🧐 Is Crypto Merging With TradFi This Fast?

🗞 Market commentary.

GM edgers.

Bitcoin chose the path of the light, and our questions from yesterday are now answered: the upside seems more likely to happen sooner rather than later. As long as BTC hovers over seventy thousand, we simply sit with the bulls.

Massive ETF inflows underscore the chances of our beloved markets staying green. For example, Fidelity saw 379.3 million dollars of inflows just yesterday. Adding to the fire and beating on the bull drum, Grayscale advised investors to allocate at least 5 % of their portfolios to cryptocurrency.

Moreover, our friend Patrick Scott noted that “tokenized treasuries have nearly doubled since the start of the year and 10Xed since the start of 2023.”

There’s a high chance a real unadulterated real-world assets run is still ahead of us. On this note, CFTC approved tokenized money-market funds to become eligible collateral. The intersection of the token world with the Tradfi world is exactly how we reach the next escape velocity moment in the altcoin market, most likely starting on Ethereum. 

📊 Luke’s Chart of the Day

PUPS/SOL 1D Log Chart

As many expected, Runes dumped hard after the halving protocol activation. It’s taken time for momentum to rekindle, but seems like it’s time to get back on board. $PUPS is in an accumulation range. I see a lot of bull posts on Twitter calling for a range breakout. If we get one (blue squiggle), I think the top-of-a-range retest could be the place to buy. If not, accumulation could run a little longer into month end. If so, midrange support (red line), as well as the bottom of the range, if we get it, are the places I would look to add to my bag. $PUPS is an early rune (study progeny) tied culturally to the Puppets community. At some point, we will get permissionless $BTC L2s, and then trading runes will become as user-friendly as buying $SOL memes. There’s significant friction now, so this is when I want to allocate.

Big multiples are possible on the road to a billion market cap, NFA as per usual.

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.

Runes are Back

In a perfect moment of synchronization, coinciding with the announcement of the new blocmates Orange podcast focusing on none other than the orange king Bitcoin, Runes are making a huge comeback.

We surely don’t plan to miss the second Runes wave on Bitcoin. When else did we have a chance to ape memes on the mother chain? 

Let’s check a few interesting avenues. Be warned! Some of these are pumped already, but the Runes season might go on for the rest of the June. Choose your entries wisely, young padawans.

• PUPS

Not only is the chart looking ready, but the long-awaited PUPS migration will happen in a few days. Also, we vividly remember the Binance teaser post, which might mean an upcoming listing.

• Waddle Waddle Pengu 

This one falls into the cute bracket and is pushed by Cold Blooded Shiller, an absolute chad and veteran of the crypto space.

• Mr. Yen Japanese Business Man

Original and hilarious: that’s good fundamentals (for a meme).

• Decentralized 

Second ever Rune created and pushed by the Kongz 

• DOG

This one is really high already, but despite the rough beginnings, DOG is reaching a place of high virality.

• Anarcho Cat Bus

An old favorite meme from Casie Rodarmor, creator of Ordinals.

• Saiko Hamster

Hammy on Solana paved the way for hamsters to reach their financial goals. Now we have a hamster on Bitcoin.

👀 DeFi insights.

The important bits.

• Fantasy (SocialFi) - Introduces Fantasy Burn - read

• Rarichain (NFTs, L1) - Migrates to Celestia - read

• CowSwap (DEX) - Launches on Arbitrum - read

• Pear Protocol (DeFi) - Partners with Symmio - read

• Ionet (AI, GPUs) - Watch the IO Summit 2024 Keynote - read

📰 DeFi news.

Even more important bits.

• BlackRock plans to launch a new national stock exchange in Texa - read

• SBF and Mango exploiter are inmate buddies - read

• Michael Novogratz sees Bitcoin at $100,000 by the end of year - read

• US economy shows plenty of warning signs - read

• Base generated $6.1m revenue in May - read

🫠 ICYMI.

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

What is API3? The DAO That's Changing the Game with First-Party Oracles

Podcast

We've been shouting about API3 for a while now, but let's make it even easier to understand.

Here's CryptoTube's take on what's being built at API3 and why it's so important to DeFi...

Tune in on YouTube →

🐥 Tweet of the day.

To save you doom scrolling.

The levels of MOG virality inside the kid and zoomer circles are quite high…

🦍 And finally…

The final question is: what is the MOG, the WIF or the ticker BITCOIN of Runes? Something should pop up soon, something highly original with viral memetic potential. The time to focus is now.

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