Zoo Market Heats Up: Fantom, Sui, Sei, Who Will Grab the Third Seat in the Next Bull Run?The last couple of days have seen a significant surge in animal-themed cryptocurrencies like EDOGE, PESTO, MOO, DENG, and CHEEMS. The "zoo market" is back in action
Zoo Market Heats Up: Fantom, Sui, Sei, Who Will Grab the Third Seat in the Next Bull Run?
The last couple of days have seen a significant surge in animal-themed cryptocurrencies like EDOGE, PESTO, MOO, DENG, and CHEEMS. The "zoo market" is back in action. At the same time, Bitcoin is testing the $65,000 level again, having touched it for three consecutive days. While the market has been consolidating around the $62,000-$65,000 range for a while, from a trendline perspective, this recent rally has been quite steep. Holding above $65,000 for a while before the consolidation below is a healthy sign. Looking at the weekly and daily charts, Bitcoin has crossed the 15-day EMA, indicating bullish momentum. We are eagerly anticipating this breakout!
Why might a major bull market truly be on the horizon? How will the market evolve going forward? Here's a breakdown:
1. Fed Rate Cuts Kickstart Bitcoin's Ascent
Fed rate cuts are generally considered bullish for the crypto market, as they reduce the cost of capital and fuel the growth of risk assets.
2. Gold Soaring, Bitcoin Follows Suit
Gold, a traditional safe-haven asset, has recently witnessed a strong rally, also contributing to Bitcoin's rise.
3. Ethereum Rebounds, Reviving Market Sentiment
Ethereum's recent rebound has spurred activity across the entire ecosystem. The improved market sentiment, with various sectors experiencing growth, plays a crucial role in supporting Bitcoin's price.
4. Harris's Public Endorsement of the Crypto Industry
US Vice President Kamala Harris's first public announcement of support for the crypto industry signals government recognition and provides additional confidence for industry development.
The Next Bull Run: Who Will Claim the Third Spot?
The narrative surrounding Solana has largely run its course. Without a fresh storyline, $SOL is likely to peak at a 2-3x multiple of $ETH in this bull run. Capital needs a new public chain to carry the traffic. Each cycle witnesses the emergence of what's dubbed a "Ethereum killer." While the battle of public chains appears to have concluded, from a capital perspective, the "killer" is merely a facade. It's essentially replicating Ethereum's model, enhancing performance, and ultimately about creating a new platform for capital, rather than supporting others.
The previous cycle's Ethereum killer was $ADA, which reached the third position in market capitalization during the peak of the bull run. The last cycle saw $BNB maintain this position until today. This cycle saw $SOL briefly overtake $BNB in the first half, and it's highly probable that it will secure the third spot by the end of this cycle. So, the next bull run's third place contender should make its presence known in this cycle, at least entering the top ten (excluding stablecoins).
Sui: An Emerging Public Chain, Poised for Growth
As an emerging public chain, Sui's market performance is steadily climbing. The support it has received from major investment institutions like Grayscale Trust provides a strong foundation for its future development. However, due to Sui's relatively small circulating supply and the existence of a large volume of unlocked tokens, its price may fluctuate significantly based on market supply and demand.
Challenges for Sui
Despite Sui's recent market success and ongoing ecosystem development, labeling it a "Solana killer" is premature. Sui still has significant gaps to bridge with Solana in terms of trading volume, activity, and market infrastructure. A more probable competitor for Sui might be TON, which shares a similar high-end positioning, rather than Solana. In the investment market, short-term price fluctuations are often influenced by various factors. In the long term, whether Sui can establish itself in the fiercely competitive public chain ecosystem will require more time and market validation.
Fantom: Renewing Roots, Brand Upgrade
Fantom, after its rejuvenation under AC, has updated its brand to Sonic, representing a revitalization. I believe Fantom has the potential to carry the narrative and drive hype, thereby enhancing its market capitalization. Whether it can achieve the aforementioned status remains to be seen but the presence of expectations signifies the existence of room for growth. The rebranded token is now $S, with the primary upgrade being the transaction speed, which is said to be even faster than Solana's. Does this sound familiar? Fantom has limited memes, allowing capital to concentrate more easily. In May, AC spearheaded a wave of ecosystem incentives.
Sei: A Dedicated Public Chain for Trading Platforms, Immense Potential
Sei has gained attention as a dedicated Layer 1 blockchain designed specifically for trading platforms. This singular focus enables exchanges to process massive order volumes per second and execute trades rapidly, with a target of just 380 milliseconds. The involvement of major institutions in ensuring Sei's security reflects their strong emphasis on safety. With a projected peak price prediction by 2030, its potential growth rate is estimated at 323.76%. For those tracking crypto trends, Sei has not only enhanced transaction throughput but also reduced trading costs through its optimized underlying protocol and on-chain execution, providing a solid foundation for the DEX ecosystem's growth. If trading volume continues to rise, Sei could emerge as a key player in the altcoin market.
The Biggest Narratives of this Cycle: ETFs (Bitcoin Ecosystem) and Memecoins (Against VCs)
For competing public chains, the widespread use of pumpfun in the previous SOL cycle provides an ideal roadmap to follow. Therefore, it's reasonable to speculate that Fantom and Sui will experience a meme-fueled explosion, attracting users and capital to their ecosystems. This trend is already emerging, albeit still in its early stages.
In Conclusion
Those who missed out on SUI can consider keeping an eye on SEI. You can start accumulating these three public chains ahead of time.
Disclaimer: The above content is for reference only and does not constitute investment advice
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