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Bitget Research: Cryptocurrency Market Experiences Significant Rebound, Solana Memecoin Season Poised for Restart
Aaron & Tommy
2024/04/23
In the past 24 hours, many new popular tokens and topics have emerged in the market, which are likely to be the next wealth creation opportunities.
Overview
Yesterday, BTC continued its rebound, briefly breaking through the $67,000 mark. The overall market exhibited positive wealth effects. The highlights are as follows:
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Sectors with strong wealth creation effect: New blockchains, Solana memecoins, and AI sector.
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Top searched tokens and topics: Galxe, Pendle, and POPCAT.
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Potential airdrop opportunities: Linea Surge and Skate.
Data collection time: April 23, 2024, 4:00 AM (UTC)
1. Market Environment
Yesterday, the cryptocurrency market saw broad gains, with BTC briefly surpassing $67,000 for the fifth consecutive trading day. ETH encountered significant resistance at the $3200 level and is currently fluctuating below this mark. BTC and ETH are both showing rebound trends, and assets on chains like Near and Solana are performing well. Market liquidity is gradually increasing, and BTC is likely to oscillate within the $60,000 to $72,000 range for some time.
The yield on U.S. 10-year Treasury notes has peaked and retraced, and the U.S. Dollar Index has temporarily weakened, which benefits the risk markets. All three major U.S. stock indices have risen, boosting the cryptocurrency market. The Federal Reserve's net liquidity index has decreased, with $62.2 million net inflow into spot BTC ETFs on the first trading day of the week. However, the market has yet to reach a consensus. Moving forward, it is important to monitor the impact of the U.S. Dollar Index on the cryptocurrency market.
2. Wealth Creation Sectors
2.1 Sector Movements – New blockchains (NEAR and SEI)
Main reasons: 1. NEAR has frequent offline activities, with founder Illia Polosukhin attending Dubai Token 2049 to promote AI concepts; 2. SEI chain is focusing on parallel computing, with potential future optimizations and iterations in products.
Gainers: NEAR rose over 10% yesterday, recovering all its losses; SEI has risen for three consecutive trading days, with a total increase of 25%.
Factors affecting future market conditions:
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Futures data: To understand the direction of major funds, monitor futures data, especially the increase in net long positions. Check if there is a rise in open interest (OI) and trading volume. If so, it indicates increased bullish buying, suggesting that holdings can be maintained.
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Actions by project teams: Follow the project teams' Twitter, Telegram, and Discord announcements. NEAR is focusing on an AI Hub concept, and SEI is working on parallel computing. It is crucial to monitor these news to decide whether they signal profit-taking or long-term benefits.
2.2 Sector Movements — Solana memecoins (SNAP, NUB, DUKO, and ANALOS)
Main reasons: 1. With SOL rebounding and breaking above $150 again, Solana ecosystem tokens generally increased; 2. Yesterday, the new Solana memecoin MANEKI had explosive trading volume, exceeding $183 million in one day, with over 10,000 holders, driving a surge in the ecosystem memecoins;
Gainers: SNAP, NUB, DUKO, and ANALOS saw significant increases in trading volume and price, with 24-hour price increases of 36.15%, 38.90%, 33.56%, and 17.88%, respectively;
Factors affecting future market conditions:
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Whether SOL price continues to rise: Many memecoins on Solana are priced in SOL, so an increase in SOL can directly reflect on the rise of Solana memecoins. If the price of SOL continues to rise, the memecoin season on Solana is likely to maintain its popularity.
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Cryptocurrency market sentiment: The slight rebound in the market yesterday positively influenced the overall wealth effect, extending its benefits to the Solana ecosystem. If this upward movement continues, it would be wise to keep an eye on the Solana ecosystem assets.
2.3 Sectors to Focus on Next — AI sector
Main reason: The AI sector is quite active in the primary market, with platforms like io.net recently launching points systems indicating their tokens might go live in the coming months, attracting high market attention.
Specific tokens:
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ARKM: Arkham is a blockchain analytics platform that utilizes artificial intelligence to analyze blockchain and on-chain data. The token price experienced a significant rebound in the secondary market.
