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- Bitget Research: Bitcoin Price Nears All-Time High, Meme Sector Continues to Rise
Bitget Research: Bitcoin Price Nears All-Time High, Meme Sector Continues to Rise
Tommy & Aaron
2024/03/05
In the past 24 hours, many new popular tokens and topics have emerged in the market, which could potentially be the next wealth creation opportunity.
Overview
In the past 24 hours, Bitcoin has surged, nearing its all-time high, with the following highlights:
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Sectors with strong wealth generation effect: Blue chip and Meme sectors.
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Top searched tokens and topics by users: Friend.tech, Shibarium tokens, BTC ATH.
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Potential airdrop opportunities: DFlow (Earn points through deposits), SyncSwap.
Moving forward, if BTC breaks to a new high and then sees correction, it is highly likely that early profit gains will flow into two important areas: assets related to the Cancun upgrade, represented by OP, ARB, LDO, PENDLE, etc., and the Bitcoin ecosystem assets, represented by STX, ORDI, SATS, RIF. Investors are advised to pay close attention to these areas.
Data collection time: March 5, 2024, 4:00 AM (UTC+0)
1. Market Environment
Over the past 24 hours, the price of BTC has surged by over 8%, reaching a high of $68,700, just a step away from setting a new all-time high. ETH broke above the $3700 mark, setting a new high during this market cycle. Looking ahead, BTC price is likely to fluctuate near its previous high, with a "false breakout" testing the resistance level of the previous high not being ruled out. If BTC successfully breaks through, it is expected to continue its significant upward trajectory.
Recent macroeconomic data has been relatively stable, paving the way for BTC's rise. Should BTC consolidate after breaking its previous high, profits from early BTC trades will likely flow into the Bitcoin ecosystem and altcoins, suggesting investors might consider positioning themselves in advance.
2. Wealth Creation Sectors
1) Sector Movements: Blue Chip Sector (BTC, ETH)
Primary reason: Continuous net inflow into spot Bitcoin ETFs, with Fidelity's FBTC experiencing a net inflow of $404.6 million yesterday.
Price increase: BTC surged up to 8%, nearing its all-time high, while ETH followed with an increase of over 7%.
Factors affecting future market conditions:
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Traditional capital inflow: Keep an eye on the inflow and outflow of funds in the spot Bitcoin ETF. If funds continue to flow in, Bitcoin is likely to rise, and vice versa.
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Futures data: It's recommended to monitor futures data. The funding rate for long Bitcoin futures has risen to an annualized rate of 89.7%, marking a peak for this phase. If the funding rate remains high and the volume of open interest decreases, it suggests potential market divergence. Long positions might be forced to close due to high funding rates, creating pressure during the price rise.
2) Sector Movements: Meme Sector
Primary reason: The booming market for Bitcoin and other major tokens has greatly increased retail investor enthusiasm and market liquidity, supporting the continued rise of memecoins.
Price increase: SHIB surged over 70% in the past 24 hours, while leading memecoins like DOGE, PEPE, and WIF experienced gains of more than 30%.
Factors affecting future market conditions:
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Sentiment shifts in the sector: The leading memecoin project, WIF, began to see a high-level pullback yesterday, negatively affecting the sector's upward movement. It is important to watch for "price spikes" in leading projects like WIF and SHIB, considering reducing positions if they occur.
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Overall market conditions: The price trends of mainstream assets like BTC, ETH, and SOL. If these blue chip assets experience a downward correction, it will be necessary to promptly adjust spot positions or leverage multipliers.
3. User Trending Searches
1) Popular DApps
friend.tech:
Yesterday, the project team posted on Twitter: "Investors agreed to give up their right to dump on you to let us create the first truly user-controlled currency in one of the craziest experiments that crypto has ever seen."
This news is perceived as a precursor to a potential airdrop, leading to a 429% increase in unique active wallet count for friend.tech over the past 24 hours, reigniting user enthusiasm for interaction and airdrop anticipation. Currently, friend.tech points can be traded on the Whales Market, with recent transaction prices around $1.5 per point.
2) Twitter
(1) AlRealmRobotics (Token ticker: AIR)
This project, abbreviated as AIROBO, plans to create a metaverse combining AI with blockchain gaming, while also integrating native NFT trading, an NFT creation platform, and a DEX. Based on social media interactions, the project has deeply collaborated with the ZKFair community and is set to launch on the ZKFair mainnet.
The project token, AIR, will initiate its IWO on the Bitget Wallet Launchpad on March 6. Users who have completed any Bitget Wallet Swap transactions in the past three months are eligible to participate in the IWO Public Round.
