Bitget Research: Bitcoin trades in narrow range, MEME sector leads broad rally
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Bitget Research: Bitcoin trades in narrow range, MEME sector leads broad rally
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
Yesterday, BTC continued its rebound, briefly breaking through the $67,000 mark. Certain sectors showed strong wealth effects:
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High-wealth-effect sectors: MEME sector, RWA sector;
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User's most-searched tokens & topics: Renzo, Karrat, LayerZero;
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Potential airdrop opportunities: Owlto Finance, ZKLINK;
Data collection time: April 24, 2024, 4:00 (UTC+0)
I. Market Environment
Yesterday, Bitcoin rose from $65,911 to reach the resistance level of $67,000, peaking at $67,132 in the early morning hours. Since last Wednesday, Bitcoin has surged over 5%. The altcoin market also saw a solid rebound, especially meme coins, which generally increased by more than 20%, generating noticeable wealth effects recently.
Last week, major U.S. stock indices performed poorly, but this week started on an upward trend. By yesterday’s close, the S&P 500, Dow Jones, and Nasdaq had all rebounded. The yield on the U.S. 10-year Treasury note rose by 0.28%, and the broader macroeconomic recovery provided positive momentum for the crypto market. On April 23, spot Bitcoin ETFs recorded net inflows of $101 million—significantly improved compared to the previous day. However, market consensus remains uncertain, and further attention should be paid to how ETF inflows impact the crypto market going forward.
II. Wealth-Generating Sectors
1) Sector Movement: MEME Sector (PEPE, FLOKI, BONK)
Main reasons:
Leading meme coins continue to strengthen, especially during periods when blue-chip and mainstream sectors are flat or declining. With relatively small market caps and high community consensus, these assets lack fundamental metrics for valuation and rely instead on ideological momentum and coordinated buying, making price surges easier to achieve.
Price performance: PEPE +10%, FLOKI +13%, BONK +29%;
Factors affecting future trends:
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Meme coins are highly sensitive to overall market movements. If the broader market sustains its upward momentum, meme coins are likely to continue delivering outsized returns. However, if the market undergoes a significant correction, meme coins could experience even sharper pullbacks.
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Key drivers for meme coin rallies include influencer endorsements ("KOL shilling"), project-specific events, and listings on centralized exchanges. Investors are advised to closely monitor core team tweets, influencer activity, news updates, and CEX listing announcements.
2) Sector Movement: RWA Sector (ONDO, MKR, CFG)
Main reason: The RWA sector currently includes products such as U.S. Treasuries. As the Federal Reserve continues signaling sustained high interest rates, RWA assets are increasingly viewed by the market as long-term holdings capable of hedging against risks in volatile markets.
Price performance: ONDO, MKR, and CFG rose 6.5%, 2%, and 1.6% respectively over the past 24 hours;
Factors affecting future trends:
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Changes in macro monetary policy: From a macro perspective, rising yields on 10-year U.S. Treasuries provide fundamental support for the RWA sector. Traders should monitor subsequent changes in the U.S. dollar index, Treasury yields, and the crypto market to dynamically adjust trading strategies;
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Changes in project TVL: Most RWA projects have measurable Total Value Locked (TVL). Monitoring TVL trends can offer valuable signals—sustained or sudden increases in a project’s TVL often indicate potential buying opportunities.
3) Sector to Watch: Bitcoin Layer 2 Chains
Main reason: This week’s market shows signs of recovery, accompanied by breakout growth in BounceBit’s TVL and the launch of Runes, resulting in extremely active on-chain data for Bitcoin.
List of specific tokens:
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CKB: A Bitcoin Layer 2 project built on the RGB++ extension protocol. CKB has consistently maintained its original vision amid competition among Layer 2 solutions, staying true to Bitcoin’s architecture while bridging gaps within the Bitcoin ecosystem.
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BB: BounceBit is a BTC restaking chain. 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, and Binance plans to list BB following the Megadrop event.
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MERL: Merlin Chain has already launched on major exchanges like OKX and is a Layer 2 project based on the Bitcoin network. With a TVL of $3.1 billion, it currently holds the highest TVL among Bitcoin L2 projects.
III. User Search Trends
1) Popular Dapp
Renzo: Renzo is a restaking protocol built on EigenLayer that simplifies the restaking process for end users. Stakers no longer need to worry about operator selection, management, or reward strategies. The protocol currently holds $1.8 billion in TVL, ranking second in the liquid restaking sector. On April 24, Renzo officially released its detailed token distribution rules, which sparked widespread dissatisfaction within the community. Its ETH receipt token ezETH briefly plunged, severely depegging to around $1,600. Prices have since stabilized, but cautious participation is advised.