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NEAR: Recently, many AI projects within the NEAR ecosystem have been fundraising, positioning NEAR to potentially become a future AI Hub.
3. Top Searches
3.1 Popular DApps
Galxe (token: GAL):
The Galxe community has initiated a vote to change the token symbol and migrate the token contract, considering exchanging GAL tokens at a 1:60 ratio for G tokens. The voting will conclude on April 27, with the current support exceeding 99%. Recently, the number of projects deploying promotions on Galxe and users obtaining airdrops from completing these promotions have increased. Over the past 30 days, the number of unique active wallets on the Galxe platform reached 1.1 million, marking a 4% increase from the previous period.
3.2 X (former Twitter)
Pendle (token: PENDLE):
Pendle's TVL has skyrocketed from $234 million at the beginning of the year to $5 billion. Since April, more institutions and whales have begun using Pendle's products: 1. Fenbushi Capital related addresses transferred 7000 ETH from Binance and deposited it in Pendle; 2. Tokka Labs related addresses spent 3000 ETH on Pendle for short-term arbitrage; 3. A dormant whale address that had been inactive for four years purchased 13449 ETH, of which 11735 ETH were deposited in Pendle... The range of entities adopting Pendle is becoming increasingly broad.
3.3 Google Search (global and regional)
Global focus:
POPCAT:
Yesterday, a new memecoin themed around the lucky cat, MANEKI, which broke the $100 million FDV barrier, emerged on the Solana blockchain, boosting the rise of Solana ecosystem memecoins. POPCAT, one of the higher market cap and more liquid memecoins on the Solana chain, has seen its price surge for five consecutive days, reaching new highs. The emergence of MANEKI, combined with recent proposals by BONK DAO to burn BONK tokens, has made both established and emerging strong memecoins on Solana worth watching.
Regional focus:
(1) Asia displayed significant diversity in trending searches yesterday:
Indonesia's top searches included W, WIF, and SAGA, while the Philippines featured PEPE, and Malaysia and Singapore highlighted RWA and ENA, respectively. In India, DePIN reached the top spot in yesterday's hot searches, and Hong Kong's top searches included RWA and the TON ecosystem.
(2) Europe and USA showed keen interest in the BTC ecosystem and AI sector:
AI leader TAO and AI chain NEAR were among the top searches in Switzerland, while the lesser-known AI project DEAI appeared in France's hot searches. Bitcoin ecosystem projects such as STX, CKB, Merlin, and Runestone were trending in Switzerland, Spain, Canada, and the USA, respectively.
4. Potential Airdrop Opportunities
Linea Surge
Linea is a renowned zk-based Layer 2 developed and operated by ConsenSys. Due to its strong background, it is considered one of the leading Layer 2 projects in the market.
Linea Surge is another major ecosystem promotion following Linea Park. It began in April and will last for six months, or until the network's TVL reaches $3 billion. The new promotion encourages users to earn future airdrops of Linea tokens by increasing the TVL, indicating that there are still opportunities to win Linea airdrops.
Specific actions include: 1. Follow the official news to see if adding liquidity to specific DApps on Linea is required to qualify for LXP-L; 2. Official documents state that Linea Surge does not require Proof of Humanity (POH), but whether this allows for multiple addresses to participate in the airdrop still requires careful checking; 3. Note: Any user who contributed more than 0.1 ETH in liquidity to the Linea ecosystem before April 17 qualifies as an early participant and receives an additional bonus.
Skate
Skate aims to integrate all chain application layers, breaking the isolation of DApps. This means DApps can run on multiple blockchains with a unified state. New blockchains can also connect to Skate, allowing users and developers to interact solely with Skate for instant access to various networks while maintaining unified liquidity. The project will airdrop 8% of the tokens.
Skate originated from the on-chain asset management protocol Range Protocol, which secured $3.75 million in seed round funding in September last year, co-led by HashKey Capital and Nomad Capital.
Specific actions include: Currently, completing simple tasks can earn 600 Ollies points and an early bird NFT. Connect your wallet and complete simple social media tasks like retweeting posts to mint an early bird NFT free of gas fees. Inviting friends can earn more points.