Bitget Research: Ethereum completes Cancun upgrade, Solana ecosystem sees broad gains
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Bitget Research: Ethereum completes Cancun upgrade, Solana ecosystem sees broad gains
In the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market—perhaps they represent the next wealth-building opportunity.
Navigating Web3 tides with focused insightsAuthor: Bitget Research
Summary
Yesterday's market remained relatively calm, with Bitcoin oscillating around $73,000. Ethereum successfully completed its Cancun upgrade, significantly reducing transaction fees on Layer2 networks. However, some Layer2 projects experienced profit-taking after the upgrade. The Solana ecosystem saw broad gains, with Solana-based MEME token WIF standing out in performance and potentially driving the broader MEME sector toward new highs.
- High-wealth-generation sectors: Solana ecosystem, MEME tokens;
- User-searched tokens & topics: SSV, AEVO, FLOKI, and other MEME tokens;
- Potential airdrop opportunities: Myshell, Zeta Markets;
Data as of: March 14, 2024, 04:00 (UTC+0)
I. Market Environment
U.S. February headline and core CPI both exceeded expectations, yet enthusiasm in the crypto market remains strong. According to BTC ETF data from March 13, net inflows reached $1 billion on a single day, indicating an accelerating trend. In terms of price, Bitcoin continues to trade near $73,000, while the options market sees frequent large transactions, maintaining high trading activity.
Yesterday, Ethereum completed its Cancun upgrade. STRK saw a slight uptick post-upgrade. However, OP and ARB did not complete their upgrades immediately, so the expected reduction in transaction fees failed to materialize, leading to investor disappointment and capital rotation toward Solana. As of now, OP has completed integration, while ARB is still in progress.
II. Wealth-Generating Sectors
1) Sector Movement: Solana Ecosystem (SOL, WIF, JUP)
Main reasons:
- The initial performance of the Cancun upgrade fell short of expectations, prompting capital rotation into the Solana ecosystem, particularly targeting SOL and leading projects across various Solana-based sectors;
- SOL’s price remains 57% below its all-time high, which is perceived by the market as more attractive compared to ETH, which is only 22% away from its ATH;
- The WIF community, a prominent Solana-based MEME coin, raised $670,000 to run advertisements at MSG Sphere—a new landmark venue in Las Vegas—boosting WIF’s daily gain to 30.6%.
Price increases: SOL up 10.6%, WIF up 30.6%, JUP up 16.8%;
Factors affecting future outlook:
- Solana ecosystem TVL and capital inflows: The sustainability of Solana’s rally depends on continued capital inflows and rising TVL across its ecosystem projects. Rising SOL prices will directly benefit leading projects within its ecosystem. As long as the market perceives current SOL valuations as favorable, investing in SOL and top-tier ecosystem projects like JUP and RAY could yield significant returns;
- Impact of news events on MEME tokens: MEME tokens on Solana tend to exhibit strong breakout potential, largely due to low transaction costs. Investors should closely monitor project developments and endorsements from influential KOLs such as Elon Musk. Key tokens to watch include WIF, BONK, and SILLY.
2) Sector Movement: MEME Tokens (PEPE, DOGE, BONK)
Main reasons:
- Prominent KOLs have started promoting these tokens—for example, Elon Musk recently tweeted about PEPE and DOGE;
- Market stabilization has led to sector rotation, with MEME tokens gaining traction due to their simple narratives and strong retail investor consensus.
Price increases: PEPE up 13.3%, DOGE up 10.2%, BONK up 11.4%;
Factors affecting future outlook:
- MEME coins are highly sensitive to overall market trends. As long as the broader market maintains upward momentum, MEME tokens are likely to continue delivering outsized returns. However, if the market corrects, MEME tokens may experience sharp pullbacks;
- Key drivers for MEME tokens include KOL promotions, project-specific developments, and listings on centralized exchanges. Investors should closely follow updates from core team members, influencer endorsements, and exchange listing announcements.
3) Sector to Watch: Data Availability (DA) (TIA, NEAR)
Main reason: Following the Ethereum Cancun upgrade, DA costs for Layer2 projects have decreased. However, Ethereum’s overall DA fees remain higher than third-party DA solutions, suggesting increasing market attention on alternative DA providers going forward.
Specific tokens to consider:
- TIA: A leader in modular blockchains and the DA sector. Multiple chains, including Manta, now use Celestia as their DA layer, achieving significant cost reductions;
- NEAR: Incorporates several recent hot themes, with its role as a DA layer remaining one of its core functionalities, making it worth investor attention.
