Bitget Research: Market Bounces Back After Sharp Decline, Meme and AI Sectors Show Strong Performance
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Bitget Research: Market Bounces Back After Sharp Decline, Meme and AI Sectors Show Strong Performance
In the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, and they could very well be the next wealth-generating opportunities.
Navigating Web3 tides with focused insightsAuthor: Bitget Research
Summary
Rapid changes in the international situation triggered a sharp drop and subsequent rebound in the crypto market. During the downturn, $708 million in futures contracts were liquidated across the network within four hours, including $602 million in long positions. MEME, AI, and RWA sectors showed the strongest performance during the market recovery.
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High-wealth-generation potential sectors include: Next-generation popular MEMEs (SLERF, MEW, BOME, WIF), AI sector (RNDR, AGIX, TAO, FET), and RWA sector (ONDO, PRCL, low-market-cap RWA tokens);
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Most-searched tokens & topics among users: EigenLayer, DRiP, GCR;
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Potential airdrop opportunities: Synthr, LI.FI
Data collection time: April 15, 2024, 04:00 (UTC+0)
1. Market Environment
Expectations for Fed rate cuts continue to weaken, risk-averse sentiment in the market intensifies, the U.S. dollar index rises above 106, and spot gold plunges nearly $100 after breaking through the $2,430 threshold. After Iran launched attacks on Israel, neither side took further action, temporarily easing tensions in the Middle East.
The weekend's geopolitical conflicts and de-escalation greatly influenced cryptocurrency movements: initially, Iran’s attack caused BTC to plummet and altcoins to crash; however, once the situation stabilized with no further escalation between Iran and Israel, the broader market quickly rebounded from its sharp decline.
During the sell-off, altcoins declined significantly more than BTC, pushing Bitcoin’s dominance in the crypto market up to 53%, the highest level since April 2021. In the recovery phase, the MEME, AI, and RWA sectors led the rebound, reflecting institutional capital preferences and market sentiment. Therefore, investors seeking short-term gains should focus on leading assets within these three sectors.
2. Wealth-Generating Sectors
1) Sector Movement: Next-Generation Popular MEMEs (SLERF, MEW, BOME, WIF)
Main reason: A new wave of Meme Season has brought forth next-generation popular meme coins that sharply rebounded after oversold conditions during market turbulence. Large whale wallets and smart money made significant accumulations during the market crash, fueling strong upward momentum during the rebound.
Price performance: Over the past 24 hours, SLERF rose by 31%, MEW surged by 89%, BOME increased by 6%, and WIF climbed by 12%.
Factors influencing future trends:
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These next-generation popular MEMEs are characterized by strong whale control and high market attention. WIF is listed on Binance and Robinhood, giving it substantial visibility; SLERF and BOME saw whales accumulate significant holdings during previous price swings; MEW distributed an airdrop worth up to $4 million post-TGE, with the project team not yet realizing profits on this asset. Thus, major stakeholders behind multiple next-gen MEMEs have strong incentives to pump these highly visible assets. Market enthusiasm for the overall Meme sector and timing of whale-driven rallies will be key to profitability in this space.
2) Sector Movement: AI Sector (RNDR, AGIX, TAO, FET)
Main reason: The AI sector remains one of the primary narratives in this bull cycle, backed by strong market expectations and capital consensus. Binance recently listed TAO, a leading AI project, potentially reigniting sustained interest in the AI sector.
Price performance: Over the past 24 hours, RNDR, AGIX, TAO, and FET rose by 19%, 17%, 15%, and 15% respectively.
Factors influencing future trends:
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Ongoing improvements and rising valuations of AI giants like OpenAI will expand the imagination and valuation ceiling for Web3 AI projects.
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A new, widely accepted innovation narrative within the Web3 AI space could trigger another breakout in the sector.
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The proposed token merger of SingularityNET, Fetch.ai, and Ocean Protocol—often referred to as the “three-token unification”—is nearing a decision. The outcome and post-merger trajectory will significantly impact the entire AI sector.
3) Sector to Watch: RWA Sector (ONDO, PRCL, Low-Market-Cap RWA Tokens)
Main reason: BlackRock announced the launch of its first tokenized fund issued on a public blockchain, revitalizing the RWA sector. RWA may remain one of the most important narratives in this bull market. During the recent market dip and recovery, the RWA sector stood out with strong performance.
