Bitget Wallet Weekly Report ｜29.May - 2.Jun

About this week

After the hype of meme coins and the BRC-20 trend, the recent performance of the cryptocurrency market has been stable. The regulatory measures for cryptocurrency assets in Hong Kong officially took effect this Thursday, resulting in a surge of Hong Kong-based tokens. Tokens like $LINA and $KEY experienced significant increases of 116.6% and 36.41% respectively. During the latest ACDE conference for Ethereum at the end of May, the upcoming Cancun upgrade caused a stir in the Layer2 sector. The leading project in this sector, $LBR, has witnessed a remarkable growth of 1812.30% in the past week. Furthermore, a large amount of $OP tokens will be unlocked soon, as Optimism prepares for a major upgrade. This development is favorable for $OP-related tokens, and it might be wise to consider investing in leading projects associated with them in advance.

In the past week, a total of 23 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.

HongKong Conception:

With the implementation of regulatory measures for cryptocurrency assets in Hong Kong, the development of the blockchain market in the region has gained momentum. The use cases for blockchain technology are gradually expanding, and various industries are now actively positioning themselves in the Hong Kong market. As a prominent financial hub in Asia, Hong Kong enjoys unique advantages, which will provide ample opportunities for significant growth in the field of cryptocurrencies.

• Linear ($LINA）

Recently, the Securities and Futures Commission (SFC) of Hong Kong is set to implement new regulations regarding virtual assets on June 1st. As this regulation approaches, certain assets related to virtual assets in the Hong Kong market have been consistently experiencing optimistic upward trends. Furthermore, the Hong Kong Monetary Authority (HKMA) recently published an article on its official website stating that the authority held a bilateral meeting with the Central Bank of the United Arab Emirates in Abu Dhabi, where they expressed their intention to collaborate on aspects such as virtual asset regulation and development.
According to the latest data, LINA has witnessed a 30% increase in the past 24 hours and a remarkable 110% increase over the past week.

• SELFKEY($KEY）

SELFKEY is one of the recent hot Hong Kong concept projects. As a decentralized identity (DID) concept project, its token, $KEY, has experienced a remarkable surge of over 20% in the past 24 hours.
However, with the abundance of projects focused on DID, standing out requires more than just speculative hype surrounding Hong Kong concepts. SELFKEY needs to keep up with its own functionality to distinguish itself. It is crucial to consider the overall state of the entire sector as well, as the performance of the DID sector has not been particularly strong. Therefore, it is advisable to exercise caution and careful consideration.

AI Conception：

• imgnAI ($IMGNAI)

imgnAI launched a PFP CONTEST on Twitter, with a total prize pool worth $50,000 in tokens. Participants are required to use imgnAI's AI tools to create a profile picture (PFP) and share it on Twitter. This contest has sparked a viral social media trend of creating images using imgnAI's tools.
Driven by the positive trends in AI, the advancements in AGI projects, and imgnAI's continuous efforts in strengthening its operational aspects, the value of $IMGNAI cryptocurrency has tripled in the past three months. In the last 24 hours alone, it has experienced a growth of 20%.

• Areon Network($AREA)

Areon Network ($AREA) is a public blockchain project based on the Layer1 consensus algorithm. Its main objective is to develop its own proof-of-region blockchain technology, offering faster and more reliable NFT exchanges and a more immersive metaverse experience. Additionally, the project rewards its users through a loyalty program.
It's important to note that the project has a highly centralized control structure, allowing the project team to easily manipulate market prices. This is due to 83% of the tokens being locked in the project team's contract. However, it is crucial to be aware of the potential risk of the project's token value plummeting.

Other：

• Lybra Finance（$LBR）

$LBR, the first interest-bearing synthetic stablecoin supported by LSD, has surpassed a market capitalization of $100 million. In the LSD space, $LBR has demonstrated strong innovation and potential, garnering market attention.
This Tuesday, a total of $22.7 million worth of staked Ethereum (stETH) was deposited into Lybra Finance, causing the protocol's Total Value Locked (TVL) to exceed $100 million. This represents the highest amount of stETH deposited within a day since the project's launch. Currently, the market value of stETH stands at $126 million, solidifying its significant position within the stablecoin field.

• TridentDAO（$PSI）

At the latest ACDE conference on Ethereum, the upcoming Cancun upgrade caused a stir in the Layer2 sector. The Cancun upgrade, which includes EIP-4844 (danksharding protocol), is expected to significantly reduce Layer2 gas fees, providing substantial benefits to Layer2 projects. TridentDAO, a high-quality project in the Arbitrum ecosystem, has experienced a significant rebound.
TridentDAO has been actively engaged in recent activities, such as hosting a Discord Giveaway and promoting other projects' NFTs. Currently, they are undergoing a new round of contract audits and continuing to build their project. This week, the value of $PSI reached its highest point, with a 41% increase in a single day.

Conclusion：

The new cryptocurrency regulations in Hong Kong have officially come into effect, establishing Hong Kong as the only region in Greater China where compliant cryptocurrency exchanges are allowed to operate. It is believed that the positive impact on the market will gradually become apparent. As we approach the month of June, the cryptocurrency ecosystem remains dynamic with several noteworthy developments, including expectations of interest rate hikes by the Federal Reserve, the issuance of the first batch of compliant licenses for exchanges in Hong Kong, the 2023 Korean Blockchain Week, Layer2 solutions, SocialFi, and more.
This scorching summer promises to be filled with excitement, and Bitget Wallet (Previously BitKeep), as always, will be at the forefront, sharing the latest information with Bitget Wallet (Previously BitKeep) users.

Join Bitget Wallet (Previously BitKeep) English Official Telegram Group for more information: https://t.me/Bitkeep_New

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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