This Week On-Chain #97 - Liftoff and Memes Resurgance
Accelerate.
Bitcoin continues to rise in dominance, reaching $91,000, its latest all-time high. This is almost surreal after having been here, showing up weekly and suffering through multiple hiccups such as FTX, 3AC, BlockFi, and many more. If you are still here, best believe you deserve every bit of fortune that is falling your way.
However, this is not the time to rest on your laurels. We have seen Dogecoin starting to take off which will bring attention back to memes. Just think about what will happen in people's brains that left this market when they realize that Dogecoin reached $1. Degeneracy will increase by tenfold and on-chain will take off. Ensure you are prepared for that scenario and remember that even though it will feel like you are a genius, don’t forget what got you here.
Lastly, before getting into the on-chain data. You can’t catch every token and people will make money in ways you aren’t, focus on your book and continue to beat yourself. The mental game is the hardest part of crypto and nothing else.
Market Digest
Bitcoin reaches a new ATH of $89K
Fed lowers rate by 25 bps
The Mantra airdrop checker is live
China announces 1.4T debt bailout
BlackRock’s BTC ETF has passed their Gold ETF in assets
Linea confirms airdrop and token
Revolut expands crypto exchange to European markets
Senator Cynthia Lummis states that the Strategic Bitcoin Reserve bill could pass within the first 100 days of Trump's presidency
Ethereum Foundations sells a small amount of ETH during Justin Drake’s Devcon speech (lol)
Ethereum Layer 2 Lisk launches mainnet and announces airdrop plans
Robinhood lists PEPE and relists Solana
U.S DOJ moves to seize $160M in crypto from Binance tied to FTX
DEX Volumes
Solana continues to suck capital from Ethereum and is dominating in on-chain activity. I’ve said this before, but if you have a smaller portfolio and want to grow it, there is no better place now than the Solana on-chain casino. It will take some time for you to learn the ropes but it is worth it when you do.
Pair Volumes
D.O.G.E and PEPE leading the pack as memes are surging in full force. D.O.G.E is looking to be one of the long-term winners as you have both Trump and Elon Musk as the KOLs for this token. PEPE is finally waking up after having been in slumber for a long time and when the frog gets going he normally doesn’t stop for a while.
No surprise to see ACT and PNUT leading the pack among the Solana memecoins as they both got listed on Binance. ACT was the biggest surprise as everyone expected GOAT to be listed, because of that ACT has surged from 20m to over 900m market cap in 3 days. PNUT broke 1B market cap and no matter if you hold these or not, they will raise the target of all memes on-chain.
DEGEN and BRETT are waking up again alongside AERO which normally is a good indicator of the Base ecosystem starting to wake up. With DEGEN already being listed on Coinbase, expect it to continue to reprice higher violently as it was the defacto leader (that isn’t bundled) on Base during the first Base run up.
Arbitrum continues to be in a slumber outside of PENDLE and as the defacto DeFi chain with DeFi continuing to lag, not suprising to see this chain lack on-chain activity as well. That is what Base has over Arbitrum right now as there is a vibrant meme community there as well.
NFT Trading
With majors repricing higher, the NFTs of the respective ecosystems have followed and it is no surprise that the winners will continue to win as they have already been established. Trying to find the new latest NFT is so unlikely that if you actually want to have some NFT exposure you are better off just buying one of the main ones this cycle for now. However, now is a great time to buy some NFTs as we are entering the mania phase. I’ve iterated that NFT will be a 2025 phenomenon when people want to flex their gains and we are getting closer.
On another note, Doginals are also coming back and with the resurgence of DOGE, it provides an interesting opportunity most people don’t have exposure to due to the friction. This might change when they are trading on Magic Eden. Fortune favors the bold.
Net Inflow
Memecoin mindshare is continuing to capture all the available capital that isn’t going to majors as you can see that PEPE, WDOGE, and D.O.G.E have been the clear winners in attracting bids across the board outside of BTC and ETH derivatives.
No surprise to see both Pnut and ACT leading here considering they got recent Binance listings while Bonk also got listed on Binance. MOODENG and GOAT are two memecoins that are unstoppable forces at this stage alongside FWOG and show no signs of slowing down soon.
Even though USDC has been leading this table over the past day, seeing DEGEN on this table is always a healthy sign for the Base ecosystem. Only thing missing is it being accompanied by AERO but right now LUM is capturing some bids as an AI memecoin that was allegedly created by two AI agents.
Complete lack of demand when it comes to onchain activity on Arbitrum which is sad to see. The bull market hasn’t reached this ecocystem yet.
Sleuthing
Want to iterate that people like this throwing clips on things in the trenches aren’t lucky as they create their luck by continuing to click buttons. There is a reason this guy managed to do it and not most.
Opportunities are abundant, a rising tide lifts all boat. Never stop clicking.
Token Unlocks
STRK - 3.05% of supply worth $31.37m on Nov 15th
CKB - 2.99% of supply worth $17.8m on Nov 16th
ADA - 0.05% of supply worth $11.02m on Nov 16th
ARB - 2.33% of supply worth $58.65m on Nov 16th
PRIME - 1.51% of supply worth $7.21m on Nov 17th
APE - 2.16% of supply worth $17.32m on Nov 17th
AVAX - 0.41% of supply worth $57.70m on Nov 18th
ROSE - 2.62% of supply worth $14.63m on Nov 18th
ENA - 0.45% of supply worth $8.02m on Nov 20th
One message only as we enter a mania phase with Coinbase listing PEPE. Let your winners run, it’s about to get really crazy and set your own take profit plans along the way. Worst thing you can do is rotate and especially rotating winners to losers. Winners average winners.
Enjoy this, you’ve deserved it.
On another note, upgraded substack readers caught LMEOW early, PEPE before the recent pump, SPX at 100m, and many more. Make sure you don’t miss out on the fun if you have been contemplating it.
I hope you enjoyed the post. Don’t forget that you are more than welcome to leave feedback or drop any questions in the comment section.
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