Moni's Edge #34: Crypto Comedy
Alpha, Early Projects, Market overview, random thoughts, and just magic – wagmi.
gmoni fam
Wishing everyone a great weekend, let's start our review of everything that has happened recently in the crypto markets (and beyond).
Are we in the red? No - just funding for now.
Recently, there has been a negative trend in funding rates for Bitcoin futures, indicating a reduced interest from traders in buying BTC. This phenomenon first occurred since October 2023 and may suggest diminishing confidence in the future price growth of the cryptocurrency after another halving.
Among the possible reasons for this trend, several factors stand out: investors recovering from losses in margin trades, a decrease in open interest volume on the Chicago Mercantile Exchange (CME), and a lack of new investments in BlackRock's ETF. Additionally, geopolitical risks such as the conflict between Iran and Israel, and the rise of the US dollar amid expectations of the Federal Reserve's interest rate policy, are influencing the situation.
Legal pressure
In the future, the price of BTC and other cryptocurrencies may come under pressure from US regulatory authorities. On Thursday, it was reported that Consensys, the developer of the Metamask wallet, filed a lawsuit in Texas against the Securities and Exchange Commission (SEC). The lawsuit alleges that the SEC unlawfully classifies ETH tokens as securities. The lawsuit also demands that the SEC be prohibited from taking legal action against MetaMask.
Particular attention should be paid to the crossed-out parts of the text, as they may indicate that the SEC has issued some confidential decision or internal guidance that ETH is a security. Moreover, the lawsuit text clearly states: "The SEC's investigation into ETH transactions is based on the conclusion that ETH is a security."
Cryptotwitter has reacted quite positively to this news
Echo Opinion:
It seems that these legal proceedings will be a burden on the growth of the entire crypto market, but once victory is achieved (which I have no doubt about, it's only a matter of time), there will be colossal growth in the entire industry, as there will be no legal obstacles - this will mark the beginning of mass adoption.
Are we BASEd?
While lawyers are busy with legal matters, Coinbase continues to build its network and hire new employees. Isn't this a sign of a bullish market?
Weekly summary by Glassnode
With the highly anticipated Halving complete, the issuance emission per block has been halved and the scarcity of the asset hardened, with the Bitcoin asset decisively overtaking gold in terms of issuance scarcity.
Comparing across Epochs, a contraction in growth can be noted across Hashrate, Network Settlemend, Liquidity and Miner Revenue. However, the absoloute value of these metrics has increased by an order of magnitude, an incredibly impressive feat when observed in relation to the size of the market.
Of note, network profitability across all walks of market investors has largely imrproved in relation to previous Halvings. This includes the fundamental Miner class, who have entered the Halving with an ATH in Hashrate, suggesting a sufficient security budget to stimulate OpEx and CapEx requirements.
Read full report here: The Fourth Halving
If you like what we’re cooking here and would like to support, click the button below and share with your internet frens
🧠 Stay strong, stay solvent, and you'll be rewarded with the best days coming to make a lifechange moni.
Narratives for Rotatooors
Some conclusion from latest Narratives of the week by magnifisent
Bitcoin (BTC) and Market Trends:
Bitcoin has exhibited a remarkable degree of resilience, trading around the $60,000 mark despite fluctuations. This level of steadiness is quite significant in light of recent negative funding rates observed in Bitcoin futures markets, suggesting a decrease in eagerness to buy BTC. Nonetheless, the crypto market remains wrapped in a blanket of unpredictability, with external factors such as global political unrest and tightening regulations casting shadows on possible price trajectories.
Memecoin Momentum:
The past week has seen memecoins outshine other crypto categories. Tokens like $PEPE, $WIF, $FLOKI, and $BONK have bounced back, reaching the heights last seen in April. This rebound underscores the persistent allure and investor speculation surrounding memecoins, setting them apart from other altcoins that may lack compelling stories or solid underpinnings.
Advancements in AI-centric Cryptocurrencies:
Cryptocurrencies with an AI focus, for instance, $NEAR and $AR, have carved out a strong presence in the market's current state. $NEAR especially stands out, holding firm even with its sizeable market cap. The market's enthusiastic reception of ventures like the "AO hyper parallel computer" unveiling signals a burgeoning interest in blockchain ventures that are intertwined with artificial intelligence.
SocialFi's Ascendance:
Blending social media with decentralized finance, SocialFi has started to catch the wind in its sails in recent months. Tokens such as $DEGEN and $TON have seen their values swing, propelled by protocol updates and key announcements. Nonetheless, the reaction to events like Pavel Durov’s presentation at the Token2049 conference illustrates the sensitivity of SocialFi tokens to news and hype, which could lead to turbulent price fluctuations.
Altcoin Spotlights:
The altcoin universe has seen a tapestry of price movements, influenced by a medley of events including exchange listings, rebrandings, and fresh protocol launches. Tokens such as $MAVIA, $ALEPH, $RETARDIO, and $ATA have recorded notable upswings and downturns, reflective of the varied and dynamic narratives threading through the crypto fabric.
Some statisctics from Narratives Tokens Breakdown dune dashbord by
Top 5 narratives Last 7 Days Perf Comparative:
NFT’s / +13.25%
Memecoins / +7.99%
Accaunt Abstraction / +4.78%
GambleFi / +6.43%
DEX’s / +3.63%
Top 3 narratives were not performing particularly strongly in the last months is:
Friend Tech
Privacy
Ordinals
Also some narratives notes:
Gems of this week:
Popset
New SocialFi project on Solana, as soon as they created a Twitter they were immediately followed by some influencers like gmoney and the official Solana account.
Maybe they will launch after FTv2 to get more hype. Past SocialFi protocols on this chain did not get any success as they were not interesting to the audience, let's see what will happen with Popset.
Chain: Solana
Segment: SocialFi
Twitter: https://twitter.com/popsetxyz
2. Overload
The team of this project makes an infrastructure for restaking any ERC-20 token.Now there are mostly protocols on which you can restake ETH and its wrappers. By the way when the project had about 100 followed, tuba followed them
Chain: Base
Segment: DeFi
Twitter: https://twitter.com/overloadfinance
Ryoco
A liquidity coordination marketplace is all we know about the project. They've also been mentioned by some smarts on Twitter, and today Royco made the account private and published the post "You might want to turn on notifications. The first will certainly be rewarded."
Even if you didn't manage to follow them, it's worth setting yourself a reminder for Tuesday. The feeling is that this is going to be something very interesting.
Chain: -
Segment: DeFi
Twitter: https://twitter.com/roycoprotocol
Catalysts, News & Updates
Other Dope Stuff you should check:
Most common topics that came up at side events for token2049
Thoughts on stickers, skins for an app
🫡 Thanks for reading, fren!
That’s it, the end of the today's 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.