The third
quarter of 2023 brought a mixed bag of trends in the cryptocurrency market.
While the broader financial landscape grappled with inflation and interest rate
decisions, the crypto world saw a resurgence in specific sectors. The newest
Bitget Research report delves into the key trends that defined Q3 2023, from
the revival of memecoins to the growth of social finance (SocialFi) and the
ongoing legal battles involving the Securities and Exchange Commission (SEC)
and FTX.
Finance
Magnates discussed
the state of the cryptocurrency industry with Gracy Chen, the Managing Director
at Bitget. Chen emphasized that “the crypto landscape is evolving rapidly,
and many new developments are shaping its future in exciting ways.”
Memecoins,
often criticized for their volatility and lack of fundamental value, made a
strong comeback this quarter, Bitget Research finds. The split within the
Pepecoin team acted as a catalyst, leading to the rise of new projects like
CATECOIN, CAL, OXY, DORKL, and PAPA. Interestingly, some memecoins like POGAI
have established themselves, particularly in Chinese-speaking regions, by
branching out into GameFi.
The
memecoin trend was further fueled by the advent of crypto trading bots on
Telegram. Banana Gun, a Telegram bot, introduced a “sniper” feature
that automatically targets newly listed memecoins with “anti-rug”
properties. This innovation has not only elevated the market share of crypto
telegram bots but also caught the attention of centralized exchanges.
REWORK OF TELEGRAM BOT
We’ve reworked our Telegram bot. Obviously, as we use the Telegram platform we are bound by Telegram limits and UX. Still, we managed to improve our bot a great deal!
What did we do?
🍌 Reworked flow onboarding/buy/sell bot
🍌 Added transfer eth/token… pic.twitter.com/LYsOK3Xh3T— Banana Gun 🍌🔫 (@BananaGunBot) October 9, 2023
SocialFi Gains Traction
SocialFi, a
Web3-based alternative to traditional social media platforms, saw significant
growth, especially in East Asia and India. Projects like XCAD Network, Avive
Profile NFTs, and Post.tech Profile have gained a considerable user bases. TinyTap,
an 11-year-old decentralized educational startup, recently secured a $10
million Global Educators Fund after its acquisition by Animoca Brands.
SocialFI
aims to blend the worlds of social media and decentralized finance (Web3 and
DeFi). This innovative approach allows users to have complete control over the
creation and ownership of social media platforms as well as the content they
generate.
⚡️TOP 10 #SocialFi dApps by Users Activity (30d)
9 October 2023Let’s take a look at the top 10 social-fi #dApps, based on users’ activity over the past 30 days, according to the @DappRadar. $GAL #DMAIL #FriendTech $HOOK $XCAD #Lens pic.twitter.com/sIRl3FXuV9
— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) October 9, 2023
What sets
SocialFi apart is its ability to tokenize social influence, essentially
combining the monetization strategies of platforms like YouTube with the
principles of decentralization. This model paves the way for a fully monetized
social media ecosystem where all participants, from content creators to
consumers, have equal opportunities.
Legal Battles: SEC and FTX
The quarter
also witnessed legal developments that could have long-term implications for
the crypto market. FTX was finally granted permission to liquidate its $3.4
billion asset holdings to repay its users. Meanwhile, the SEC faced setbacks in
its attempts to regulate Bitcoin ETFs. The US court supported Grayscale’s
filing, and several other spot ETF proposals are under review.
💥BREAKING: FTX GETS APPROVAL TO DUMP $3.4 BILLION WORTH OF #CRYPTO! $SOL: $1,160,000,000$BTC: $560,000,000$ETH: $192,000,000$APT: $137,000,000$XRP: $119,000,000$BIT: $49,000,000$STG: $46,000,000 pic.twitter.com/jjt3ejdoUA
— Crypto Rover (@rovercrc) September 13, 2023
“In
Q3, we witnessed a pivotal trend in the cryptocurrency space – the relentless
pursuit of traditional asset management giants to launch spot BTC ETFs. Names
like BlackRock, Fidelity, Franklin Templeton, Valkyrie, Bitwise, and VanEck are
at the forefront of this movement,” Chen commented.
