Bitget Research: Bitcoin quickly recovers after dropping below $60,000; BounceBit and Avail launch token airdrops
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Bitget Research: Bitcoin quickly recovers after dropping below $60,000; BounceBit and Avail launch token airdrops
Over 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 insightsBy: Bitget Research
Summary
Israel launched retaliatory strikes against Iran on Friday morning Beijing time, causing Bitcoin to drop 5%, falling below $60,000 before quickly rebounding back above that level. Market demand for a recovery currently appears strong. With less than one day remaining until the Bitcoin halving, BounceBit, a Bitcoin restaking blockchain, is about to launch.
- High-wealth-generating sectors: Base ecosystem, Ton ecosystem, Bitcoin Layer 2 blockchains
- User’s most searched tokens & topics: Seraph, Runes, RWA, FLOKI
- Potential airdrop opportunities: Myshell, Renzo
Data collection time: April 19, 2024, 04:00 (UTC+0)
I. Market Environment
Israel launched retaliatory strikes against Iran on Friday morning Beijing time. Following Israel's counterattack in response to Iran's missile strikes last week, Bitcoin dropped 5%, briefly falling below $60,000 before swiftly recovering above that threshold. U.S. stock index futures also declined, while crude oil prices rose.
On the project front, two high-profile projects—Avail and Bouncebit—are set to release airdrops and list their tokens. Avail announced its airdrop rules today and launched an airdrop eligibility checker website, rewarding developers across the blockchain ecosystem, incentivized testnet contributors, rollup users, Polygon PoS stakers, and community members who have made significant contributions to the blockchain ecosystem. Meanwhile, BounceBit, a Bitcoin restaking blockchain, announced it will be featured on Binance Megadrop, with 8% of its tokens to be airdropped to participants.
II. Wealth-Generating Sectors
1) Sector Movement: Base Ecosystem (DEGEN, SEAM)
Primary Reasons: Base recently published the list of 10 selected teams for its sixth round of the Base Builders Grant Program on social media. Base has maintained consistent financial support for various projects to foster ecosystem development, sustaining developer enthusiasm and enriching its ecosystem diversity. Additionally, collaboration among Base-based projects continues to grow. Seamless Protocol announced it will support DEGEN and SEAM tokens, expanding asset variety within the ecosystem.
Price Performance: Over the past 24 hours, DEGEN rose by 10.28%, and SEAM increased by 4.46%; both are up approximately 10% over the past seven days.
Factors Influencing Future Trends:
- Base Ecosystem TVL and Capital Inflows: The Total Value Locked (TVL) in the Base ecosystem has surpassed $1.48 billion, increasing over 112% in the past month. It currently ranks sixth among public blockchains. If capital inflows remain steady, overall token prices in the ecosystem could rise further. Moreover, exchanges are accelerating listings of Base-related tokens. Secondary market capital from these exchanges will indirectly affect Base’s ecosystem TVL.
- Coinbase Trading Volume: For the Base ecosystem, the largest source of inflows remains Coinbase Exchange. Coinbase has absorbed buying pressure from ETFs, and most ETH spot ETF applicants have chosen Coinbase as their custodian. With the final decision on ETH ETF approvals expected in May, Coinbase’s trading volume could increase significantly, lifting the entire Base ecosystem along with it.
2) Sector Movement: Ton Ecosystem (STON, TGRAM)
Primary Reasons: 1) According to official announcements, TON posted on social media that a major announcement is imminent. The promotional image included Tether, AMM protocol STON.fi, and staking protocol Tonstakers, prompting investor purchases in related projects. 2) Notcoin, a meme project within the TON ecosystem, announced on social media that it will launch its NOT token on April 20 and stated that users can obtain wNOT via Shardify and later redeem it for NOT after the Token Generation Event (TGE).
Price Performance: Over the past 24 hours, STON rose by 12.2%, and TGRAM surged by 22.97%.
Factors Influencing Future Trends:
- Wealth Effect from Launchpads: Most emerging high-volume tokens in this sector originate from launchpad projects within the Ton ecosystem, delivering wealth effects ranging from 10x to 100x. If similar returns can be replicated in future projects, speculation around the Ton blockchain will intensify further.
- Notcoin’s Listing Performance: As the most talked-about project on the Ton chain, Notcoin is under intense scrutiny. It currently boasts over 27 million players and 1.68 million followers on X (formerly Twitter). Its trading volume on Getgems exceeds 3.1 million Ton (approximately $21 million USD). With Notcoin’s token launch scheduled for April 20, strong market acceptance and positive price performance post-launch could significantly expand the ceiling for the Ton ecosystem.
3) Sector to Watch: Bitcoin Layer 2 Blockchains
Primary Reasons: With the Bitcoin halving approaching, BTC-based ecosystem projects have become focal points in the market. CKB, as a prototype project built on the UTXO Stack, is highly favored and considered one of the most technically advanced representatives of Bitcoin Layer 2 solutions. Recently, asset issuance protocols based on RGB++ have gradually gained traction, generating notable wealth effects. Additionally, new token listings have brought fresh momentum to Bitcoin Layer 2 chains—MERL and BB have listed on major exchanges such as OKX and Binance, with substantial airdrops awaiting realization.
