Bitget Research: Bank of Japan announces rate hike, risk-off sentiment intensifies in crypto market
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Bitget Research: Bank of Japan announces rate hike, risk-off sentiment intensifies in crypto market
Over the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, potentially representing the next wealth-building opportunities.
Navigating Web3 tides with focused insightsAuthor: Bitget Research
Summary
The crypto market continues to correct, with BTC and ETH breaking below key psychological levels of $65,000 and $3,400 respectively. The Bank of Japan announced an end to its negative interest rate era, increasing risk-off sentiment in the crypto market:
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High-potential wealth-generating sectors: New Meme sector, RWA赛道
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Top user-searched tokens & topics: SLERF, ETHFI, JUP, CYBER;
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Potential airdrop opportunities: Renzo, Aptos Bridge (LayerZero)
Additionally, CZ has broken his long silence, announcing support for the development of Web3 education platforms. Education-sector assets are worth watching, including: EDU, HOOK.
Data collection time: March 19, 2024, 4:00 AM (UTC+0)
I. Market Environment
Over the past 24 hours, the crypto market has continued to pull back, with BTC price falling below $65,000; ETH has declined even more sharply, breaking below the $3,400 level. Yesterday saw a net outflow of $154 million from BTC spot ETFs—the first net outflow in two weeks—becoming a major factor behind the ongoing market downturn.
On the macro front, the Bank of Japan raised its benchmark interest rate from -0.1% to 0–0.1%, ending its eight-year-long negative interest rate policy. This move is likely prompting cryptocurrency investors to adopt short-term risk-averse strategies, amplifying overall risk-off sentiment across the crypto market. A continued market correction is expected this week. Investors should monitor for potential "wicks" (sharp price reversals); if such movements occur, they may signal a rebound opportunity, allowing investors to consider adding positions.
II. Wealth-Generating Sectors
1) Sector Movement: New Meme Coins (SLERF, ALITA)
Main reason: As the broader market corrected sharply, capital sought refuge in smaller-cap new meme coins;
Price performance: SLERF and ALITA surged by 230% and 68% respectively;
Factors affecting future trends:
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Whale behavior: Early investors in new meme coins often take profits quickly, and their selling can trigger sharp declines. It’s advisable to monitor on-chain data closely—whale sell-offs often signal turning points;
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AMA narrative drivers: AMAs (Ask Me Anything sessions) for new meme projects often reveal strategic directions. Positive announcements during AMAs frequently lead to price rallies. Consider positioning ahead of or during AMAs for higher chances of gains.
2) Sector Movement: RWA Sector (MKR, OM)
Main reason: Japan's rate hike signals the persistence of a high-interest-rate environment globally. High rates benefit RWA (Real World Assets) projects, as they can offer higher APY products to Web3 users, leading to sustained growth in total value locked (TVL);
Price performance: OM rose over 20% in 24 hours; MKR broke above $3,000;
Factors affecting future trends:
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TVL trends: The RWA sector’s total TVL increased by $700 million over the past week, strengthening fundamental support for the entire sector. Continue monitoring sector-wide TVL, and keep an eye on newly launched assets like ONDO;
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Information catalysts: Watch for new product launches within the RWA space—for example, partnerships between RWA projects and traditional financial institutions—which could present strong entry opportunities.
3) Sector to Watch: Education Sector
Main reason: CZ has re-emerged after a long absence, announcing the launch of Giggle Academy—an educational initiative offering free foundational courses to all—which could spark speculation around education-focused projects;
Key token list:
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HOOK: Hooked Protocol is a pioneering immersive learn-and-earn network designed to onboard billions into Web3. A Binance-backed project with a market cap of just $600 million, it holds significant upside potential;
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EDU: Open Campus is a community-driven education protocol and the leading project in the education sector. With a current market cap of $1 billion, it still offers solid room for growth.
III. User Search Trends
1) Popular Dapp
Jupiter (token: JUP):
Driven by a surge in Solana meme trading volume, Jupiter’s transaction volume has risen sharply. Additionally, Jupiter founder meow announced that Jupiter will donate all current and future fees from SLERF limit orders and DCA purchases to SLERF presale participants. Notably, Jupiter plans two more airdrops. The next round may prioritize interaction with the Jupiter Beta derivatives market and holdings of JLP tokens as key airdrop criteria.
