Gracy Chen, Managing Director of Bitget, on The Current Bull Run, Memecoin Mania, AI Tokens, and Getting Listed on Crypto Exchanges | Ep. 330
In a recent interview with Cryptonews, Gracy Chen, the Managing Director of the crypto exchange Bitget, discussed the current bull market, why we are still 30%-40% in it, and the factors influencing the Bitcoin (BTC) price.
She talked about meme coins being driven by emotions and how much of one’s portfolio she recommends to be meme coins.
Also, she touched on the usefulness of on-chain data in project evaluation and on the long-term potential of AI.
Bitcoin Price Will Still Rise
There is no doubt we’re in a bull run right now, Chen remarked.
“I would say 30% to 40% in the bull market,” she added, going on to explain.
Observing the BTC price action today compared to October 2023, we see that it has approximately doubled, she said.
There are two relevant factors to observe here, as crypto market “is not just crypto itself.”
The first is the halving. This recent, fourth event was a historical moment for the chain, but it’s too early to judge its direct impact.
For example, the decrease from the recent all-time high of nearly $74,000 may largely be due to the halving event.
#Bitcoin's inflation rate has remained lower over the past #halving, while gold has shown volatility over the past 50 years. pic.twitter.com/5FkOX45TSQ
— Bitget (@bitgetglobal) April 30, 2024
Another important factor currently is the speculation about US interest rate cuts. Therefore, macroeconomics is having a significant effect on the crypto world.
Talking of prices, Chen argued that $60,000 is “a very hard, strong supporting level,” while $73,000 is a very strong resistant level.
Therefore, BTC fluctuates in this range, “but I’m definitely looking at the Bitcoin price going up in […] 6 to 18 months.”
Meme Coins Are Driven by Emotions
Chen is not a big fan of meme coins, she told us.
The reason is that most of them are driven by emotion, community, and social media. The main things there are the digital identity, belonging to a community, and that community’s culture.
Furthermore, many coins end up being a brief, passing trend.
Still, they are a very popular asset class, and stakers are driving this popularity, Chen said.
People invest in these coins, seeing (and hoping for) an enormous growth potential.
But they are extremely volatile, and it’s “rather hard to talk about the fundamental values.”
Chen advises her friends to have less than 5% of meme coins in their portfolios.
All this said, from the industrial point of view, they can attract a new audience: people who are just interested in the meme coin idea, she said.
“But don’t take it too seriously. They are meme coins, after all.”
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— Bitget Wallet 🩵 (@BitgetWallet) April 9, 2024
The Power of On-chain Data
Chen discussed the way the Bitget team chooses coins to allow on its platform and support with their resources.
Some of the well-known factors they search for are a good team, good tokenomics, and plenty of volume.
“But one thing we value a lot is on-chain data,” Chen said.
This data is transparent and cannot lie. Even if there is an attempt at deceit, with certain knowledge, they can detect that.
Furthermore, on-chain data also tells not just the trading volume but also how many wallets are holding them.
Additionally, the exchange looks at the social media, the engagement, and the interactiveness.
“We dig deep into all these matrices,” she said.
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— Bitget (@bitgetglobal) April 29, 2024
AI Tokens are a Phenomenon
AI coins are a phenomenon because they represent the best of both words: AI and blockchain, Chen opined.
Sure, there is some FOMO (fear of mission out), and it may be “very overvalued right now.”
However, AI is fundamentally changing our lives, and we should see growth in the long run.
From conversations she had with some projects, Chen added, there are strong teams out there.
Now, speaking of AR NFTs, which have grown in popularity recently, she commented that “both NFTs and metaverse are a little bit of a buzzword” currently.
Still, AR “may not have such a high, long-term, fundamental growing potential” as AI, but it’s “definitely something you can play with.”
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— Gracy Chen @Bitget (@GracyBitget) July 11, 2023
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There is more!
In this interview, Chen also discussed:
- wrapping up her MIT degree and moving to Singapore;
- the dynamics of the current bull run;
- the outcomes of the most recent Bitcoin halving event;
- the recent surge in meme coin popularity;
- Slerf meme coin, its accident, and Bitget’s transparency in regards to it;
- potential future partnerships and opportunities with Ethena;
- the state of AI integration and AI technologies within blockchain platforms.
Watch the full interview here.
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About Gracy Chen
Gracy Chen is the Managing Director of Bitget. She oversees the growth and expansion of global markets, strategy, execution, business, and corporate development.
She started her journey to the crypto world in 2014, being an investor in the early days of BitKeep (now Bitget Wallet).
Chen was named a Global Shaper by the World Economic Forum in 2015.
Moreover, she has been selected as a delegate to attend the recent UN Women CSW68 conference.
