Bitget Research Institute: BGB continues to rise and breaks through $1, and the top Meme coins rise across the board

In the past 24 hours, many new popular currencies and topics have emerged in the market, and it is very likely that they are the next opportunity to make wealth.

The price of Bitcoin has barely changed in the past 24 hours, and Meme coins at the top of each public chain have experienced increases of varying magnitudes. This Friday is the big quarterly delivery day, with up to $15 billion waiting for delivery.

• The sectors with strong wealth creation effects are: Base Ecological Project, Solana Meme and Linea Ecological Project;

• The most popular tokens and topics searched by users are: Biconomy, Ethena, FLOKI, RWA;

• Potential airdrop opportunities include: ether.fi, MyShell;

Data statistics time: 4:00 on March 29, 2024 (UTC+ 0)

1. Market environment

Bitcoin price has barely changed over the past 24 hours. Prices briefly jumped above $71,000 on Tuesday before easing back slightly to levels around $70,700 ahead of major options expiry on Friday. Today is the big quarterly delivery day, with up to $15 billion waiting for delivery.

BlackRock’s first tokenized asset fund is off to a strong start, capturing significant market share in the blockchain-based tokenized U.S. Treasury market just a week after its launch. As of Thursday, BlackRocks BUIDL had attracted $274 million in deposits. The fund ranks second among its peers, behind Franklin Templeton’s Franklin On-Chain U.S. Government Currency Fund (FOBXX), according to rwa.xyz data.

2. Wealth creation sector

1) Sector changes: Base ecological project (DEGEN)

main reason:

• Base Network TVL exceeded 3 billion US dollars and is currently at 3.12 billion US dollars, with a 7-day increase of 63.6%, a record high. New funds poured in to purchase assets on the Base chain, pushing up asset prices.

• Degen announced the launch of the low-cost Layer 3 blockchain Degen Chain. The network is built using Arbitrum Orbit and AnyTrust DA, and the settlement layer is Base.

• The native Gas token of Degen Chain is DEGEN. This initiative adds consumption scenarios and public chain narratives to DEGEN tokens, increasing the valuation of DEGEN.

Rise: DEGEN rose 70.24% in the past 24 hours;

Factors affecting the market outlook:

• Adaptation of Coinbase Exchange and Wallet to the Base chain: For users, asset transfer and cross-chain are difficult, and the user threshold is high. Currently, Coinbase wallet supports connecting to dapps on the Base chain. If Coinbase can enable the exchanges abstract account to directly link and trade assets on the Base chain in the future, it will lower the user threshold and increase the number of potential users.

• New user data: According to Dune data, Base added 847,811 new users last week, and the number of new users hit a record high. New user data represents the prospect of increased activity on the chain and on-chain capital sinks. If new user data continues to grow, the valuation of the Base ecological project will also increase.

2) Sector changes: Solana Meme (MEW, MYRO, WIF)

main reason:

• Maji’s eldest brother Huang Licheng announced the launch of the meme project bobaoppa on Solana and started fundraising. The minimum fundraising amount is 1 sol. According to its disclosed fundraising address information, it raised more than 38 million U.S. dollars, driving the overall recovery of Meme coins on the Solana chain;

• Bitcoin traded sideways on the option expiration date, with hot money flowing from major currencies to Meme tokens. WIF broke a new high, rising 20.81% on the day, driving the entire sector including MYRO to rise;

• Musk responded to the tweet of the creator of the word Meme, continuing to push the markets attention towards Meme tokens.

Rise: MEW rose 24.14%, MYRO rose 15.73%, WIF rose 20.81%;

Factors affecting the market outlook:

• Solana ecological TVL and capital inflows: Solana ecological TVL currently exceeds US$4.7 billion, an increase of more than 100% in the past month. Currently, it is second only to ETH, TRON and BSC. If funds continue to flow in, the overall ecological currency price will rise further. At the same time, various exchanges have significantly accelerated the launch of Solana tokens. The inflow of secondary market funds from exchanges will also indirectly affect the TVL situation of Solana ecology.

• The subsequent rise of WIF and the status of currency listing on exchanges: For Solana ecological Meme tokens, the ceiling has been opened by WIF. The current height of WIF determines the rising potential of new Meme tokens in the future. It will also change the exchange’s listing speed for Meme tokens.

3) The sector that needs to be focused on in the future: Linea Ecosystem (LYNX)

main reason:

(1) Linea said it will launch The Linea Voyage: Surge event, which will start in April and last for 6 months, or until the network’s TVL reaches US$3 billion. The new round of activities focuses on strengthening DeFi projects and encouraging users to win airdrops of future Linea tokens through TVL. After the event begins, Linea’s TVL will increase to a certain extent in the future, thereby increasing the valuation of DeFi projects on its chain. high.

(2) ConsenSys owns several phenomenal products such as Linea, Metamask, and Infura. In 2022, it completed a US$450 million Series D financing, led by ParaFi Capital, valuing ConsenSys at US$7 billion. ConsenSys has top-notch resources and financial resources in the industry, and the airdrop rewards are expected to be very generous.

Specific currency list:

LYNX: Lynex is a decentralized exchange (DEX) and liquidity market on the Linea blockchain. As Linea’s new round of activity focuses on strengthening DeFi projects, Lynex will be a direct beneficiary.

