Bitget Research Institute: The launch of Runes protocol caused a surge in BTC network fees, and BONK led the rise in Solana Meme

In the past 24 hours, many new hot currencies and topics have appeared in the market, and it is very likely that they will be the next opportunity to make money.

Written by: Bitget Research Institute

• The sectors with strong wealth-creating effects are: Solana Meme;

• The sectors that need to be focused on in the future: Runes Protocol;

• The most searched tokens and topics by users are: MultiBit, GUMMY, TON;

• Potential airdrop opportunities include: LI.FI, Grass

Data statistics time: April 22, 2024 4: 00 (UTC + 0)

1. Market environment

Last week, the Fed's hawkish tendency strengthened, and the market's expectations for rate cuts further cooled. The Fed's "hawkish in January, dovish in January" performance increased market uncertainty. BTC showed strong resilience before and after the halving. After a short-term decline caused by the deterioration of the situation in the Middle East, it quickly rebounded and recovered the decline, stabilizing the price of the currency in the range of 63,000-65,000 over the weekend.

BTC halving was successfully completed, and the Runes protocol was launched on the mainnet on the day of BTC halving, causing a surge in BTC network fees. Among them, SATOSHI•NAKAMOTO currently has 19,900 holders on the chain, making it the Runes asset with the largest number of holders and also the one with the strongest market consensus. However, the price of RuneStone crashed two days after the protocol was launched, and the overall wealth effect of the Runes protocol did not seem to meet the market's previous high expectations.

2. Wealth-making sector

1) Sector changes: Solana Meme

Main reasons: The market rebounded, and the meme sector, especially Solana Meme, rebounded strongly. On April 20, BONK DAO proposed to destroy more than 278 billion BONK tokens, which is equivalent to all BONK tokens obtained by BONK DAO from the revenue sharing agreement with BonkBot since its launch in late 2023. BONK rose sharply that day, and the top memes, mid- and long-tail memes in the Solana meme sector rose together.

Rise: BONK rose +32% on April 20, WIF price broke 3u again, and long-tail memes on Solana such as SOLAMA also rose sharply over the weekend.

Factors affecting the market outlook:

• The continued growth of the TVL of the Solana ecosystem and the performance of the top projects will directly affect the entire sector. The activities of the top projects in the Solana ecosystem, such as Jupiter and Backpack, to promote meme transactions will also give rise to individual high-wealth effect memes, such as the early stage of Backpack WEN trading activities and the sharp rise in WEN coin prices.

• The trends and big moves of the Solana Meme with the highest market recognition: BONK, WIF, and BOME will also have a huge impact on the entire sector.

2) The area that needs to be focused on in the future: Runes Protocol

main reason:

• Even though the wealth effect of Runes right after its launch was far less than the market's previous overheated expectations, the surge in BTC network fees has proven the popularity of Runes to the market; from a technical perspective, the asset issuance of the Runes protocol is simpler and easier to manage, and there is a possibility that it will surpass other inscription assets in terms of popularity and market recognition.

• However, it should be noted that: since many project parties have reserved a large number of tokens during the issuance of Runes assets, Runes does not talk about the Fair Launch narrative like BRC 20 tokens, and lacks this layer of meme attributes, which may cause some investors to be resistant to participating in such projects.

Specific currency list:

• SATOSHI•NAKAMOTO

3. User Hot Searches

1) Popular Dapps

LI.FI Protocol:

LI.FI Protocol is a comprehensive service project that supports multi-chain cross-chain assets and multi-chain DEXs one-stop integration. The TX on the chain of this project has risen rapidly recently. The reason for the extensive interaction is to win potential project airdrops. LI.FI Protocol has an excellent financing background. In 2023, it announced the completion of a US$17.5 million Series A financing. Recently, the project has also been active at the Dubai Token 2049 conference. The community's expectation of the project's coin issuance has led to a large number of interactions on the chain. If investors have not yet interacted with the protocol, they can consider supplementing some interactions to win potential airdrops.

