ETH/BTC exchange rate hits a nearly 3-year low, ETH may bottom out and rebound

In the past 24 hours, many new popular currencies and topics have appeared in the market, which may be the next opportunity to make money, including:

● Sectors with strong wealth creation effects are: TON T 2 E sector (DOGS, Notcoin), Ethereum and ecological blue chip projects (ETH, ENS, AAVE)

● The most popular tokens and topics among users are: Pyth Network, Arkham (ARKM), Hamster Kombat;

● Potential airdrop opportunities include: Owlto Finance, Polymarket

Data statistics time: August 29, 2024 4: 00 (UTC + 0)

Yesterday, the world's leading technology giant Nvidia released its financial report. Although the data increased, the guidance was lower than expected. After the opening, Nvidia once fell to 8%. The overall encryption market is relatively stable, and it has basically maintained a low-level fluctuation trend after yesterday's decline.

In terms of ETFs, Bitcoin ETF had a net outflow of $105 million yesterday, maintaining a net outflow for 2 consecutive days; Ethereum ETF had a net inflow of $5.9 million yesterday, ending a 9-day net outflow. The ETH/BTC exchange rate has reached a nearly 3-year low. The market generally believes that this point is suitable for bottom-fishing ETH. In the future, we may see ETH rebound faster than BTC.

In terms of crypto ecology, the leading Telegram ecological project DOGS has performed well since its launch, with a 21.5% increase in the past 24 hours and a total network transaction volume of 2.38 billion US dollars. This has a positive impact on the subsequent TG Bot project coin issuance, and there may be a continuous wealth-creating effect in the ecology in the future.

main reason:

Recently, the Ton Ecosystem Tap2Earn project DOGS has landed on a larger centralized exchange. The project has gained market recognition with its huge user base and attention. Major exchanges immediately cooperated with Launchpool and launched contract products. With the user base and traffic popularity, the project coin price TGE has continued to be strong so far, and the trading popularity is extremely high.

Increase: DOGS increased by 21.5% in the past 24 hours, and NOT increased by 4.4% in the past 24 hours

Factors affecting the market outlook:

Project popularity: Currently, the popularity of this project is not limited to traditional cryptocurrency users. A large number of users outside the cryptocurrency circle have been attracted through the Telegram software. These users have become cryptocurrency traders through DOGS. Currently, through the on-chain data browser, we can see that the number of DOGS holders has reached 734,000, which is relatively rare in the crypto industry. If this data can continue to maintain organic growth, the subsequent coin price may further increase;

Telegram-related events: Telegram founder Durov was recently arrested in France, which directly affected the price of TON tokens and various projects in the TON ecosystem. If Durov can prove that his charges are invalid and is successfully released, it will have a positive impact on TON and TON ecosystem projects. On the contrary, if Durov is found guilty of the charges, the ecosystem tokens may be at risk.

main reason:

The ETH/BTC exchange rate has recently reached a nearly 3-year low, which is a low point that the market has long assumed. From the inflow of Ethereum ETF, it can be seen that the mainstream market funds seem to have ended the selling of Ethereum ETF and started to turn to building positions. At the same time, from the position of Bitfinex ETH/BTC exchange rate, it can be seen that the market's rebound pressure on ETH has obviously begun to be higher than BTC.

Factors affecting the market outlook:

Continued capital inflow: The Ethereum ETF recently ended 9 consecutive days of net outflows. If the Ethereum ETF can see continuous net inflows in the future, it means that market funds have begun to bet on Ethereum, which will help the price of Ethereum to rebound.

Ethereum ecosystem blue chip project dynamics: If the price of Ethereum rebounds, funds within the ecosystem will actively look for projects with good fundamentals within the ecosystem, such as AAVE, ENS, etc. for speculation. Investors are advised to pay attention.

Pyth Network

Pyth Network announced that it has reached a cooperation with Sony and become the first oracle service provider of Soneium. This cooperation will promote the blockchain experience of developers, applications and users, and Pyth will accelerate the adoption and growth of Sony's Web3. Developers on Soneium can use more than 500 ultra-low latency price sources to ensure that their applications are driven by accurate prices. This month, Pyth Network also started cooperation with Ton Network. The project has made good progress recently, and its price feed service has good bargaining power. Its token has been listed on bitget, and the token Ticker is "PYTH". It has good trading popularity and can be continued.

Arkham（ARKM）

Nvidia released its financial report yesterday. Although the data was better than expected, the business guidance did not meet market expectations. Nvidia closed down 6%+. Arkham is a Web3 platform that uses AI computing to process, aggregate and analyze on-chain data. Its token ARKM has recently been supplemented by exchanges such as OKX. The project is an important AI project in the crypto market. As the popularity of AI projects picks up in the future, the token may perform well.

From a global perspective:

Hamster Kombat：

Hamster Kombat is a click game based on Telegram. Players can purchase replacement coins by clicking and other methods. Players play the role of the CEO of a cryptocurrency exchange. Just click on the hamster on the screen on Telegram to get coins. By earning coins to strengthen the exchange and upgrade the hourly profit, you can get token airdrop rewards in the future. Players can also increase their income by subscribing to Telegram channels, inviting friends, etc. The project may announce a coin issuance plan in the near future. The project has a clear airdrop plan and you can continue to participate.

From the hot searches in each region:

(1) Asia: The Asian region is relatively scattered, and the sectors and ecosystems of concern are concentrated on Polgyon and TON ecosystems, including Matic, Blum, etc.

(2) English area: The market is paying attention to Nvidia’s financial report and is paying close attention to the AI ​​track.

Owlto Finance is a decentralized Cross-Rollup cross-chain bridge focusing on Layer 2. Currently, it supports users to cross-chain between more than 15 L2s including Ethereum mainnet, zkSync Era, Starknet, etc.

Owlto Finance's financing valuation has reached 150 million US dollars. It is the cross-chain bridge ranked first in cross-chain volume within 24 hours on DefiLlama, with a market share of 33%.

The specific participation method is as follows: the project started the Metaverse Owlypics cross-chain airdrop event on August 28, with a prize pool of $34,000. The event lasted for two weeks and supported interactions and earning rewards on Arbitrum, Optimism, Linea, Scroll, Base, Blast, Taiko, and BOB networks.

Polygmarket is a project that runs a prediction market. All prediction events are initiated by the community. Users can participate in the prediction and receive corresponding rewards if the prediction is correct.

The centralized prediction market Polymarket has completed two rounds of financing totaling US$70 million. The most recent round was led by Founders Fund, which completed a US$40 million Series B financing and a US$25 million Series A financing in 2023 and 2022, respectively.

The specific participation method is: There is currently no public way to participate in the airdrop. According to the community's speculation, it is recommended that users first register an account, bind a wallet, deposit USDC through the Polygon network, and participate in predictions to participate in the project's airdrop opportunities.