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Bitget Research — Solana Ecosystem Maintains Active, Top AI Tokens Rebound Strongly

Victoria & Jarseed
2024/03/18
Bitget Research — Solana Ecosystem Maintains Active, Top AI Tokens Rebound Strongly
In the past 24 hours, many new popular tokens and topics have emerged in the market, which are very likely to be the next wealth creation opportunities.

Overview

Over the weekend, Bitcoin's price experienced a series of significant pullbacks, but SOL demonstrated strong performance by breaking through $200. The search volume for Solana on Google Trends reached a historical high for the past five years, which also drove the counter-trend rise of leading tokens in the Solana ecosystem such as JUP and RAY. Additionally, the AI and social media sectors have seen positive developments, worth investors' attention.
  • Sectors with strong wealth creation effect: Solana ecosystem, AI sector, and Meme sector.
  • Top searched tokens and topics by users: BOME, IQ50, $NAP, and AEVO.
  • Potential airdrop opportunities: GRASS and BlockGames.
Data collection time: March 18, 2024, 4:00 AM (UTC)

1. Market Environment

Over the weekend, Bitcoin's price experienced a series of significant pullbacks, briefly falling below the $65,000 mark. The largest intraday drop exceeded 6% and the price currently hovers around $67,000. CoinGlass data shows that in the last 24 hours, the market saw 166,200 liquidations, totaling $532 million in liquidated assets, heavily impacting long positions. However, historical data suggest that a strong market often follows a shakeout, especially the elimination of high-leverage profit positions, making this pullback potentially beneficial for cooling off before the market rises in the future.
Additionally, there has been a significant increase in on-chain trading volume, primarily driven by the frenzy around memecoin trading. BOOK OF MEME (BOME) has generated a massive trading volume, sparking a craze for memecoin presales. It is anticipated that more influencers and artists will launch presale projects, offering opportunities to achieve substantial gains with small investments. However, it is also important to be cautious of the risk of rug pulls associated with replica projects.

2. Wealth Creation Sectors

1) Sector movements — Solana ecosystem (JUP, RAY, and PYTH)

Main reasons:
Solana's market cap has surpassed BNB, with high demand for on-chain transactions: DEXes on the Solana chain have reached a new historical high of $3.8 billion in trading volume. As leading DEXes, JUP and RAY have always focused on providing the highest quality decentralized trading experience, solidifying their positions as key components of the Solana ecosystem. This has also driven the price increase of other leading projects in the SOL ecosystem, including the leading oracle project PYTH, the leading liquidity staking protocol JTO, and the leading meme WIF.
Price increase: Over the past 7 days, JUP has risen by 78%, RAY by 102.4%, and PYTH by 26%.
Factors affecting future market conditions:
  1. Value discovery of JUP: As Solana's liquidity infrastructure, Jupiter currently accounts for 80% of the total on-chain trading volume on Solana, similar to Uniswap's role for Ethereum. Moreover, with the surge in Solana's on-chain data, Jupiter has become the on-chain DEX with the highest monthly active users, with a daily trading volume second only to Uniswap. It is expected that Jupiter's market cap could potentially surpass UNI in the future.
  2. Project valuation correction: Raydium utilizes its fund pool and places orders on Serum DEX's central limit order book, achieving higher liquidity compared to most AMM DEXs, which are isolated from other platforms. It also offers a feature for staking RAY for new launches, which is beneficial during bull markets and empowers the token, making its future performance promising.
  3. Staking and airdrop expectations: Pyth Network is the largest oracle project in the Solana ecosystem, comparable to Chainlink on the ETH blockchain with a market cap of billions. Moving forward, the adoption of PYTH and the scale of participation in the staking promotion should be closely watched. If the number of stakers and the volume of staked assets continue to rise, this will be beneficial for the token price. Also, keep an eye on future airdrop expectations from Jupiter, as only one of the four planned airdrops has been executed so far. High trading volumes correlated with substantial airdrop amounts will lead to more frequent trading due to incentive expectations.

