- THE TRIPLE SCOOP
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- Attention turns to BASE
Attention turns to BASE
The Triple Scoop
March 20, 2024
SCOOPāS TL;DR
šĀ MARKET SENTIMENT
A Week of Volatility so far. The market has been chopping traders up left right & centre. Whilst it has been bloody, we do believe a local bottom is forming before a range period than āUpOnlyā season resumes.
š„Ā THE TRENDING NARRATIVE
BASE Season
šļø BARBELLāS WEEKLY PICK
GamerHash $GHX
šļøĀ TOP STORIES
Dev Burns $10m Worth of Presale Token
Solana Memecoins Explode
Bitcoin Heads For Danger Zone
š WEEKLY WINNER
Figure Technologies
š”Ā REKT SECTION
Fomo Trader
šĀ PREMIUM SCOOP
Crypto Total Market Cap $2.7T - 24/hour changeĀ 1.28%
Crypto Market Cap Total Volume $163B - 24/hour Change - 10%
Majors - 24/Hour change
BTC - $66,439 - Ā 4.2%
ETH - $3430 - 3%
A Week of Volatility so far. The market has been chopping traders up left right & centre. Whilst it has been bloody, we do believe a local bottom is forming before a range period than āUpOnlyā season resumes.
Letās keep things simple, Bitcoin has had an awesome rally in the lead-up to the halvening. With the ETFās turbo charging the pump it has more than exceeded expectations of market participants.
Smashing through $70K+, Bitcoin has recently experienced a well deserved pullback, in the region of 18%. This has of course caused Alts to shit the bed and the shake-out has people scared.
We are here to tell you to hold fire. The market is designed to play with your emotions and shake you out of your positions. When it rallies up you want to buy, when it dumps you want to sell, when in fact you need to do the opposite.
A sell off pre halvening is as expected, the meat of the cycle remains post halvening & there are so many solid ALTs on the market right now sitting a huge discounts that will 10-20X.
If you are in solid projects, within trending narratives, hold tight. This is crypto. Embrace volatility.
Bitcoinās reign on the market slips lower from previous weeks but it still holds strong at 52.5% since last week. It is difficult to say when exactly. Alt season is coming (When the majority of ALTs outperform Bitcoin)
Ethereum
Right on queue when the market is shakey, fud comes out to wipe out the bottom sellers. The SEC has announced they pursuing an inquiry against the Ethereum foundation, stating that they are a security. Which has further delayed ETF approvals. That being said $ETH seems to have bounced up on the back of the news.
ALT Coins
Right now the hot topic is āBASEā, Coinbaseās ETH Layer2. Memes are rallying on the chain, but despite the degeneracy, we are very bullish on the long-term outlook of Base as a chain.
Solana Memecoins have cooled off, for now, but offer great discounts right now.
Bullish Alt coin sections - AI, Gaming, Depin.
š®Ā NARRATIVES TO FOCUS ON IN 2024
- AI Infrastructure / Autonomous agents
- GPU / Cloud Computing
- Gaming / Game-fi
- DEPIN (Decentralised Infrastructure)
- RWA - Real-World Asset tokens
- Memes - (youāre not too good for them)
- BTC Defi / BRC20
- New Layer 1ās
- Parallelization EVM / Modular Blockchains
- Solana Killers
Be the envy of friendsā¦
š„Ā THE TRENDING NARRATIVE
Crypto is a narrative & trend-driven game, where attention goes, the money flows. So whatās hot?
BASE SEASON?
The market just had a degenerate orgy on Solana. Memes burst through the roof, Influencers started launching their coins & there were more āRugsā than the street markets of Turkey & Egypt combined.
There have been some great Memecoins become established on Solana. $WIF, $POPCAT, $ANDY & more, they will come back round, right now they are great buys and on massive discount. Why? The short term attention seemingly overnight has switched to āBASEā
Last year, retail-friendly crypto exchange 'CoinBaseā deployed āBASEā - Base is built as an Ethereum L2, with the security, stability, and scalability you need to power your onchain apps. Confidently deploy any EVM codebase and onramp your users and assets from Ethereum L1, Coinbase, and other interoperable chains.
