This Week On-Chain #73 – Climbing the Wall of Worry
This article discusses the current state of the cryptocurrency market, with prices continuing to rise and Meme coins and celebrities becoming the focus. The European Central Bank plans to cut interest rates, FTX executives sentenced to jail, and the Uniswap Foundation will release a proposal on fee conversion. Several celebrities are appearing on cryptocurrency social media, and capital is flowing towards Solana. DEX trading volume is increasing, with Meme coins becoming the center of trading.
NFT trading volume is overall weak, while 1inch tokens are increasing. Trump supports cryptocurrency, and the new MAGA token is skyrocketing. Several token unlock dates are approaching, so “bullieving” should be maintained.
Market Summary:
– The European Central Bank plans to cut interest rates.
– DWF Labs CEO announces plans to invest in Meme coins.
– FTX executive Ryan Salame sentenced to 7.5 years in jail.
– The Uniswap Foundation will release an on-chain proposal regarding fee conversion on May 31.
– Binance Labs invests in Aevo.
– Article on inflation attacks.
– GCR account hacked, claims X’s internal personnel were bribed.
– DeFi funds raised for new decentralized stablecoin cross-chain bridge.
With several celebrities appearing on Crypto Twitter to issue tokens, it’s not surprising to see capital flowing towards Solana as people chase the rising prices of these tokens. However, when such things happen, it’s important to ensure that most of your portfolio is professional as unexpected events can occur.
DEX Trading Volume:
All activities continue to accelerate, except for Base, which remains dormant compared to other chains. With the upcoming launch of the Coinbase smart wallet, it still provides an asymmetric opportunity, which should kickstart the next Base season. Ethereum activity has surged and may continue to do so until gas fees become too high.
Trading Pair Volume:
In the past week, mainnet trading volume has skyrocketed, and we are finally seeing true bull market numbers. With people’s attention focused on Meme coins, they have dominated the trading token core in the past week. Considering that the trading volume is artificial, despite how eye-catching SBI is on the chart, it can be ignored. The same goes for KIYO and The Glitch. However, MAGA, MOG, PEPE, PEW, and TURBO have all experienced explosive growth in price and trading volume in the past week.
Since being hacked last week, Normie has topped the trading volume chart and dropped to zero. PEW joined the PEW trend on ETH outside of Heroglyphs a long time ago, and that is unlikely to change anytime soon.
NFT Trading Volume:
Apart from the surge that occurred during the Ethereum explosion, NFTs have been overall weak. Although they are showing some interest, their value is unlikely to explode until the frenzy stage, when people have already made a lot of money and want to showcase it through high-value NFTs, but most NFTs are overpriced.
The NFT frenzy is a good signal that we are nearing the end of the cycle. Remember this when you see them going crazy.
Net Inflows:
Surprisingly, 1inch tokens have accumulated a lot in the past week, which is not something I often say. Maybe something knows something or some notification is coming? Worth paying attention to. With Trump continuing to support cryptocurrency, the new MAGA token has surged to $200 million in just three days. As people expect the LayerZero airdrop to be imminent, STG is starting to drain. PEW is the latest on-chain cookware and has generated sales of over 60 million after popping out of nowhere. As voting begins tomorrow, interest in UNI tokens is increasing.
As mentioned before, NORMIE has been the top accumulator (and seller) in the past week since being hacked. Looking further down, you’ll see the second NORMIE token, which is in response to that as a new token was launched. MOG has been performing well alongside PEPE as the best-performing Meme coins in the past week, as their smart contracts have also gone live on Base, so they appear here. Despite the weak AI industry, the SPEC market has reignited interest.
Since hitting bottom when Arthur Hayes sold his position, GMX’s price has continued to climb unnoticed and should be closely watched as it is still accumulating heavily. RDNT is a token built using LayerZero technology and may benefit from the upcoming LZO airdrop. PENDLE is just dominating while MAGIC and WINR regain interest, and it’s great to see.
Investigation:
Celebrity tokens shouldn’t be driven by rationality. This is Davido (Afrobeat artist) issuing a coin, getting 20% of the supply and immediately using it to make quick profits.
Outside world is cold.
Token Unlock:
– Tornado Cash, May 31, 6.11% of supply, worth $278,667.
– dYdX, June 1, 3.33% of supply, worth $68 million.
– MAV, June 1, 0.41% of supply, worth $2.85 million.
– Redacted, June 1, 1.88% of supply, worth $3.7 million.
– Sui, June 1, 1.71% of supply, worth $175 million.
– Cetus, June 2, 1.25% of supply, worth $125 million.
– Cheelee, June 3, 2.08% of supply, worth $423.25 million.
– Liquity, June 4, 0.75% of supply, worth $843,917.
That’s it for this week, and the final message is simple. Keep “bullieving”!
Tags:
2023 market trends
MEME CONTEST
Meme coins
NFT
SOL
Trading volume
Ethereum
Cryptocurrency
Platform tokens
Source: https://news.marsbit.cc/20240531093214628428.html