Research Summary
The report provides an in-depth analysis of various onchain cultures, including DOGE, SHIB, PEPE, WIF, BONK, Lens, Friend.tech, Ordinals, NEAR Gaming, and Coordinape. It highlights the significant market capitalization of meme coins, the rise of WIF over BONK, the surge in Bitcoin Ordinals sales volume, and the growth of NEAR’s gaming sector, among other key trends.
Key Takeaways
Meme Coins’ Market Capitalization
- DOGE, SHIB, and PEPE’s Market Surge: These meme coins experienced a significant increase in their total market capitalization, crossing $45B. The surge coincided with Bitcoin’s rally towards its all-time high, indicating a heightened phase of speculative interest in the cryptocurrency market.
- Increased Retail Buyers: The surge in meme coins led to a significant rise in retail buyers, as evidenced by Coinbase’s leap from 430th to 50th in the Apple App Store and from 30th to 4th among financial apps.
WIF Overtakes BONK
- WIF’s Market Dominance: WIF recently overtook BONK by market capitalization and consistently dominated BONK in DEX Volume on Solana. Despite WIF’s recent launch, it reached parity with BONK by cumulative DEX volume.
- Buy/Sell Ratio: The Buy/Sell Ratio for BONK has consistently been around 60/40 since December with no days with net sales. WIF is closer to 50/50 with no net sales days only since mid-February.
Bitcoin Ordinals’ Sales Volume
- Surge in Sales Volume: Bitcoin Ordinals, digital assets inscribed on a satoshi, experienced a notable rise in sales volume, reaching close to $1.6 billion since December 2023. This surge was driven by the rise in the price of Bitcoin and sustained demand for specific collections.
- Marketplace Dominance: While OKX was the dominant marketplace, accounting for two-thirds of the total sales volume over the last three months, Magic Eden has begun to emerge as the default marketplace for Bitcoin Ordinals since early February.
Growth of NEAR’s Gaming Sector
- New User Acquisition: The gaming sector emerged as the second-largest driver of new user acquisition on the NEAR blockchain. In 2024, the NEAR blockchain saw an impressive surge in new users, with a remarkable 3.95 million people joining the platform through the gaming sector alone.
- Shift in New User Share: NEAR blockchain witnessed a shift in new user share between PlayEmber and Sweat, two major gaming platforms. PlayEmber attracted 56% of users, while Sweat secured 44%. Early 2024 saw Sweat leading, but on January 15th, PlayEmber gained traction, overtaking Sweat and becoming the top player in NEAR’s gaming sector.
Actionable Insights
- Monitor Meme Coins: Given the significant market capitalization of meme coins like DOGE, SHIB, and PEPE, it would be beneficial to keep a close eye on these coins and their market trends.
- Assess WIF’s Performance: With WIF overtaking BONK by market capitalization and dominating in DEX Volume, it would be worthwhile to assess WIF’s performance and potential growth.
- Explore Bitcoin Ordinals: The surge in Bitcoin Ordinals’ sales volume indicates a growing interest in these digital assets. Exploring Bitcoin Ordinals could provide insights into this emerging market.
- Consider NEAR’s Gaming Sector: The growth of NEAR’s gaming sector and its role in new user acquisition suggests potential opportunities in this area. Considering NEAR’s gaming sector could provide valuable insights into the future of Web3 gaming.
