Tu idioma no está disponible en este momento. Te redirigimos automáticamente al artículo en inglés.- Bitget
- Investigación
- Daily Research Report
- Bitget Research: BTC Breaks $70,000 Barrier Testing Upper Resistance, Base Chain Meme Wealth Effect Significant
Bitget Research: BTC Breaks $70,000 Barrier Testing Upper Resistance, Base Chain Meme Wealth Effect Significant
Tommy & Jarseed
2024/04/01
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
Spot
Bitcoin ETFs see net inflows for four consecutive days, while BTC tests the resistance level at the $70,000 level again. The strong wealth creation effect of
memecoins in the Base ecosystem over the weekend drove the TVL and DE
X trading volume in the Base ecosystem to new all-time highs.
-
Sectors with strong wealth creation effects: Base ecosystem (DEGEN, MFER), Solana ecosystem (JTO, JUP, WIF), and the RWA sector.
-
Top searched tokens and topics: PENDLE, DEGEN, and Farcaster
-
Potential airdrop opportunities: Zircuit and PublicAI.
Data collection time: April 1, 2024, 4:00 AM (UTC+0)
1. Market Environment
The market anticipates a high probability that the Fed will keep interest rates unchanged in May, and a 60% chance of a 25 basis point rate cut in June. Amidst the prospect of interest rate cuts and heightened tensions in Ukraine and the Middle East, the price of gold has surged to a new high, surpassing the historical peak of $2250 per ounce.
BTC once again breaks through $70,000, testing the resistance level repeatedly. After five consecutive days of net outflows, spot Bitcoin ETFs saw four consecutive days of net inflow last week. The market's focus this Monday is on the inflows and outflows of spot Bitcoin ETFs. The market's attention also turned to the Base
blockchain over the weekend as Base's TVL surpassed $1.17 billion. The surge in popular meme coins on the platform led to Base's DEX daily trading volume surpassing $1.2 billion, setting a new all-time high.
2. Wealth Creation Sectors
2.1 Sector movements — Base ecosystem (DEGEN and MFER)
Primary reasons:
(1) The TVL in the Base ecosystem has surpassed $3.2 billion, while its 24-hour DEX trading volume has exceeded $1.2 billion, with both measures reaching all-time highs. There is a substantial fund inflow and activity within the ecosystem throughout March.
(2) Over the weekend, popular blue-chip NFT projects from the previous bull market, such as NFT mfers and Doodles founders, launched tokens on the Base blockchain. The substantial wealth effect triggered by MFER spurred a surge in memecoin prices and a notable increase in trading volume within the Base ecosystem.
(3) DEGEN: Apart from significant token price surges and widespread social media discussions, Degen chain tokens like DSWAP and DINO have shown impressive performance. At the same time, Degen has reshaped the Farcaster ecosystem by allowing Casters to reward high-quality content creators using DEGEN tokens. With Farcaster announcing Paradigm's investment and a $1 billion valuation, it remains highly regarded by the market.
Gainers:
DEGEN rose over 300% in a week and over 4000% in a month. MFER's price started at just 0.008 USDT within the first hour of opening and reached an ATH of 0.32 USDT, representing a maximum increase of over 3900%.
Factors affecting future market conditions:
The continued inflow of funds into the Base ecosystem could directly impact the overall trend of memecoins on the Base blockchain. The development within the Degen Chain ecosystem, progress in the SocialFi sector, and Farcaster's token launch progress will all influence DEGEN's price. Traders can closely monitor changes in the ecosystem's TVL, DEX trading volume, and other metrics. With positive fundamentals, the mentioned assets could reach new highs. However, it's worth noting that memecoins on the Base blockchain have limits to their potential historically, so caution is advised when pursuing high-risk assets.
2.2 Sector movements — Solana ecosystem (JTO, JUP, and WIF)
Primary reasons:
(1) SOL's price has once again surpassed $200, showing resilience during the market pullback. The TVL in the Solana ecosystem also did not experience a significant decline. As the market rebounds, SOL has resumed its upward trajectory.
(2) The Solana ecosystem continues to benefit from WIF's continuous all-time highs and the wealth creation effect brought by Solana's long-tail memecoins. On March 30th, Solana's on-chain DEX trading volume reached $1.313 billion, second only to
Ethereum's $1.5 billion. In April, the market eagerly anticipates the launch of new tokens from prominent Solana ecosystem projects like Marginfi and Parcl, which will inject fresh vitality into the ecosystem.
Gainers:
JTO rose +30% in the past 24 hours, reaching a new all-time high. JUP also rose +20% in the past 24 hours, reaching a new all-time high. WIF rose +60% in the past week and 390% in the past month.
Factors affecting future market conditions:
(1) The ongoing inflow of funds into the Solana ecosystem, combined with the upcoming TGEs and airdrops from several prominent projects this year (such as Kamino, Parcl, Marginfi, DFlow, Backpack, MagicEden, Tensor, and more) will contribute to the sustained growth and popularity of the Solana ecosystem, providing support for SOL's price.