Specific Token List:
- CKB: The recently popular RGB++ protocol developed on CKB serves as an asset issuance protocol within the BTC ecosystem and has demonstrated strong wealth generation potential;
- BB: BounceBit is a Bitcoin restaking blockchain. BB has a maximum supply of 2.1 billion tokens, with an initial circulating supply of 409.5 million. It is a Binance Lab-backed project. Binance plans to list BB following the completion of its Megadrop event.
- MERL: Merlin Chain, launched in January by the Bitmap Tech team, is a Layer 2 solution built on the Bitcoin network. Currently, Merlin Chain has achieved a TVL of $3.1 billion, making it the highest-TVl project among Bitcoin L2s.
III. User Search Trends
1) Popular DApp
Seraph (token not yet launched):
The pre-season of "SERAPH: In the Darkness," a dark-themed ARPG loot-based Web3 game developed by Seraph Studio, officially launched yesterday. Backed and incubated by South Korean gaming giant Actoz Soft, the game inherits core gameplay mechanics from classic dark fantasy titles while integrating AI companions, multiplayer co-op modes, and PvP leaderboards—enhancing both playability and social engagement. SERAPH stands out as a leading second-generation Web3 game receiving widespread attention. Having completed its third testing phase, the game was so popular that some players even purchased test activation codes to gain early access. Not only Web3 enthusiasts but also Web2 gamers participated at nearly equal rates (55/45 split), demonstrating remarkable cross-over appeal. Investors are encouraged to join its latest testnet round.
2) Twitter
Nansen:
Recently, data analytics platform Nansen announced integration with zkSync into its blockchain data tools and launched a dedicated zkSync dashboard, providing on-chain data and analysis for the zkSync ecosystem. Founder Alex Svanevik also posted on X that Nansen plans to introduce a PNL (Profit and Loss calculation) feature, currently under testing. This announcement sparked significant excitement and discussion within the Twitter community.
3) Google Search & Regional Trends
Globally:
Runes:
With the Bitcoin halving approaching, activity in the BTC ecosystem has surged. Casey, the creator of the official Runes protocol, is expected to formally announce its launch around April 20. Yesterday, Magic Eden announced on X that it will launch its Runes marketplace on April 23. Following the protocol’s release, market attention toward BTC and its ecosystem is likely to increase, potentially generating notable wealth effects. Currently, RSIC (Runecoin) is available on Whales Markets at 0.033; worth monitoring.
Regional Search Trends:
(1) English-speaking and Asian regions show continued interest in RWA:
Despite overall market volatility this week, the RWA (Real World Assets) sector has shown resilience. Community excitement and modest wealth effects generated by Parcl’s recent launch have sustained strong regional interest. Several globally recognized asset management firms—including BlackRock—are actively involved in building the RWA space. As traditional finance increasingly adopts blockchain technology to tokenize financial products, this sector’s market share is expected to grow steadily.
(2) Africa, Latin America, and CIS regions continue showing high interest in FLOKI:
FLOKI has repeatedly trended in the Middle East, Latin America, and other regions, indicating widespread regional interest in meme coins. As one of the most prominent meme tokens on local exchanges—with trading pairs available locally—it enjoys a large user base. During volatile market conditions, speculative trading in meme tokens like FLOKI remains common.
IV. Potential Airdrop Opportunities
[MyShell]
MyShell is a Web3-enabled artificial intelligence platform allowing users to create personalized chatbots called "Shells." The platform reportedly already has around 50,000 creators and over 1 million registered users, with an ecosystem including tools and services such as OpenVoice, MeloTTS, and Alice. Given its large user base and clearly defined airdrop plan on its official website, early participation is advisable.
The project has a strong funding background. Yesterday, it announced a successful $11 million Pre-A round led by Dragonfly, with participation from angel investors including Bankless Ventures, Balaji, and Ilya. Previously, it raised $5.6 million in seed funding at a $57 million valuation, backed by INCE Capital, Hashkey Capital, Folius Ventures, and others.
How to Participate in the Airdrop: Users can register an account on the official website and earn Shell Points by completing daily tasks—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 users may still participate.
[Renzo Protocol]
Renzo is a Restaking protocol built on EigenLayer. It simplifies the complex restaking process for end-users, eliminating concerns about operator selection, management, and reward strategies. The protocol currently holds $1.8 billion in TVL, ranking second in the Liquid Restaking sector.
The project secured seed funding this year exceeding $3.2 million at a $30 million valuation. Backers include Binance Labs and OKX Ventures, fueling expectations that the upcoming token listing will be supported by top-tier exchanges. As the token launch nears, TVL is expected to grow continuously. Given Etherfi’s recent success in elevating valuations across the sector, the anticipated airdrop is expected to generate strong wealth effects.
Participation Methods: (1) Stake ETH via the Renzo Protocol website to receive eETH; (2) Deposit eETH into other DeFi platforms to earn yield;
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