Moni's Edge #16: Long Live New Shiny Things

Alpha, Early Projects, Market overview, random thoughts, and just magic – wagmi.

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Dec 08, 2023

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State of the Market and News

This week, we break through that annoying $38,000 Bitcoin level and teleported $44k+, then took a little step back to $43k+. Right now, Bitcoin's doing a bit of a correction, distribution-accumulation in a tight range. And while it's at it, it's prime time for a mini altcoin season – and boy, are we seeing it!

All those new, shiny coins are shooting straight up ($TIA, $JIT, $SEI, etc.). Even Ethereum got a nice lift. SOL? It blasted off to its new highs this year. Solana ecosystem tokens flourish…

The thing is, the closer we get to BTC ETF acceptance, the more it feels like turning into a 'sell the news' kinda deal. If BTC puke, altcoins could take a harder hit, so I've gone risk-off on nearly everything except the big guys like BTC, Ethereum, Solana, and a few others.

Not much to write about this time, 'cause it's pretty simple. Just keep on DCA'ing into those shiny coins you like and always stash some of your portfolio in stablecoins, ready to jump on the next big shiny thing.

Gaining Ground
https://insights.glassnode.com/the-week-onchain-week-49-2023/

“Bitcoin continues to lead as one of the best performing assets globally in 2023. Not only has BTC appreciated over 140% YTD, it has more than doubled relative to gold, and still dominates against the rest of the digital asset industry.
With such strong performance, the super-majority of Bitcoin holders are now back in profit, with a small proportion of them realizing those gains. Several on-chain metrics suggest the recent rally has pushing the market out of a 'transitional recovery zone', and now more closely resembles an 'enthusiastic bull market.”

Glassnode

🧠 Stay strong, stay solvent, and you'll be rewarded with the best days coming to make a lifechange moni.

Narratives for Rotatooors

NFT

If earlier we mainly focused on tokens, now a lot of liquidity is flowing to NFTs. Apparently, the Daily Volume bottomed at $4.8M on October 3 and peaked at $27M on December 4. In addition to that, a huge amount of NFTs are already up a lot, and Pudgy Penguins keep breaking new ATH, is this really the new Blue Chip?

In addition to that, after a couple of months it can be clearly said that Opensea lost a huge market share due to the vampire attack by BLUR. Probably the only thing that can save them now is a token. $OPENSEA SOON? It is worth noting that the largest NFT volume now on Bitcoin and only after it comes on Ethereum and Solana.

Bitcoin Narrative
Inscriptions are already in every chain, but right now, it seems that the hype around inscriptions at new chain is waning, and three layers for inscriptions are taking hold in the market: Bitcoin, Ethereum, Dogechain.

This narrative is the hottest right now, with everyone on Twitter talking about BRC-20 tokens, the future of RUNEs that we talked about a couple substacks ago, and so on. In addition to that, we noticed that during these two weeks the number of projects between Ethereum and Bitcoin, DeFi on BTC L1, sniper bots and other unusual things for chain without smart contracts has multiplied. One of the best projects that came out recently and gave more than 1000% from IDO was BitStable, whose team is making an analog of MakerDAO on BTC. If we are still not at the peak, it is worth keeping an eye on similar projects like BitStable as well as bots. Also the fact that they run on Bitcoin, getting into the narrative, they run their token on Ethereum, which is also where most liquidity is still.

Early projects (mostly Degen plays)

Botanix Labs
Do you all remember Bittensor, which has been doing well over the past couple of months?
Taofu are gonna make a staking platform for TAO.
Co-Founder Delphi Digital has followed for the project, as well as a lot of smarts so it's definitely worth following.
It will be interesting to see the documentation when it's ready.
- Chain: Ethereum
- Segment: DeFi
- Twitter: https://twitter.com/taofuxyz
  The project first appeared on the Moni Discover off-chain analytics app on 7 December at 16 followers.
Talus
This is a new L2 rollup on Ethereum in which users will be able to deploy Move Applications.
This language is considered to be quite safe and that's why it was chosen for this layer. In addition to this, a large number of smarts and degens are followed to the project..
- Chain: Ethereum/L2
- Segment: L2
- Twitter: https://twitter.com/TalusFND
  The project first appeared on the Moni Discover off-chain analytics app on 4 Deceber.
Merchant Moe
Probably a project similar to Trader Joe, but on Mantle, with Defi Maestro as a team member/advisor. By the way, today they made an announcement that something will happen on December 11th, maybe they are gonna launch AMM or publish docs.
- Chain: Mantle
- Segment: DeFi
- Twitter: https://twitter.com/MerchantMoe_xyz
The project first appeared on the Moni Discover off-chain analytics app on 4 December.