2) Twitter
CyberConnect (token: CYBER):
CyberConnect has launched a staking program where users contribute to the security and governance of its Layer 2 network. CYBER stakers will receive airdrops from ecosystem partners. This strategy aims to turn CYBER into a “golden shovel” staking token similar to TIA, creating expectations of multiple future airdrops. Whether this vision materializes depends on Cyber’s ecosystem growth. CYBER holders are encouraged to stake their tokens for potential airdrop rewards.
3) Google Search & Regional Trends
Global search trends:
(1) SLERF: A Solana-based meme coin using a payment-for-presale model—SLERF raised over 50,000 SOL. Yesterday, its token launch took a dramatic turn when the founder accidentally burned the LP and airdrop tokens, sparking massive social media buzz. The narrative of deflationary burn spread rapidly, causing SLERF’s price to spike. Within four hours, DEX trading volume exceeded $1 billion. Exchanges including Bitget, Gate, and Mexc listed the token on its first day. While the “Solana meme presale trend” presents opportunities, it also carries significant risks. Investors are advised to rationally assess entry timing for such volatile assets and avoid chasing pumps or panic selling.
(2) ether.fi (token: ETHFI): The liquid restaking protocol ether.fi completed its airdrop and TGE yesterday. Rewards were substantial—even so-called “low-tier accounts” received 175 ETHFI, worth about $700 at an opening price of ~$4. However, ETHFI’s post-listing performance has been weak, dropping from an initial $4.2 to around $3.2. Beyond ether.fi, several other promising restaking protocols have yet to launch tokens. ETH holders may consider depositing ETH into protocols like Puffer Finance, Eigenpie, or Swell to qualify for future airdrops.
Regional search trends:
(1) German users show unique preferences:
While most regions focused heavily on trending projects like SLERF and ETHFI, Germany’s search rankings also included CRO, TIA, SEI, and MEITS. This suggests German users may prefer deeper research, showing interest in narratives around modular blockchains, parallel EVMs, and decentralized sequencers.
(2) Some projects appear across multiple regional hot searches:
MANTRA (token: OM) appeared in top searches in UAE, Netherlands, Philippines, and India. MANTRA is an RWA L1 blockchain whose trading volume surged +173% yesterday, with its price rising逆势. Arkham (token: ARKM) trended in Poland, Brazil, and Chile. Coinbase recently added Arkham (ARKM) to its listing roadmap.
IV. Potential Airdrop Opportunities
[Renzo Protocol] Restaking protocol enabling “four rewards from one action” + gas savings on Mode chain
Renzo is a restaking protocol built on EigenLayer, with ezETH serving as its liquid restaking token. Renzo raised $3.2 million in seed funding led by Maven11, with participation from OKX Ventures, IOSG Ventures, Figment Capital, SevenX Ventures, and others.
With so many restaking projects available, why recommend Renzo? Introducing a new way to “get four rewards from one action” while saving gas:
Beyond Ethereum, Renzo supports Mode Network, enabling users to earn quadruple points toward potential airdrops: Renzo points, EigenLayer points, Mode points, and DeFi protocol points on Mode (e.g., Ionic).
How to participate: (1) Bridge ETH to the Mode mainnet; (2) Use Renzo on Mode to mint ezETH; (3) Stake ezETH into DeFi protocols on Mode, such as the lending platform Ionic.
[Aptos Bridge (LayerZero)] LayerZero “lottery account”
Aptos Bridge is a cross-chain tool within LayerZero connecting EVM chains and the Aptos chain. Recently, transactions on the bridge have surged, leading to speculation that activity here might count toward future LayerZero airdrop eligibility.
Given that Wormhole airdropped over 2,000 W tokens even to addresses that made just one SEI cross-chain transaction—with extremely high ROI—interacting via Aptos Bridge presents a compelling “lottery-style” opportunity within the LayerZero ecosystem.
How to participate: (1) Have both an EVM non-custodial wallet (e.g., MetaMask, Bitget Wallet) and an Aptos non-custodial wallet (e.g., Pontem); (2) Use Aptos Bridge (theaptosbridge.com) to complete round-trip cross-chain transactions between EVM and Aptos chains; (3) Ensure you have APT tokens on the Aptos chain to cover gas fees.
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