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Bitget Research: BGB Continues Upward Breakthrough $1 Mark, Leading Memecoins Surge Across the Board

John & Victoria
2024/03/29
Bitget Research: BGB Continues Upward Breakthrough $1 Mark, Leading Memecoins Surge Across the Board
In the past 24 hours, many new popular tokens and topics have emerged in the market, which are likely to be the next wealth creation opportunities.

Overview

The price of Bitcoin has remained virtually unchanged over the past 24 hours, while the prices of leading memecoins across various chains have increased by varying degrees. Friday marks the day where quarterly contracts worth up to $15 billion are up for settlement.
  • Sectors with strong wealth creation effects: Base ecosystem projects, Solana memecoins, and Linea ecosystem projects.
  • Top searched tokens and topics by users: Biconomy, Ethena, FLOKI, RWA.
  • Potential airdrop opportunities: EtherFi, MyShell.
Data collection time: March 29, 2024, 4:00 AM (UTC+0)

1. Market Environment

The price of Bitcoin has remained virtually unchanged over the past 24 hours. BTC price briefly jumped above $71,000 on Tuesday and has since retreated to around $70,700 ahead of an option expiry on Friday. Today marks the day where quarterly contracts worth up to $15 billion are up for settlement.
BlackRock's first tokenized asset fund is making a strong start, garnering a significant market share of the blockchain-based tokenized U.S. Treasury bond market just a week following its debut. As of Thursday, BlackRock's BUIDL raked in $274 million of deposits. According to RWA.xyz data, the fund is ranked second among its peers, only behind Franklin Templeton's Franklin Onchain U.S. Government Monetary Fund (FOBXX).

2. Wealth Creation Sectors

2.1 Sector movements — Base ecosystem (DEGEN)

Primary reasons:
Base network's TVL has surpassed $3 billion and is now standing at $3.12 billion. This represents a 7-day increase of 63.6% and a new all-time high. New funds are pouring in to buy assets on the Base chain, pushing up asset prices.
  • Degen has announced the launch of a low-cost Layer 3 blockchain called Degen Chain. It is powered by Arbitrum Orbit, Base for settlement, and AnyTrust for data availability.
  • The chain's native gas token is DEGEN. This move has added utility and credibility to the DEGEN token, leading to an increase in its valuation.
Gainers: DEGEN is up 70.24% in the last 24 hours.
Factors affecting future market conditions:
  • Integration of Coinbase exchange and wallet with the Base chain: Users might find it challenging to transfer assets and conduct cross-chain transactions, leading to a notable entry barrier. Currently, Coinbase Wallet supports connecting DApps on the Base chain. If Coinbase were to enable direct bridging of abstract accounts on exchanges with Base assets in the future, it would reduce entry barriers for users and expand its potential user base.
  • New-user data: According to Dune data, Base added 847,811 new users last week, representing a record high number of new users. This data shows an increase in on-chain activities and on-chain asset deposits. If Base’s new user count continues to rise, the valuation of Base ecosystem projects will also rise accordingly.

2.2 Sector movements — Solana memecoins (MEW, MYRO, and WIF)

Primary reasons:
  • Huang Licheng, also known as "Big Brother Maji", announced the launch of Bobaoppa, a meme project on Solana. The project has started raising funds with a minimum investment of 1 SOL. According to information disclosed by its fundraising address, Bobaoppa has raised over $38 million, driving the overall recovery of meme coins on the Solana chain.
  • Bitcoin traded horizontally on the option expiration date, while hot money flowed from major tokens to memecoins. WIF surged to new highs, rising 20.81% in a single day and boosting the entire sector, including MYRO.
  • Musk's response to the tweet from the user who coined the word "meme" continues to draw the market's attention to memecoins.
Price increase: MEW rose by 24.14%, MYRO rose by 15.73%, and WIF rose by 20.81%.
Factors affecting future market conditions:
  • TVL and fund inflows in the Solana ecosystem: Solana ecosystem's TVL has surpassed $4.7 billion, increasing over 100% in the past month, ranking just behind ETH, TRON, and BSC. If capital continues to flow in, the overall ecosystem's token prices will rise further. Additionally, exchanges are accelerating the listing of Solana tokens, which indirectly affects the Solana ecosystem's TVL through the flow of secondary market funds from exchanges.
  • Surge of WIF and subsequent exchange listings: WIF has paved the way for memecoins in the Solana ecosystem. The extent to which WIF rises could affect the potential price of new memecoins. It will also impact the speed at which exchanges list meme tokens.

2.3 Sectors to focus on next: Linea Ecosystem (LYNX)

Primary reasons:
1) Linea says it will launch The Linea Voyage: Surge campaign, which will begin in April and run for six months, or until the network's TVL reaches $3 billion. This round of campaign is aimed at strengthening DeFi projects and incentivizing users to earn future token airdrops by boosting its TVL. Following the campaign's launch, Linea's TVL is expected to experience a significant boost, increasing the valuation of its on-chain DeFi projects.
2) ConsenSys is known for developing products such as Linea, Metamask, and Infura. In 2022, it completed a $450 million Series D funding round led by ParaFi Capital, valuing ConsenSys at $7 billion. As a major player in the industry with significant resources and financial cloud, the airdrop rewards of ConsenSys are expected to be generous.
Specific tokens:
LYNX: Lynex is a decentralized exchange (DEX) and liquidity marketplace on the Linea blockchain. As Linea's new focus is to strengthen DeFi projects, Lynex will emerge as a direct beneficiary.

