🤖 The Return of AI Gains

🗞 Market commentary.

GM, so how much money did you burn on Bitcoin gas fees?

Let’s take a moment to recap Runes in the degen corner, but first, what’s our main memecoin Bitcoin up to? Well, after retesting the production cost area we’ve been discussing for weeks—now cryptographically set at $60,000 Biden dollars due to the halving—we see Bitcoin taking a good old breather and chopping around.

There are two possibilities here: we could either bulldoze our way straight into the eighty thousands, which seems a bit unlikely, or we might see Bitcoin retest last week’s lows again (production cost), followed by a nice, slow chop through May.

While many would prefer to see big green dildos on the daily charts, we must recognize that prolonged consolidation could be a blessing in disguise, potentially leading to a much longer bull run.

In other news, we noticed an interesting, sudden dump in compute stocks over the weekend, with NVDA plummeting 10%. From a zoomed-out perspective, this all points to Nvidia retesting a massive, long-term channel from above. Once that’s confirmed, we can most likely expect an AI narrative to hit the crypto streets, and we’re already seeing signs of this, with names like Akash appreciating 54% overnight.

📊 Luke’s Chart of the Day

SNS/USDC Raydium 4H Log Chart

The Akash chart just pumped hard and almost made it in today. It is worth a look - close to price discovery now. Instead, we have another DePIN x AI project, SynesisOne. The recent downtrend break looks just like the previous breakout (note: this is the log chart). We will probably get a little consolidation here, burn off some RSI, and then break north, similar to the last big breakout. The market cap on this coin is tiny ($40M) compared - and this is the clincher - to the big daddy that TGE’s on the 28th - io.net.

IO will apparently launch with a market cap of $1B, but as far as the FDV, I’m hearing OBSCENE numbers. I cannot confirm, but if it’s anything close to what I’ve heard, I think comps like Akash and SNS will have to do multiples to reprice accordingly. SNS seems like it has further to run, although I’m not very familiar with the fundamentals. Akash's FDV is already over $2B.

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 Recap

Runes are out, and in a typical 'sell the news' fashion, we see the whole Ordinals space taking a bit of a breather.

Now is the time for all the projects we mentioned in last week’s newsletters (if you missed them, dig in) to demonstrate their capabilities and actually implement the Runes protocol in an effective manner. While this is happening, we’ll be on the lookout for market leaders.

Currently, there are two obvious ones already: one for Runes minting and sniping new releases, and another for Runes trading:

Stay safe out there, and keep an eye on the current fee situation. We've seen a few instances of people burning four figures while failing to mint.

👀 DeFi insights.

The important bits.

• IntentX (Intent DEX) - Brings first BRC20 perps with Befi Labs - read

• DeFi Saver (DeFi) - Teasing an announcement for today - read

• Elixir (Modular L1) - Announces new products with Omni Network - read

• Botanix (Bitcoin EVM) - Free NFT mint available (airdrop?) - read

• Skillful AI (AI) - Partners with Skale Network - read

• Prometheans (Runes) - Releases info about the Decentralized rune - read

• Ramen Finance (Berachain) - Teases a release on 24th April - read

• Friend Tech (SocialFi) - Launching on April 29th - read

📰 DeFi news.

Even more important bits.

• Central banks are stocking up on gold - read

• MOG and BONK top all memecoin searches - read

• Bitcoin saw three highest transaction fees in history - read

• 12 of Solana presale projects abandoned after raising $26.7M - read

• Binance is teasing PUPS listing - read

• Launch of Runes spurs flurry of Bitcoin transactions and fees - read

🫠 ICYMI.

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

DeFi Saver: A Complete DeFi Management Suite

Research

DeFi has been lagging a bit this cycle. It feels almost like we're waiting for that surge when the narrative shifts. However you're positioned, you should brush up on what DeFiSaver has built—essentially a huge product suite for various strategies, regardless of your bankroll.

Read More →

The Emiri Diary #2: Diamonds In The Rough

Research

This week, Emiri covers a potential answer to the poor shitcoin UI on Solana *cough, Raydium, cough* and a couple of potential left-field airdrops you may want to bookmark.

Yup, 11 projects to brush up on, right here:

Read More →

What Are Bitcoin Runes? Everything You Need To Know

Research

Right then, Runes. Here's our take on it and everything you need to know about where we're currently at.

Read More →

🐥 Tweet of the day.

To save you doom scrolling.

As Smolting noticed, the cat season took an interesting turn just yesterday…

🦍 And finally…

As you surely noticed, we had a good look at AI today. Let’s continue scanning this sector tomorrow. I’m personally using my own GPU to mine the io.net airdrop. Definitely check out last week’s Still Early, where Grant and 563 picked the brains of io.net’s COO Tory Green.

May the pumps be with you.