The craziest week in a long time as we were inches away from avoiding a black swan event if Donald Trump wouldn’t have turned his head to the right just in time. In return, we got a roaring market and democracy in place instead of a civil war thankfully.
It’s undoubtedly the biggest news of a very long time and in the meantime his VP has been announced as well which turns out to be JD Vance.
In the crypto world we went from “it’s so over” to “we are so back” in no time and got to sprinkle in a DeFi hack in typical fashion as well.
On another note, it feels crazy that I have done 80 of these.
Market Digest
Trump assassination attempt
Kraken reports they received funds from Mt. Gox and will start distribution soon
LiFi Finance got drained and lost over 10M
Craig Wright acknowledges that he isn’t Satoshi (finally)
PYUSD skyrockets to over 500m TVL on Solana
Germany finished dumping their BTC
Term Finance raises $5.5M in strategic round
FTX and CFTC agree to $12.7B settlement
MakerDAOs tokenized treasury investment draws interest from BlackRock
Larry Fink talks crypto
Indian exchange hacked for $235M
Never a dull week in crypto.
Bridge Flow
Solana continues to be the place where degens go to participate in the on-chain casino as it is sucking capital from the rest of the chains. Ethereum might be the asset that is getting an ETF and is going institutional but retail is well and truly on Solana.
DEX Volumes
We’ve seen DEX volume explode over the past week due to the monumental events we have experienced. It’s worth noting that the four chains in the picture: Ethereum, Arbitrum, Base, Solana are the only ecosystem with any significant DEX trading volume and will most likely command the lion’s share of attention as this cycle progresses. Majority of ones effort should be spent on these and not elsewhere.
Pair Volume
The most traded tokens this week on Ethereum has been none other than FIGHT as a direct response to the Trump assassination attempt, PEPE, MOG (which has been outperforming PEPE) and MKR due to the newly found BlackRock interest in the token.
The Solana version of FIGHT caught significant volume as well but experienced more predatory price action and didn’t go as high. Otherwise, it is WIF, POPCAT and Billy that has been popular amongst the Solana memecoins while VANCE was a short term play in response to be announced as VP. As stated before, if you want to know the latest news, just look at the trending tickers on Solana and you got your answer.
On Base it’s been between BRETT and AERO mainly as AERO has continued to perform very strongly and was covered in this piece and is a good sign of the Base ecosystem waking up again. A part from these two there has been a lack of winners emerging over there.
PENDLE continues to lead the altcoin trading volume on Arbitrum while ZRO is following closely and it is no surprise that both of these tokens have been strong performers over the past week.
NFT Trading
NFTs remain relatively slow and there is really nothing to see here unless you hold any of the main collections. The only ones that have shown strength this week and Milady and Pudgy Penguins which are the two chosen ETH collections this cycle.
However, it’s probably worth noting that BAYC and Mocaverse are the collections thta are trading with the highest volume.
Net Inflow
MKR has unsurprisingly been the hottest altcoin on the block and has dominated the majority of the on-chain attention on ETH as the majority of the other tokens on this list consists of either liquid staking or liquid restaking derivatives.
On SOL it is WIF that is commanding the majority of the on-chain flows over the past week as it is directly correlated to the strong performance of SOL. RAY (Raydium) is catching attention as well as the leading DEX on Solana that is profiting of the monumental DEX volume it has delivered over the past months. BONK, POPCAT and MEW have caught some interest as well.
If you’re an avid reader of this substack AERO being the most accumulated and the strongest token on Base should act as no surprise consider it acts as proxy for the health of the Base ecosystem and when it does well other tokens follow. Other token that have gotten strong interest are BRETT, SPEC and KLIMA as well which is officially deemed as a commodity.
On Arbitrum the main token of interest has been none other than PENDLE while DMT and RAM has gotten some attention from the on-chain degens as well. If DeFi continues to go from strength to strength from here, expect PENDLE to continue be one of the outperformers considering the moat they have.
Sleuthing
Heads are about to roll as an indian crypto exchange has been hacked for $235M. Several altcoins with significant amount of capital is running the risk of being dumped heavily due to the numbers held by the exchange (see next picture).
Bear in mind he has already sold 30M worth of SHIB and 7M worth of PEPE prior to this being posted and is not done yet. Token holders of these tokens should be wary of how this situation resolves.
Token Unlocks
1INCH - 0.03% of supply worth $151.99k on July 19th
PIXEL - 7.05% of supply worth $12.74m on July 19th
FORT - 0.01% of supply worth $8.18k on July 21st
GALA - <0.01% of supply worth $53.15k on July 21st
ENA - 0.87% of supply worth $7.11m on July 21st
ID - 4.29% of supply worth $8.89m on July 22nd
C89 - 0.07% of supply worth $94.71k on July 23rd
The last couple weeks has conditioned people to not believe in the rallies as there is still a lot of fear in the market, and selling on green days has rewarded short term traders. Shut out all the noise and focus on your long term bags and you will be more than fine. We get an ETH ETF soon and things are about to be very exciting.
They are expected to launch next week so stay stuned and see you next week.
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