👀 Is This "The One" ETH Beta?
PLUS let's check if DeFi still functions as ETH beta!
🗞 Market commentary.
GM lads, steady now.
We’re holding above 60K, which means all is good in the hood. As we mentioned yesterday, it’s prayer time—emphasis on the capital T. The longer we hold above this level without breaking or closing below, the better our chances of this becoming a genuine bottom. It remains to be seen, so keep your wits about you.
It’s not all waiting and boredom in the crypto markets at the moment, though, as we see meme coins like MOG absolutely printing green candles. Why? What we might be seeing is the market sniffing out the best ETH beta just as we inch closer to a possible ETH ETF approval. On that note, things are looking bright—even the staunch crypto rejector, Garry Gensler, admitted the 'Ethereum spot ETF approval process is continuing smoothly.'
And, for what it's worth, Germany has no ETH to dump on us, so there’s that.
📊 Luke’s Chart of the Day
BASED/WETH Uniswap 1D Log Chart
Elite Remilio cult coin Basedmilio Babies looks primed to follow its big cousin $MOG here.
We have a little shelf of resistance at 0.005, and then it’s clear skies to take out the all-time high. Quite a decent June pullback has thoroughly tested the point of control (red line). If you can’t go down, you have to go up, right? Relatively small market cap, but $BASED has held up well through the recent majors chop and dump PA. $100m+ is the long-term goal here.
PS: LP is locked, see here. Dexscreener update is coming soon.
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.
ETH Beta (DeFi)
We’ve mentioned a few DeFi plays in past few weeks, and right now, it’s becoming clear that the upcoming ETH season directly benefits DeFi.
We’re seeing great strength in LDO, the largest ETH LST provider. Dinosaurs like Maker are showing increasing signs of an upcoming run.
Lastly, in the realm of Ethereum and LSTs, there’s a dark horse that could surprise many in the second half of 2024: Redacted Cartel.
I recommend getting yourself up to date with all upcoming changes before the storm happens, as there are quite a lot. Here’s a perfect summary for you.
👀 DeFi insights.
The important bits.
Hamster Combat (Gaming) - Reached 200 million users - read
Kodiak (Berachain DEX) - Partners with Beraborrow - read
Mask Network (L1) - Joins the GIV-Earth round - read
Mantle (L2) - Featured in Delphi Digital research - read
DeFi Saver (DeFi automation) - Morpho Labs automation now available - read
Wasabi Protocol (DeFi) - Earn 5x points by depositing Blast airdrop - read
Io.net (AI, GPU) - Announces start of block rewards - read
Infinex (DeFi) - Rewards season to earn crates started - read
Clone (Cloned assets) - Features “Cloned PEPE” - read
Vertex (DEX) - Mantle rewards are now live on Vertex - read
📰 DeFi news.
Even more important bits.
Rep. Matt Gaetz introduces bill to allow the use of BTC for tax payments - read
Democratic George Lamiter defeats anti-crypto congressmen - read
VanEck and their ETF will waive fees until $1.5bn AUM - read
Matter Labs released new ZkSync roadmap, plans ’Elastic Chain’ - read
17 Billion BLAST to be distributed to early users via initial airdrop - read
White House welcomes back Biden's crypto policy architect - read
Bitcoin Lightning app Strike launches in UK - read
🫠 ICYMI.
Life gets busy so here’s what you’ve missed.
Avantis: Bringing the CEX Experience to Base
Research
Avantis is a biggie: there's no token to tell you about yet, but a ton of stuff to get involved with as a trader, such as the summer trading comp that runs til September, and gathering experience points, which has also been gamified.
Far too much to unpack here for one mere ape in a tweet, so you best read the report below.
Must-See Crypto AI Projects 2024
Podcast
In this episode of Still Early, Grant and 563 analyze AI and Crypto projects to bring you projects that are worth their salt.
They stress the importance of distinguishing between real innovations and mere hype, especially regarding AI projects that use blockchain.
Tune in on Spotify | YouTube →
🦍 And finally…
Repeat after me: “I will not get chopped out; the bull run is not over. I will not get chopped out; the bull is not over. I will not get cho…”
Of course, also remember that this is me speaking, a long-time crypto degen. If you feel like you really need to protect some profits and be safe, do it!
stay safe homies,
Hix0n 🫡
If you haven’t already… hit the subscribe button and get the coolest welcome email in crypto!