Bitget Research: Strong Q1 inflation data delays rate cuts, football fan tokens hold wealth creation opportunities
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Bitget Research: Strong Q1 inflation data delays rate cuts, football fan tokens hold wealth creation opportunities
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
ETFs experienced outflows for two consecutive days, and Grayscale's GBTC selling pressure remains unabated, causing Bitcoin to continue oscillating around $62,000. Amid a broad downturn across altcoins, certain sectors and tokens still demonstrate wealth creation effects and market热度, including:
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Sectors with strong wealth-generation potential: Next-generation popular MEMEs, new BTC ecosystem assets, blue-chip public chains
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User-searched tokens & topics: Avalon Finance, Mocaverse, Paxos, RWA
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Potential airdrop opportunities: Zircuit, Nifty Island
Data collection time: April 17, 2024, 04:00 (UTC+0)
1. Market Environment
Yesterday, after briefly dropping below $62,000, Bitcoin quickly rebounded to the $63,000–$64,000 range, maintaining narrow-range volatility. Altcoins remain weak, with prices continuing to decline. Spot Bitcoin ETFs saw total net outflows of $58.03 million yesterday—marking two consecutive days of net outflows—with GBTC alone reporting single-day outflows of $79.38 million.
On the macro front, futures markets indicate that expectations for Fed rate cuts declined further following Powell’s comments on inflation. Investors now anticipate only one or two rate cuts this year, totaling around 40 basis points. Macroeconomic conditions currently offer no support to the crypto market. This correction continues amid broad altcoin declines. However, certain Solana-based meme coins like MEW showed strong gains, indicating capital concentration. Additionally, with the European Championship approaching, investors may consider monitoring the football fan token sector.
2. Wealth-Generating Sectors
1) Sector Movement: Next-Generation Popular MEMEs (SLERF, MEW, BOME)
Main reason: During the market downturn, most altcoins saw diminished wealth effects. However, large whale wallets and smart money have begun accumulating meme coins, driving strong rebounds among popular meme tokens.
Price performance: Over the past 24 hours, SLERF rose 4%, MEW surged 36.9% (with nearly 250% gains over the last three days), and BOME increased 1%.
Factors influencing future trends:
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Solana ecosystem TVL and capital inflows: Solana’s TVL has exceeded $4.7 billion, rising over 100% in the past month, ranking third behind Ethereum, TRON, and BSC. If capital inflows continue, overall ecosystem token prices could rise further. Moreover, exchanges are accelerating listings of Solana-based tokens, and secondary market inflows from these platforms will indirectly affect Solana’s TVL.
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Future trajectory of MEW: For Solana-based meme tokens, the newly launched MEW appears poised to break ceilings, showing rapid appreciation. The token demonstrated exceptional strength during the post-market-dip rebound, doubling intraday before being listed on OKX. Given the substantial early airdrop size, the project team likely hasn’t yet profited from the asset, creating strong incentive to pump liquidity and sell later for profit.
2) Sector Movement: New BTC Ecosystem Assets (RUNE, CKB, STX)
Main reason: With Bitcoin halving approaching, activity in the BTC ecosystem is increasing. The official Runes protocol by founder Casey is expected to be officially announced around April 20.
Price performance: Over the past 24 hours, Runestone rose 8%, breaking above $5,000 again. CKB and STX declined less than other altcoins during the same period.
Factors influencing future trends:
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Updates from BTC core developers such as Casey and related teams: Monitor announcements via Twitter, Telegram, or Discord channels. During the Bitcoin halving window, BTC ecosystem projects are highly likely to release positive news. Timely tracking of official communications is essential. With the Runes protocol即将 launching on mainnet, speculative interest in ecosystem assets may intensify.
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CKB and STX gaining market attention during halving: CKB, as a prototype project on the UTXO Stack, is highly favored and considered one of the most technically advanced representatives of Bitcoin Layer 2. Recently, asset issuance protocols based on RGB++ have gradually emerged, generating wealth effects within the ecosystem. STX adopted a threshold signature algorithm token T, and its Nakamoto upgrade scheduled for April 15 has sparked market speculation. Additionally, the Bitcoin halving will further reduce miner income, necessitating ecosystem growth to support revenue diversification. Investors should monitor fund flows within the ecosystem to inform investment decisions.
