🚀 Crypto Is Breaking Records Again!
PLUS it's time to prepare for Rune Protocol!
🗞 Market commentary.
Aaand we’re back. GM.
Jeets are once again out, and even though last week, our anecdotal evidence showed that 83% of CT is long and strong, bears are the ones who got punished. This alone says a lot about where we are in this cycle.
Besides the price of Bitcoin gearing up for possibly an epic April halving, we’re seeing records being broken not only by retail, especially on Solana’s side, with Jupiter surpassing $40B monthly volume, but even on Coinbase International, where institutional clients hit an all-time high of $6.23B last Wednesday.
If we take a good look around the space right now, there’s action everywhere. We’ve got incoming and ongoing airdrops, people buying tops and locking up huge amounts of money in games on Blast, individuals stacking points on upcoming L2s like MODE, NFT influencers crying for missing Bitcoin Puppets (which we talked about late last year at 400-600 USD floors), and even corporate chains like BASE transforming into an utter degen carnival.
Welcome to the bull market.
📊 Luke’s Chart of the Day
FETUSDT 4H (Log Chart)
I’ve been watching that blue downtrend on Fetch AI. Price was sandwiched between the point of control (red line) and the downtrend (blue line) - it seemed inevitable it would break out, which it did late last night. Now we are hunting new highs at $3.11 and t1.
Then I expect a new run to a conservative Fibonacci Extension target of $4.50, and a bull target of $7.40, which would put the market cap around $6.1B - totally doable in a bull market where AI is one of the big metas.
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.
The Rune Protocol
For now, the on-chain space literally ran out of ideas, and after racism coins it moved straight into street drug tokens, so I’m thinking we might as well dip out and not participate for a little bit.
Where to? Bitcoin Ordinals. Over the weekend, we saw a Bitcoin Puppet sell for 4.2 BTC, an unthinkable price just half a year ago, especially for a 10K collection. It’s becoming clearer and clearer that the most popular NFT collections of this bull run are most likely going to be born on the mother chain.
Now, besides NFTs, we must start to focus on the release of the Runes Protocol. If Ordinals are Bitcoin’s NFTs, then Runes are its ERC-20s. BRC-20 tokens like ORDI already showcased the ability to appreciate into billions of market cap valuations. With Runes, we’re going towe will see the real, full-fledged Bitcoin on-chain mania.
The Runes Protocol is set to launch right after the halving, so keep your eyes peeled.
For now, we already have a set of projects that will be dropping rune tokens to their current holders:
👀 DeFi insights.
The important bits.
Protectorate (NFTFi) - Presenting new project phase - read
Ether.Fi (LRT) - Announces Points Season 2 - read
Sharpe AI (AI) - Partners with Aethir (GPU infra.) - read
API3 (Oracles) - Partners with Pac Finance - read
📰 DeFi news.
Even more important bits.
Alien Crypto Punk sold for $16.42M - read
Gross issuance of U.S. treasuries is back at COVID levels - read
DOGE turned weekly guppy bullish
, last; last time was 2021- readGBTC Could Run Out of Bitcoin in 14 Weeks - read
RFK J.
callcalls crypto the best hedge against inflation - readBinance stops supporting Tron Network withdrawals - read
Binance executive Nadeem Anjarwalla escaped detention in Nigeria - read
GBTC outflows are all net-neutral events - read
🫠 ICYMI.
Life gets busy so here’s what you’ve missed.
Term Finance: Fixed-rate Loans Versus Variable-rate Lending
Research
We're making a second visit to evaluate the difference between fixed-rate lending and variable lending.
🦍 And finally…
A quick goodbye for today and possibly one of the best advice that you can receive for the rest of this bull market: Print this meme and stick it on the wall, because this is the exact flavor of this cycle.
much love,
blocmates team 🫡