Moni's Edge #11: Dips are for buying
Alpha, Early Projects, Market overview, random thoughts, and just magic – wagmi.
gm, degens!
Soo, what's inside today?
- Market update: Sam is going to jail, Bears are gifting us another dip to buy, Bitcoin's hit its 15-year mark, and there's some serious cringe courtesy of Gary Gensler;
- Solana Summer(Autumn) + Berachain Narratives;
- Potential Catalysts and events;
- Useful threads, articles, tools and random thoughts;
💜 If you love what we’re cooking here and would like to support, click the button below:
State of the Market and News
Bitcoin took a leap to $36,000 before getting knocked back to $34,000. As of now, we're hovering at $34,600 after grabbing that dip.
Solana and a bunch of on-chain tokens are making the bears look like they've gone through the shredder—talk about a bear market bear-becue.
Ethereum's looking a bit more battered than Bitcoin, with its value dropping, but it looks like it might have bottomed out at 0.0515BTC.
Also, November has a reputation for being Bitcoin's best month growth-wise. Plus, the fourth quarter typically spells good news for Bitcoin and other high-risk assets.
What else has been cooking?
Bitcoin’s whitepaper turned 15. That’s right, it’s officially a moody teenager. Haven't read it? Go on, it’s a classic—like 'The Catcher in the Rye,' but for crypto autists.
Gary Gensler: Bitcoin cringe cheerleader or just another awkward dad at the crypto party? It’s a tough call.
It looks like the FED's done hiking up interest rates. Now, we're on standby for a rate cut and possibly some Quantitative Easing down the line. It was bound to happen eventually, right?
Arthur Hayes dropped his latest crypto gospel, and Jay’s here to give us the summary notes.
Blackrock's BTC ETF played a magic trick: now you see it, now you don’t, and poof, it’s back on the DTCC’s website.
Sam's definitely facing jail time 100%
The Capital Waterfall
https://insights.glassnode.com/the-week-onchain-week-43-2023/
“The digital asset market has posted impressive returns in 2023, leaving the initial recovery phase, and moving once again into an uptrend. Market corrections in 2023 for market leaders BTC and ETH have been significantly shallower than in prior cycle uptrends, suggesting a level of investor support and positive capital inflows are taking place.Across several indicators, including our developing Altcoin Indicator, we have seen the first substantial increase in altcoin sector market valuations since the last cycle peak. However, it is important to note that this performance is measured relative to fiat currencies, namely the USD. Within the digital asset realm, Bitcoin dominance continues to rise, leading to the BTC market cap increasing by over 110% YTD.”
Glassnode
🧠 Stay strong, stay solvent, and you'll be rewarded with the best 490 days to make a lifechange moni.
Narratives for Rotatoooors
– Berachain SOOOOOOOOOOOON?!!
We can't call it a narrative yet, more of a friendly reminder that Berachain will be launching soon.
Most likely, the test network will be launched in Q4 2023 - Q1 2024. Many people don't like that the team is taking so long to launch the blockchain, but in fact, some members of the Moni team are now even more bullish. Given that the test network will launch before the halving, we could see the main network launch some time after the halving, when the sentiment will be even more optimistic. Berachain has been building throughout the bear market, and the best time to launch it is of course at the beginning of the bull market.
At the moment there is still not much information about testnet, but we have to be prepared, so we will tell you about the rumors that are going around in some private and not so private chats:
- Incentivized Testnet - HoneyCombs/rebases hodlers will be among the first to get access to testnet (considering HoneyCombs collection has 16000 NFTs, this sounds quite logical). Also, this will cut off a huge amount of useless sybils.
- The partner NFTs that were launched on Arbitrum/ETH will give Berachain testnet advantages. For example NFTs by Beradrome, Aori, etc.
- Solana summer
Since All Time Low on January 1, TVL Solana has already doubled from $210M to $430M. Solana Breakpoint has already started and will be until November 4. Usually during this event the price of Solana goes up, which happened this time as well.
But at the same time, there is still no huge hype within the ecosystem itself.
Considering that the main bags of Solana degens are now growing, we need to keep an eye on new narratives that may start on this chain. So far, one of the most probable scenarios is the memecoin narrative. Over the last two weeks there has been a big drop in interest around SocialFi apps, instead degens ape into memecoins, of which a huge amount is appearing, so maybe we will see the same thing on Solana soon. NFTs are also slowly starting to revive on all chaines, but at the same time on Solana the volumes are practically not growing, from which we can conclude that it is not time for them yet.
The second interesting meta on Solana is airdrops and token launches of large projects. Still a huge number of Defi protocols have not launched their tokens, if they start doing so this month, it will increase the TVL of the protocol due to new tokens and also attract airdrop farmers.
Here's a list of good projects that still don't have token:
1) Jito — 211M$ TVL
2) MarginFi - 62M$ TVL
3) Drift - 22M$ TVL
4) Zeta - 1M$ TVL
You can find more here
By the way one of the most popular and oldest AMMs on Solana, Juptier, recently announced airdrop.
Early projects (mostly Degen plays)
Stars League
Stars League is a new SocialFi project that is somehow related to Chiliz and Socios.That's really interesting, how we will interact with shares. Sweep "fan" shares or what?Also Chiliz will launch own layer soon, maybe this project will be on their L1.
Chain: Chiliz?
Narrative: SocialFi
Twitter: https://twitter.com/StarsLeague
The project first appeared on the Moni Discover off-chain analytics app on November 2nd.
In addition to degens, founder of Chiliz followed them.
MilkyWay
The first liquid staking protocol on Celestia.So, we will see wrapped TIA as a stTIA for lending, staking derivatives and perps soon. Celestia was launched recently, it's definitely worth keeping an eye out for new protocols on this chain, if the team is able to attract liquidity, Milkyway could be one of the biggest.
Narrative: DeFi
Chain: Celestia
Twitter: https://twitter.com/milky_way_zone
The project first appeared on the Moni Discover off-chain analytics app on October 31st.
Milkyway was followed by some early degens, smarts and team members from cosmos projects, for example: Founder of Evmos, Co-Founder of Osmosis.
Rug AI
We are following the AI sphere in crypto, which may also become a new narrative very soon, due to the resurgent hype around AI companies. Rug AI is a new analytical tool for trading memecoins, where the user can find a huge amount of information about the selected memecoin. In addition to this, the platform has points that you can earn for referring friends through your referral link and just for using the platform and contributing. But at the moment new users can not get a referral code, the only option is join waitlist.Chain: -
Narrative: Tool
Twitter: https://twitter.com/rug_ai
The project first appeared on the Moni Discover off-chain analytics app on November 3rd.
There are a lot of degens (For example Theo), CT influencers (For example L, CoinGuru, Ignas) and other smart guys followed the project.
Based on the followers, perhaps they've raised a seed round from some of these guys.
Catalysts, News & Updates
Solana nodes are now available for deployment on Amazon Cloud
Modulus announced $6.3M Seed round today, co-led by 1kx Network and VariantFund
The first ever swap between a Cosmos rollup and an Ethereum rollup is now LIVE on Catalyst
Overworld genesis mint on December 15
Other Dope Stuff you should check:
EIP-4337 AA Ethereum Standard, StarkWare & zkSync enschrined AA and Gnosis Safe accounts
On the ground report from Solana Breakpoint, Day 2
🫡 Thanks for reading, fren!
That’s it, the end of the 11th issue. Please, leave a feedback in the comments and share the word.
Give us a follow on Twitter at @getmoni_io and join our Discord Community.