VICTORIA, Seychelles, July 29,
2024 /CNW/ -- Bitget Research, the research arm
of Bitget, the leading cryptocurrency exchange and
Web3 company, has released its latest report in partnership with
Nansen Research, the premier blockchain analytics platform, to
unveil in-depth collaborative research on token-discovery
strategies. This report aims to equip traders with essential
insights and strategies for investing in early-stage and chain
governance tokens.
By evaluating two sets of data correlated to token prices,
Bitget and Nansen provide valuable insights. For early-stage
tokens, the focus is on on-chain trading volume, community
strength, technology, tokenomics, and security. For chain
governance tokens with stable market caps, chain fees and Total
Value Locked (TVL) are reliable predictors of prices. Additionally,
social sentiment data from Nansen Discord shows a correlation with
weekly token price movements, offering valuable investment
insights.
Bitget and Nansen have joined forces to disclose the
methodologies and metrics used to evaluate the potential of tokens
at various stages. For early-stage tokens, the focus is on
off-chain metrics and market traction, while established
chain-governance tokens are assessed using on-chain leading metrics
to forecast token prices.
Identifying promising early-stage tokens, or 'hidden gems,' is
challenging due to limited on-chain data. Bitget assesses tokens
based on market traction, including on-chain trading volume as
relevant, to offer users opportunities to invest in high-potential
projects. This meticulous listing process has driven Bitget's
significant user growth, with over 2.9 million new users in Q2 2024
and more than 180 tokens listed since April via its new products
PoolX and Premarket.
Bitget's token listing approach is focused on delivering maximum
value with controlled risks. By prioritizing digital assets on the
basis of their projected growth, the exchange lists them swiftly
providing early access with a diverse range of tokens to its users.
The evaluation process is based on quantitative standards and
extensive research around assessing market traction, community
sentiments, technological innovation, token economics and ecosystem
security. The Bitget Research team utilizes an automated on-chain
data monitoring system to identify trending tokens via its public
activities, ensuring early access to its users through a reliable
and efficient selection process.
"At Bitget, we position ourselves to balance between aggressive
and conservative listing strategies. We prioritize listing
legitimate, high-quality projects without missing lucrative
opportunities. For instance, our research team identified PEPE due
to its active on-chain data, and we listed it three weeks before
the biggest CEX," says Gracy
Chen, Chief Executive Officer at Bitget.
"By combining our rigorous evaluation process with Nansen's
advanced on-chain and social media analysis, we aim to empower
decentralized traders with the knowledge needed to
make informed investment decisions in the ever-evolving
cryptospace," she added.
Nansen's statistical analysis confirms TVL and Fees in
ETH to be a significant predictor for price changes.
Off-chain sentiment data from Nansen's Alpha discord (premium
members channel) shows correlation with weekly token price
movements but with limited predictive power, showcasing the need
for a multifaceted approach combining on-chain, off-chain and
qualitative data for effective market analysis.
"Our collaboration with Bitget is a two-pronged approach to
token evaluation. For promising early-stage tokens, Bitget focuses
on community strength, security, and innovation. Meanwhile,
Nansen's expertise lies in on-chain data analysis, where metrics
like TVL and fees have proven to be strong predictors of price
movements for established tokens. While social sentiment remains a
factor, analysis of on-chain and off-chain data offers a clearer
picture of a project's true potential," said Aurelie Barthere,
Research Analyst at Nansen.
About Bitget
Established in 2018, Bitget is the world's leading
cryptocurrency exchange and Web3 company. Serving over
25 million users in 100+ countries and regions, the Bitget exchange
is committed to helping users trade smarter with its pioneering
copy trading feature and other trading solutions. Formerly known as
BitKeep, Bitget Wallet is a world-class multi-chain
crypto wallet that offers an array of comprehensive
Web3 solutions and features including wallet functionality, swap,
NFT Marketplace, DApp
browser, and more. Bitget inspires individuals to embrace
crypto through collaborations with credible partners,
including legendary Argentinian footballer Lionel Messi and Turkish National athletes
Buse Tosun Çavuşoğlu (Wrestling
world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın
(Volleyball national team).
For more information, visit: Website
| Twitter | Telegram | LinkedIn
| Discord | Bitget Wallet
About Nansen
Nansen is a blockchain analytics platform that enriches on-chain
data with millions of wallet labels. Crypto investors
use Nansen to discover opportunities, perform due diligence and
defend their portfolios with our real-time dashboards and
alerts.
SOURCE Bitget