SCOOP’S TL;DR

📈 MARKET SENTIMENT

• Bitcoin experienced a 5% drop yesterday with minimal catalysts.

• Currently, Bitcoin is holding above $60.6k (Monthly Open) as 4-hour support, but the rebound appears weaker compared to previous reactions.

🔥 THE TRENDING NARRATIVE

• CAT race update

🔥 BARBELLS WEEKLY PICK

• $BODEN

🗞️ TOP STORIES

• Roaring Kitty Returns

• Trump Mania Continues

• Exchange Hacked

🏆 WEEKLY WINNER

• PEPE

😡 REKT SECTION

• Gustavo Petro

Scoop Premium

• Why Memes & Majors will continue to take market share.

• Find out which Memes Smart Money is Bullish on!

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  CRYPTO FEAR & GREED INDEX

• Crypto Total Market Cap $2.37T - 24/hour change 3.7%

• Crypto Market Cap Total Volume $53B - 24/hour Change - 0.05%

  Majors - 24/Hour change

  • BTC - $61,500 -2.5%

  • ETH - $2893- 2.1%

  • SOL - $144- 0.1%

  • What we are seeing now, is a Market refresh which signals the beginning of "The Banana Zone," characterized by increasing mania, especially in the latter part of the year and extending into 2025.

  • Raoul Pal describes this period as Crypto Summer and Fall. But right now, this is akin to the last days of Spring, indicating a potential upcoming surge in activity and excitement in the crypto markets.

  • Bitcoin is currently trading within a range, awaiting a surge in bullish momentum after a dip at the end of April.

  • It's struggling to break resistance levels and is below the 20EMA, indicating a cautious market sentiment.

  • Despite investor greed, leverage has been wiped out, leading to regular price swings in the $60K to $63K range.

  • Scalpers are active, but swing traders are cautious due to historical correction patterns observed between May and June.

  • The long-term target remains bullish, with expectations of reaching at least $85K eventually.

  • Altcoins are showing resilience despite some projects facing downward trends, with manipulative liquidity grabs contributing to market fluctuations.

  • If you are feeling stressed or anxious with the market right now, be rest assured there are huge reasons & catalysts to be round the corner which will leave the bears licking their paws. Hold tight.

  • Bitcoin/dominance - 54%

  • Bitcoin dominance remains above 55%, potentially putting pressure on altcoins, especially if it surpasses 55.8%.

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  🔮 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 - (you’re not too good for them)

• - BTC Defi / BRC20

• - New Layer 1’s

• - Parallelization EVM / Modular Blockchains

• - Solana Killers

  

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🔥 THE TRENDING NARRATIVE

Crypto is a narrative & trend-driven game, where attention goes, the money flows. So what’s hot?

Remember that film Dumb Money?

The true story blockbuster followed Keith Gill who famously stuck to Wall Street and led the great Gamestop $GME short squeeze in 2021. After a three-year hiatus, Gill, famously known as Roaring Kitty has resurfaced. Making his return to social media on his X account, Gill's first tweet that depicted he was now ‘Paying Attention’ Or ‘Playing again’ garnered over 20 million views, sparking a frenzy not about stocks, but rather memecoins. Following his reemergence, a wave of meme tokens pumped, with astonishing numbers attached. Notably, $GME surged by 21,000%, $GIL by 5400%, $ROAR by 2010%, and $KITTY by a staggering 20,000%. Meanwhile, the original Gamestop stock saw a 68% rise, encountering nine trading halts due to liquidations exceeding $1 billion. Gill's reappearance reignited the fervour of Memestock mania, illustrating the enduring impact of his influence on the market.

Roaring Kitty has since been posting a number of cryptic videos about what his return might mean for the market. Of course, crypto twitter has been doing its best to dissect them, but with no real conclusions yet.

The general thesis of the market is that the return of Roaring Kitty solidifies that the days of Wall Street are dwindling, and at least for now the phrase ‘power to the people’ couldn't be stronger. This has made the market heavily bullish on memes as roaring Kitty could be considered the father of the Meme rallies, and what is possible when greed & virality are put together.

Given this narrative is very much tied to Roaring Kitty himself & Gamestop, it is hard. to say how long the related meme coins will rally for. We imagine for at least the next week or so tickers such as $GME, $KITTY, $AMC and $WSB will provide good trading opportunities given their volatility and strength in volume.

On top of yesterday’s meme coin pump surrounding GME, we are now seeing various meme coins launched that represent different companies such as $NVDIA, And $BBBY. (Nvdia and Blackberry). Be cautious of new projects launching on the back of this meta, most will be rugs.

THE CAT RACE - UPDATE

The Race is on for the cats to a billion dollars

$POPCAT

$MICHI 

$MINI

Shark Cat 

🏋️ BARBELL’S WEEKLY PICK

In each issue, our Founder ‘Jack Barbell’ delivers a hot rising star crypto asset that is yet to explode.

