🤡 This Market is Simply Retardio
PLUS watch out for these token unlocks!
🗞 Market commentary.
Today not only marks a new day, but it’s also the beginning of a new week, a new month, and a new quarter. So, does this fresh start call for fresh optimism? Well, let’s decode layer by layer.
The third quarter has not always been the best quarter for Bitcoin and Co. However, drawdowns during this phase have always been less severe.
August and September have been the main months associated with mass selling, while buyers have - more often than not - called the shots in July. In fact, the average returns for this month stand at 7.32%, when compared to August and September’s 2.69% and -4.78%, respectively.
If history rhymes in 2024, then we could see yet another green July. The good news is that BTC continues to hover above the ‘do or die’ $60k mark. In fact, it also registered a decent 3% pump on Sunday.
Moving on, miners have also been taking it easy of late. The number of miner withdrawal transactions has nearly bottomed out and this should soon start reflecting on the price front as well with another leg up.
Before getting way too excited, it shouldn’t be forgotten that the German government continues to send funds to exchanges. Over the past few hours, they have sent out over $94 million worth of BTC, and it looks like these jeeters are in a mood to liquidate their entire $2.8 billion bag eventually. Our ‘buy the dip’ institutional bulls need to buckle up and do some heavy lifting.
Bitcoin aside, RETARDIO’s chart seems horny af today. Thanks to its 54.6% rally over the past 24 hours, it is today’s top gainer. After sliding up 16.2%, even MOG is currently a part of the top-10 gainers list.
📊 Luke’s Chart of the Day
RETARDIO/SOL Raydium 1D Log Chart
Interestingly, even Luke has sent in Retardio to bat today.
Left curve chart for a left curve coin. Retardio consolidated since the beginning of March in a clean pennant with the Point of Control [PoC] dead center. Some volume has come in and smashed the price through the top.
I suspect we consolidate above the broken trendline before the high road is taken towards the $100 million market cap. It’s a full cycle culture coin - part and parcel of the Mog, Milady, Remilio, Based meta. It’s high time it goes higher. Retardio.
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.
Tokens worth more than $750 million are set to be unlocked this month. Right from AltLayer, Xai, and Aptos to Optimism, Arbitrum, io.net, and Pendle - almost all top tokens are queued up one behind the other.
ALT is gonna be the biggest unlock of the month. Around 42% will be added to the circulating supply.
ALT's unlock is scheduled for the 25th, and we’ll give you another reminder as the date approaches. For now, all eyes IO and PENDLE.
📰 DeFi news.
Even more important bits.
Class action lawsuit filed against Keith Gill - read
Sony to Revamp and Launch Crypto Exchange WhaleFi in Japan - read
Ethereum network fee is hovering around 2016 lows - check
Runes transactions on Bitcoin down 90% in June - read
Keith Gill discloses 6.6% ownership of Chewy $CHWY - read
Pudgy Penguins parent firm acquires Frame - read
Farcaster is getting in-app USDC payments - read
Animoca looking to go public in 2025 - read
Kraken founder donates $1 million to Trump - read
🫠 ICYMI.
Life gets busy so here’s what you’ve missed.
Top TON Projects to Watch: Ecosystem Tutorial & Wallet Set Up
Research
In this video, you'll discover the top TON projects you need to be on the lookout for!
🐥 Tweet of the day.
To save you doom scrolling.
Time to make new markings on your calendar:
🦍 And finally…
The lending market directly benefits from the rising price of ETH. Dinero’s yield has been higher than the rest of the pack for quite some time.
Hix0n has already convinced me to ape in some BTRFLY. You better be convinced, too. Signing off today’s edition in his very own cautious yet optimistic words:
“The success for this cycle is more a question of whether will there be a strong ETH and DeFi season, and that seems more and more likely now.”
Redacted.
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