BASE serves as a formidable force in the world of ETH layer2, Transaction volumes are ramping up, and with the backing of Coinbase, they will be going head to head with the likes of Arbitrum & Polygon, giving developers a fertile place to deploy games, defi lending protocols, stablecoins & more.
But right now, it looks like the same playbook we have seen on Solana is being played out on Base. Memecoins are going crazy & we wouldnāt be surprised if the same Devs are behind the push as a lot of the projects popping up are very similar in style to what we saw on Solana.
Should you be Degening on BASE? If meme coins are your poison it looks like for the next week at least some healthy gains can be made playing on the Base and aping new launches. Remember they donāt come without risk.
The Bigger opportunity by trading shitcoins on BASE right now could be the potential Airdrop. BASE is built using Optimismās open-sourceā OP STACKā which does have a token. But given that BASE is owned & incubated by Coinbase, we would be surprised if the chain didnāt deploy a native token.
The future is bright for BASE, and it looks like Coinbase already has plans to onboard their millions of retail users via a smart wallet that allows their user base to interact & operate onchain, using their coinbase balances.
Keep on eye on BASE & look out for new projects launching on chain.
If you are looking for solid meme play on BASE, we like $BRETT. Itās the largest meme coin on BASE, sitting at over $300M+ mcap. You will win more often just backing the larger front runners that seeking out Beta plays.
$ANDY On $SOL -> $BRETT On $BASE -> $PEPE On $ETH -> $WOLF Of $AVAX.
— JAKE (@JakeGagain)
Mar 13, 2024
šļø BARBELLāS WEEKLY PICK
In each issue, our Founder āJack Barbellā delivers a hot rising star crypto asset that is yet to explode.
You can Follow Jack Barbell on X - @thebarbell_
Narrative - Gaming / AI / GPU / Depin
MarketCap - $138M Shared with Scoop Premium at $38M - 3X
Scoopās take
In a market where AI, GPU & Depin are taking center stage, Gamerhashās āGamerCoinā ($GHX) is hitting an absolute symphony of narratives. Let's delve into why this project and discuss how it is a force driving the convergence of gaming, AI, GPU, and distributed computing.
At its core, GamerCoin operates within a vibrant ecosystem centered around its token, $GHX. With over 770,000 gamers already onboard, it's clear that this project is not just a fleeting trend but a robust network of enthusiasts driving growth.
One of the standout features of GamerCoin is its utilization of GPU power for AI and mining through the GamerHash platform. This decentralized computing network is not only innovative but also socially impactful, as it empowers individuals to contribute their computing power for various tasks, including generative AI and 3D rendering.
$GHX stands out as a beacon of versatility. It seamlessly integrates elements of GameFi, distributed computing (DePIN), mining, GPU, and AI services, creating a multifaceted platform that caters to a diverse set of interests and needs. This versatility not only enhances its utility but also ensures its resilience in the face of changing market narratives during the bull run.
Looking at the numbers, with a market capitalization of $138 million and trading at $0.23 per coin, GamerCoin still presents big opportunity for growth. Its presence on major exchanges like Bithumb, Kucoin, Uniswap, and PancakeSwap further enhances its accessibility and liquidity, making it an attractive option for both seasoned investors and newcomers alike.
The project boasts strong partnerships, with industry leaders like Sandbox, Polygon, and Chainlink demonstrating the project's credibility but also paving the way for exciting new opportunities in the gaming space.
In a market projected to reach $94 billion by 2027, GamerCoin is well-positioned to capture a significant share of the gaming and blockchain industry. Its unique blend of GameFi, distributed computing, and AI services not only sets it apart from its competitors but also positions it as a trailblazer in the realm of decentralized technologies.
Dev Burns $10m Worth of Presale Tokens - Spoilerā¦It still boomed
At a glanceĀ š
Dev of Memecoin $SLERF accidentally burned $10.6m of presale tokens meant to be airdropped.
