Bitget Research Institute: The market rebounded after a sharp drop, and the Meme and AI sectors performed strongly
Written by: Bitget Research Institute
Summary
The rapid changes in the international situation led to a rebound in the crypto market after a sharp drop.contractThe liquidation of 708 million US dollars, of which 602 million US dollars were long orders. During the market rebound, MEME,AI, RWA sectors are the strongest.
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The sectors with strong wealth creation effect are: new generation popular MEME (SLERF, MEW, BOME, WIF),AI Sector (RNDR, AGIX, TAO, FET), RWA sector (ONDO, PRCL, low market cap RWA Token);
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User Hot SearchToken&Topics: EigenLayer, DRiP, GCR;
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Potential airdrop opportunities include: Synthr, LI.FI
Data statistics time: April 15, 2024 4:00 (UTC+0)
1. Market environment
The expectation of the Fed's rate cut continued to decline, the market's risk aversion increased, the US dollar index rose above 106, and spot gold broke through the $2,430 mark and then plunged nearly $100. After Iran launched an attack on Israel, neither side took the next step, and the situation in the Middle East eased temporarily.
The conflict and relaxation of the international situation over the weekend greatly affectedcryptocurrencyTrend: First, Iran launched an attack on Saturday, causing BTC to plummet and altcoins to collapse. After Iran and Israel stopped further actions and the situation was under control, the market immediately plummeted and then rebounded.
During the decline, the decline of altcoins was much greater than that of BTC, and BTC’s dominance rate accounted forcryptocurrencyThe market share rose to 53%, the highest level since April 2021. During the rebound, MEME,AIThe rebound of the 3 and 4 RWA sectors was the strongest, which shows the preference of big funds and the market. Therefore, if investors want to gain short-term returns, they can focus on the leading assets of these three sectors.
2. Wealth-making sector
1) Sector changes: new generation of popular MEME (SLERF, MEW, BOME, WIF)
The main reason is that the new generation of popular meme coins that emerged in the recent Meme Season rebounded from oversold prices during the market upheaval, and there were whales during the market crash.walletAnd smart money and big funds bought the bottom and rose strongly in the rebound.
Increase: In the past 24 hours, SLERF increased by 31%, MEW increased by 89%, BOME increased by 6%, and WIF increased by 12%.
Factors affecting the market outlook:
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The new generation of popular MEMEs are all characterized by strong market control and high market attention. WIF has been listed on Binance and Robinhood, and has very strong exposure; SLERF and BOME have had whales absorb enough chips during several sharp price fluctuations; and MEW issued an airdrop worth up to 4 million US dollars in the post-TGE market, and the project party has not yet made a profit on this asset. Therefore, the strong market makers of many new generation popular MEMEs have enough motivation to pull the market for these assets that have already received huge attention in the market. The market's enthusiasm for the entire Meme track and the timing of the market makers' pull will be the most critical factors for making profits on this track.
2) Sector changes: AI sector (RNDR, AGIX, TAO, FET)
Main reason: AI sector is still one of the main themes of speculation in this round of bull market, with strong market expectations and financial consensus. Binance has just launched the leading AI project TAO, and the AI track is expected to usher in continued speculation.
Increase situation: In the past 24 hours, RNDR, AGIX, TAO, and FET increased by 19%, 17%, 15%, and 15% respectively.
Factors affecting the market outlook:
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The continuous improvement of functions and increase in market value of AI giants such as OpenAI will also open up imagination and ceiling for the market value of Web3 AI projects.
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When a new innovative narrative emerges in the Web3 AI sector that is widely accepted by the market, the sector may experience another explosion.
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The token merger proposal of SingularityNET, Fetch.ai, and Ocean Protocol will soon have results. The results of the token merger and the post-merger trend will affect the entire AI sector.
3) Sectors that need to be focused on in the future: RWA sector (ONDO, PRCL, low-market-cap RWA tokens)
Main reason: Previously, BlackRock announced the launch of its firstBlockchainThe entry of giants into the tokenized funds issued on the stock market has brought a second spring to the RWA track. RWA may still be one of the most important narratives in this round of bull market. In the market crash and rebound, the RWA sector performed well.
Key projects:
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Ondo (ONDO): Currently the flagship token in the RWA track, it has the backing of TradFi giants: BlackRock, Goldman Sachs and Bridgewater. In this sharp drop and rebound, the performance of the RWA flagship token ONDO was eye-catching, relatively resistant to the drop and quickly rose 30% in the rebound, approaching a new high.