(2) MANTRA (Token ticker: OM)
Recently, the project passed a DAO proposal, mainly to upgrade the OM tokenomics on the MANTRA chain and to change the OM staking model. Yesterday, the project team announced the upcoming launch of the MANTRA Hongbai incentive testnet, causing OM's trading volume to surge by 350% compared to the previous day, and its price to increase by 20%.
Investors holding OM can monitor changes in OM Staking Rewards and decide whether to stake their OM to earn additional profits based on the new rules.
3) Google Trending Searches
From a global perspective:
(1) BTC ATH:
With BTC briefly surpassing $68,000, the market's focus has shifted to its potential to break a new high. Numerous media outlets and influencers have expressed an optimistic outlook for Bitcoin's price in 2024, predicting it could break through $100,000 or even $200,000. Concurrently, there are also risk warnings, such as a prediction from JPMorgan analysts that Bitcoin's price might fall to $42,000 due to decreased miner rewards and increased production costs following the halving.
(2) Shibarium tokens gain momentum:
Following the new generation of memecoins like PEPE and WIF repeatedly setting new ATHs, SHIB, a popular memecoin from the last bull market, has started to gain momentum. In the past 24 hours, the three components of the Shib ecosystem - SHIB, BONE, and LEASH - have risen by 65%, 45%, and 143%, respectively, without any substantial positive news from the Shib official team. Additionally, there have been no new updates on the Shibarium Network for a year.
If the Shib project team capitalizes on this momentum by implementing substantial positive developments, such as announcing progress or plans for Shibarium infrastructure and DeFi construction, the rise in the Shibarium tokens may continue.
From a regional perspective:
(1) Asian countries show varied interest in different memecoins:
India and Pakistan, both in South Asia, follow SHIB and PEPE, respectively.
Solana-based memecoins, led by BONK, are more trending in Philippines and Thailand.
Trending projects in Singapore are noteworthy. In addition to SHIB and PEPE memecoins, users in Singapore demonstrate significant enthusiasm for the leading oracle, LINK, and the DePIN sector.
(2) English-speaking countries, Europe, and the CIS region display great diversity:
Besides the recently popular meme sector, North America and Australia have shown interest in the BRC-20 sector, with ORDI and SATS topping the trending search list in Canada and Australia, respectively. This interest in the BRC-20 sector was not as high during the first wave of BRC-20 hype.
In Europe, aside from following hot trends, there is also sustained interest in many second and third-tier blockchain projects such as Stellar, Celestia, and Elrond.
In the CIS region, blockchain data analysis tools like Arkham (ARKM) and TON frequently appear in trending searches, and the past 24 hours have been no exception.
(3) Latin America is also starting to pay attention to second and third-tier chain projects
For example, Celestia, Injective, Sei, and Avalanche have each appeared in the trending searches in Argentina and Brazil.
(4) In Africa, the main focus is on the three most famous memes: DOGE, PEPE, and SHIB.
4. Potential Airdrop Opportunities
DFLOW
DFLOW is a decentralized order flow marketplace designed to support order flows from various L1 chains and Rollups. It has secured $7.5 million in funding from prominent institutions like Framework, Coinbase, Wintermute, and Multicoin.
The project has a user-friendly interface. Depositing on the Solana chain earns points, which are expected to be a key factor in distributing potential airdrops. Compared to Solana ecosystem projects like Marginfi and Kamino, which have a TVL exceeding $500 million, DFLOW's current TVL is only $40 million, presenting a relatively untapped opportunity.
To participate: Visit the DFLOW website to create an account, which generates a Solana wallet address with an exportable private key. Deposit at least $5 worth of DFLOW-supported tokens (SOL, jitoSOL, USDT, USDC, etc.) into the wallet. The project awards XP points based on the amount and duration of the deposit. Additionally, inviting friends to deposit into DFLOW earns extra points.
SyncSwap
SyncSwap, the leading DEX on zkSync with a TVL of $62 million, is the largest project on zkSync in terms of funds. With the zkSync token launch approaching, a token launch by SyncSwap, being the leading project in the zkSync ecosystem, is also expected to happen soon.
There is widespread speculation that zkSync has completed its snapshot for the airdrop, based on the fact that zkSync’s “Magic Lamp NFT” - LIBERTAS OMNIBUS halved in one day after the floor price continued to rise, leading to market speculation that the snapshot has been completed and prompting insiders to sell off. If zkSync issues its token in early April, then SyncSwap's token issuance could be expected by late April or early May, offering a window for interaction.
To participate: Engage with SyncSwap by trading or providing liquidity through LP formation. Drawing from past DEX airdrop rules, interacting with an amount over 10,000 USDT or providing more than 1000 USDT in LP tends to increase the likelihood of receiving an airdrop.