2) Twitter

MultiBit:

MultiBit is a cross-chain service project that allows users to cross-chain BRC 20 tokens on Bitcoin to the EVM chain. With the recent launch of the Runes protocol, MultiBit has also officially announced its support for the cross-chain service of the Runes protocol. Currently, MultiBit covers most of the cross-chain assets of the Bitcoin ecosystem, providing sufficient liquidity outside the Bitcoin chain for Bitcoin assets. As the market pays more attention to the Bitcoin ecosystem and related derivatives, the demand for MultiBit will continue to rise, and investors can continue to pay attention.

3) Google Search & Region

From a global perspective:

Gummy:

Gummy is a MEME coin that has been popular on Solana recently. The main purpose of this MEME is gummy bears. The project token issuance has carried out a large number of airdrops, and the number of token holders on the chain has reached 44,000. The token's TGE once increased by 50 times, and currently maintains at around 40 times, with a 24-hour trading volume of 40 million US dollars. After Solana's crazy MEME season, there has been no project on the Solana chain with relatively good initial chip distribution, high trading volume and increase. The appearance of Gummy is eye-catching, and we look forward to the subsequent exchange listing and the continued fermentation of the market.

From the hot searches in each region:

(1) The English-language TON token and ecosystem have shown a certain level of attention:

The TON ecosystem has developed rapidly recently, and a large number of ecological projects and MEME projects have appeared on the TON chain, which has initially shown a certain benefit effect. Since users need to use TON as their native currency to participate in the TON ecosystem, the demand for purchasing TON has increased, further feeding back to the development of the ecosystem. At the same time, Telegram founder Pavel Durov recently appeared on Token 2049 and announced that the stable currency USDT will enter the TON public chain, and announced the tokenized narrative of the emoji package based on Telegram. Due to the TON public chain + TG's large user group + the openness and inclusiveness of the ecosystem, it is very worthy of investors' attention.

(2) Africa, Latin America and CIS regions still have a high level of interest in FLOKI tokens:

FLOKI has been a hot search term in the Middle East and Latin America many times, indicating that these regions generally pay great attention to MEME. Secondly, as a larger MEME token in local exchanges and a trading pair with locally issued coins, FLOKI has a large user base. In market fluctuations, speculation on MEME tokens such as FLOKI is also common.

Potential Airdrop Opportunities

LI.FI Protocol

LI.FI Protocol is a comprehensive service project that supports multi-chain cross-chain assets and multi-chain DEXs one-stop integration. The project currently supports 20 blockchains, 14 cross-chain bridges, and 33 decentralized exchanges.

LI.FI Protocol has an excellent financing background. In 2023, it announced the completion of a US$17.5 million Series A financing. CoinFund and Superscrypt jointly led the investment, and Bloccelerate, L1 Digital, Circle, Factor, Perridon, Theta Capital and others participated in the investment.

Specific method to participate in the airdrop: users log in to the LI.FI protocol website, transfer a certain amount of assets across multiple chains, and maintain a certain level of on-chain activity.

Grass

Grass is the flagship product launched by Wynd Network, which allows users to profit from Internet connections by selling unused network resources. To individuals, it will appear as a network extension that is downloaded, retained, and forgotten. It will do the work behind the scenes to help others obtain public network data in exchange for payment in the protocol's native token. Grass focuses on transforming public network data into AI datasets, making it easier for open source AI projects to access public network data.

Wynd Network has completed a $3.5 million seed round of financing, led by Polychain Capital and Tribe Capital, with participation from Bitscale, Big Brain, Advisors Anonymous, Typhon V, Mozaik, etc. Wynd's total financing amount has reached $4.5 million.

Specific participation method: After registering as a user on the Grass official website, install the web plug-in, wait for the network connection to be completed, click opendashbord, enter your own control panel to see your connection status, and hang up to contribute broadband. On the control panel page, you can see your daily idle points income and network status.

Original link: https://www.bitget.fit/zh-CN/research/articles/12560603808557

【Disclaimer】The market is risky, so be cautious when investing. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions in this article are suitable for their specific circumstances. Investing based on this information is at your own risk.