Just a few
weeks ago, the relationship between the US House Financial Services Committee and the SEC
intensified. This came after the Committee’s Chairman, Representative Patrick
McHenry, hinted at the possibility of issuing a subpoena to the SEC. The aim is
to obtain crucial documents related to Sam Bankman-Fried, the former CEO of
FTX.
Representative
Patrick McHenry criticized SEC Chairman Gary Gensler for allegedly hindering
the growth of the digital asset sector while lacking transparency in the
agency’s interactions with Congress. This discord can be traced back to
February, when McHenry first led the committee in requesting documents that
detail communications between SEC staff and the Justice Department regarding
the charges against Sam Bankman-Fried.
Crypto Market in Q4 2024
The third
quarter of 2023 was a period of both challenges and opportunities for the
crypto market. While the broader financial landscape remains uncertain,
specific sectors within the crypto world are showing signs of revival and
growth. As we move into the final quarter, these trends could serve as
indicators of what lies ahead in the cryptocurrency landscape.
“Looking
forward to Q4, one development that piques my interest is the Ethereum Cancun
upgrade. This upgrade has the potential to significantly boost the performance
of Ethereum’s Layer 2 blockchains. As a result, we can anticipate a surge in
the usage of DApps built on Layer 2 ecosystems,” Chen concluded
🔥 #Infinimos is closely monitoring Ethereum’s Cancun upgrade!
Thanks to the EIP-4844 protocol, we’re anticipating a 10-100x reduction in Layer2 transaction costs.
The innovative approach of Danksharding is on the horizon, and we’re at the forefront of this transformation! pic.twitter.com/2dYiR9wt59— Infinimos (@infinimos) October 10, 2023
When it
comes to cryptocurrency asset valuations, the end of the year is historically
the best time for them. October itself is seasonally a month where BTC and
other crypto assets experience the strongest growth.
The third
quarter of 2023 brought a mixed bag of trends in the cryptocurrency market.
While the broader financial landscape grappled with inflation and interest rate
decisions, the crypto world saw a resurgence in specific sectors. The newest
Bitget Research report delves into the key trends that defined Q3 2023, from
the revival of memecoins to the growth of social finance (SocialFi) and the
ongoing legal battles involving the Securities and Exchange Commission (SEC)
and FTX.
Finance
Magnates discussed
the state of the cryptocurrency industry with Gracy Chen, the Managing Director
at Bitget. Chen emphasized that “the crypto landscape is evolving rapidly,
and many new developments are shaping its future in exciting ways.”
Memecoins,
often criticized for their volatility and lack of fundamental value, made a
strong comeback this quarter, Bitget Research finds. The split within the
Pepecoin team acted as a catalyst, leading to the rise of new projects like
CATECOIN, CAL, OXY, DORKL, and PAPA. Interestingly, some memecoins like POGAI
have established themselves, particularly in Chinese-speaking regions, by
branching out into GameFi.
The
memecoin trend was further fueled by the advent of crypto trading bots on
Telegram. Banana Gun, a Telegram bot, introduced a “sniper” feature
that automatically targets newly listed memecoins with “anti-rug”
properties. This innovation has not only elevated the market share of crypto
telegram bots but also caught the attention of centralized exchanges.
REWORK OF TELEGRAM BOT
We’ve reworked our Telegram bot. Obviously, as we use the Telegram platform we are bound by Telegram limits and UX. Still, we managed to improve our bot a great deal!
What did we do?
🍌 Reworked flow onboarding/buy/sell bot
🍌 Added transfer eth/token… pic.twitter.com/LYsOK3Xh3T— Banana Gun 🍌🔫 (@BananaGunBot) October 9, 2023
SocialFi Gains Traction
SocialFi, a
Web3-based alternative to traditional social media platforms, saw significant
growth, especially in East Asia and India. Projects like XCAD Network, Avive
Profile NFTs, and Post.tech Profile have gained a considerable user bases. TinyTap,
an 11-year-old decentralized educational startup, recently secured a $10
million Global Educators Fund after its acquisition by Animoca Brands.
