A third of 2024 has already passed, and after reaching a new all-time high in March, Bitcoin has retraced its gains in April. So, what are the tracks and projects worth paying attention to in May? This article, written by the author “Rain Sleeping in the Rain,” is sourced from PANews and compiled and written by PANews.
Table of Contents:
AI
MEME
Solana
Basechain
ETH
BlackRock
European Cup + Summer Olympics
Hello everyone, here is the outlook for May. Considering the uncertain market conditions before (although I think it’s the bottom, I still want to observe for a few more days), I didn’t release any content on May 1st.
But now, here it is. Enjoy~
This article summarizes the tokens I personally plan to lay out based on Narrative & Catalyst, and although there is speculation involved, let’s not fall in love with projects~ From an overall market perspective, I don’t think it’s urgent to FOMO and rush in directly. You can wait for a pullback or establish a bottom position now and slowly add to it.
AI
AI narrative has been the most talked-about narrative in the past two days. The main reasons are the following catalysts:
– May 22: NVIDIA Earnings
– June 10: Apple WWDC 2024 will release some additional AI-related content
– ChatGPT 5 may be released this summer, and GPT-based search engine is also coming
– May 14: Google I/O conference.
Essentially, this is a matter of attention. Events generate expectations, expectations drive market attention, and market attention drives price increases.
There are many AI projects in the crypto space, and choosing the right one is a skill. Generally, I prefer coins that have gained market recognition and are listed on CEXs. For example, $FET and $TAO.
$TAO has a large market capitalization, but the staking ratio is quite high, and the circulating supply is low.
On the other hand, $FET is actively preparing for a merger with $OCEAN & $AGIX. On May 3, Fetch.ai minted an additional 1,477,549,566 tokens in preparation for the next step of the conversion.
Between $TAO and $FET, I choose $FET. $TAO is also good, haha, but my personal funds are limited, so I’ll subtract for now.
If you’re interested in computational power projects, you can take a look at $RNDR and $AKT.
Another track I’m optimistic about is AI agents, such as $OLAS. However, $OLAS is a long-term position for me, so I’ll just hold it for now. Another target for AI agents is $PRIME. I sold my position in $PRIME at $24-26. The expectations for $PRIME should be in the second half of this year or 2025, so there’s no rush.
In addition, you can also pay attention to some small opportunities, such as the second phase of Jupiter Launchpad, UpRock.
Also, projects that rely on interactive scoring, in my opinion, don’t have high profit potential because wherever there are many people, there will be hype. Of course, there are many AI projects, and there are also many projects that I haven’t paid attention to. The simple logic is whether the market is willing to buy into AI projects (market attention).
MEME
As for MEME, I won’t talk much about on-chain ones, as it’s like finding gold in a pile of crap. I will mostly focus on $WIF and $PEPE (I don’t deny that memecoins like $BOME, $BONK, $FLOKI are also good speculative targets).
$PEPE is my long-term position, and I like to trade $WIF in short-term waves. I buy or add positions when BTC retraces and market sentiment is low, and sell when sentiment rebounds. This kind of operation is only suitable for bull markets. I believe $WIF and $PEPE have the potential to become meme coins on the level of $SHIB in this cycle.
Solana
You can check out Pima’s opinion. I’ll add that what $JUP is doing right now is not just DEX. It is striving to become the front end of the entire Solana ecosystem. Let’s take a look at what Jupiter is currently doing:
– DEX aggregation: Released Metropolis Part 1 and a new T0 API, allowing users to directly exchange on the most liquid markets on-chain. They also launched:
– Perp DEX
– Launchpad
– Acquired Ultimate Wallet and its mobile team, driving the Jupiter Mobile project
– Jito Bundles (tip function to protect users from MEV attacks)
– LST jupSOL
– Meme: WEN, which is doing things related to NFT and SOL staking
– The Jupiter team has a broad layout, so I think $JUP is Solana’s biggest beta. And $WEN will be the beta of $JUP.
– I’m not very optimistic about $PYTH, which is about to unlock tokens worth $1.19 billion. As for $TSNR and $W, I’m not looking at them either. Currently, they don’t have significant catalysts, and there are also many trapped positions.
– As I said before, less is more.
– In addition, there are many other things on Solana, including Depin (io.net), cross-chain bridges with BTC (BRC20, RUNES) ($ZEUS), RWA, and so on. These are interesting concepts, but I won’t update them one by one. If there are any new positions, I will update them on Twitter.
Basechain
From my logic (market attention) perspective, there are two things that can generate market attention on Basechain. One has already happened: Friend Tech’s token launch. The other is on the way: Coinbase Smart Wallet officially going live.
There are only a few good targets on Basechain.
– The largest position in my portfolio is $DEGEN. The others are mostly memecoins.
– I believe Basechain will be the dragon’s den of SocialFi. This includes Friend Tech (I haven’t sold any of the Friend Tech tokens I received, and I used a small portion for LP. There have been many discussions about Friend Tech on Twitter, so I won’t go into detail here) and Farcaster. These SocialFi projects will have a great development on Coinbase and Basechain. In the community, people no longer see Degen as just a meme, but as a Layer3.
– My view is that I still consider $DEGEN as primarily a MEME. My judgment is mainly based on its name and place of origin.
ETH
I’m still bullish on ETH. I think the ETF is unlikely to pass in May, but there is a chance in August. According to GCR’s viewpoint, they think ETH ETF may be approved at the end of 2024 or 2025.
I still hold $PENDLE and didn’t sell any during the previous FUD. From a more holistic perspective, after Eigenlayer, airdrops and incentives will still be the means for projects to attract users/TVL or conduct cold launches. Therefore, the underlying core value of Pendle still exists. And Pendle v3 is also on the way, with “Intent” as its core keyword.
Buying during FUD may be a better choice.
$LDO has good fundamentals, but unfortunately, it’s not the season for value coins, so its performance is mediocre, or even poor. However, I personally think $LDO is actually the beta of Ethereum, and $PEPE is the alpha.
$ETC will soon have a reduction in supply, so it’s worth paying attention to.
You can also keep an eye on $MODE.
BlackRock
BlackRock’s layout in the crypto space is also something that easily garners market attention. They are mainly involved in ETFs and RWA (and some infrastructure). BTC ETF has already been approved, and the mainstream target for RWA is $ONDO.
I think it’s worth observing BlackRock’s layout and following their moves for speculation. It’s not a bad choice.
European Cup + Summer Olympics
Similar to the hype around the World Cup, the Summer Olympics and European Cup have similar speculative expectations. Like the AI narrative, this kind of hype is triggered by major external events.
Finally, a brief mention of games: I’m optimistic about them, but I don’t know when the wind will blow to the gaming sector. I think it’s essential to focus on games with a sufficient number of players.
Overall, “Sell in May and go away” is a very mainstream strategy, but I don’t think there will be a significant decline in May without major negative events. I lean more towards a May oscillation for BTC, a cultivation period. Some altcoins in narratives may present some opportunities.
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