šŸš€ Macro's Out, Altcoins In

PLUS is it time get BASED?

March 21, 2024

šŸ—ž Market commentary.

GM, how was your FOMC Wednesday?

After all, Fed Chief Jerome Powell chose rich, and as we can see, the markets are taking a well-deserved breather. Not only does the macro plan remain unchanged with three expected rate cuts, but Powell also mentioned the possibility of cutting rates even when inflation remains slightly above their original inflation target of 2%. This is what we call being dovish and choosing rich.

A quick glance over the tea leaves tells us that as long as Bitcoin remains above the 66K level, we can interpret this price action as the beginning of yet another higher low. Now, the real fun begins if Bitcoin manages to continually confirm these levels and consolidate, thereby letting the altcoins shine. Speaking of alts, the TOTAL 3 chart just finished a gorgeous retest of the 640B level. Letā€™s hope we finish the week in exactly this style, and now you know what to watch to follow our inevitable path to Valhalla.

šŸ“Š Lukeā€™s Chart of the Day

ORCAUSD 3D - Coinbase

Solana eco sleeper pick Orca - a bit of a laggard recently as nobody really pays attention to it - price has lagged the ramping volume (see inset Defillama chart) and TVL on this OG Solana exchange since the beginning of the year. Trading volume is ramping too - see blue arrow bottom right of the price chart. Price (inset chart from Defillama) will likely snap back towards the yellow TVL line sometime soon. You can see the strong buyback on the current 3D candle. 

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!

šŸ”„ Degen corner.

Get Based

Weā€™re seeing quite a lot of action popping up on the BASE chain. Is Coinbase L2 going to become another heaven of retail meme enjoyers, similar to how Solana on-chain space has grown since last autumn?

Well, for one, the TVL on Base is now rapidly growing, nearing almost $1B. As usual, the DEX action is currently largely revolving around memecoins, sparked by the recent success of names such as TYBG, Normie, or Brett (always use Goplus token security check before buying anything!)

Additionally, weā€™re noticing a solid token appreciation across the RWA sector, this time sparked by yesterdayā€™s BlackRock announcement of a tokenized assets fund, which was seeded with 100M USDC on Ethereum. As for BASE chain RWA projects, the market seems most interested in Grand Base.

Other interesting RWA picks include:

Keep in mind, the Base season is already ongoing, so while you can be early on certain picks, others are well into their runs. Never blindly enter huge green candles or run-ups or narratives everyone already talks about, even if they have potential for more upside. Wait patiently and time your entries. 

Join blocmates Buffet, the best free bull-run tool on the market: https://t.me/blocmatesbuffet

šŸ‘€ DeFi insights.

The important bits.

  • Arbitrum (L2) - Unlocks 1.1bn tokens - read

  • API3 (Oracles) - Full list of Mantle collaborations - read

  • Optimism (L2) - Launches first permissionless withdrawals - read

  • Avalanche (L1) - Announces cooperation with Alipay+ - read

  • Redacted Cartel (DeFi) - Hidden Hand AURA round for $635,000 - read

  • Smilee Finance (DeFi) - Presenting ā€œImpermanent Gainā€ product - read

  • Aaevo (L2 derivatives) - Launches staking - read

  • Redacted Cartel (DeFi) - Becomes top holder of vlCVX - read

šŸ“° DeFi news.

Even more important bits.

  • BlackRock is launching a tokenized asset fund on Ethereum - read

  • Elon Musk is replying to Retardio tweets - read

  • Critical vulnerability on Paraswap (revoke your access!) - read

  • Robinhood rolls out crypto wallet to Android users globally - read

  • Ethereum Foundation has received a confidential inquiry from a state authority - read

  • Grayscale Ethereum Trust discount drops to -20% - read

  • Bitcoin ETFs reach record net outflow of $326m - read

šŸ«  ICYMI.

Life gets busy so hereā€™s what youā€™ve missed.

IntentX vs The Rest

LeftsideEmiri is bullish, so we think you should be too.

šŸ„ Tweet of the day.

To save you doom scrolling.

Smoltings snapshots got heat today, these tweets are a must readā€¦

šŸ¦ And finallyā€¦

Elon Musk put out a Milady-coded tweet and the Remilia universe is now on its toes. Whatā€™s happening? Is there something more to this? Itā€™s yet to be seen, but it might be worth getting acquainted with the unknown but still official Milady collections such as Pixelady, Redacted Remilio Babies, or YAYO.

What do you think, does the ETH NFT space have any chance of a grand comeback? Let us know!

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