🍌 Banana Zone, GME psyop, Chainlink Pump... Wait What?

🗞 Market commentary.

GM, welcome to the Banana Zone.

We’re very close to flipping $67,000 USD on Bitcoin. Let’s just say that after we do, we all get to buy unlimited bananas.

Meanwhile, the legendary GME stock is entering an inverse Banana Zone, dropping 30% on the daily. We’ve just heard that the company is filing to sell 45 million shares. Oh well. Was this all just a GameStop psyop or even a Remilia Corporation experiment in cooperation with Schl0ms and Polymarket? No further comments.

In other news, we’ve got some interesting movements on the Ethereum front. Chainlink just finished a pilot to accelerate fund tokenization with JPMorgan, Templeton, and BNY Mellon. Even though LINK pumps usually aren’t the most positive signal for the market, this time feels eerily different. ETH/BTC and Ethereum sentiment most definitely reached a bearish climax.

Now, what will happen when Ethereum receives its spot ETF at some point this year? Sources are talking about major banks and institutions adopting staked ETH. Let’s get back to this later.

Another ecosystem to check up on is Fantom: the TVL here is starting to spark up, all the while inflows and transaction counts are rising.

📊 Luke’s Chart of the Day

ETH/USDT 1D Log Chart Binance

Anyone who knows me from Discord knows I’m the last person to recommend buying ETH this cycle, but bullish charts (both daily and weekly) with ultra-bear sentiment tend to be good setups. With just over a month to go until the ETF decision, almost nobody believes it’s likely. ETH/BTC is extremely oversold on lower timeframes. It seems like a good setup to me. 

It’s possible we’ll get an August approval, with the SEC beginning to engage next month. I’m just speculating here—I don’t actually know anything. If we can break that 1D downtrend from a support reclaim, it could be a good run. Even the weekly (inset chart) looks similar to the Solana setup—Ichimoku cloud flipping green, bullish TK cross, and retest of the cloud, which has held up nicely.

NFA as per usual, please always do your own research.

Come by the Lucky Luke Discord channel for comments, to roast my picks or to pump your own bags. All banter is welcome any time!

🔥 Degen corner.

Time to Get Some mETH

For financial reasons, of course. And Eigen points. Jesse, it’s time to cook:

Mantle has strategically restaked 100K mETH, roughly valued at $290 million. This whole stack generates daily EigenLayer Points. These points are awarded to mETH holders on Mantle L2, covering all integrated DApps, which also minimizes your smart contract risks. Pretty good, innit? Also, remember that Mantle is the 3rd largest address with the most Eigen points.

Last week, we talked about Karak Network, which is currently the closest Eigen Layer competitor with huge investors like Coinbase backing it.

There are even more reasons to opt for Mantle, though.

Finally, you can check how many Eigen points you’ve accumulated by visiting the Mantle mETH Dashboard.

👀 DeFi insights.

The important bits.

• MakerDAO (DeFi) - Announces first subDAO called Spark - read

• Mog (Memecoin) - Listed on Bybit - read

• Vertex (DEX) - Joins Garden Finance Bitcoin bridge season 3 - read

• Blast (L2) - Delays airdrop to June 26th - read

• PUPS (Memecoin) - Receives Wall Street Bets teaser - read

• Vector Reserve (DeFi) - Shifts focus to Karak Finance - read

• MarginFi (DeFi) - Introduces Solana’s liquidity layer - read

• Zentry (Gaming) - Zentry Universe is here, get ready to play - read

• Solayer (Restaking) - Epoch 0 is live - read

📰 DeFi news.

Even more important bits.

• Pink Drainer is shutting down after siphoning off $75M - read

• Dolce & Gabbana NFTs Lose 97% Value, Brand Sued - read

• France’s AMF reminds Bybit is blacklisted - read

• OpenAI partners with Reddit - read

• Is BlackRock facilitating naked BTC shorts through Coinbase? - read

• Bitcoin ETF inflows Top $303M - read

• IBIT reports 414 holders (record-breaking numbers) - read

• Solana-based memcoin generator Pump.fun exploited - read

•  Coinbase eyes Australia’s pension dund sector - read

🫠 ICYMI.

Life gets busy so here’s what you’ve missed.

Your Ticket to Tomorrow's Events: Open Ticket’s Web3 Invasion

Founder Series

In this episode of the blocmates podcast, we look at a project set to shake up the ticketing world with blockchain tech.

Jedi has a chat with Colby and Oliver from Open Ticket Exchange Network.

Tune in on YouTube →

Mantle Network: Crypto’s Yield and Rewards Powerhouse

Research

We've dropped a little alpha on Mantle’s entry into the blooming BTC DeFi ecosystem and mETH venues for you lot to read thoroughly.

Read more →

🐥 Tweet of the day.

To save you doom scrolling.

We do not identify with this tweet, nor do we recommend any of our female readers to open this link. Nevertheless, Paulo says it’s the same opportunity as buying Bitcoin in 2010…

🦍 And finally…

Finally, will the meme bears be correct this time? Even though PEPE looks to consolidate for a bit, I can’t shake the feeling this is just a process to create another higher low, this time above the past ATH.

I don’t know about you, friend, but I will stay a fierce memecoin bull. Careful though! Never buy big green candles; always buy bottoms with active and viral communities. That’s rule numero uno.

If you haven’t already… hit the subscribe button and get the coolest welcome email in crypto!