Key projects to watch:
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Ondo (ONDO): The flagship token in the RWA sector, backed by traditional finance giants such as BlackRock, Goldman Sachs, and Bridgewater. ONDO demonstrated resilience during the recent market correction and surged nearly 30% during the rebound, approaching new highs.
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Parcl (PRCL): A Solana-based real estate digitization investment platform preparing for TGE. BackPack has announced plans to list PRCL.
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Low-market-cap RWA tokens: RWA assets with solid fundamentals and lower market caps may experience higher catch-up gains during rallies driven by leading RWA projects. Tokens such as RIO, GFI, and PROPS are worth researching.
3. User Search Trends
1) Popular Dapp
EigenLayer:
EigenLayer is an Ethereum-based middleware protocol introducing the concept of restaking, allowing Ethereum validators to re-stake their staked ETH or LSD tokens to other protocols or services requiring security and trust, thereby earning dual rewards and governance rights.
EigenLayer recently launched its mainnet along with首批 AVS projects, including AltLayer, Brevis, eoracle, Lagrange, Witness Chain, and Xterio. These initial AVS projects span various sectors such as Rollup-as-a-Service, oracles, ZK protocol processing, DePIN, and gaming. Investors can actively participate in early AVS projects to capture potential returns, though they should also remain cautious about risks, as the inaugural batch of EigenLayer AVS projects is still unproven and requires market validation over time.
2) Twitter
DRiP:
DRiP is a blockchain-based collectibles project featuring limited-edition artworks, music, videos, comics, and games. Individual works published on the platform are priced affordably but feature unique and innovative artistic styles, earning widespread acclaim from both crypto-native and mainstream audiences.
3) Google Search & Regional Trends
Global perspective:
GCR: Amid escalating Middle East tensions over the weekend, the crypto market experienced a significant pullback, with Bitcoin briefly dropping below $60,000. GCR, a legendary trader who had been inactive on X (formerly Twitter) for about a year, returned with a post encouraging crypto holders to hold their spot positions and not surrender. Known as the bear who profited massively during the Luna collapse, turning his account into a $10 million success story, GCR was previously known for sharing investment insights that resonated deeply within the crypto community. His return during a period of weakened market confidence sparked global discussions.
Regional search trends:
(1) Europe and CIS regions show growing interest in MEMEs:
As weekend Middle East tensions escalated, the crypto market pulled back, with most MEME coins erasing nearly all their 2024 gains. However, as the market began recovering, some users started repurchasing MEME tokens to chase higher returns. European user searches indicate relatively high interest in MEME coins, suggesting active participation by European investors in MEME-related market moves.
(2) Asia shows increasing interest in BTC and ETH ETFs:
Following Bloomberg reports that Hong Kong might approve BTC and ETH ETFs this week, search interest across Asia has spiked. As a core financial hub in Asia, Hong Kong has long been at the forefront of financial innovation. If approved, these ETFs would become a regional focal point, enabling traditional finance and large capital to enter the crypto space, bringing positive implications for both industry development and retail investors.
4. Potential Airdrop Opportunities
Synthr
Synthr is a cross-chain synthetic asset protocol that enables the minting and transfer of synthetic assets across chains without relying on cross-chain bridges. By leveraging synthetic assets (similar to Synthetix), the protocol allows real-world assets (RWAs)—such as real estate, bonds, or stocks—to be easily brought on-chain for cross-chain trading and transfers.
The project has raised $4.25 million from top-tier funds including MorningStar Ventures, Kronos Research, and Axelar Foundation.
How to participate: The project has just opened its testnet. Users can register a wallet, obtain test tokens via faucet, and engage in early interactions. Stay updated on project developments and actively participate in on-chain activities.
LI.FI
LI.FI is a multi-chain liquidity aggregation protocol that aggregates bridges and DEX aggregators across more than 20 networks—including Ethereum, Arbitrum, Optimism, Solana, Polygon, and Base—to support swaps between any two assets.
Cross-chain infrastructure protocol LI.FI has completed a $17.5 million Series A funding round led by CoinFund and Superscrypt, with participation from Bloccelerate, L1 Digital, Circle, Factor, Perridon, Theta Capital, Three Point Capital, Abra, and nearly 20 angel investors.
How to participate: Visit the project website and conduct cross-chain swaps between multiple chains. Maintaining active wallet addresses and consistent transaction volume increases chances of qualifying for potential airdrops.
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