Bitget Research: U.S. PPI Data Triggers Market Downturn, BOME Leads Solana Meme Wealth Effect
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Bitget Research: U.S. PPI Data Triggers Market Downturn, BOME Leads Solana Meme Wealth Effect
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
Executive Summary
U.S. Producer Price Index (PPI) rose 0.6% month-on-month in February, exceeding economists' expectations of 0.3%. Bitcoin dropped over 6% following the data release. Solana-based meme token BOME showed strong performance, with a 24-hour trading volume reaching $258 million.
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High-wealth-generation sectors: Solana Meme, Aptos ecosystem;
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User's most-searched tokens & topics: Berachain, and meme tokens such as PENG, PEPE, DOGE, SHIB;
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Potential airdrop opportunities: CharacterX, Owlto Finance;
Data collection time: March 15, 2024, 4:00 AM (UTC+0)
I. Market Environment (Key Factors Driving Trends)
U.S. Producer Price Index (PPI) rose 0.6% MoM in February, higher than the expected 0.3%. Sticky inflation appears to have dampened investor hopes for an imminent rate cut, causing major U.S. stock indices to fall. Bitcoin approached $73,800 Thursday morning but plunged over 6% after the economic data release, briefly dropping below $67,000 Friday morning.
Meme token trading on Solana is booming. According to DeFiLlama data, Solana DEXs recorded over $2.57 billion in trading volume in the past 24 hours, surpassing Ethereum’s DEX volume of $2.31 billion. BOOK OF MEME (BOME), launched by Pepe meme artist Darkfarm, achieved a 24-hour trading volume of $258 million. Solana-based meme tokens such as Myro, WIF, SILLY, PENG, and BOME are frequently delivering high returns. Except for BOME, all are listed on Bitget—investors are advised to focus closely on these sector tokens.
II. Wealth-Generating Sectors
1) Sector Movement: Solana Meme (BOME, PENG, WIF)
Main reasons:
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BOOK OF MEME (BOME), issued by Pepe meme artist Darkfarm, went viral across social platforms, achieving over $250 million in 24-hour on-chain trading volume after launch;
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Binance announced its Web3 wallet has completed integration with the Solana network. Despite broader market declines, SOL surged 11.07%, driving the entire sector upward;
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The WIF community on Solana raised $670,000 to fund an advertisement at MSG Sphere—a new landmark LED venue in Las Vegas. Following this news, WIF surged 30.6% in one day.
Price increases: BOME up 6,812%, PENG up 120.13%, WIF up 16.15%;
Factors influencing future trends:
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Solana ecosystem TVL and capital inflows: Solana’s ecosystem TVL has exceeded $3.8 billion, more than doubling in the past month. It now ranks fourth after ETH, TRON, and BSC. If capital continues flowing in, overall token prices could rise further. Additionally, exchanges are accelerating listings of Solana-based tokens, and secondary market inflows will indirectly impact Solana’s TVL.
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BOME’s future price action and exchange listings: Major exchanges like OKX and Binance have not yet listed BOME. However, WIF has already demonstrated the potential ceiling for Solana meme tokens, reaching a $3 billion market cap. If influential KOLs continue promoting BOME and top exchanges list it, meme token enthusiasm could persist.
2) Sector Movement: Aptos Ecosystem (APT, DOODOO, THL)
Main reasons:
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Improved on-chain metrics: Since the beginning of 2024, Aptos’ TVL has tripled, daily interactions increased by 65%, and active users rose by 93%.
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Increased token demand from events: DOODOO is launching an NFT mint event, allowing users holding more than 69 DOODOO tokens to mint NFTs for free, driving investor purchases and price appreciation.
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Valuation recovery: Thala, the largest DeFi protocol on Aptos by TVL (51% share), offers stablecoin MOD and an AMM swap platform (a clone of Balancer and Curve). Despite being historically undervalued (market cap just $19 million), Thala’s token price has benefited from rising TVL and transaction volumes on Aptos.
Price increases: APT up 3.81%, DOODOO up 12.39%, THL up 6.61%;
Factors influencing future trends:
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Aptos Foundation’s support for the ecosystem: The public chain foundation plays a critical role through investments and token incentives. Continued funding or APT-based rewards for ecosystem users would attract sustained capital inflows.
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Impact of news events on the Aptos ecosystem: Announcements can create short-term positive price impacts. For example, Jambo announced a “collaborative sale” with the Aptos Foundation of the Jamble phone priced at $99. Solana’s Saga phone became known as a “golden shovel” due to its lucrative airdrops, far exceeding its hardware value. Solana Mobile’s second-gen device sold over 60,000 units within three weeks based purely on hype—even before a prototype existed. Similar wealth effects from future airdrops on Jamble phone could benefit the APT ecosystem.
3) Sector to Watch: AI Sector (NEAR, MAP, PAR)
Main reason: News such as GPT-4.5 updates—rumors suggest OpenAI is conducting gray-scale testing of its latest model, GPT-4.5 Turbo. Combined with ongoing buzz from NVIDIA’s GTC24 conference, the AI sector has seen repeated surges in several tokens.
