This Week On-Chain #98 - BTC Unstoppable & TikTok
BTC dominance soaring
Bitcoin continues to make an all-time high, and we are in a full-fledged bull market that is being dominated by Bitcoin so far. Bitcoin will likely continue to soar against alts until it reaches 100k, which is a good inflection point that will make the news and likely ignite a strong bounce across alts.
Nonetheless, these are historic times and should be enjoyed after the tough times we endured during the bear market. You deserve this.
On another note, a 12-year-old Zoomer rugged a token called QUANT for 30k, and as an act of revenge, the crypto community sent it to over 80m market cap, meaning that the original bag he rugged would have been worth over 7 figures. This is a tale as old as time. To add to the insult, he created a 2nd token called sorry afterward and rugged that as well.
Unironically, at least he is under 18 which is good if you are going to commit financial crimes.
Market Digest
Bitcoin hits 94K
Sui blockchain goes down
Latest a16z State of Crypto 2024 report
Sam Bankman-Fried’s former deputy Gary Wang was spared prison time by U.S judge
MicroStrategy to raise $2.6B increased from $1.75B to buy more Bitcoin
Russia to ban crypto mining in certain territories for winter
Sky (prev Maker) launched their USDS stablecoin on Solana
Injective launches SDK to let users create their own on-chain AI Agents
Coinbase to delist WBTC
Mark Gruenberg, the Chair of FDIC announces his resignation on Jan 19th
Coinbase to launch pre-market trading for Magic Eden (ME)
Jupiter Mobile is now live on Google Play store for all Android Users
Japan’s Metaplanet shares jump 15% after adding 124 BTC to treasury
Shanghai courts make crypto ownership legal again
Bridge Flow
Solana continues to suck capital from Ethereum at a violent rate as ETH/BTC continues to bleed and on-chain activity is severely lacking on Ethereum. There is a bull market happening on Solana that hasn’t hit Ethereum just yet.
DEX Volumes
Solana is putting a significant distance between itself and Ethereum as the DEX volume within the ecosystem is soaring. Even though it is trending up on Ethereum and Base as well, Solana is in a different league right now.
Pair Volumes
Ethereum ecosystem continues to lack volume and the volume remains concentrated between a few pairs one of them being ORA which is a long-anticipated AI protocol that finally launched its token on Tuesday and has been flying under the radar. Additionally, the PvP continues as MOODENG on Ethereum started soaring after Vitalik obliviously mentioned it in his tweet.
Solana activity is dwarfing Ethereum which is evident on this table with tokens like Eliza, ChillGuy, and RIF doing insane volume for different reasons. Eliza was Pvped heavily after drama related to the developer from ai16z called Shaw. ChillGuy is one of the most popular memes on TikTok right now and RIF is the leading on-chain token for the DeSci sector recently taking off again.
Base had a strong week of its own with the performance of BRETT, DEGEN, MIGGLES, and VIRTUAL, making headwinds, even though not all of them are featured on this table at the moment. Stemmed from speculation that Coinbase would start listing more ecosystem tokens after having recently listed memes such as PEPE and WIF.
Seeing this volume on Arbitrum in comparison to other ecosystems is just sad. But if you are an Arbitrum faithful, at least Andrew Kang believes ARB has finally bottomed. Heed the advice at your own risk though.
NFT Trading
Last week I mentioned that it was a great time to buy NFTs and since then CryptoPunks, Miladies and Pudgy Penguins ripped accordingly. It’s simply natural after the gains memecoins have printed and will continue to do.
It’s obvious at this stage which the cycle winners are.
Net Inflow
People remain very risk averse on Ethereum as they have opted for yield products such as stablecoins and ETH derivatives instead of alts as this ecosystem isn’t as risk-on as you will find on Solana for the time being.
It is still pedal to the medal on Solana that has been dominated by memes and AI flows over the past 7 days, even though they have all corrected hard over the past few days due to the performance of ChillGuy, which isn’t featured here. It might be deemed a good opportunity when you look back at most of these tokens.
A very wide variety of bids across the Base ecosystem although the core piece is the heavy accumulation of BTC as many tokens are taking a breather for now. The performance of the VIRTUAL ecosystem stands out alongside BRETT. Meanwhile, ElonRWA had a strong comeback after having been lying at the bottom for a very long time while LUM ripped since it is a token that was created by two AI agents.
On Arbitrum they are not even using most of their yield product in the same breath as on other ecosystems. The majority of USDC flows likely stems from people bridging to HyperLiquid which is a sad state of affairs.
For the sake of the ecosystem, I hope that it is actually a bottom, as Kang predicts.
Sleuthing
Never post the addresses from your transaction history if you are going to transfer funds as a user lost $129M doing this. Don’t put your heart and soul to work your ass off this bull market to only lose it on something trivial like this. Opsec matters and get a separate crypto computer to begin with if you can afford it.
Token Unlocks
ADA - 0.05% of supply worth $14.39m on Nov 26th
ENA - 0.45% of supply worth $6.60m on Nov 26th
For once there aren’t a lot of unlocks this week which is a breath of fresh air. However, the Solana trenches are cooking and your time should be spent their for the meantime considering the incredible opportunities that continue to present itself. Don’t let it go to waste.
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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