😼 This is How Legends Are Born

🗞 Market commentary.

GM, and my deepest condolences if Hulk Hogan pulled the rug from under you yesterday..

Nowadays, one cannot buy a celebrity coin without precisely dissecting the contract and distribution. Hogan’s rug pull is a perfect wake-up call.

Now, to the important matters: Roaring Kitty is on a rampage, and watching a legend be born in real time is pretty amazing. As I pen this, Roaring Kitty is on the brink of billionaire status from a single stock, which is, of course, GME. 

GameStop stock surged to $67.50 per share in after-hours trading, and in case the price holds, Roaring Kitty will make history (and absolutely mog the hedge funds). We’re tuning in to his livestream in three hours. Be there or be square. 

As for the magic internet money land, Bitcoin is holding very nicely at just over 71,000 Biden dollars. Timewise, we want to see a breakout happen from now into next week. If we stall, the resistance will need to be taken out after one more pullback. 

I think right now, it’s not wise to time every little move precisely, as it’s a fool’s errand at this stage. The key is not to screw this up and lose a hard-earned position. We must enter the Banana Zone as smoothly as possible.

📊 Luke’s Chart of the Day

SUI/USDT 1D Log Chart

$SUI dumped hard as majors started correcting at the beginning of April. Partly, this would have been due to the big token unlock in early May, and there is significant ongoing inflation to be aware of.

Nevertheless, TVL has continued to grind higher (see Defillama), and price has put in a fine-looking Adam & Eve bottom on the 1D chart. There is almost no resistance from 1.15 up to 1.50. I think we get up there quite soon. What happens at resistance remains to be seen, but TVL and ecosystem activity look bullish longer term.

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.

TON Chain Universe

Considering that TON is a number 10 market cap project, the buzz around CT is largely focused elsewhere. Nevertheless, TON's price is smashing all-time highs, and after a quick glance, it’s clear the ecosystem is well and alive here.

The total-value-locked chart is currently on a parabolic rise, reaching almost half a billion dollars as we speak. Today, Telegram announced the launch of its mini-app payment system, Telegram Stars, which works directly with the chain and enables users to swap starts for TON.

All of this, in summary, tells us that TON is poised to be one of the main L1 plays of this cycle. So far, the largest beneficiaries of rising liquidity inside the TON ecosystem are:

• Tonstakers (LST)

• STON.fi (DEX) 

• DeDust (DEX)

• Bemo (LST)

• Storm Trade (Perpetuals)

• EVAA Protocol (Lending)

👀 DeFi insights.

The important bits.

• Sanctum (LST liquidity) - Announces the CLOUD token- read

• Zaar (NFTFi) - Big release is coming up next week - read

• ionet (GPU, AI) - Binance launchpool coming up June 11th - read

• Core DAO (DeFi) - Now available on Fireblocks - read

• Elixir (Orderbook liquidity) - Explainer of Elixir’s orderbook liquidity - read

• Paxos (DeFi) - Announces the Lift Dollar stablecoin - read

• IntentX (DEX) - Applied for Optimism Retro Funding Round 4 - read

• Smilee (DeFi) - Introducing Farmee (2,000x points and 2x existing yield) - read

• Karak (Restaking) - Expands to Arbitrum - read

📰 DeFi news.

Even more important bits.

• Robinhood to acquire bitstamp for $200 million - read

• 'Bitcoin Jesus' released on bail in Spain - read

• ECB cuts interest rate by 25 BPS - read

• Total value locked on EigenLayer surpasses $20 billion - read

• Franklin Templeton is looking to launch a new crypto fund - read

• McDonalds Singapore launched its metaverse - read

• Fuse Wallet releases a smart wallet for Solana - read

• Hong Kong may allow staking for spot Ethereum ETFs - read

🫠 ICYMI.

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

Why Berachain is thriving in DeFi: Strategy Amidst Chaos

Podcast

In this episode of Still Early, it’s all about DeFI. Grant is joined by returning guest Captain Jack to discuss DeFi and how Berachain is playing a role in the landscape .

They discuss Captain Jack's recent move to Berachain and the complexities of fostering a balanced DeFi ecosystem, balancing collaboration and competition.

Tune in on Spotify | YouTube →

🐥 Tweet of the day.

To save you doom scrolling.

Smolting’s got a point; 2024 is about to be the craziest year ever…

🦍 And finally…

Honestly, I regret not spending more time in the blocmates Discord lately. Dan is cooking with gas, calling 10-20x pumps left and right, and The Pit is overflowing with fellow degenerates. If you’re not in yet, why not hop in right now?

If you haven’t already… hit the subscribe button and get the coolest welcome email in crypto!