🥵 CZ in Jail = Bull Run Over?

🗞 Market commentary.

“Wake up cocksuckers, it’s all over” Joey Diaz

At least, that's the vibe looking at the charts on this lovely May morning. The delusions of grandeur are crumbling as quickly as the memecoin portfolios retract all their paper gains. But is it really all over? I don’t think so.

Today, all eyes are on the FOMC, reminiscent of the good old macro days of 2022. Tune in at 2 p.m. ET and listen to old Jerome mumble about the mission to protect US consumers. What interests us is that, as long as I can remember, FOMC meetings have tended to mark at least a mid-term bottom for Bitcoin.

On the price side, we should heed the advice of the most experienced in these situations. Watching Eric Krown’s summary for today is highly recommended. Simply put, the first area of interest is being printed right now, around $57K. Nevertheless, as long as Bitcoin remains under $63-67K, we have to stay on our toes.

Another point to keep in mind is the complete outlook for May: if we see another bearish month (which is unusual for election years but already confirmed by a red April), we might have to brace for a more prolonged, at minimum, multi-month correction. The most likely outcome of that scenario? A prolonged bull run.

📊 Luke’s Chart of the Day

W/USDT 4H Kucoin - Log Chart

Don’t ask me about fundamentals—I instadumped my $W airdrop, and so far, that has been the right play—but on days like this, you look for relative strength, and maybe it’s time to buy some back. $W looks like a post-airdrop jeets-out chart that is ready to turn around as soon as the majors gib bounce. Point of control support is holding firm, and a rising RSI indicates growing strength as the price consolidates.

As always, NFA, and please 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.

Salam Habibi, need to restake some ETH?

After the Eigen Layer airdrop fiasco, let’s take a look at an interesting (and way more degen-native) LRT competitor: Karak Network.

Karak recently secured $48M from heavyweights like Coinbase, DCG, and others. Karak’s TVL is currently charging up and to the right, sitting almost at half a billion. The appeal here is simple: restaking assets with Karak enables users to earn staking rewards, restaking rewards, Eigen Layer season 2 points, LRT points and on top of it all, Karak XP.

It’s also worth noting that at Karak, you can restake already restaked assets from platforms like EtherFi and Renzo, or you can dive into restaking with various stablecoin types, assets from Pendle, or even wrapped Bitcoin. As time goes on, it’s highly likely that even more assets will be added.

This might be a good place to park your assets in case we do face a prolonged summer of consolidation. If you want to join me, here are some access codes:

• FWMh4

• lMRsA

• Kfe4g

• iJA7C

• MyF4P

👀 DeFi insights.

The important bits.

• Fareplay (GambleFi) - Free points to claim for 48 hours! - read 

• Renzo (LRT) - Airdrop claim is live  - read 

• API3 (Oracles) - API markets are now most developer-friendly platform - read 

• Karak (LRT) - Rewards season started with apxETH staking - read 

• NFTfi (NFTfi) - $NFTFI airdrop portal is now live - read 

• Mantle (L2) - Explore Mantle Missions  - read 

• Botanix (Bitcoin L2) - Run a Spiderchain node and earn BTC yield - read

• Merchant Moe (DeFi) - Introduces MDMA - read

📰 DeFi news.

Even more important bits.

• Coinbase implements Lighting Network - read 

• Hong Kong ETF flows are very underwhelming - read 

• Massive unlock of Puppets and Nodemonkes on Merlin Chain - read 

• Overall, state of crypto looks great (statistics) - read 

• Standard Chartered says bitcoin price could fall further to $50,000 - read 

• Spot bitcoin ETFs saw $344 million net withdrawals in April - read 

• CZ says crypto industry has 'entered a new phase' - read

• Uniswap enables crypto purchases via Robinhood Connect - read

🫠 ICYMI.

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

Are Heroglyphs Worth Your Attention?

Research

When 0xMaki surfaces with a new product, we pay attention. That means Ollie went dark the last 24 hours digging into Hero_Glyphs and its use case.

Read More →

🦍 And finally…

The legend CZ was sentenced to four months in prison (as he predicted with his own “4” meme and the famous photo). What are the chances we consolidate and shake everyone out for four months and then resume the bull market once CZ walks free again? This would be a very typical scenario in the crypto world.

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