
In our latest issue of Research Roundup, we feature trending market insights in May, charts of the month, and our latest research reports exploring memes — what makes them successful, their role in crypto and Web3, and the resurgence of meme mania.
The 30-day price, volume, and volatility indices were negative at -8.92%, -27.77%, and -25.15%, respectively.
BRC-20 transactions have been surging since March. The BRC-20 token standard is an experimental fungible token standard for the Bitcoin blockchain. It enables developers to create and transfer fungible tokens using the Ordinals protocol. As of writing, 24,677 tokens have been minted using the BRC-20 standard – like ORDI, the first BRC-20 token.
Learn more about the BRC-20 standard: What is the BRC-20 token standard for Bitcoin?
Dogecoin (DOGE) saw a significant surge in network activity, as its daily transactions increased from an average of 20,000 in early May to hitting the 2 million mark later in the month. Compared to other networks, Dogecoin processed more transactions than Ethereum (~1.9 million) and Bitcoin (less than 1 million) between 27 and 28 May. This increase also coincided with a jump in hashrate, up 38% in May, suggesting an increasing number of miners on the network.
Learn more about memes in the crypto space from our latest research: The Evolution of Memes and What Makes Them Successful
Data shows that in the past 30 days, the total sales volume for Bitcoin NFTs has grossed US$192 million (as of 1 June), which made Bitcoin the second largest blockchain for NFTs, just behind Ethereum.
Read our research on NFTs in the Bitcoin ecosystem: Bitcoin’s Expanding Ecosystem: Layer-2, DeFi, NFT
Monthly Feature Article | The Evolution of Memes and What Makes Them Successful
While memes are commonly understood to denote a joke or humorous image, they have a rich and complex history that can be traced back to the early days of the Internet.
Today, memes have become an integral part of the crypto world, considered powerful tools in spreading awareness, generating interest, and fostering community engagement for projects.
In this feature report, we answer questions on what memes are, what makes them go viral, and the role they play in crypto. We also investigate how they create value and provide an outlook for what the future looks like for them. Check out The Evolution of Memes and What Makes Them Successful
Key takeaways:
Monthly Feature Article | Web3 and Meme Economy
For our latest private report, we dive deeper into the role memes play in building the Web3 economy and its communities. With the resurgence of meme mania in 2023 — thanks to projects like Pepe coin (PEPE) — we put the spotlight on meme-based assets and how memes help propel these projects to popularity.
We also make the case for how memes can be a strong driving force in the crypto and Web3 space, using some notable meme-based projects as case studies, including Doge NFT, SHIB — The Metaverse, and Floki Inu. Read about all of this and more in our report, exclusive to our private members. Check out Web3 and Meme Economy
Key takeaways:
Monthly Feature Article | Quantitative Analysis of Meme Coins
Amid the meme coin frenzy, we carried out a detailed analysis to see if there is any price correlation between notable meme coins and other tokens over certain time periods. We discovered that certain meme coins tend to show a strong positive correlation with each other, as well as BTC and ETH. Furthermore, meme coins with larger market capitalisation, such as DOGE and SHIB, tend to be more resilient. But what does it mean for meme coin holders? Read about all of this and more in our report, exclusive to our private members. Check out: Quantitative Analysis of Meme Coins
Key takeaways:
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This institutional-focused report dives into macro trends, market-neutral pair trades, style-factor screens, and event-driven ideas. Read the full Alpha Navigator report here.
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