The market continues to be brutal and shock people, this is a good time to check your portfolio and make sure you are at high conviction because these are the only coins you will be in when the price action goes against you. The Bitcoin halving is coming in a day and people are expecting the market to reverse immediately, but they are most likely not betting on this happening because it is usually a lagging effect that takes a few weeks to show up in the market.
Be diligent and patient with what you hold, now is not the time to surrender but patience in the long term holding will be rewarded. Be a cockroach and survive.
Market Summary
- Binance Converts $1 Billion Worth of “ SAFU Assets ” BNB and BTC to USDC
- Franklin Templeton explores " runes "
- Arbitrum’s LTIPP Incentive Voting Has Ended
- Puffer Finance raises $18 million in Series A funding
- OKX’s zkEVM L2 is now live
- Maverick launches their V2, an AI DEX with programmable pools
- Lido launches simple DVT module
- Zachxbt reveals Prisma exploiter ( Trung )
- Kobe Bryant bans Palau ' residents ' from using Echo
Also, if you haven't already, now would also be a good time to bolster your ongoing airdrop farming and get those grass points. This would be a good thing you can do here .
Cross-chain bridge
There was a massive flight of capital from Base and Solana to Ethereum, luckily we spotted this early and didn’t stay at the Base party for too long. However, if you think there will be a second wave, now might be a good time to start looking into things you were interested in previously but are overbought because they are now oversold.
DEX Trading Volume
DEX volume has been declining for a while now and needs to turn around before we see significant on-chain activity. Currently, the activity is concentrated among a handful of Altcoin, while volume has evaporated for most on-chain Altcoin, barely below $1 million per week. It has been a man-eating spree, but that means it was a sale you wanted to buy but no one was buying.
Trading Pairs
The query for this week was adjusted to give you a clear picture of the alts that people are interested in in the current market environment, while most alts have zero interest. Unsurprisingly, all of these alts are top performers, with BVM and OLM leading the way, completely unaffected by the market, while RAIL is up 300% as Vitalik mentioned the importance of on-chain privacy.
DEGEN continues to do most of the trading on Base, while FOMO is the presale I mentioned recently, as they raised $15 million but only deployed $1 million to LPs. For what it’s worth, memecoin presales are never bullish for other memecoins in the ecosystem, as it shows people are desperate about not being able to make money with memecoin, and it sucks liquidity from the ecosystem into the presale. If everyone buys the uncapped presale, who’s left to buy? Ask Plato.
PENDLE is still the only interesting token on Arbitrum right now, Boop had its 15 minutes of fame but has now calmed down. Other than that we only see some volume on ARB, FLY and GMX. The biggest L2 needs to wake up.
NFT Trading Volume
Their share prices have quietly risen again as Humpty Dumpty continues to receive airdrops and are once again approaching all-time highs. BAYC has seen a small increase in its floor price but is struggling at the 12 ETH level as there is no clear demand at this price level. The most notable increase has been in Lasogette, the first collection of Bitcoin puppet creators that will eventually connect to Bitcoin, which is why the price has surged after people realized this.
Interesting casting:
Right now, most of the interesting stuff is happening on Bitcoin, and I’ll continue to share the latest on the upgraded stack with Compos , a burn game that will be migrating to Rune.
Net Inflow
This chart clearly shows the risk aversion over the past week, Altcoin were not among the top 6 most accumulated assets as people wanted to farm either ETH derivatives or stablecoins. Interested alts include MKR (generally a defensive token), BVM (which gained strong momentum due to attention to the BTC ecosystem, SNX, and CHEX (Singapore’s tokenized RWA L1).
Same trend with the largest bought tokens USDC and WETH. However, since INT and TKN are the strongest of the bunch, there is more interest in bidding for ecosystem tokens, and FOMO is driving some interest. However, given the attention it’s generating, people have also been bidding on the wrong FOMO tokens. Typical.
There has been essentially zero interesting action on Arbitrum over the past week, as the most accumulated alts are mainnet native tokens other than the ARB token. Even the unnamed contract is the Arbitrum version of the BVM token.
Investigation
Today’s investigation is about what happens when you painfully try to catch the bottom instead of letting the market play out in front of you. As anyone who has tried to buy the token since its launch quickly learned, SHU is such a painful experience that it’s been nicknamed the “Shutter Island Token” or there’s a reason for it.
(Maybe this will mark the bottom)
Token Unlock
- Asymetrix Protocol - 12.74% of supply on April 19th worth $848,487
- Xana - 3.67% of supply on April 20th worth $1.57 million
- Rarible - 0.3% of supply on April 21st worth $287,250
- biconomy - 0.75% of supply on April 23rd worth $3.76 million
- DAO Maker - 5.5% of supply on April 24th worth $16.09 million
- Avalanche - 1.33% of supply on April 24th worth $327 million
It's been a turbulent week, but things will soon get better and patience will be rewarded. Until next time, be sure to stay alive.
I hope you enjoyed this article. Don’t forget that you are more than welcome to leave your feedback or ask any questions in the comments section.
- Avoid security risks and reliably protect your assets with GridPlus - Fortnox in hardware wallet.
- Easily bypass the complexities of cryptocurrency tax calculations with the best-in-class tax calculator app - fast, accurate, and at your fingertips .
- Here is an overview of wallet security for beginners.
Sharing this article helps it reach more readers, which is awesome. If you are interested in my future posts or advanced research, feel free to subscribe . Thank you for your time.
