Bitget Research Institute: Bitcoin fluctuates within a narrow range, while the MEME sector takes the lead in rising

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In the past 24 hours, many new popular currencies and topics have appeared in the market, and they may be the next opportunity to make money.

  • The sectors with strong wealth-creating effects are: MEME sector and RWA sector;

  • The most searched tokens and topics by users are: Renzo, Karrat, LayerZero;

  • Potential airdrop opportunities include: Owlto Finance, ZKLINK;

Data statistics time: April 24, 2024 4: 00 (UTC + 0)

1. Market environment

Yesterday, Bitcoin continued to climb from $65,911 to the pressure level of $67,000, reaching a high of $67,132 in the early morning. Bitcoin has soared by more than 5% since last Wednesday, and the altcoin market has also had a strong rebound, especially MEME coins, which generally rose by more than 20%. Recently, this sector has had a certain wealth effect.

The major US stock indices performed poorly last week, but started higher this week. As of yesterdays close, the SP, Dow and Nasdaq all rebounded, and the US 10-year Treasury yield rose by 0.28%. The overall rebound in the macro economy also boosted the crypto market. The spot Bitcoin ETF had a net inflow of US$101 million on April 23, which was a significant improvement from the previous day, but the market has not yet reached a consensus, and the impact of ETF inflows on the crypto market still needs to be paid attention to in the future.

2. Wealth-making sector

1) Sector changes: MEME sector (PEPE, FLOKI, BONK)

main reason:

MEME leaders continue to strengthen, especially when mainstream sectors such as blue chips are falling sideways. It is easier for altcoins with relatively small market capitalizations and high consensus, and no fundamentals to reasonably value them, to spread ideology and pull the market;

Increase: PEPE + 10%, FLOKI + 13%, BONK + 29%;

Factors affecting the market outlook:

  • MEME coin is greatly affected by the markets rise. If the market can continue to take over in the future, MEME coin will most likely continue to maintain excess returns. If the market experiences a sharp correction, MEME coin may experience a larger pullback.

  • KOL orders, the promotion of the projects own events and the listing on centralized exchanges are all key factors affecting the rise of MEME coins. Investors are advised to always pay attention to the tweets of the core members of the project, the promotion and news of KOLs, and the news of the listing of coins on centralized exchanges.

2) Sector changes: RWA track (ONDO, MKR, CFG)

Main reason: The RWA track currently mainly includes U.S. bond products, etc. As the Federal Reserve continues to release signals of maintaining high interest rates, RWA assets are also seen by the market as an asset type that is optimistic in the long term and can hedge the current risk market.

Rising: ONDO, MKR, and CFG rose by 6.5%, 2%, and 1.6% respectively in 24 hours;

Factors affecting the market outlook:

  • Changes in macro monetary policy: In terms of the macro environment, the rise in the yield of the 10-year U.S. Treasury bond supports the fundamentals of the RWA track; we need to pay attention to the subsequent changes in the U.S. dollar index, U.S. Treasury yields and the crypto market, and dynamically adjust trading strategies;

  • Changes in project TVL: RWA track projects are basically supported by TVL. You can pay attention to the changes in TVL of the RWA track. If the TVL of a project continues to rise/suddenly rises, it is usually a signal to buy;

3) The sector that needs to be focused on in the future: Bitcoins second-layer public chain

Main reason: The market is showing a rebound trend this week. With the breakthrough growth of BounceBit TVL and the launch of Runes, the data on the BTC chain is extremely active.

Specific currency list:

  • CKB: CKB, a Bitcoin Layer 2 project based on the extended protocol RGB++, has always adhered to its original intention in the competition of Layer 2 solutions. It insists on being isomorphic to Bitcoin and further bridges the shortcomings of the Bitcoin ecosystem.

  • BB: BounceBit is a BTC re-staking public chain. The maximum supply of BB is 2.1 billion, and the initial circulation is 409.5 million. It is a Binance Lab investment project. Binance will list BB after the Megadrop is completed.

  • MERL: Merlin Chain is currently listed on mainstream exchanges such as OKX. It is a Layer 2 project based on the Bitcoin network. The TVL on Merlin chain has reached 3.1 billion US dollars, making it the project with the highest TVL in Bitcoin L2.

3. User Hot Searches

1) Popular Dapps

Renzo: Renzo is a Restaking protocol based on EigenLayer. Renzo saves the complicated process of Restaking for end users, and stakers do not have to worry about the selection, management and reward strategy of operators. The current protocol has a TVL of 1.8 billion US dollars, and is the second dragon project in the Liquid Restaking track. On April 24, Renzo officially announced the detailed token distribution rules, but it caused dissatisfaction among many people in the community. The price of Renzos ETH deposit certificate token ezETH once plunged, and it was seriously decoupled, falling to around US$1,600 at the lowest. The price has stabilized at present, and it is recommended to participate with caution.

