Bitget Research: BGB continues to rise, breaking through $1, with top Meme coins surging across the board
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Bitget Research: BGB continues to rise, breaking through $1, with top Meme coins surging across the board
In the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, and they could very well represent the next wealth-building opportunities.
Navigating Web3 tides with focused insightsAuthor: Bitget Research
Summary
Bitcoin prices remained nearly unchanged over the past 24 hours, while top meme coins across major public blockchains saw varying degrees of increase. This Friday marks the quarterly expiry day, with as much as $15 billion in options awaiting settlement.
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Wealth-generating sectors include: Base ecosystem projects, Solana memes, and Linea ecosystem projects;
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User's most-searched tokens & topics: Biconomy, Ethena, FLOKI, RWA;
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Potential airdrop opportunities: ether.fi, MyShell;
Data collection time: March 29, 2024, 04:00 (UTC+0)
I. Market Environment
Bitcoin price has changed little over the past 24 hours. Prices briefly surged above $71,000 on Tuesday but slightly pulled back to around $70,700 ahead of Friday’s major options expiry. Today is the quarterly big settlement day, with up to $15 billion worth of options due for delivery.
BlackRock's first tokenized asset fund has launched successfully, capturing significant market share in the blockchain-based tokenized U.S. Treasury market just one week after launch. As of Thursday, BlackRock’s BUIDL had attracted $274 million in deposits. According to data from rwa.xyz, the fund ranks second among peers, trailing only Franklin Templeton’s On-Chain U.S. Government Money Fund (FOBXX).
II. Wealth-Generating Sectors
1) Sector Movement: Base Ecosystem Projects (DEGEN)
Main reasons:
Total value locked (TVL) on the Base network surpassed $3 billion, now reporting $3.12 billion—an all-time high with a 7-day increase of 63.6%. New capital inflows purchasing assets on Base are driving up asset prices.
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Degen announced the launch of Degen Chain, a low-cost Layer 3 blockchain built using Arbitrum Orbit and AnyTrust DA, with Base serving as its settlement layer.
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DEGEN is the native gas token of Degen Chain. This move adds utility and narrative value to the DEGEN token, boosting its valuation.
Price surge: DEGEN rose 70.24% over the last 24 hours;
Factors influencing future performance:
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Coinbase exchange and wallet integration with Base chain: Currently, transferring assets and bridging across chains remains difficult for users, creating a high entry barrier. While Coinbase Wallet already supports connecting to dApps on Base, if Coinbase can enable direct trading of Base-chain assets through abstracted accounts on its exchange in the future, it would lower user friction and expand the potential user base.
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New user growth: According to Dune analytics, Base added 847,811 new users last week—the highest weekly addition in its history. Rising new user numbers indicate increasing on-chain activity and potential capital inflow. If this trend continues, valuations of Base ecosystem projects could rise further.
2) Sector Movement: Solana Memes (MEW, MYRO, WIF)
Main reasons:
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Machi Brother Huang Li Cheng announced the launch of a meme project called bobaoppa on Solana, initiating fundraising with a minimum contribution of 1 SOL. According to disclosed address information, funds raised exceeded $38 million, sparking a broad recovery in Solana-based meme coins;
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Bitcoin traded sideways during the options expiry period, leading hot money from major cryptocurrencies to flow into meme tokens. WIF hit a new high, rising 20.81% on the day and driving gains across the entire sector including MYRO;
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Elon Musk replied to a tweet by the creator of the term “meme,” redirecting market attention toward meme tokens.
Price surge: MEW up 24.14%, MYRO up 15.73%, WIF up 20.81%;
Factors influencing future performance:
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Solana ecosystem TVL and capital inflows: Solana’s TVL has exceeded $4.7 billion, more than doubling over the past month. It now ranks behind only ETH, TRON, and BSC. Continued inflows will likely drive broader price appreciation across the ecosystem. Additionally, exchanges are accelerating listings of Solana-based tokens, and secondary market inflows via exchanges will indirectly impact Solana’s TVL.
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WIF’s continued momentum and exchange listings: For Solana meme tokens, WIF has effectively lifted the ceiling. Its current price level sets expectations for the upside potential of newly emerging memecoins and may influence how quickly exchanges list future meme tokens.
3) Sector to Watch: Linea Ecosystem (LYNX)
Main reasons:
(1) Linea announced The Linea Voyage: Surge campaign, launching in April and lasting six months or until the network reaches $3 billion in TVL. This new initiative focuses on strengthening DeFi projects and incentivizing users to contribute TVL to qualify for potential future Linea token airdrops. The campaign is expected to boost Linea’s TVL and elevate valuations of its on-chain DeFi projects.
(2) ConsenSys, parent company of Linea, MetaMask, and Infura, operates multiple industry-leading products. In 2022, it secured a $450 million Series D round led by ParaFi Capital, achieving a $7 billion valuation. Given ConsenSys’ strong resources and financial backing, the anticipated airdrop rewards are expected to be substantial.