The Dev said he was cleaning out dust coins when he accidentally burned the LP along with 53k $SOL and all the tokens with it.
Despite the burning, the on-chain volume surpassed $2.1bn.
šµļø Scoops take:Ā
Who saw the new burned presale token meta? Honestly you Degenz surprise us each day.
In any other circumstance, this would appear to have been a rug and the token would never have taken off.
Despite the epic error, the token went on to a top market cap of $622mā¦bullish or foolishness, you decide!
Be wary though, with Memecoins come high risk, inexperienced Devs are flooding the space with a lot so it is extremely high risk and high reward.
Guys I fucked up. I burned the LP and the tokens that were set aside for the airdrop.
Mint authority is already revoked so I can not mint them.
There is nothing I can do to fix this.
I am so fucking sorry.
— Slerf (@Slerfsol)
Mar 18, 2024
Solana Memecoins Explode - The hype is in full flow.
At a glanceĀ š
Solana may have recovered from the slight retracement down to $172 to break $202, catapulting it into the top 4 Coins, but it is the Memecoins that are dominating the headlines.
The successful stories do not stop with $BOME and $SLERF, the market itself has raked in over $100m in presales in the last 72 hours.
Sunday 17th March saw $2bn in volume in a single night.
šµļø Scoops take:Ā
There is a notable list over the past few days regarding meme coin presales:
$NAP saw $10m and reached a $70m market cap.
$Like saw $10m and reached a $15m market cap.
$Smole saw $30m and the launch has yet to take place.
$Shroom saw $4m and the launch has yet to take place.
$NOS saw $3m and reached a $7.5m market cap.
Yes, the numbers are impressive and there is money to be made.
However, we beg that you be aware as there are so many flimsy contracts, Devs who do not know what they are doing and so many dupe links being thrown about it is heaven for Ruggers.
There are going to be more scam stories than success stories so if you are going to go into these tokens do so with caution.
Enjoy yourself though, as this is the current meta where plenty of money is going.
Bitcoin Heads For The Danger Zone - CEOs Remain Bullish.
At a glance š
It is normal for Bitcoin to dip in the weeks before halving.
Do not be alarmed by the sudden retracement to the $67k region.
History is once again repeating itself where the price dips in the 14 to 28 days leading to the halving.
In 2016, Bitcoin fell 40% and in 2020, it fell 20%
šµļø Scoops take:
A pre-halving rally was expected (and was delivered) and as night follows day, a pre-halving retrace was to follow in the weeks before the halving.
The ATH was broken and with only 8.5% of a falloff from this number, do not panic to see it dip a little lower and follow the previous patterns.
Just like following the ETF, Bitcoin is not going to just go up in a straight line. Following the halving, it is going to fluctuate but the long-term remains the same - it will go up.
There are less than 33 days until the halving, strap in Degenz, this is a marathon and not a sprint.
š WEEKLY WINNERš
Figure Technologies
The blockchain-focused company, Figure Technologies, has secured $60m intending to build a decentralized competitor to centralized exchanges.
They want to offer an alternative to Stablecoins using the Provenance Blockchain and be a marketplace for a range of securities including equities, fixed income, alternatives and crypto assets
The Series A funding round was led by Jump Crypto, Pantera Capital and Lightspeed Faction.
They have ambitious plans and it is exciting to see the variety that the space can provide.
š” THE REKT SECTION š”
Fomo Trader
If there was an example to put you off Fomo Trading then here you go!
A trader lost 3731 SOL ($775k) in 1 hour by poorly trading $SLERF.
He spent 5004 SOL to buy 790,236 $SLERF at $1.32 (the top)
The price of $SLERF began to dump.
As it started to recover, the trader spent another 2500 SOL ($517k) to buy 650,330 $SLERF at $0.80
The price dumped again following this purchase and he ended up selling all of his $SLERF for 3774 SOL ($784k) which confirmed a loss of $775k.
When it comes to FOMO, it is just another word for greed.
Surely youāve learned there will be a next time.
Donāt be this trader.
Feast your eyes on the delights, surprises & Alpha below.
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