The bottom is always lower than people expect and the top is always higher than people expect. Etch this into your mind. While people including myself were expecting Bitcoin to find a floor above 60K it decided to break people’s spirits as it always does and swoop a little bit lower to trigger some stop losses for a lot of people.
The biggest liquidation event since April took place on Monday and the market is in a better place because of it. Whoever tells you bull markets are easy is lying, but it also makes everything worth it in the end. Hang in there and enjoy the show.
Despite a rocky road, there are always interesting things going on in the crypto world that are worth diving into:
Aave governance proposal to penalize users that use competitor Morpho
Colosseum closed a $60m fund to support founders building on Solana
Blast finally releases their token
Pokerbrat2019 pleads guilty to fraud scheme and potentially faces 20 years
Conduit raises $37M in Series A led by Paradigm
Binance Labs invests in InfraRed
Pantera makes a large investment into TON
Bitstamp delists Tether due to EU MiCa laws
Mt. Gox BTC FUD leads to severe sell-off, claims distribution starts in July
Bridge Flow
Ethereum has received the most amount of capital from all chains over the past week while Solana is a close second. However, we are seeing interest in capital moving to Arbitrum as it rarely trumps Base in capital flows which it has done over the past week. While the market has been uncertain Arbitrum continues to be a good place to park your capital where there are numerous pools where you can farm ETH with >20% APR. Here’s just one example.
DEX Volumes
DEX volumes have spiked since the flush we saw on Monday and have remained strong throughout the week. Worth tracking if this continues as it would indicate that on-chain is well and truly back and to be fair it has been very lively over the past 3 days. Let’s hope it continues that way.
Pair volumes
MOG has been the strongest token over the past week with the cult being rewarded for their long-term patience as it outperformed the market when everything was down and proceeded to pull a 50% candle afterward. Otherwise, there has been a general appetite for alts again as PEPE, ONDO, MAGA, and MKR all have received significant interest from on-chain participants.
WATER seems to be the latest high volume memecoin on the block that launched this week that has surpassed WIF in volume although the dog has been heavily traded after the latest dip was slurped by the people that have faith in the dog wif hat. JASON is a memecoin launched by Jason Derulo as this celebrity meta doesn’t look like it will stop anytime soon and become the new normal instead. As the cycle progresses things will become very weird around here.
If you want to know what news is happening around you, just go to dexscreener and filter by the most traded tokens over the past 24 hours and you will get your latest news immediately through some memecoin. This memecoin with explosive volume is Blast which just airdropped their token. Otherwise, BRETT continues to be the dominant and only clear winner on Base at the moment as the rest of the ecosystem is fighting for scraps.
Action remains on PENDLE as a lot of PT expired 2 days ago and considering this was a big event for the protocol a significant amount of people have de-risked due to the sell-off. However, the protocol should be positioned to capitalize on this again as Symbiotic recently launched. One of the better teams in crypto for a reason.
NFT Trading
Pudgy Penguins and Milady are showing significant strength and the Penguins are on the Apes’ tail as they are very close to flipping them. Also crazy to see CryptoPunks at that low of a valuation after continuously being sold for over $1M frequently last cycle.
Net Inflow
Apart from LSTs and LRTs as it’s farming season, the alts that have received the most bids over the past week are MKR, AAVE, MOG, MAGANOMICS. It’s probably a good time to accumulate alts of your liking when sentiment is at all-time lows. But the current interest ranges from everything between OG DeFi to degen memecoins as there are tickers for everyone. Stick to your strength.
The memecoin casino never ends and there is a clear difference in appetite across the chains with Bonk being the token of most interest outside of USDT on Solana with other memes such as BIRDDOG, BOME, POPCAT following accordingly.
Out of the alts, it’s unsurprising to see BRETT leading the way as there hasn’t been another memecoin that has been able to establish itself in the same mold since DEGEN that went from memecoin to L3 which stopped its surge as it was given utility which capped its growth due to “fair value”.
ARB has been accumulated this week instead of sold which is a welcome surprise. PENDLE has received significant interest as well with DeFi having been strong and outperformed the market so far while LINK has followed. MAGIC is a rare sighting we haven’t seen in a long time with gaming tokens having done well over the past week and TAP is the hottest latest DeFi token on the block. RDNT is not something we see people bid frequently nowadays but it was once the strongest token on Arbitrum for a very long time. I can imagine it has received some interest again due to being a direct competitor with Tapioca.
Sleuthing
Solana memecoin cabal coin chasing gone wrong in one picture. Zachxbt filled in and mentioned that it’s the wallet the developer used to manipulate the price to lure in buyers. This pumped to over “2B market cap” (on low liquidity) in a day before going to zero.
There’s never a boring day in the Solana memecoin casino.
Token Unlocks
CTSI - 0.02% of supply worth $23.05k on June 28th
AGIX - 0.67% of supply worth $6.46m on June 28th
PORTAL - 0.52% of supply worth $420.18k on June 29th
PRIME - 1.83% of supply worth $6.75m on June 30th
FORT - 0.01% of supply worth $9.33k on June 30th
OP - 2.88% of supply worth $55.16m on June 30th
ENA - 0.87% of supply worth $8.25m on June 30th
MANTA - 0.57% of supply worth $1.89m on June 30th
A monthly end filled with lots of tokens unlocking, make sure to watch your head in case you’re holding any of these tokens and beware of the shills that might come in the coming month. Apart from that just survive and you will be more than fine and thank yourself in a couple of months for the perseverance you showed during times like these. It makes it all worth it.
Thanks for reading and see you next week.
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