3. Top Searches

3.1 Popular DApps

Biconomy (BICO):
Biconomy, a blockchain development tool provider, is a multi-chain relay protocol that simplifies on-chain transactions for end users. Biconomy's plug-and-play APIs allow any DApp to provide a smoother user experience. Biconomy stated yesterday that it has received strategic funding from Jump Capital, Borderless Capital, Consensys Ventures, and others, to position itself for accelerated growth as momentum returns in the crypto market. BICO saw a 30-day increase of 57.6% on the secondary market and has been listed on major exchanges, with a 15% increase after the news was announced.

3.2 X (Former Twitter)

Ethena (ENA, not currently listed on any exchange):
Ethena is a synthetic dollar protocol built on Ethereum. It aims to provide a crypto-native solution for money that is not reliant on traditional banking system infrastructure, alongside a globally accessible dollar-denominated savings instrument, known as the "Internet Bond". Recently, Ethena announced plans to launch an ENA airdrop and to list on a CEX, generating market interest. The airdrop is a significant factor in its popularity, with plans to distribute 750 million ENA tokens within 30 days, including a redistribution round for unclaimed tokens. This strategy increases motivation and expectations among potential participants. Binance has announced the introduction of Ethena (ENA) as the 50th project on their Launchpool platform. Starting from 8:00 AM on March 30, 2024 (UTC+8), users will be able to stake BNB and FDUSD into separate pools on the Launchpad website to farm ENA tokens over a period of three days.

3.3 Google Search (Global and Regional)

Global focus:
Samuel Bankman-Fried's case has garnered widespread attention from both the traditional financial sector and the Web3 community. Bankman-Fried, known as "SBF," was sentenced to 25 years in prison on March 28 in a Manhattan federal court for his involvement in a massive fraud scheme amounting to millions of US dollars. The judge highlighted SBF's lack of remorse and deemed his behavior unacceptable. He was ordered to pay over $11 billion in forfeiture. The FTX estate's sale of 41 million locked Solana (SOL) worth $7.5 billion has seen heavy demand, capturing the attention of institutions in the crypto industry.
Regional focus:
(1) Asia and Latin America demonstrated strong interest in FLOKI.
The market saw a significant rebound, with meme tokens witnessing widespread rallies. FLOKI surged by over 23% in the past 24 hours. The tokens in this sector show a robust trend with quick rebounds. These leading meme token projects are currently drawing significant attention and endorsements from KOLs across different regions. It is recommended to stay updated on other leading tokens such as DOGE, PEPE, and WIF.
(2) Southeast Asia, the CIS region, and Europe are showing significant interest in RWA.
BlackRock recently launched its first tokenized asset fund, BUIDL, on the Ethereum network. Coinbase was chosen as the key infrastructure provider. Since the release of this news, the RWA sector has consistently dominated the cryptocurrency market, developing into a dynamic ecosystem with various types of asset projects continuously emerging. As of now, the BlackRock on-chain fund BUIDL has attracted $245 million in deposits, indicating strong demand.

4. Potential Airdrop Opportunities

EtherFi
EtherFi, the best-capitalized liquid staking protocol on Ethereum, concluded its inaugural season of airdrops on March 15, distributing 6.8% of the total token supply. It also announced the start of Season 2 which will last for three months (from March 15 to June 30). Users who stake for longer periods will receive higher amounts of loyalty points. The Season 2 airdrop will distribute 50 million tokens, which accounts for 5% of the total token supply.
ETHFI, the native token of EtherFi, has shown strong performance recently, reaching a high of $8.6 and now standing at $7.2. This strong performance in the secondary market is drawing increased participation from users in the airdrop promotion. Restaking Paradigm, initiated by EtherFi and Manta Network, is currently underway. Users who stake ETH on Manta Restaking's official website will earn twice as many loyalty points for EtherFi Season 2 and EigenLayer points in advance.
How to participate: Season 2 of the EtherFi airdrop introduces a tiered system of eight ranks called StakeRank. Users climb one rank level for every 100 hours they stake their ETH with EtherFi. Each rank confers a progressively higher loyalty points rate boost. To continue advancing levels, a user's staking balance must remain above 0.1 eETH. Note that the rules and conditions of StakeRank are subject to change, so participants should stay tuned for updates on EtherFi.
MyShell
MyShell is a Web3-supported AI platform that allows users to create personalized chatbots, referred to as “Shells.” The platform boasts about 50,000 creators and over 1 million registered users, and its ecosystem includes tools and services like OpenVoice, MeloTTS, and Alice. The project has a large user base and a clear airdrop plan on its website, providing an opportunity for early participation.
The project has an impressive financing background. Yesterday, MyShell announced the completion of a $11 million pre-Series A funding round, led by Dragonfly, along with angel investors such as Bankless Ventures, Balaji, and Lllia. The project completed a $5.6 million seed round at a valuation of $57 million, with investment from INCE Capital, Hashkey Capital, and Folius Ventures.
To participate in the airdrop, users can register an account on the official website and earn shell credits by completing daily tasks, such as creating a Telegram bot. The upcoming airdrop rewards will be based on these shell credits. The token exchange for credits is currently in its seventh season, and participation is still open.
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