(2) The progress of top projects within the ecosystem directly impacts their token prices. For instance, the development of Jupiter’s derivative trading markets and JLP’s yield rates will play a crucial role in influencing the price of JUP tokens.
2.3 Sectors to focus on next: RWA
Primary reasons:
BlackRock announced the launch of its first tokenized fund on a public blockchain, injecting fresh energy into the RWA sector. RWA may become one of the most important narratives of this bull market. Goldfinch (GFI) saw its token rise for three consecutive days after being listed on Bitget, while ONDO doubled in value within a month. Additionally, Bitget Research's latest report, which was released last week, mentioned that ONDO was the 5th most searched crypto term by Western European users in early 2024. (https://www.bitget.com/research/articles/12560603807344)
Specific tokens:
-
MKR: MakerDAO stole the spotlight as RWA gained mainstream recognition, becoming a project that couldn't be ignored when it comes to real-world assets.
-
ONDO: As the leading token in the RWA sector, it is backed by TradFi giants such as BlackRock, Goldman Sachs, and Bridgewater.
-
GFI: Backed by strong funding from a16z and Coinbase, Goldfinch provides borrowers with global lending services in a decentralized manner.
-
PROFPS: Recent rumors about Aptos preparing to release a major RWA announcement in April have caused a significant surge in the real estate RWA project PROPS within the ecosystem.
-
Parcl: The real estate derivatives trading platform on Solana is expected to launch its native token in April.
3. Top Searches
3.1 Popular DApps
Pendle Finance:
Pendle Finance is a yield trading protocol where yield-bearing assets are divided into the yield token (YT) and the principal token (PT), allowing market players to develop different trading strategies for various scenarios. With the Shanghai upgrade turning staked ETH into a yield-bearing asset, the introduction of EigenLayer that allows for the restaking of LSTs, as well as the emergence of various bond-based or similar yield-bearing RWAs, Pendle has gradually become the leading yield trading protocol in the
cryptocurrency space.
Pendle's TVL has climbed to $3.54 billion, sending its protocol token PENDLE to a new all-time high. The crypto market has recently seen a surge in RWA, which is highly beneficial for the Pendle protocol. It is recommended that investors continue to monitor the progress of Pendle's introduction of RWA assets, as the market potential is enormous.
3.2 X (Former Twitter)
DEGEN:
The Degen Chain is built on Arbitrum Orbit, with the Base network as the settlement layer and AnyTrust as the DA layer. It initially gained popularity on Farcaster, distributing tokens among builders, content creators, and users. DEGEN has reshaped the Farcaster ecosystem, allowing Casters to reward quality content creators with DEGEN. Yesterday, Farcaster announced a funding round led by Paradigma, taking its valuation to $1 billion. As the first project with an ecosystem, Degen receives high market expectations.
A large-scale airdrop of DEGEN has been conducted. As of now, it has attracted over 53,000 holders with more than 553,000 transactions and counting. Over the past month, the token price has also surged by 45 times. The future performance of DEGEN depends on how its ecosystem develops and whether SocialFi can generate a positive feedback loop. It is recommended to pay continuous attention to these aspects.
3.3 Google Search (global and regional)
Global focus:
Farcaster is a fully decentralized protocol that facilitates developers in building decentralized social networking applications. The protocol recently announced the closing of a $1 billion funding round led by Paradigm. Projects originating from the Farcaster ecosystem, such as Degen and Higher, have recently gained popularity on the Base chain. Degen has even launched its Layer 3 DegenChain with DEGEN as its native token, driving the token price to new highs.
Web3 SocialFi has long been a hot topic in the industry, but interest in projects like Lens or Friend.tech has fizzled out quickly. Farcaster offers a more robust ecosystem design and a comprehensive product that is user and developer-friendly. With backing from major institutions, Farcaster’s arrival is set to reignite interest and speculation in the social sector.
Regional focus:
(1) No notable hotspots in Africa and Latin America:
Africa and Latin America show a scattered heat map, with several newly listed meme, AI and RWA coins becoming popular search topics. This situation indicates a divergence in the overall market. As the broader market is relatively stable, sector rotation begins to occur.
(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, and 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
Zircuit
Backed by Pantera and Dragonfly, Zircuit is a Layer 2 zk rollup with parallel sequencers and AI-based security. The project's TVL has surpassed $1.1 billion. Zircuit's ecosystem has evolved to include features such as staking, cross-chain bridges, and an explorer. Users can receive airdrops by participating in ecosystem development and community interaction.
How to participate: 1) Go to the Stake page (https://stake.zircuit.com/) and stake to earn points; 2) Deploy nodes to earn points (https://build.zircuit.com/build).
PublicAI
PublicAI is a distributed AI network that simplifies the process of outsourcing a wide range of tasks, from data annotation to more complex research related to AI. The platform allows organizations to tap into the collective skills of a vast, structured workforce to enhance data analysis, and speed up the development of machine learning models.
No funding information has been disclosed. However, according to its official website, it has received support from the Solana Foundation, Nvidia, and other leading VCs.
How to participate: (1) Register and log in to the webpage: https://beta.publicai.io/participant, (2) Repost comments on PublicAI with corresponding hashtags, and (3) become a data validator.