3. User hot searches

1) Popular Dapps

Biconomy（BICO）：

Blockchain development tools provider Biconomy is a multi-chain relay protocol that simplifies on-chain transaction processes for end users. Any dApp can use Biconomys plug-and-play API to make the user experience smoother. Biconomy issued a document yesterday stating that it has received strategic funding from Jump Capital, Borderless Capital, Consensys Ventures, etc. to accelerate growth as the cryptocurrency market momentum returns. At present, BICOs token performance in the secondary market has increased by 57.6% in the past 30 days. It has been listed on major mainstream exchanges and has increased by 15% after the news was announced.

2）Twitter

Ethena (ENA is not listed yet):

Ethena is a synthetic U.S. dollar protocol built on Ethereum that aims to provide a crypto-native solution for providing globally accessible U.S. dollar-denominated savings instruments, known as “internet bonds,” for currencies that do not rely on the traditional banking system. Ethena recently announced that it will launch an ENA airdrop and list it on CEX, which has attracted market attention. The popularity of this news is mainly due to the attraction of the airdrop plan. The airdrop plan is 750 million ENA, which will be distributed within 30 days and redistributed to users who have not received it, increasing users motivation and expectations to participate in the project. At the same time, Binance new currency mining has now launched the 50th phase of project Ethena. Users can invest BNB and FDUSD into the ENA mining pool on the Launchpad website after 08:00 on March 30, 2024 (Eastern Eighth District time) Obtain ENA rewards, and ENA can be mined for a total of 3 days.

3) Google Search Region

From a global perspective:

The SBF case attracted widespread attention from the traditional and Web3 industries. The final trial result on March 28th stated that SBF was sentenced to 25 years in prison for multi-billion dollar fraud. During the trial, the judge pointed out that SBF showed no remorse and emphasized his behavior. intolerable and ordered to forfeit over $11 billion in assets. The 41 million SOL locked by FTX with a value of US$7.5 billion has aroused the interest of multiple buyers and further attracted the attention of various institutions in the encryption industry.

Judging from the hot searches in each region:

(1) Africa and Latin America showed their interest in FLOKI tokens yesterday:

The market has recovered significantly, and Meme tokens have generally risen. FLOKI has risen by more than 23% in 24 hours. The trend is generally relatively strong and the rebound is rapid. Currently, these leading Meme token projects have received high attention in many different regions. and KOL recommendations. At the same time, it is also worth paying attention to the leading Meme tokens such as DOGE, PEPE, and WIF.

(2) Southeast Asia, CIS, and Europe as a whole still maintain continued enthusiasm for RWA:

BlackRock recently launched BUIDL, the first tokenized asset fund on the Ethereum network. At the same time, Coinbase has been selected as a critical infrastructure provider. Since the news was released, the RWA field has been dominating the encryption market, and the ecosystem has shown a booming trend, with various types of asset projects constantly emerging. So far, BlackRocks on-chain fund BUIDL has attracted US$245 million in deposits, showing strong demand.

4. Potential airdrop opportunities

ether.fi

ether.Fi, the largest liquidity re-pledge protocol on Ethereum, ended its first quarter airdrop event on March 15, allocating 6.8% of the total token supply. At the same time, it announced the launch of its second quarter airdrop points event, which will last for three months. Starting from March 15th to ending on June 30th, the longer the staking time is, the higher the loyalty points reward will be. In Season 2, 50 million tokens will be airdropped, accounting for 5% of the supply.

ETHFI, the native token of ether.fi, has performed strongly recently, reaching a maximum of US$8.6 and currently trading at US$7.2. The good performance of the second level has attracted users to participate in its airdrop activities. Currently, the Restaking Paradigm launched by ether.fi and Manta Network is in progress. Users who pledge ETH through the official website of the Manta Restaking event can receive 2x ether.fi second round airdrop points and EigenLayer airdrop points in advance.

How to participate in the second round of ether.fi airdrop: The second airdrop event will introduce an 8-level ranking system StakeRank. Every time a user stakes ETH for 100 hours, the ranking will increase by 1 level. Each level has higher loyalty points. As the rate increases, the pledge balance needs to be higher than 0.1 eETH to continue to increase the level. It should be noted that the rules and conditions of StakeRank may change, and you should always pay attention to the updates of ether.Fi.

MyShell

MyShell is a Web3-enabled artificial intelligence platform that allows users to create personalized chatbots called Shells. It is said that the platform currently has about 50,000 creators and more than 1 million registered users, and its ecosystem includes multiple tools and services such as OpenVoice, MeloTTS and Alice. The project currently has a large user base and the official website has a clear airdrop plan, so you can participate early.

The background of project financing is gorgeous. Yesterday, it was announced that it has completed US$11 million in Pre-A financing, led by Dragonfly, as well as angel investors such as Bankless Ventures, Balaji, and Lllia. It previously completed a $5.6 million seed round at a valuation of $57 million, with participation from INCE Capital, Hashkey Capital, Folius Ventures and others.

Specific ways to participate in the airdrop: users can choose to register an account on the official website and exchange for shell points by completing daily tasks. Specific tasks include creating a Telegram robot, etc. Subsequent airdrop rewards will be based on shell points. It is currently in the seventh season and points can be exchanged for tokens, so you can still participate.

about Us

Bitget Research Institute focuses on focusing on on-chain data and mining value assets. Through real-time monitoring of on-chain data and regional hot searches, it explores cutting-edge value investments and provides institutional-level insights for crypto world enthusiasts. So far, it has provided Bitget global users with early value assets in many popular sectors such as [Arbitrum Ecosystem], [AI Ecosystem], and [SHIB Ecosystem], and created better wealth for Bitget global users through in-depth data-driven research. effect.

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[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.