Report from Bitget and Nansen Discovers Power of Community in Predicting Token Prices
Bitget
VICTORIA, Seychelles, 29 Jul 2024 —
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 media inquiries, please contact:
media@bitget.com
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.
2024-07-29
Bitget Announces Updated Proof of Reserves for July 2024 with 167% Reserve RatioHow to buy BTCBitget lists BTC – Buy or sell BTC quickly on Bitget!
Trade nowRecommended
BitgetQ3 2024 Transparency Report: Bitget becomes 4th Largest Exchange by Volume TLDR; Bitget reached 45M users, ranking as the 4th largest crypto exchange globally, with a major focus on accelerating financial freedom. The exchange led in APAC trading, accounting for 31% of trading volume and 26% on weekends, driven by retail activity. Foresight Ventures and Bitget committed $30M to support TON blockchain development and Telegram-based projects. The company elaborated its token-discovery strategies through on-chain data and community insights with Nansen Research. Bitget2024-10-29
BitgetBitget Transparency Report: 2024 Year in ReviewTLDR; - Expanded user base by 400%, from 20M in January to 100M in December. - Spot trading surged from $160B in Q1 to $600B in Q4; daily volumes doubled to $20B. - $30M investment in the TON blockchain to support GameFi and Tap-to-Earn trends. - BGB surged over 10x, driven by burn mechanisms and enhanced utility. - Gracy Chen became the CEO from Managing Director at Bitget, making her the only female CEO in the top 10 exchanges, Hon Ng joined as a CLO, and Min Lin joined as the CBO. - Gained ap2025-01-23
BitgetBitget Monthly Report (July 2023) Summary Despite ongoing challenges in the crypto industry, Bitget has continued to build and grow in July. This month, Bitget announced plans to expand operations in the Middle East and hire 60 new team members globally as part of its scaling strategy. The exchange also launched a major rebranding around the theme of "Trade smarter" to reinforce its leadership in smart crypto trading. Additionally, Bitget is organizing a major Web3 summit this September and this high-profile event aligns with B2023-08-18
We offer all of your favorite coins！
Buy, hold, and sell popular cryptocurrencies such as BTC, ETH, SOL, DOGE, SHIB, PEPE, the list goes on. Register and trade to receive a 6200 USDT new user gift package!
Trade nowHow to buy BTCBitget lists BTC – Buy or sell BTC quickly on Bitget!
Trade now