You can Follow Jack Barbell on X - @thebarbell_

$BODEN (AGAIN)

Marketcap - $160M

Narrative - Politifi MEME

Barbell’s Take

We bring you $BODEN again this week, the price may have slipped further to the downside, but our thesis has not changed at all on this one, now you are simply getting more $BODEN for your buck.

$BODEN is continually being scooped up by Smart Money, infact in the last few days, Smart Money have accumulated 15% more compared their previous holdings and collectively now own $3.6M worth across 23 smart wallets. On top of that the token boasts of 30K holders with healthy distribution.

We believe this is the easiest 2.5X minimum on the market right now, and as soon as the Politifi season heats up again $Boden will rip.

Keep an eye on this, it has now retraced a total of 78%, the bottom will be very near.

$MICHI

Marketcap - $245M

Narrative - CAT MEME

Barbell’s Take

$MICHI has continued to show incredible strength during Bitcoin’s chop over the last few days and is it any surprise given Smart money to Marketcap Ratio?

Bear in mind that $MICHI right now holds an MCAP of $245M, yet its smart money holdings are $15.7M. This is $6.7M more than $WIF, which has a market cap of $3B and a Smart money holding of $9.06M.

Right now, Smart Money are clearly very bullish on $MICHI.

When assessing memes, you have to look at how Viral they can go, how sticky they are to a community, and how much identity can a community build using the meme?

$MICHI, the infinity meme, allows for endless customizations as we have mentioned before. The community are customizing them based on famous influencers, news events, celebrities and pop culture.

Given its market this of course a riskier play than something like $WIF, but we expect this token to do well in the mid to longer term.

Roaring Kitty Returns - Frenzy Follows

At a glance 🔎

• Keith Gill, AKA Roaring Kitty, famously known for heading the Memestock rally in 2021, has returned.

• Gill posted on his X account for the first time in 3 years and the initial Tweet has over 20m views.

• None of the Tweets were about stocks but memecoin mania followed.

• Several meme tokens soon hit the market and the numbers are wild.

• $GME was up 1300%, $GIL was up 5400%, $ROAR was up 2010% and $KITTY was up 20,000%

• The actual Gamestop stock rose 68% and was halted 9 times from trading with liquidations above $1bn.

🕵️ Scoops take: 

The power of the meme cycle.

It is also the power of the influencer, previously, the Reddit army joined the movement, but the wider Degenz are a different animal.

This is no celebrity shill as Gill didn’t shill anything, just the mere presence sent volume through the roof.

Plenty of the launched coins have no depth to them but that is the general risk of the meme era.

The opportunities are there and will keep on coming.

Trump Mania - Even The Pets Are Involved

At a glance 🔎

• Following his rally last week, Trump-related coins have gone one step further.

• In line with the current cat/dog meme era, $Patton was launched.

• Patton is Trump’s dog so the coin was only going one way.

• Even with the recent retracement the coin is up 577% since launch.

🕵️ Scoops take: 

The Presidential race is going to see floods of coins hitting the market. Mixing this with the current dog trend was a match made in heaven.

Other related Trump coins are still performing very well with $TRUMP up 84% in the last week from $4.1 to $9.4 and $TREMP up 85% from $0.25 to $0.80.

Again, expect volatile action with plenty of ups and plenty of downs so timing is key.

We await Biden’s cat in response.

Exchange Hacked - Major Concern For The Region.

At a glance 🔎

• Crypto exchange, Rain, has been hit by a $15m exploit according to ZachXBT.

• The exchange serves the Middle East, mainly Pakistan, Bahrain and Turkey.

• Their pro version has been intermittently down since the 5th of May.

• BTC, ETH, SOL and XRP were drained and transferred to instant exchanges and swapped.

🕵️Scoop’s take:

Horrendous for users and what makes it worse is that the exchange is yet to comment.

With the industry having witnessed $2bn losses to hacks last year and $333m this year, there is no sign of exploits calming down.

The one advantage is people are becoming far more aware of the safety protocols needed so continue to proceed with care and don’t become a statistic.

With more retail coming you need to stay vigilant.

🏆 WEEKLY WINNER🏆

$PEPE

“A cycle of memes wouldn’t be complete without the King of Frogs”

Over the last week, the King of Frogs, PEPE has broken an insane record and that is it’s all time high.

In the process, it became a top 25 coin by market cap and in a current Solana wave, this is an incredible feat.

Memecoin mania continues.

😡 THE REKT SECTION 😡

President Gustavo Petro

Colombian President. Gustavo Petro, is currently in a sticky position after allegations surfaced that he accepted over $500,000 in cryptocurrency from a fraudulent crypto project.

The allegations are bad for the industry and repeats the ideology that crypto can’t shake off in being for the criminals.

The sum received was apparently used to fund his Presidential campaign.

Feast your eyes on the delights, surprises & Alpha below.

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