2) Twitter
Karrat: This protocol supports transformative AI and other innovations in gaming and entertainment—from real-time animation in streaming and emerging retail products to telecommunications, education, and any imaginable future communities. According to official announcements, Coinbase will add support for Karrat (KARRAT) as an ERC-20 token on the Ethereum network and open trading once liquidity conditions are met. The token price initially rose before falling sharply, posting a daily decline of 12.21%. Given the fast-fading nature of such hype, users are advised to proceed with caution.
3) Google Search & Regional Trends
Global overview:
LayerZero: LayerZero serves not only as the foundation for building bridges enabling asset transfers across chains but also as the base for omnichain solutions. This solution combines cross-chain and multi-chain capabilities, offering an environment of infinite interoperability. With omnichain technology, users can interact with all blockchains through a single interface. LayerZero Labs has indicated that the first half of 2024 is nearing its end, suggesting that the Token Generation Event (TGE) timeline is drawing closer. As a flagship project that raised $120 million in its Series B round, anticipation around its token launch has attracted massive attention.
Regional search trends:
(1) In Asian regions, search interest yesterday was primarily focused on RWA:
Recently, RWA projects from Asia have been particularly active. MAP Protocol, a Bitcoin L2 interoperability layer, has formed a strategic partnership with Orient Asset Management (Hong Kong) Limited to promote integration and innovation between traditional financial institutions and Web3 digital assets, aiming to provide Hong Kong-based financial institutions with R&D and technical support for Web3 digital assets and RWA products. Additionally, the Parcl ecosystem, built on the decentralized real estate trading platform Parcl Protocol, announced a strategic partnership with global alternative investment firm SkyBridge Capital. As market sentiment improves, RWA tokens such as PRCL have seen price rebounds.
(2) African and Latin American countries are showing increased interest in meme tokens such as PEPE:
Due to continuous whale accumulation and reduced on-chain activity leading to lower gas fees, trading of meme assets on the ETH chain has picked up. Top meme tokens APU and PEPE have surged in price, while whales continue accumulating ETH. Since April 17, a whale address (suspected to belong to Justin Sun) has accumulated 48,875 ETH and recently transferred another 15,389 ETH worth $49.79 million from Binance. With growing attention on ETH recently, users may want to keep monitoring developments.
IV. Potential Airdrop Opportunities
[Owlto Finance]
Owlto Finance is a decentralized Cross-Rollup bridge focused on Layer 2 networks. It currently enables users to perform cross-chain transactions across more than 15 L2s, including Ethereum mainnet, zkSync Era, Starknet, and others.
Since its launch, Owlto Finance has gradually integrated into the official ecosystems of zkSync, Starknet, Arbitrum, Optimism, Linea, Base, Polygon, BNB Chain, Mantle, Scroll, Taiko, Manta, and Kroma. Notably, it has received official mentions and retweets from many of these Layer 2 teams, indicating strong relationships. The project has already launched a points system. While farming Owlto airdrops, users can also accumulate transaction volume across various yet-to-launch Layer 2 networks.
How to participate: Visit the official website, select source and target chains, enter the amount, and proceed. Owlto currently supports four tokens: ETH, USDC, USDT, and BNB. The platform also offers a daily check-in feature where users earn points simply by logging in each day.
[ZKLINK]
zkLink develops zero-knowledge blockchain solutions for the ETH ecosystem. By building a multi-chain Rollup base protocol, it simplifies multi-chain dApp deployment and addresses liquidity fragmentation, overcoming key challenges in blockchain interoperability and standardization.
In the CoinList sale on January 26, 2024, ZKL tokens were sold at $0.15 each with a total FDV of $150 million, successfully raising funds from the sale of 31,250,000 ZKL tokens. User participation was high. Users earn loyalty points by interacting with zkLink’s ecosystem dApps, completing on-chain tasks, engaging on social media, and actively participating in the community.
Specific steps:
https://zealy.io/c/zklink/invite/0rBOlRwqvc_FKHx3vB7Fv – Complete simple tasks to level up XP and unlock multiple roles, such as becoming a "ZK Hero" at Level 8, which serves as proof of community involvement.
https://galxe.com/zkLink – On Galxe, complete various tasks to earn points and NFT credentials. These points and NFTs are expected to serve as eligibility criteria for future airdrops.
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