🤫 Did These Two "Moggers" Save Crypto?
PLUS si Hyperliquid even more bullish than Monad?
🗞 Market commentary.
GM, crypto barons.
If you still harbor any bearish thoughts, it's high time to get rid of them—at least as long as BTC holds above the crucial $60,000 line. Short-term retraces are absolutely fine until this line gets breached, and we’re currently far above it.
As we know very well by now, US election years are very, very bullish. However, this time, things are cooking with an extra flavor. Just last week, we saw two moggers (originally DeGods) ask Trump crypto-related questions at a rally. Since then, everything has changed. Crypto turned around, Ethereum ETF news came in, and yesterday, the Trump campaign announced it’s accepting donations in cryptocurrencies. Yes, we can literally mog Democrats this way.
Biden isn’t too happy about these new developments, though, and is already coming out of the woodwork with a warning that Trump is outraising him using “oil and crypto barons.”
📊 Luke’s Chart of the Day
DXY - 3 Bull Markets on the dollar chart
Have we topped out, or will the ramp-up in global liquidity save us? I am in the latter camp, but I think we need to see a repricing lower of the US dollar for proper bull market continuation. The purple boxes above are crypto bull markets—typically defined on the DXY chart by a downtrend. Dollar liquidity floods the system, and cashed-up apes swap their dollars for anything that is going up—basically, a giant short dollar position, leading to devaluation.
So far this bull has been selective and $BTC focused. FTX blew up, and shitcoins were haram until about October 2023. Since then, besides mostly small-cap memes, only a few alts have pumped. This makes sense in the context of the choppy DXY chart. No real downtrend since 2022. Stocks pumped then, but crypto was considered an untouchable giant scam.
Cross Border Capital’s Michael Howell was on Real Vision on Monday, announcing new local highs in global liquidity, with a projected cycle peak in late 2025. This should manifest as an uptrend break in that last purple box. RSI is already downtrending, suggesting lower is likely. If we can’t break to the downside, we run the risk of a 2023 / 24 DXY double bottom that could see us return to the 2022 highs.
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.
Hyperliquid is Monad with 99% Lower Valuation?
Yes, that’s how bullish Hyperliquid enjoyers are currently feeling in preparation for its long-awaited airdrop and TGE. The hype is justified, though, as the Hyperliquid team denied overly exuberant VC funding and continued building one of the most competitive order book DEX products, managing to maintain most of its volume even after the point campaign ended.
If you’ve been reading our newsletters since last year, you’re in a good spot for the airdrop. There might be another opportunity to capitalize on this L1/perpetual DEX project. Hyperliquid introduced its native L1 spot tokens and released its first one, PURR.
The interesting thing about PURR is that it’s not only the first cat token and mascot of this blockchain, but holders of PURR are automatically eligible to receive all of the upcoming new spot and meme tokens created on the network.
👀 DeFi insights.
The important bits.
DeBridge (DeFi) - Unveils the DBR token - read
Flare (L1) - Releases the USDX stablecoin - read
Intentx (DEX) - Marging & NFT mint is now live - read
Linea (L2) - Airdrop points checker is live - read
📰 DeFi news.
Even more important bits.
Uniswap responds to the SEC’s Wells notice - read
Coinbase won’t file for ETH ETF because of the “no-staking aspect” - read
Arthur Hayes puts out a new blog on USDJPY - read
🐥 Tweet of the day.
To save you doom scrolling.
Dude, Linn might be onto something here.
🦍 And finally…
Is Celestia coming back from its seemingly endless downtrend? If so, it might signal the nearing release of Berachain, which is tightly connected to the modular narrative. Overall, June is poised to be full of TGEs and airdrops like ZkSync, Layer Zero, and the aforementioned Hyperliquid.
Stay tuned, fun months ahead.
much love,
blocmates team 🫡
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