Specific token list:
LYNX: Lynex is a decentralized exchange (DEX) and liquidity market on the Linea blockchain. As the new campaign emphasizes DeFi development, Lynex stands to benefit directly.
III. User Search Trends
1) Popular DApp
Biconomy (BICO):
Biconomy, a blockchain developer tools provider, is a multi-chain relayer protocol that simplifies on-chain transaction experiences for end users. Any dApp can integrate Biconomy’s plug-and-play API to deliver smoother user interactions. Yesterday, Biconomy announced strategic investments from Jump Capital, Borderless Capital, and Consensys Ventures to accelerate growth amid renewed crypto market momentum. BICO has performed strongly in secondary markets, gaining 57.6% over the past 30 days. Listed on major exchanges, the token rose 15% following the funding announcement.
2) Twitter
Ethena (ENA not yet listed):
Ethena is a synthetic dollar protocol built on Ethereum, aiming to offer a crypto-native solution—a globally accessible, USD-denominated savings instrument independent of traditional banking systems—dubbed the “Internet Bond.” Recently, Ethena announced plans to launch ENA airdrops and CEX listings, drawing significant market attention. The excitement stems largely from the attractive airdrop program: 750 million ENA tokens will be distributed over 30 days, with unclaimed allocations reallocated to active participants, boosting user engagement and anticipation. Meanwhile, Binance Launchpad has launched its 50th project, Ethena, allowing users to stake BNB and FDUSD into the ENA mining pool starting March 30, 2024, 08:00 (UTC+8), earning ENA rewards over a 3-day mining period.
3) Google Search & Regions
Globally:
The SBF trial has drawn widespread attention from both traditional and Web3 industries. On March 28, the final verdict sentenced SBF to 25 years in prison for defrauding billions of dollars. The judge emphasized SBF showed no remorse and his actions were intolerable, ordering the forfeiture of over $11 billion in assets. The 41 million SOL (~$7.5 billion in value) locked within the FTX case has attracted interest from multiple bidders, further focusing institutional attention across the crypto industry.
Regional search trends:
(1) African and Latin American regions showed heightened interest in the FLOKI token yesterday:
With a broad market rebound, meme coins experienced widespread gains. FLOKI surged over 23% in 24 hours, showing strong momentum and rapid recovery. Leading meme projects like these are now attracting high visibility and KOL endorsements across multiple regions. Other notable top-tier meme coins worth watching include DOGE, PEPE, and WIF.
(2) Southeast Asia, CIS, and European regions continue to show sustained enthusiasm for RWA:
BlackRock recently launched its first tokenized asset fund, BUIDL, on the Ethereum network. Coinbase has been selected as a key infrastructure provider. Since this news broke, the RWA sector has dominated the crypto market, exhibiting vigorous growth with new asset-backed projects emerging regularly. To date, BlackRock’s on-chain fund BUIDL has attracted $245 million in deposits, reflecting robust demand.
IV. Potential Airdrop Opportunities
[ether.fi]
ether.fi, Ethereum’s largest liquid restaking protocol, concluded its first-season airdrop on March 15, distributing 6.8% of total token supply. It has now launched a second-season points campaign lasting three months—from March 15 to June 30—with longer staking durations earning higher loyalty points. Season 2 will distribute 50 million tokens, representing 5% of total supply.
The native token of ether.fi, ETHFI, has performed strongly recently, peaking above $8.6 and currently trading at $7.2. Strong secondary market performance is further incentivizing participation in its airdrop. Currently, ether.fi is collaborating with Manta Network on the Restaking Paradigm initiative. Users who stake ETH via the Manta Restaking event website can earn double points for ether.fi’s second airdrop round, along with EigenLayer airdrop points.
How to participate in ether.fi’s second airdrop: The second season introduces an 8-tier StakeRank system. Users advance one rank for every 100 hours of ETH staked, with each tier offering increased loyalty point multipliers. A balance exceeding 0.1 eETH is required to progress through tiers. Note that StakeRank rules and conditions may change—users should stay updated via ether.fi announcements.
[MyShell]
MyShell is a Web3-enabled AI platform allowing users to create personalized chatbots known as "Shells." The platform reportedly has around 50,000 creators and over 1 million registered users, with an ecosystem including tools such as OpenVoice, MeloTTS, and Alice. With a large existing user base and a clear airdrop plan published on its official site, early participation is advisable.
The project boasts a strong funding background. It recently announced an $11 million Pre-A round led by Dragonfly, with additional participation from angel investors including Bankless Ventures, Balaji, and Ilya. Previously, it raised a $5.6 million seed round at a $57 million valuation, backed by INCE Capital, Hashkey Capital, Folius Ventures, and others.
How to participate in the airdrop: Users can register on the official website and complete daily tasks to earn Shell points—such as creating a Telegram bot. Future airdrop rewards will be distributed based on accumulated Shell points. The platform is currently in Season 7 of point redemption and remains open for participation.
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