☠️ Ethereum is Dead. Long Live Berachain & Hyperliquid!

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GM, it’s looking good bros. 

Well, except for Ethereum. Even though Bitcoin's dominance at 57.4% shows a bearish divergence on the weekly chart, signaling that there might finally be some breathing room for altcoins, the inevitable downturn is taking its time. 

Meanwhile, Vitalik is speaking out against DeFi, and the people are freaking out about the Ethereum Foundation constantly dumping ETH on every pump. Even though Ethereum will inevitably have its day as undoubtedly the second most crucial blockchain today, it’ll most likely continue to underperform during Q4. 

We can change our minds about this once the monthly ETH/BTC chart gets above 0.05 and stays there. Until then, it’s alt L1 time, with Berachain and Hyperliquid most likely taking the lead for the last quarter.

Back to Bitcoin: It’s finally above the magical 62K line, which we highlighted quite a few times last week. This means it’s game on for as long as we stay above it. 

We’ve just seen record digital asset investment product inflows over the past five weeks, totaling $533 million, coinciding with Bitcoin reaching a record hash-rate of 774 EH/s. Also, the total stablecoin market cap hit an all-time high.

All I see is green lights.

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Chud/SOL 1D Raydium

$CHUD looks strong here, reclaiming the point of control and the VWAP, RSI showing strength as well. 

Dexscreener buy/sell data shows only 40% buys to 60% sells, but buy volume is $129k to $93k, showing that bigger buyers are stepping in. MACD is also grinding upwards, suggesting compression and momentum are building.

Learn more during today’s TA stream!

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!

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

Will Soneium spark gaming season?

Sony announced its L2 chain built on Optimism literally out of nowhere. It seems like the show starts two days from now, accompanied by a WebX event where the founders plan to announce some massive news (allegedly).

The fact that the Prime Minister of the Japanese government and the Minister of Economics will also speak right next to Jun from Sony Group underscores the fact that crypto is reaching the mainstream at a speed never before seen.

You can speculate on an airdrop here, but we know how that has gone lately (join Discord and check this ecosystem list). 

More importantly, we should watch out for an upcoming gaming season that’s probably getting sparked with all this.

Here are a couple of charts to look out for:

• Zentry

• GALA

• Echelon Prime

• Beam 

• Immutable 

The important bits.

• Soneium (L2) - Announces launch for August 28th - read

• EOS (L1) - Volume exceeded $78M - read

• Botanix Labs (Bitcoin EVM) - “We want the whole world to run on Bitcoin” - read

• Unstoppable (DeFi) - Features new product trailer - read

• DeFi Saver (DeFi automation) - Get 2x rewards for SAFE points this week - read

• DYAD (DeFi) - TVL is currently skyrocketing - read

• AAVE (Lending) - Is increasing partnership opportunities with BlackRock - read

Even more important bits.

• Vitalik criticizes DeFi in new tweet - read

• David Sacks: “You can only trust prediction markets around elections” - read

• Circle announces partnership with Soneium - read

• Thai officials bust illegal Bitcoin mine amid power outages - read

• Some Sunpumpmeme coins could reach $1 billion valuation: Just Sun - read

• Whale sold 800 BTC in one clip on Binance - read

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

What is DYAD? KEROSENE Explained

Research

Discover how DYAD is challenging traditional stablecoins with its unique approach to scalability, stability, and decentralization. Learn about its innovative features and how it's poised to reshape the cryptocurrency landscape.

Read More → 

To save you doom scrolling.

Watching this one will certainly remind you of Ethereum Foundation VERY well…

Note to self: never fade Grant when he impulsively starts to write about something. The aforementioned DYAD and Kerosene are those type of DeFi pumps that make me believe DeFi summer might just happen again.

stay safe homies,

Hix0n 🫡