3) Sector to Watch: Football Fan Tokens
Main reason: With the UEFA Euro and Copa América tournaments approaching, fan tokens began warming up nearly one and a half months in advance. During the broader market downturn, fan tokens showed relative resilience—the top tokens in this sector dropped around 10% over the past seven days, outperforming most altcoins. SANTOS rose 30% in the past 24 hours, PSG gained 10%, and other fan tokens also saw short-term spikes followed by pullbacks.
Specific token list:
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SANTOS: Santos FC Fan Token is a BSC-based fan token for Santos Football Club, a well-known Brazilian team. Launched via Binance Launchpool, SANTOS currently holds the highest market cap among fan tokens.
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PSG: Paris Saint-Germain Fan Token recently became the first Chiliz Chain node validator, pledging to use 100% of its accrued revenue to repurchase PSG fan tokens.
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LAZIO: Lazio Fan Token is issued on BSC and was launched via Binance Launchpad. Its current FDV stands at $120 million.
3. User Search Trends
1) Popular Dapp
Avalon Finance:
Avalon Finance, the first lending protocol on Merlin Chain, has surpassed $140 million in TVL with over 7,000 users, making it the largest lending protocol in both Merlin Chain and the broader BTC ecosystem. It also set the record for fastest TVL growth among DeFi lending protocols in DeFi history. Avalon Finance completed a $1.5 million seed round in March led by SNZ Capital, Summer Capital, and Matrixport Ventures. The protocol has launched a community airdrop program offering up to 20% of tokens, allowing early participation.
2) Twitter
Mocaverse: Animoca Brands’ Web3 project Mocaverse revealed its tokenomics. The MOCA token has a total supply of 8,888,888,888, allocated as follows: 31.5% for network incentives, 20% for ecosystem and treasury, 1.5% for community sales, 13% for strategic partners, 10% for liquidity, 5% for operational expenses, 12% for the team, and 7% for contributors and advisors. Additionally, holders of Moca NFTs will receive an airdrop of 3 million PARAM tokens. Airdrops will continue, and users can calculate potential returns based on token price upon official launch before participating.
3) Google Search & Regional Trends
Global overview:
Paxos:
USDP briefly experienced extreme volatility, spiking above $1.50 before settling at $1.12. This sharp fluctuation triggered liquidations across on-chain lending platforms, with over $2 million liquidated on Aave v2. Users involved in related protocols are advised to withdraw funds promptly.
Regional search trends:
(1) ETH, Solana, and other major cryptocurrencies trended in multiple Asian countries:
Yesterday, both ETH and Solana generated notable interest. On Solana, Zhu Su posted on social media: “Buying SOL at $135.” Other posts suggested he believes the downward risk has passed and is considering whether to accumulate. Meanwhile, ETH saw several large whale transfers to exchanges. A multi-sig address 0xA97 withdrew 6,513 staked ETH from Lido, depositing 5,100 into OKX. Separately, another whale transferred 5,000 ETH (~$15.2 million) to Kraken on the same day.
(2) High RWA interest in Europe, CIS, and Africa:
Yesterday, a popular RWA project on the Solana ecosystem opened airdrop claims and listed on multiple exchanges including OKX and BITGET. Its token PRCL became claimable at 20:59 Beijing time, currently trading at $0.55. Additionally, the permanent points leaderboard will go live next week after the first PRCL distribution. These points will determine eligibility for the second community distribution of PRCL in Q3 2024, contributing to heightened interest in RWA.
4. Potential Airdrop Opportunities
Zircuit
Zircuit is a parallel, AI-integrated Layer2 blockchain built on zkRollup technology, backed by Pantera and Dragonfly. Its TVL has already surpassed $1.1 billion. The ecosystem is maturing, now featuring staking, cross-chain bridges, and explorers. Users can qualify for airdrops by participating in ecosystem development and community engagement.
How to participate: 1) Stake via (https://stake.zircuit.com/) to earn points; 2) Run a node via (https://build.zircuit.com/build) to earn points.
Nifty Island
Nifty Island launched its public test version in January this year. It is a game styled similarly to Sandbox, incorporating creative elements from Roblox and Fortnite.
The Nifty Island airdrop campaign is now live, incentivizing community members to earn ISLAND tokens. According to official social media rules, users earn points based on playtime, number of referrals, and ownership of relevant NFT assets in connected wallets.
How to participate: 1) Create a game account and begin building your island using the in-game guide; 2) Earn more ISLAND tokens by completing challenges or increasing island visitor traffic.
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