2) Twitter

Bitget Research Institute: Bitcoin fluctuates within a narrow range, while the MEME sector takes the lead in rising

Karrat: The protocol supports transformative AI and other innovations in the gaming and entertainment industries, from live animation and emerging retail products in the streaming industry to telecommunications, education, and any future community can imagine. According to the official announcement, Coinbase will add support for Karrat (KARRAT) on the Ethereum network (ERC-20 token) and open trading after liquidity conditions are met. The price of the coin rose first and then fell, and the current daily decline is 12.21%. The popularity of such projects disappears quickly, and users are advised to participate with caution.

3) Google Search Region

Bitget Research Institute: Bitcoin fluctuates within a narrow range, while the MEME sector takes the lead in rising

From a global perspective:

LayerZero: LayerZero is not only the basis for developing bridges that allow assets to be moved between chains, but also the basis for building the Omnichain solution. The solution is a combination of cross-chain and multi-chain, providing an unlimited interactive environment. With Omnichain, users can interact with all chains in one interface. LayerZero Labs said that the end of the first half of 2024 means that the timetable for TGE is getting closer. Because the project is approaching the coin issuance, as a top-level project with a $120 million Series B financing, its coin issuance news has received a lot of attention.

From the hot searches in each region:

(1) Yesterday鈥檚 hot searches in various regions of Asia were mainly focused on RWA:

Recently, RWA projects from Asia have been active. Bitcoin L2 interoperability layer MAP Protocol has reached a strategic cooperation with Orient Asset Management (Hong Kong) Co., Ltd. to jointly promote the integration and innovation of traditional financial institutions and Web3 digital assets, and is committed to providing Web3 digital assets and RWA product research and development and technical support for traditional financial institutions in Hong Kong. In addition, the Parcl ecosystem based on the decentralized real estate trading platform Parcl Protocol announced a strategic partnership with SkyBridge Capital, a global alternative investment company. As the market recovers, the price of RWA tokens, led by PRCL, has rebounded.

(2) African and Latin American countries show interest in Meme tokens such as PEPE:

Due to the continued purchase of whales and the decrease in gas fees caused by the reduction of on-chain activities, the transaction of Meme assets on the ETH chain began to rise, and the prices of the top Memes APU and PEPE soared. At the same time, whales continued to increase their holdings of ETH. Since April 17, the whale (suspected to be Justin Suns address) who increased his holdings by 48,875 ETH has transferred another 15,389 ETH from Binance, worth 49.79 million US dollars. ETH has received more attention recently, and users can keep paying attention.

4. Potential Airdrop Opportunities

Owlto Finance

Owlto Finance is a decentralized Cross-Rollup cross-chain bridge focusing on Layer 2. Currently, it supports users to cross-chain between more than 15 L2s including Ethereum mainnet, zkSync Era, Starknet, etc.

Since its launch, Owlto Finance has successively entered the official ecosystems of zkSync, Starknet, Arbitrum, Optimism, Linea, Base, Polygon, BNB Chain, Mantle, Scroll, Taiko, Manta, Kroma, etc., and has been recommended and forwarded by the official Twitter, and has a very close relationship with various layer 2 officials. The project has currently launched a points system. In addition to winning the Owlto airdrop, you can also accumulate the number of transactions of other unissued layer 2 coins.

The specific way to participate is to log in to the official website, select the source chain and the target chain, and then enter the quantity. Owlto currently supports four tokens: ETH, USDC, USDT, and BNB. The project currently also supports sign-in to accumulate points, which can be obtained by signing in on the website every day.


zkLink develops zero-knowledge blockchain solutions for the ETH ecosystem. It solves the above challenges of blockchain interoperability and standardization by building a multi-chain Rollup base protocol to simplify multi-chain dApp deployment and solve liquidity fragmentation problems.

In the coinlist sale on January 26, 2024, 31,250,000 ZKL tokens were successfully sold at a price of 0.15 per token with a total FDV of 150 million. User participation was very enthusiastic. Users earn loyalty points when interacting with zklink ecosystem dApps, performing on-chain tasks, interacting on social media, and actively participating in the community.

Specific operation method: Through simple tasks and XP upgrades, you can obtain multiple identities, such as the 8th level ZK hero, which is one of the credentials for participating in the community. On galxe, you can get points and NFT certificates by completing various tasks. These points and NFT are believed to be one of the airdrop certificates.

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銆怐isclaimer銆慣he market is risky, so be cautious when investing. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions in this article are suitable for their specific circumstances. Investing based on this information is at your own risk.

This article is sourced from the internet: Bitget Research Institute: Bitcoin fluctuates within a narrow range, while the MEME sector takes the lead in rising

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