🧐 Celebrity Coins or Institutional Adoption of Ethereum? Pick One.

🗞 Market commentary.

GM celebrity drama debaters. 

The timeline is ablaze with a cacophony of hot takes on the new wave of grifty pump&dump schemes started by Caitlin Jenner, and now followed by multiple low-tier rappers and twerkers. 

Are these the definitive signals of a market peak, and is it now all over? Not so fast. A quick glance at Google Trends for “Bitcoin” and “Crypto” shows we’re far from the top yet. It appears the only ones who’ve hit the wall are the grifters: Davido, the so-called massive Nigerian musician, pocketed $473K of profit in 11 hours while chatting on X-spaces and being frowned upon by basically the whole timeline. A similar story unfolds if we check on the Caitlin Jenner tokens and MOTHER from Iggy.

We don’t want to spend too much time on the obvious stuff, but this take from CBS pretty much nails it.

Now, onto the meat of the matter: we’re seeing news about Biden’s chameleon-like transformation, ramping up his positivity in crypto outreach, the US Treasury announcing no plans to ban crypto mixers, and DBS, the largest Singaporean banking corporation DBS holding 173.7k ETH. 

Sounds like a bull market top to you? Choose your adventure…

📊 Luke’s Chart of the Day

BTC/USDT 1D Binance Log Chart

I drew some $BTC chart squiggles on 22 April when it became clear we were in for a longer correction. I’ve been posting regular updates in Discord. The squiggles have tracked pretty well so far—I'm not sure how or why—but I’m going with it and riding the confirmation bias.

If we can close the daily above that little support shelf around $67,850, I think we are looking good to keep ‘trusting the plan’ as the influenzas like to say. I also like that the DXY daily candle is dumping pretty hard right now. There’s an uptrend on that chart that I think we need to break in order to get the bull market continuation rolling.

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.

The Fun Network 

Yesterday, we theorized that the modular season might just be back, led by Celestia, the main horse of this narrative. Today, it’s a great time to take a peek at Zaar (previously Protectorate) and their plans to create The Fun Network, their own modular chain. 

The Fun Network is being prepared with Initia, a network for interwoven rollups backed by Binance and other big dogs.  

Now, the opportunity here is to bet on a whole modular Zaar Chain tailored specifically into a platform of NFT primitives, enabling any NFT from any network to participate. Considering the transition from Protectorate as a micro-cap dApp into a venture of this proportion, I would personally not like to overlook what Zaar is cooking. 

👀 DeFi insights.

The important bits.

• Frax Finance (DeFi) - Partners with Shezmu - read

• API3 (Oracles) - Secures $4M for treasury led by DWF Labs - read

• ReadySwap (Bot) - Updates and improves the app - read

• PepperDEX (DEX) - Presents SpiceNet, 50x faster than Solana - read

• Core DAO (BTC DeFi) - Increase your points in Ignition Program now - read

• Gnosis Pay (Payments) - Announces VISA partnership - read

• Stargate (Bridge) - V2 Pools & Incentives are live - read

• OrdiSwap (Ordinals) - PublishesV3 sneak peek - read

• Persistence One (DeFi) - wBTC / XPRT are now live - read

• Defi.money (DeFi) - Partners with Curve Finance - read

📰 DeFi news.

Even more important bits.

• LayerZero Makes ‘Mainnet Beta’ Debut on Solana - read

• Mastercard rolls out ‘Crypto Credential’ P2P Pilot- read

• PayPal’s PYUSD stablecoin goes live on Solana - read

• Israel unveils CBDC challenge, Russian firms resort to Tether for int’l payments - read

• Bitcoin, AI will boost El Salvador’s GDP to $300 Billion: Cathie Wood - read

• BlackRock’s IBIT Flips Grayscale’s GBTC to Become Largest Bitcoin ETF - read

🫠 ICYMI.

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

ETF Approval and Bitcoin’s Resurgence amidst Babylon’s New Dual Consensus Model

Podcast

In this episode, Grant is joined by Sankha from Babylon as he shares their innovative approach to integrating staking with Bitcoin in the Cosmos ecosystem.

Tune in on Spotify | YouTube →

How Term Finance Fairs in Varying Market Conditions

Research

Obviously mindshare of DeFi protocols has been underwhelming this cycle, so the outliers stand out, and term_labs is one of those outliers.

Read More →

🐥 Tweet of the day.

To save you doom scrolling.

These celebrities are getting mogged left and right…

🦍 And finally…

If you’re new here, know that most of the celebrity and cult of personality tokens are insider rugs. Don’t get bamboozled, and keep your crypto safe.

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