Bitget Research Institute: The market rebounded after a sharp drop, and the Meme and AI sectors performed strongly
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 sectors with strong wealth creation effects are: the new generation of popular MEME (SLERF, MEW, BOME, WIF), AI sector (RNDR, AGIX, TAO, FET), RWA sector (ONDO, PRCL, low market value RWA tokens);
The most popular tokens and topics searched by users are: EigenLayer, DRiP, GCR;
Potential airdrop opportunities include: Synthr, LI.FI
Data statistics time: 4:00 on April 15, 2024 (UTC+ 0)
1. Market environment
Expectations for the Federal Reserve to cut interest rates continue to weaken, market risk aversion intensifies, the U.S. dollar index rises above 106, and spot gold dives nearly $100 after breaking through the $2,430 mark. After Iran launched an attack on Israel, neither side took the next step, and the situation in the Middle East temporarily eased.
The conflicts and easing of the international situation over the weekend have greatly affected the trend of cryptocurrency: first, Iran launched an attack on Saturday, which caused BTC to plummet and altcoins to collapse. After Iran and Israel stopped further actions and the situation was brought under control, the market immediately plummeted and then rebounded. .
During the decline, altcoins fell much more than BTC, and BTCs dominance rate accounted for 53% of the cryptocurrency market, the highest level since April 2021. During the rebound, the MEME, AI, and RWA sectors rebounded the most strongly, which illustrates the preference of big funds and the market. Therefore, if they want to gain short-term gains, investors can focus on the leading assets of these three sectors.
2. Wealth creation sector
1) Sector changes: new generation of popular MEME (SLERF, MEW, BOME, WIF)
The main reason: The new generation of popular meme coins that emerged in the recent Meme Season rebounded from overslumping in the drastic changes in the market. During the market crash, whale wallets and smart money and large funds bought the bottom, and rose strongly in the rebound.
Rise: In the past 24 hours, SLERF rose 31%, MEW rose 89%, BOME rose 6%, and WIF rose 12%.
Factors affecting the market outlook:
The new generation of popular MEME has the characteristics of strong market control and high market attention. WIF has been listed on Binance and Robinhood, which has a very strong exposure; SLERF and BOME have had whales absorb enough chips during several violent fluctuations in currency prices; and MEW has issued airdrops worth up to 4 million US dollars in the TGE post-market. The project party has not yet made a profit on this asset. Therefore, the powerful dealers of many new-generation popular MEME have enough motivation to pull the trigger on these assets that have gained huge attention in the market. The market’s enthusiasm for the entire Meme track and the timing of the dealer’s pull will be in this game. The most critical factor in making profits on the road.
2) Sector changes: AI sector (RNDR, AGIX, TAO, FET)
The main reason: The AI sector is still one of the main lines of speculation in this bull market, with strong market expectations and financial consensus. Binance has just launched TAO, the leading AI project, and the AI track is expected to usher in continued hype.
Rise: In the past 24 hours, RNDR, AGIX, TAO, and FET have increased by 19%, 17%, 15%, and 15% respectively in 24 hours.
Factors affecting the market outlook:
The continuous improvement of functions and increase in market value of AI giants such as OpenAI will also open up imagination and ceiling for the market value of Web3 AI project.
When a new innovative narrative emerges in the Web3 AI sector that can be widely accepted by the market, it may usher in another explosion of the sector.
The token merger proposal of SingularityNET, Fetch.ai, and Ocean Protocols three currencies into one is about to have results. The results of the token merger and the trend after the merger will affect the entire AI sector.
3) The following sectors need to be focused on: RWA sector (ONDO, PRCL, low market value RWA tokens)
The main reason: Previously, BlackRock announced the launch of its first tokenized fund issued on the public blockchain. The entry of the giant has rejuvenated the second spring of the RWA track. RWA may still be the most popular in this bull market. One of the important narratives. Amid the market’s sharp rebound, the RWA sector performed well.
Focus on projects:
Ondo (ONDO): The current flagship token in the RWA track, it has the backing of TradFi giants: BlackRock, Goldman Sachs and Bridgewater. In this rebound from the sharp decline, RWAs flagship token ONDO performed well, relatively resisting the decline and quickly rose by 30% during the rebound to approach a new high.
Parcl (PRCL): The Solana-based real estate digital investment platform is about to launch TGE, and BackPack has announced that it will launch PRCL.
