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š» BTC Punishment: How Low Will It Go?
PLUS is it finally Base Season?
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Well, there it isājust as we warned yesterday, the Crypto Gods are delivering their judgment on the market, punishing it for Pumpfunās latest degenerate antics.
Fortunately, the bottom-tier degeneracy is winding down. As of today, Pumpfun announced that it would hit pause on live streams indefinitely, most likely until they come up with some kind of moderation system. Isn`t it fascinating what people start doing just a few days after discovering they can quickly rug money by behaving like utter filth?
Meanwhile, Bitcoin is taking its first hit of red in a while, hovering around $92,000 as we speak. The fact is, BTC went into a parabolic rise lasting around three weeks. Dumping a bit, then chopping a bit while creating a higher low, is absolutely reasonable hereāno need to scream for an end to the bull market.
Fun fact: besides ETFs constantly buying more bitcoins than are mined daily, the BTC supply on exchanges is now at its lowest point since 2018. If we count in the absolute maniacal recent buy pressure from Michael Saylor`s Microstrategy, we can expect the supply shock to continue and push prices higher.
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Strong alts vs. Eth, spaghetti chart, from 1 November
Dino ponzis were quickest out of the gate this month with the XRP, ADA, and HBAR pumps. Those are still the biggest gainers this month, but as of today, I would be looking closer at Eigen, Sei, and Fantom for longs that have legs into month end and beyond. Hit those links for individual charts for each coin.
$CRV is also a very interesting longer-term spot play, given the long accumulation (over 2 years)ācheck out the Binance Accumulation / Distribution indicatorāand extreme volume profile on Uniswap (Aribtrum pair).
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!
Base Season: Is It Finally Here?
When the entire timeline screams for the same thing, itās always wise to stay skeptical. That said, there are some compelling signs that a real Base season might finally be upon us.
First, Phantom just added Base chain to their interface. Just after possibly the most crazed mania phase on Solana, which burned many newcomers, many of these newly onboarded participants look for a place to regain their losses or simply find a safer place to trade.
Moreover, the Base version of Pumpfun, called Clanker, has already made around $4.9m worth of revenue, with its platform's token trading volume reaching 20% of Pumpfun's.
Finally, the daily transaction volume on Base has just reached all-time highs, more than double the volume of the last season during April.
And yes, of course, there are some Base picks for you to check out (not financial advice, no refunds):
The important bits.
GenLayer (AI, L1) - Introduces GenLayer Studio, an interactive sandbox environment for developers
Radix (DeFi) - Wett Finance is now live on Radix
Superseed (L1) - Now partnered with Pashov Audit Group
Sophon (Entertainment Layer) - Win some 150 Sophon nodes valued at $90,000
Demex (DeFi) - Join the point season untim DEMEX token release Q1 2025
Core DAO (BTCFi) - TVL surpassed $900M
Term Labs (DeFi) - Fix rate auction available to lock in every Wed/Thu @ 1700 UTC
EOS (L1) - Continues to lead the TVL growth week by week
Kinetiq (Hyperliquid LST) - Introduces āStakeHubā
Avalanche (L1) - Rolls out Avalanche9000 with $40m in grants on Retro9000
Jupiter (DEX) - Proposes another airdrop
Even more important bits.
Ledger now integrates Venmo and Moonpay
Axie Infinity to lay off 1/5 of the staff
Binance announces Thena airdrop for holders
Publicly traded Jiva Technologies adopts #Bitcoin Treasury Strategy
Charts and stats of the day.
Every 2 out of 3 memecoins promoted by influencers are ādeadā
Base is currently cruising at 107 transactions per second [TPS]. Back in January, it was averaging merely 4 TPS
Stablecoins in aggregate processed more than $750B in transaction volume last week
Life gets busy so hereās what youāve missed.
What Is Ethereumās Beam Chain? Ditching Beacon for the Future of Ethereum
Research
Was the Beam Chain Bangkok announcement such a massive anticlimax? Or have we all just become a bunch of morons whose dopamine receptors are so fried that we canāt simply sit back and wait for a good thing to play out? Who knows.
Either way, this article gives a broad overview of what it means for Ethereum's roadmap.
Why Radix Will Be the Go-To Chain for Institutions
The Radix team has set its sights on institutional capital, which is notoriously difficult to nail on-chain for many regulatory reasons.
The new mechanism 'flash liquidity' could solve a lot of these issues, though.
To save you doom scrolling.
Death to all bears. Soonā¦
$BTC just stops short of $100k
and everyone was perfectly correct with timing on the $MSTR short
Not a chance, shorters are going to get blown out
ā Cold Blooded Shiller (@ColdBloodShill)
9:13 AM ā¢ Nov 26, 2024
Just as I`m finishing this newsletter, it`s starting to smell like, at minimum, a short-term bottom on Bitcoin. Loads of people are calling for a deeper retracement or weeks of bearish price action. Would be shame ifā¦
stay safe homies,
Hix0n š«”
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