👻 Is Fantom the Next Memecoin Mania Battleground?

🗞 Market commentary.

GM to those who still see after staring at the eclipse.

Even though we didn't witness the arrival of the Anunaki, a significant earthquake, or even a tiny black hole created by CERN's particle collider yesterday, we experienced one of the most important things we all long for: a good old Bitcoin pump.

Besides the resurgence of Bitcoin’s strength, which even overcame the outflows from GBTC, eventually exceeding the inflows of all ETFs, we are now witnessing the much-anticipated comeback of ETH/BTC. 

Could this be the start of a season driven by fundamentals, ignited by Ethena? It's possible, especially since Ethena is regarded as the beacon of hope and salvation for VC-funded, technology-centric projects that were previously overshadowed by the rampant memecoin mania.

Paradoxically enough, the infamous DeFi head Andre Cronje has decided that now is the time to focus on meme coins and put out a whole Medium post about creating a safe space for meme coins on Fantom. Time to bridge to the ghost chain?

📊 Luke’s Chart of the Day

ETHBTC Weekly

ETHBTC - the perpetual pain trade. Not one of my favorite charts - it’s a messy 0.06 to 0.051 range that we’re in. Price almost always looks like it is going to Hades and then goes nowhere, or it looks bullish and instareverses. A nasty chopfest since September ‘23. 

That said, we now have a strong weekly bull divergence on RSI, with price going lower and RSI going higher. This usually signals strength and incoming reversal. 

It seems more likely than not that we will chop back to the top of the range here. Base volume and TVL are going vertical, Ethena is taking off, and we also have Eigenlayer TGE coming, probably in the next month or two. All of this should light a fire under the thus-far underwhelming price action.

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.

Mom, they’re turning friends into shitcoins again.

With the Friend Tech airdrop approaching, it's becoming increasingly evident that the SocialFi narrative is making a comeback.

If you feel like you've missed out on the few pumps we’ve seen across the board on FT, don’t forget there’s a new upgraded version of Stars Arena on Avalanche (now only “Arena”).

I don’t know about you, but I'm getting ready to ape into some high-quality Dan blocmates, Jedi Blocmates shares, and, of course, the main blocmates account as well.

Remember, keep it playful, and don’t risk it all. With that being said, feel free to join me.

👀 DeFi insights.

The important bits.

• Hyperliquid (DEX) - Accept terms before 13th April for PUFF airdrop - read

• Form Network (L2) - Chooses pxETH by Redacted for native yield - read

• Tensor (NFT market) - Launches TNSR token - read

• TON (L1) - Announces $5M palm-scanning incentive - read

• Aura Finance (DeFi) - Coming to Solana - read

• Unicorn (L1) - Airdrops for Remilio, Milady and more - read

• Core DAO (BTC DeFi) - Complete 3 tasks to get free NFTs - read

• Persistence One (LSTs) - Partners with Elys Network - read

• Elixir (DeFi) - Earn points by social contributions - read

📰 DeFi news.

Even more important bits.

• US to begin fraud trial on $116M Mango Markets exploit - read

• Chinese asset managers apply for spot bitcoin ETFs - read

• Ethena Labs adds BTC as USDe backing asset - read

• MEV bot jaredfromsubway makes yearly ATHs on ENA- read

• US PayPal customers will be able to use stablecoin for international payments - read

🫠 ICYMI.

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

Persistence: The Brightest Star in the Cosmos

Research

The Persistence One master plan on Cosmos is starting to really take shape. Patient builders always win the race, and these guys are exactly that.

Read More → 

Mantle: Airdrops, Airdrops, and More Airdrops from Mantle’s Rewards Station

The Mantle v2 Tectonic upgrade just scratched the surface. Now, the Rewards Station is designed to give all $MNT holders various rewards and perks from the dApps in the Mantle Ecosystem.

Read More → 

🐥 Tweet of the day.

To save you doom scrolling.

Absolutely, Luke, more and more projects should study the Ethena X Remilio effect. Taking a note here.

🦍 And finally…

April will pass in the blink of an eye, and as May draws near, so does the Berachain mainnet launch. I’ll personally try to snipe as many Berachain NFTs as possible before the launch, whether it’s Bit Bears, Band, the more affordably priced Honey Combs, or even those from Beradrome (possibly the main restaking project on Berachain; quite interesting).

I have a sneaking suspicion that the Berachain airdrop will surpass everything we’ve seen yet.