III. User Search Trends
1) Popular Dapps
Entangle (token NGL):
Entangle is a cross-chain DeFi protocol and the first to leverage synthetic derivatives to unify liquidity and its value across L1 and L2 ecosystems. In 2024, Entangle raised $4 million in seed and private funding, led by Big Brain Holdings. It launched on Bybit on March 13. NGL has tangible utility, including staking as a delegate or infrastructure provider. With high community engagement and a current circulating market cap of $37 million, the project still holds room for growth compared to leading players in the sector.
2) Twitter
SSV Network (token SSV):
SSV Network is a decentralized Ethereum staking infrastructure enabling simple and scalable access to decentralized ETH staking for all. Its official website shows total TVL exceeding $600 million, with over 150,000 ETH staked. As foundational infrastructure for LSDs, it has begun integrating Eigenlayer for restaking services. Further positive developments are expected, potentially pushing TVL to new highs. The token has performed well, gaining over 38.5% in a week, making it suitable for accumulation at lower levels on secondary markets.
3) Google Search & Regional Trends
Globally:
(1) Ether.Fi:
Ether.Fi is a liquid restaking protocol on Ethereum that allows participants to retain control of their keys while deposits are automatically restaked via Eigenlayer. The project recently secured $27 million in funding led by Bullish and CoinFund, with participation from Arthur Hayes, founder of BitMEX. With multiple catalysts recently—including listing on Binance LaunchPool, currently in mining phase, and confirmed Binance listing—user interest remains high. Investors are encouraged to participate in ETHFI mining and subsequent secondary market trading.
By region:
(1) English-speaking, European, and African regions primarily focused on MEME tokens:
New MEME projects continue to emerge in the Solana ecosystem, many showing strong price momentum. Meme coins such as PEPE, WIF, and FLOKI have successively reached new all-time highs. Specifically:
- FLOKI has attracted particular attention in the U.S., with notable interest also seen in Poland. Over the past week, FLOKI surged 121.9%, emerging as a key MEME token to watch in this cycle;
- In Africa, PEPE has drawn strong attention, rising over 15% in the past 24 hours to reach an all-time high and climbing to the 34th largest cryptocurrency by market cap;
(2) AEVO token launch draws sustained regional interest:
AEVO is a decentralized derivatives exchange offering perpetual contracts, options, and Pre-Launch token futures, using an order book and margin model. During platform events, trading volume surpassed $120 billion. AEVO opened airdrop claims yesterday, with 9,758 addresses claiming a total of 11.18 million tokens. However, social media reactions were largely negative, with criticism directed at AEVO’s anti-Sybil measures—many legitimate traders reported receiving no airdrop. Despite this, AEVO is currently priced at $2.99, up 13% over the past 24 hours.
IV. Potential Airdrop Opportunities
[Myshell]
MyShell is a Web3-enabled AI platform allowing users to create personalized chatbots called "Shells." It has migrated its platform to opBNB, leveraging Optimism’s OP Stack or Optimistic Rollup technology. The project already has a substantial user base and a clear airdrop plan, making early participation advisable.
The project has solid fundamentals, having raised $5.6 million in seed funding at a $57 million valuation, with investors including INCE Capital, Hashkey Capital, Folius Ventures, SevenX Ventures, and OP Crypto. It is also part of Binance Labs’ sixth incubation cohort.
How to participate: Users can register on the official website and earn Shell Points by completing daily tasks such as creating a Telegram bot. Future airdrops will be distributed based on accumulated Shell Points. Season 7 is currently ongoing, and users can still join.
[Zeta Markets]
Zeta Markets is a Solana-based DeFi derivatives platform providing liquid derivative trading for individuals and institutions. It has released a full roadmap along with plans for token Z airdrops and future governance rules. Zeta will continue iterating its product, launching features such as Zeta V3 with multi-collateral support, offering a second round of airdrops for stakers, and implementing vote escrow mechanisms.
Zeta Markets has received investments from Electric Capital, Jump Crypto, and Wintermute. Its vision is to build a user-friendly on-chain derivatives trading platform leveraging Solana’s stability and security. The Z-Score program is still active, and users with Z-Score will be eligible to claim the Z token airdrop.
How to participate: Zeta Markets operates an official points system where users earn Z-Score based on trading activity—one Z-SCORE per dollar traded. Additionally, 24-hour PnL rankings determine reward multipliers. The second season of the Z-Score campaign is currently underway.
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