👀 Dencun in 3, 2, 1...

🗞 Market commentary.

Grand morning to all who don’t believe government economic data!

Did you enjoy your dose of macro on CPI Tuesday? For those who missed the somewhat nostalgic moments where macro still plays a role, yesterday’s CPI hit at 3.2%, which is a whopping 0.1% above the expected number of 3.1%. So far, the traditional and crypto market reacted similarly to its participants - with a tiny flash-in-the-pan, nostalgic mini-dump, after which they swiftly jumped back up like nothing happened.

For those who started shuffling around positions with a sense of unease, here's a simple take: short-term Bitcoin price action might get into corrective territory only if we see a daily close below $71,000, after which Eric Krown expects a short to midterm pullback into the mid-60s.

Meanwhile, on the TradFi side, Cold Blooded Shiller points out a potentially important market structure break to watch out for in the Nasdaq, which is located around 17,500. So far, the market showcases high resiliency towards macro and any other bearish influence for that matter.

Apart from that, Bitcoin continues to shine. Just yesterday, for instance, Bitcoin's market capitalization jumped above the valuation of silver and to make matters even more interesting, became the 13th most valuable currency in the world, surpassing the Swiss Franc.

On the Ethereum side, the community is celebrating the much-anticipated Dencun upgrade, which includes a massive lowering of L2 fees. A quick look at L2BEAT shows the TVL of rollup reaching new all-time highs every day and it’s blatantly clear where the next round of action lies. Dencun upgrade is coming today 1:55 PM UTC.

📊 Luke’s Chart of the Day

This left curve chart is for the disappointed $TIA holders. It’s a troll chart, because every month is green, except for month #1, where jeets flushed their generational wealth airdrops down the toilet sub $3. Don’t be like them, pre $100. After 4-5 months of uponly, you inevitably get some consolidation. No unlock until 30 October.

I’m pairing with Eric Wall’s October ‘22 tweet - read the whole thread.

🔥 Degen corner.

The Revenge of the Avalanche

If you didn’t know, the Avalanche Foundation has a keen interest in top ecosystem memes, even purchasing the best ones. Additionally, we've observed a sharp increase in the supply of Avalanche stablecoins and DEX volumes.

Aside from legendary memes like COQ or the newly coined OG, NOCHILL, there are a lot of goodies to be found in the lands of AVAX. (Handy meme list here).

For instance, following the recent airdrop to badge holders, now valued at around $20,000, The Arena is coming back into the picture. Besides the fact that this SocialFi platform is a great source of entertainment, users also earn points for a future airdrop of The Arena tokens. I’m personally on the hunt for undervalued keys because as you might have noticed, the upcoming Friend Tech airdrop will be juicy, as these narratives are likely to converge into yet another hype cycle.

Want to dig deeper? Don’t miss today’s Shitcoin Church Avalanche special!

👀 DeFi insights.

The important bits.

• Kodiak (Berachain) - Partners with Infrared - read 

• Flash Protocol (BTC DeFi) - Partners with ChainGPT Pad - read 

• CORE DAO (BTC EVM) - Core Ignition incentive program - read

• Nubit (Data availability for Bitcoin) - Introduces Modular Indexer - read 

• Curve (DeFi) - Curve Lend is now live - read 

• IntentX (Intent DEX) - Reached $1B volume - read 

• MOZ (AI, DeFi) - MOZ token listed on Poloniex - read 

• Stable Jack (DeFi) - Launched on Avalanche - read

• Elixir (Modular DPoS network) - Closed Series B at an $800M valuation - read

📰 DeFi news.

Even more important bits.

• Rap legend Drake shares Michael Saylor video - read

• Biden administration proposes 30% tax on BTC mining electricity - read 

• Grayscale seeks permission from SEC to seed Bitcoin Mini Trust - read 

• Google searches for memecoins, and airdrops are growing - read 

• Mustafa Al-Bassam points out withdrawal risk for Compound USDC- read 

• Michael Saylor mogs fiat holders - read

🫠 ICYMI.

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

What is EIP-4844? Why Ethereum's Dencun Upgrade Matters

Research

Put your seatbelts on and your donuts down. This is a meaty one. We've had @k_pangolin look at EIP-4844 on a big day for Ethereum...

Read More →

🐥 Tweet of the day.

To save you doom scrolling.

Lil Bubble made a banger out of a banger with this one, give it a listen!

🦍 And finally…

Sauces are telling us that modularity and data availability might make a comeback soon. Simply said, we shouldn’t forget about Celestia, as it has been consolidating nicely for quite a while now.

The main point of interest, though? Berachain. Bera NFTs, nearly forgotten since the testnet release, have quieted down. Meanwhile, we might be in the last innings of the pre-airdrop times. While this is not financial advice, it's probably a good time to take a closer look at Berachain after a while.

See you all tomorrow.