Low market capitalization RWA tokens: RWA assets with certain fundamentals and low market capitalization are likely to have higher compensatory increases amid the hype of leading projects in the RWA sector. RIO, GFI, PROPS, etc. are all worthy of study.
3. User hot searches
1) Popular Dapps
EigenLayer：
EigenLayer is a middleware protocol based on Ethereum that introduces the concept of re-staking, allowing Ethereum nodes to re-stake their pledged ETH or LSD tokens to other protocols or services that require security and trust, thereby gaining double income and governance rights.
EigenLayer recently launched the mainnet, and at the same time launched the first batch of AVS projects, including AltLayer, Brevis, eoracle, Lagrange, Witness Chain, and Xterio. The first batch of online AVS are distributed in various tracks, including Rollup as a service, oracles, ZK protocol processing, DePIN, games, etc. Investors can actively participate in early AVS projects and win potential project benefits, but they also need to pay attention to potential risks. After all, the EigenLayer AVS project is the first batch to go online. Whether there are potential risks still needs to be tested by the market and time.
2）Twitter
DRiP：
DRiP is a blockchain-based collectibles project featuring limited edition art, music, videos, comics, games, and more. The individual works created and published on the platform are not very expensive, but the artistic style is relatively independent and novel, and has been well received by users both inside and outside the circle.
3) Google Search Region
From a global perspective:
GCR: As the conflict in the Middle East continued to intensify this weekend, the encryption market experienced a large retracement, and Bitcoin once fell to $60,000. The legendary trader GCRs X account posted his first tweet after being suspended for about a year, encouraging crypto market users to hold on to the spot and not surrender. GCR is the big short seller who created myths in the last industry cycle. In the short-selling Luna incident, he achieved a legendary trading plan that made the account profit 10 million US dollars. He used to often share investment ideas on social media and was loved by users in the crypto market. This time, when market confidence was tested, he issued an article to express his support, which aroused heated discussion in the global encryption community.
Judging from the hot searches in each region:
(1) The European and CIS regions have shown a certain degree of attention to MEME:
With tensions in the Middle East over the weekend, the crypto market has seen a degree of retracement, with most MEME coins losing almost all of their 24-year gains. However, as the market recovered to a certain extent, some users began to buy chips back into MEME coins to gain higher returns. It can be seen from the searches of European users that European users generally search for MEME currency more frequently, which also means that users in the European market are more involved in the MEME currency market.
(2) The Asian region has obviously increased its attention to BTC, ETH ETF, etc.:
Affected by Bloombergs report that Hong Kong may pass BTC and ETH ETFs this week, searches in Asia have obviously increased their attention to this event. As the core area of Asian finance, Hong Kong has always been at the forefront of financial innovation. If the relevant ETF is passed this time, it will definitely become the focus of Asia. Traditional finance and large funds can enter the crypto field through this channel, whether it is for industry development or for Retail investment has had a positive impact.
4. Potential airdrop opportunities
Synthr
Synthr is a full-chain synthesis protocol that allows the minting and transfer of synthetic assets across chains without the need for cross-chain bridges. The project mints assets on the chain through synthetic assets (Synthetix), which means that its technology can easily bring RWA to the chain, such as real estate, bonds or stocks, for cross-chain transactions and transfers.
The project raised $4.25 million from top funds including MorningStar Ventures, Kronos Research and Axelar Fdn.
Specific participation methods: The project has just been opened for testing. Users can participate in early interactions by entering the test network, registering a wallet, and receiving test coins through the faucet. Continue to pay attention to the subsequent progress of the project and actively participate in various on-chain interactions.
LI.FI
LI.FI is a multi-chain liquidity aggregation protocol that supports the exchange between any two assets by aggregating bridges and DEX aggregators of more than 20 networks such as Ethereum, Arbitrum, Optimism, Solana, Polygon, and Base.
Cross-chain infrastructure protocol LI.FI completed a $17.5 million Series A round of financing, co-led by CoinFund and Superscrypt, with participation from Bloccelerate, L1 Digital, Circle, Factor, Perridon, Theta Capital, Three Point Capital, Abra and nearly 20 angel investors .
Specific participation methods: log in to the project website, perform cross-chain Swap between multiple chains, maintain the activity of the wallet address and transfer scale, and you can obtain potential airdrop opportunities.
Original link: https://www.bitget.com/zh-CN/research/articles/12560603808186
[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.