SocialFI
aims to blend the worlds of social media and decentralized finance (Web3 and
DeFi). This innovative approach allows users to have complete control over the
creation and ownership of social media platforms as well as the content they
generate.
⚡️TOP 10 #SocialFi dApps by Users Activity (30d)
9 October 2023Let’s take a look at the top 10 social-fi #dApps, based on users’ activity over the past 30 days, according to the @DappRadar. $GAL #DMAIL #FriendTech $HOOK $XCAD #Lens pic.twitter.com/sIRl3FXuV9
— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) October 9, 2023
What sets
SocialFi apart is its ability to tokenize social influence, essentially
combining the monetization strategies of platforms like YouTube with the
principles of decentralization. This model paves the way for a fully monetized
social media ecosystem where all participants, from content creators to
consumers, have equal opportunities.
Legal Battles: SEC and FTX
The quarter
also witnessed legal developments that could have long-term implications for
the crypto market. FTX was finally granted permission to liquidate its $3.4
billion asset holdings to repay its users. Meanwhile, the SEC faced setbacks in
its attempts to regulate Bitcoin ETFs. The US court supported Grayscale’s
filing, and several other spot ETF proposals are under review.
💥BREAKING: FTX GETS APPROVAL TO DUMP $3.4 BILLION WORTH OF #CRYPTO! $SOL: $1,160,000,000$BTC: $560,000,000$ETH: $192,000,000$APT: $137,000,000$XRP: $119,000,000$BIT: $49,000,000$STG: $46,000,000 pic.twitter.com/jjt3ejdoUA
— Crypto Rover (@rovercrc) September 13, 2023
“In
Q3, we witnessed a pivotal trend in the cryptocurrency space – the relentless
pursuit of traditional asset management giants to launch spot BTC ETFs. Names
like BlackRock, Fidelity, Franklin Templeton, Valkyrie, Bitwise, and VanEck are
at the forefront of this movement,” Chen commented.
Just a few
weeks ago, the relationship between the US House Financial Services Committee and the SEC
intensified. This came after the Committee’s Chairman, Representative Patrick
McHenry, hinted at the possibility of issuing a subpoena to the SEC. The aim is
to obtain crucial documents related to Sam Bankman-Fried, the former CEO of
FTX.
Representative
Patrick McHenry criticized SEC Chairman Gary Gensler for allegedly hindering
the growth of the digital asset sector while lacking transparency in the
agency’s interactions with Congress. This discord can be traced back to
February, when McHenry first led the committee in requesting documents that
detail communications between SEC staff and the Justice Department regarding
the charges against Sam Bankman-Fried.
Crypto Market in Q4 2024
The third
quarter of 2023 was a period of both challenges and opportunities for the
crypto market. While the broader financial landscape remains uncertain,
specific sectors within the crypto world are showing signs of revival and
growth. As we move into the final quarter, these trends could serve as
indicators of what lies ahead in the cryptocurrency landscape.
“Looking
forward to Q4, one development that piques my interest is the Ethereum Cancun
upgrade. This upgrade has the potential to significantly boost the performance
of Ethereum’s Layer 2 blockchains. As a result, we can anticipate a surge in
the usage of DApps built on Layer 2 ecosystems,” Chen concluded
🔥 #Infinimos is closely monitoring Ethereum’s Cancun upgrade!
Thanks to the EIP-4844 protocol, we’re anticipating a 10-100x reduction in Layer2 transaction costs.
The innovative approach of Danksharding is on the horizon, and we’re at the forefront of this transformation! pic.twitter.com/2dYiR9wt59— Infinimos (@infinimos) October 10, 2023
When it
comes to cryptocurrency asset valuations, the end of the year is historically
the best time for them. October itself is seasonally a month where BTC and
other crypto assets experience the strongest growth.