2) Sector movements — AI sector (NEAR, RNDR, and FET)

Main reasons: Recent news shows that OpenAI is conducting a beta test for GPT-4.5 Turbo, leading to significant price increases in the AI sector. Additionally, the 2024 NVIDIA GTC conference is scheduled for this week, with the founders of RNDR and NEAR participating as key guests, which is expected to increase project exposure, attract major investments, and potentially drive up the price of leading AI projects.
Price increase: NEAR up by 20%, RNDR by 16%, and FET by 10%.
Factors affecting future market conditions:
  1. Riding the AI wave, with conference expectations boosting the NEAR ecosystem: In February 2023, NEAR announced it could serve as infrastructure to support next-generation AI use cases. NEAR also partnered with the consumer shopping data analysis platform Cosmose AI to create a stablecoin payment system, allowing users to shop with cryptocurrencies at lower transaction fees. This new narrative is expected to boost the established NEAR blockchain in this new cycle.
  2. Expansion of GPU computing power supports AI leaders: As a foundational infrastructure for the AI sector, RNDR is considered the leading project of the AI sector. RNDR's involvement in the AI field, along with its deep integration into the Solana ecosystem and other sectors, and its partnership with Apple as a VR collaborator, undoubtedly presents significant market potential. Market reactions to Apple's upcoming VR device developments are also anticipated.
  3. Continuous development in AI applications: Fetch.ai recently announced the public launch of DeltaV, a search-based AI chat interface capable of automatically handling end-to-end tasks based on text prompts. Following the announcement, the token has seen an upward trend. If substantial progress is made in the computing power domain, the price could have even more room to grow.

3) Sectors to focus on next — Social media sector (GAL, MASK, and ID)

Main reasons: The stabilization of the broader market has led to speculative rotation into various sectors. The social media domain has easily merged with the AI frenzy, with projects continuously launching new AI applications and updating their product staking promotions, all of which presented a clear narrative and strong retail consensus.
Specific token list:
  • SPACE ID, a full-chain domain service provider on the BNB Chain, allows users to link their identities across multiple chains, enabling the use of the same domain name on different chains. With the official release of SPACE ID 3.0, compared to Worldcoin (WLD) which is in the AI identity verification sector, SPACE ID integrates AI and DID identity to jointly promote the rapid development of AGI. ID has seen a continuous rise of 30% over the last 7 days.
  • Mask Network has launched a token staking program, offering stakers the opportunity to receive tokens from core partner projects within the Mask Network ecosystem as incentives. By providing additional token rewards, it creates abundant opportunities for users to explore blockchain services and applications. Influenced by this news, MASK experienced a short-term surge of over 15%.
  • Galxe is the Web3 task data platform with the highest activity and user count. The majority of project owners publish promotions and interactive tasks through Galxe, also building their own communities. GAL's recent version update introduced a feature utilizing AI technology to select users for airdrops based on task completion. This innovative approach led to a price increase of 20% for GAL, breaking its previous high.

3. User Trending Searches

1) Popular DApps

Jupiter (JUP):
Jupiter is a prominent DeFi project on the Solana chain, featuring a decentralized exchange (DEX) and a perpetual futures, PERP, among other functions. With a significant surge in the Solana ecosystem over the weekend, the DEX trading volume within the Solana ecosystem has now surpassed that of the Ethereum ecosystem, with nearly $3 billion in cumulative trading volume in the last 24 hours. As a leading DEX on Solana, Jupiter benefits significantly from such substantial trading volumes in terms of trading fees earned. The token launched by Jupiter, JUP, also had an impressive performance this weekend, with a maximum increase of approximately 70.6%. Holding the token of a leading decentralized exchange like JUP could be a good choice if the Solana blockchain continues to maintain high trading volumes and growing popularity.