Specific token highlights:
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Leadership shift in AI sector, with capital chasing new leaders: The AI leader has shifted from TAO to NEAR. Beyond NVIDIA GTC24-related news, NEAR benefits from mature project development, numerous partnerships, and strong institutional backing, attracting concentrated investment to drive its price higher;
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Major product update: The sci-fi NFT card game Parallel will launch a new AI-driven game called Colony on Solana, where AI agents can autonomously conduct on-chain transactions. This significant upgrade directly benefits the performance of its native token;
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Sector expansion with added AI integration: MAP Protocol has joined NVIDIA’s Developer Program to accelerate the development of AI-powered Bitcoin interoperability technology.
III. User Search Trends
1) Popular Dapps
Berachain (no token issued yet):
Berachain is an EVM-compatible Layer 1 blockchain built on Cosmos SDK, secured by a Proof-of-Liquidity consensus mechanism. Recently, it raised over $69 million in funding co-led by Brevan Howard Digital and Framework Ventures through digital token sales, achieving a $1.5 billion valuation. In April 2023, it previously secured $42 million from Polychain Capital and OKX Ventures, showcasing strong institutional backing. Berachain features a three-token economic model designed for sustainable circulation. With strong community consensus, its Artio testnet is highly active, and the mainnet is expected to launch in Q2. Users can currently participate in testnet tasks and ecosystem interactions ahead of the launch.
2) Twitter
Magic Eden (no token issued yet; recent diamond airdrop has heightened token issuance expectations):
Magic Eden, founded in 2021 in San Francisco, is a cross-chain NFT marketplace established by former Google executive @0xLeoInRio, now ranked among Australia’s top 10 wealthiest individuals. Magic Eden has initiated a “Diamond” airdrop. Original Ethereum users who began their journey with Magic Eden may claim “Diamonds,” with eligibility traceable back to 2017 simply by connecting their wallets. The number of “Diamonds” awarded depends on factors including transaction history and royalty contributions. This initiative provides significant benefits to early Ethereum users, with partial rewards distributed immediately and additional ones earnable through tasks—generating high community engagement and discussion.
3) Google Search & Regional Trends
Global trends:
(1) zkLend (ZEND):
zkLend is a pioneering native decentralized money market protocol on Starknet and one of the largest lending projects by TVL on the network, with over $50 million in core tokens and STRK deposits. On March 14, ZEND was simultaneously listed on Bybit and KuCoin—the first native Starknet DeFi protocol token to debut on centralized exchanges. The project also launched its initial airdrop, distributing 3,890,250 ZEND tokens (approximately 4% of total supply) to 42,695 early supporters. ZEND will serve as both utility and governance token, marking a milestone in user activation and retention through partnerships and liquidity programs, reinforcing its position as a leading money market on Starknet.
Regional search trends:
(1) High interest in meme tokens PENG, PEPE, DOGE, SHIB across Asia:
Meme tokens on Solana tend to exhibit strong breakout potential, largely due to low transaction fees. The flagship meme token WIF has entered the top 50 by market cap, while emerging tokens like PENG have surpassed $100 million in market value and show solid trading volume, positioning them as potential second-tier contenders within the Solana meme ecosystem. Additionally, PEPE, SHIB, and DOGE often go viral due to Elon Musk’s endorsements, gaining broad retail investor support.
(2) ZRX token draws significant attention in Europe and English-speaking regions:
0x Protocol (token ZRX), a top-tier DeFi transaction aggregator by on-chain activity, has been undervalued relative to its performance. Its recent price surge reflects market revaluation. The 0x team’s presence at ETH Denver, discussing how aggregators shape DeFi, boosted investor confidence amid bullish sentiment. Since the event, ZRX has gained 139.1% weekly and consistently ranks among the top 10 searched tokens regionally.
IV. Potential Airdrop Opportunities
[CharacterX]
CharacterX aims to build a decentralized AI entertainment and social network, serving as a Web3 social gateway that enables creators to develop AI characters and interact with them based on personal preferences. Currently, CharacterX is running a points-based airdrop campaign, returning value to its community. Users can earn points through three methods.
In January 2024, CharacterX announced a $2.3 million funding round at a $30 million valuation, co-led by Lightspeed, INCE Capital, and Spark Digital Capital—indicating strong backing.
How to participate: Earn CXT points within the CharacterX app via a badge system that rewards users for exploring app features and completing different badge types. Additional points can be earned by completing tasks in the CharacterX community and inviting new users.
[Owlto Finance]
Owlto Finance is a Layer2-focused decentralized Cross-Rollup bridge supporting asset transfers across more than 15 L2 networks, including Ethereum mainnet, zkSync Era, and Starknet.
Since launch, Owlto Finance has been officially integrated into the ecosystems of zkSync, Starknet, Arbitrum, Optimism, Linea, Base, Polygon, BNB Chain, Mantle, Scroll, Taiko, Manta, and Kroma, often receiving official Twitter mentions and retweets—indicating close relationships with major L2 teams. The project has introduced a points system. Besides accumulating Owlto airdrop eligibility, users can also build transaction history on other尚未发行代币的 layer2 networks.
How to participate: Visit the website, select source and target chains, then enter the amount. Owlto currently supports ETH, USDC, USDT, and BNB. The platform also offers daily check-in rewards—users earn points simply by signing in each day.
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