to continue to expand the scope of the project into the Solana network as well as the continued endeavor to expand their team using the Foundation's funding methodology (for core team recruitment expansion and grant schemes).
In addition, "Apple AR/VR headset confirmed for June 5th release" is a continuing positive for the distributed GPU rendering network project, with the potential for repeated hype, so keep an eye on it.
The Crypto industry also seems to be finally catching the winds of recovery, with no significant speedbumps in the past first quarter. NFT and pass-through volumes have also been steadily recovering, and zk-Rollup deployments suggest that technological innovation remains healthy within the sector, all of which are evidence that the Crypto industry is making a solid recovery.
Following the Shanghai upgrade, billions of dollars have flowed into the LSD protocol, and LSD assets and LSDFi applications have become an important part of the ethereum ecosystem. Let's look forward to what the Cancun upgrade will bring to the market as the industry recovers.Bitget Wallet (Previously BitKeep) will share the latest information with all Bitget Wallet (Previously BitKeep)ers as soon as possible.
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Risk warning: Digital currency is a high-risk investment method. Investors are advised to purchase cautiously and pay attention to investment risks. Bitget Wallet (Previously BitKeep) will select high-quality currencies, but does not undertake guarantee, compensation and other responsibilities for investment behavior. Digital asset contract trading is an innovative product with high risks and strong professionalism. Please judge your investment ability rationally and make investment decisions prudently.
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