2) Twitter

Bitget Research — Solana Ecosystem Maintains Active, Top AI Tokens Rebound Strongly image 0
Solana:
This weekend, the Solana blockchain witnessed a memecoin frenzy, introducing a series of highly popular memecoins with strong wealth creation effects, such as BOME. Following the explosive popularity of BOME, many projects began to imitate its launch strategy, leading to a surge in fundraising activities. Retail demand for SOL has skyrocketed due to its significant wealth creation effects.
As of March 18, Google Trends showed that the term "Solana" reached its highest historical search volume in five years, and Solana's market cap also surpassed $90 billion. Given such fervor for Solana, investors should be cautious of quick profits behind rapid wealth creation. If Solana continues to maintain active trading volumes and its growing popularity, its token price is likely to remain strong.

3) Google Search (Global and Regional)

Bitget Research — Solana Ecosystem Maintains Active, Top AI Tokens Rebound Strongly image 1
From a global perspective:
(1) SNAP ($NAP):
SNAP ($NAP), introduced by the artist Kero (X profile: @KeroNFTs), is a Solana memecoin with a launch strategy similar to BOME, involving fundraising through a presale followed by setting liquidity pool for trading. The wealth generation narrative of BOME and its rapid listing on major exchanges have drawn attention within the industry, prompting market participants to join various Solana meme projects in search of the next BOME. $NAP, also backed by an artist and featuring a crocodile image that is simple and easy to spread, has quickly gained popularity among market participants. After its secondary market launch, $NAP saw a price surge of up to 348%, with a current pullback of about 53%. Investors should monitor its performance closely. While replicating BOME's trend might prove difficult, it is expected to experience one or two significant rebounds.
From a regional perspective:
(1) Asia shows high interest in popular sector tokens such as BOME, IQ50, and SOL:
Asia's trending searches reveal a high level of interest in current popular projects. Over the weekend, the Solana market exploded, with BOME igniting a frenzy for Solana memecoins and other memecoins quickly following suit, creating endless hot topics. This surge in Solana memecoins has also stimulated users to buy SOL, steadily driving up the price of the SOL token.
(2) Europe and English-speaking countries show more interest in the AEVO token:
AEVO is a decentralized exchange focused on options and perpetual futures derivatives that gained market attention with its pre-market launch. Recently, the project was listed on Binance Launchpool and is now trading on the secondary market. With the crypto market currently booming and many projects entering the sale and presale phases, AEVO's focus on the pre-market presents significant potential, warranting investor attention.

4. Potential Airdrop Opportunities

GRASS
Grass is the flagship product of Wynd Network, enabling users to profit by selling unused network resources for internet connectivity. For individuals, it functions as a network extender that is downloaded, retained, and then operates in the background, facilitating access to public network data in exchange for payment in the native token of the protocol.
Wynd Network has completed a total funding of $4.5 million, with investments from Polychain, Tribe Capital, No Limit Holdings, and others. Grass aligns perfectly with the current trend of Depin while being supported by resources in AI, oracles, data privacy, the Solana ecosystem, and partnerships with tech giants, making it quite attractive.
To participate, register on the GRASS official website, install the web plugin, wait for the network connection to complete, and select “Open Dashboard” to enter your control panel. Here, you can see your connection status and earn points for contributing bandwidth by being online. Your daily points income and network status can be viewed on the control panel page.
BlockGames
BlockGames is a cross-chain decentralized gaming network where players earn credits by exploring and playing games within a mobile app. These credits can be exchanged for gift cards, NFTs, and token rewards. The project was selected for the GoogleCloud Web3 Startup Program and is reported to have completed a Series A funding round, though the amount raised has not been disclosed.
The social gameplay of BlockGames closely mirrors that of Tip’s. After linking an X account to the BlockGames app, users can mention $BLOCK or @GetBlockGames in tweets (with the BlockGames app facilitating straightforward tweeting post-linkage) and interact with others' posts. The higher the interaction, the higher the credits received. Social credits are automatically distributed weekly.
How to participate: Currently, the project has two types of gameplay, social credits and game credits (green for social credits, blue for game credits). Users simply need to connect their X account, ETH wallet, activate and complete game challenges to earn blue game credits; participating in social interactions, retweeting, or sending tweets with mentioning $BLOCK can earn users green social points.
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