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Parcl (PRCL): The Solana-based real estate digital investment platform is about to launch TGE, and BackPack has announced that it will launch PRCL.
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Low-market-cap RWA tokens: RWA assets with certain fundamentals and low market capitalization are likely to have a higher rebound amid the hype of leading RWA projects. RIO, GFI, PROPS, etc. are all worthy of study.
3. User Hot Searches
1) Popular Dapps
EigenLayer:
EigenLayer is a middleware protocol based on Ethereum. It introduces the concept of re-staking, allowing Ethereum nodes to re-stake their staked ETH or LSD tokens to other nodes that need it.Safetyand trusted protocols or services, thereby obtaining double benefits and governance rights.
EigenLayer recently launched the mainnet, and also launched the first batch of AVS projects, including AltLayer, Brevis, eoracle, Lagrange, Witness Chain, and Xterio. The first batch of AVS launched are distributed in various tracks, including Rollup as a service, oracle, ZK protocol processing, DePIN, games, etc. Investors can actively participate in early AVS projects to win potential project benefits, but they also need to pay attention to potential risks. After all, EigenLayer AVS projects are the first to be launched, and whether there are potential risks still needs to be tested by the market and time.
2) Twitter
DRiP:
DRiP is aBlockchainThe collection includes limited edition artworks, music, videos, comics, games, etc. The prices of individual works published on the platform are not too high, but the artistic style is relatively independent and novel, and has been well received by users inside and outside the circle.
3) Google Search & Region
From a global perspective:
GCR: As the conflict in the Middle East intensified this weekend, the crypto market experienced a large pullback, and Bitcoin once fell to $60,000. Legendary trader GCR's X account posted a tweet for the first time after being inactive for about a year, encouraging crypto market users to hold on to the spot and not surrender. GCR was a big short who created a myth in the last round of the industry cycle. He made a legendary trading plan that made his account profit of $10 million in the Luna shorting incident. He used to share investment ideas on social media and was loved by crypto market users. This time, when market confidence was tested, he posted a message to express support, which attracted global crypto investors.CommunityHotly discussed.
From the hot searches in each region:
(1) Europe and CIS regions show a certain degree of interest in MEME:
As the situation in the Middle East became tense over the weekend, the crypto market experienced a certain degree of retracement, and most MEME coins lost almost all their gains in the past 24 years. However, as the market recovered to a certain extent, some users began to buy back their chips into MEME coins to gain higher returns. From the searches of European users, it can be seen that European users generally search for MEME coins more frequently, which also means that users in the European market are more involved in the MEME coin market.
(2) The Asian region has shown a clear increase in attention to BTC, ETH ETFs, etc.:
Influenced by Bloomberg's report that Hong Kong may pass BTC and ETH ETFs this week, the search in the Asian region has obviously increased its attention to this event. As the core area of Asian finance, Hong Kong has always been at the forefront of financial innovation. If the relevant ETF is passed this time, it will definitely become the focus of Asia. Traditional finance and large funds can enter the encryption field through this channel, which will have a positive impact on both industry development and retail investment.
Potential Airdrop Opportunities
Synthr
Synthr is a full-chain synthetic protocol that allows cross-chain minting and transfer of synthetic assets without the need for cross-chain bridges. The project mints assets on-chain through synthetic assets (Synthetix), which means that its technology can easily bring RWA to the chain, such as real estate, bonds or stocks, for cross-chain transactions and transfers.
The project raised $4.25 million from top funds including MorningStar Ventures, Kronos Research, and Axelar Fdn.
Specific participation method: The project is currently open for testing. Users can register by entering the test network.wallet, participate in early interactions by receiving test coins through the faucet. Continue to pay attention to the subsequent progress of the project and actively participate in various on-chain interactions.
LI.FI
LI.FI is a multi-chain liquidity aggregation protocol that supports the exchange between any two assets by aggregating bridges and DEX aggregators from more than 20 networks including Ethereum, Arbitrum, Optimism, Solana, Polygon, Base, etc.
Cross-chain infrastructure protocol LI.FI completed a US$17.5 million Series A financing 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.
Specific participation method: log in to the project website, conduct cross-chain swaps between multiple chains, and maintainwalletThe activity of the address and the transfer scale can provide potential airdrop opportunities.
The article comes from the Internet:Bitget Research Institute: The market rebounded after a sharp drop, and the Meme and AI sectors performed strongly
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