SCOOP’S TL;DR

📈 MARKET SENTIMENT

• BTC experienced a robust surge, almost reaching $72,000, but faced a sell-off following news of a federal judge denying Coinbase's motion to dismiss an SEC lawsuit, related to alleged violations of investor-protection laws.

🔥 THE TRENDING NARRATIVE

• The current sentiment

🗞️ TOP STORIES

• Solana Mobile 2 Airdrop

• Fake iOS App

• Memecoin Volatility

🏆 WEEKLY WINNER

• Kingfud

😡 REKT SECTION

• $MFER Trader

💎 PREMIUM SCOOP

• ANOTHER DEPIN / AI BANGER THAT IS LOOKING TO DOMINATE THE SECTOR. THIS HAS ALREADY FLOWN, BUT COULD IT STILL 10X FROM HERE?

  

  CRYPTO FEAR & GREED INDEX

• Crypto Total Market Cap $2.49T - 24/hour change 0.67%

• Crypto Market Cap Total Volume $115B - 24/hour Change - 3.9%

  Majors - 24/Hour change

  • BTC - $65,089 - 0.87%

  • ETH - $3341 - 0.92%

  • GBTC outflow totaled $303 million on Monday, resulting in a net outflow of $86 million for the week.

  • The market reacted negatively, with BTC dropping to $65,000 and ETH to $3,238, while SOL declined to $183.

  • Significant 10% downward movements observed in major cryptocurrencies since the weekend.

  • Memecoins and altcoins experienced even larger declines, with some low-cap assets down by over 20%.

  • Though AI / GPU & DEPIN projects have held strong - $GPU / $OPSEC

  • Onchain AI new launches have been wildly successful. Some running to $100M+

  • Bitcoin halving is imminent in just over 2 weeks, with expectations of minimal price impact, We very much could rally into the halving, but we expect a sell-off, before the next major leg up - Long-term bullish.

  • Attention shifts to the upcoming ETH ETF next month, though the market anticipates a rejection, which could be the most likely outcome.

  • Strategy remains focused on maintaining long positions in spot markets, with plans to capitalize on potential upward movements for profit-taking.

  • Bitcoin/dominance

  • Still sticking to its guns around $54-54%, still potential for it to rise, before it drops resulting in a full-blown ALT season.

  • ALT Coins

  • AI / Depin / GPU tokens remain the top performers

  • On-chain New launches are hot. AI coins reaching $100M market cap out of the gate.

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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?

CURRENT SENTIMENT

The hot narratives have remained pretty constant the last few weeks, so let’s take a look at the current sentiment.

Firstly, the proliferation of meme coins has captivated both seasoned investors and newcomers, fueling a speculative frenzy reminiscent of previous market cycle froth. However, the wider sustainability of this trend remains questionable, we have seen clear stand-out winners like $WIF, $BRETT & $POPCAT, which will continue to win, but at the moment, alot of the new launches feel like a hot potato rather than a new capital flowing in. Don’t be disheartened when you see screenshots of multimillion-dollar wallets from a meme play. We would bet only a very small % of traders are consistently winning and the likelihood is they are insiders. The vast majority of meme coins that come to market do one thing, and that is steal your bags.

Nonetheless, we are bullish on the sector as a whole, the resilience of major meme coins has solidified the category in the space and the long-term winners will likely reach unprecedented heights this cycle.

*PROTIP - Back the front runners. Don’t go chasing Beta plays. E.g. Rather than buying ‘Dogwifscarf’ or ‘Catwifhat’, you are better off just buying ‘DogWifHat’ - $WIF.

As the cycle matures, we can expect to witness a rotation into the highest-quality assets as newer utility-based ALT coins start to stand out and separate themselves from the pack.

Furthermore, we anticipate that some of the biggest moves are yet to come. On days like today, there are of course lingering uncertainties, but overall we remain bullish on the potential for significant gains in the future.

*PROTIP - Some of the larger coins will surprise you & still 5-10X from here this cycle. The meat of the cycle is yet to come. Don’t get chopped up chasing green. Buy with conviction.

The gaming sector emerges as a focal point of interest, not because it is the hottest kid on the block right now, but because the gaming sector as whole for untapped improvement, growth, and innovation. Despite the burgeoning interest, the market remains largely underappreciated, especially by non-crypto native gamers themselves, but in our opinion, they have the most to benefit from the introduction of Web3.

*PROTIP - AAA Non crypto games take years of development to be a success, and the biggest game developers in the world release 100’s of titles that go nowhere. It will take time, but crypto gaming will be a goliath sector. Make sure to back the most experienced teams with the most concrete partnerships.

The rise of artificial intelligence looms large on the horizon, it is already revolutionizing real-world industries, let alone crypto. We are probably all underselling how bullish the sector is. Not is AI transforming the world, but guess what, as AI becomes more sophisticated & and in twinned in society, machines are going to need currency to interact, trade & operate. Our bet is they don’t want fiat, and prefer something that was born on the internet, A.K.A Crypto.

*PROTIP- However, amid the hype surrounding AI, you should exercise caution. Many teams may ultimately be riding the AI wave with no intention other than to rug. Some telltale signs of malicious teams are.

• Teams not answering community questions

• Udoxxed team

• Spelling mistakes on the website

• Overly basic whitepapers / No white paper

• Generic Roadmaps / copied concepts.

While retail participation in the market has yet to reach its peak, early signs show a gradual influx of newcomers are dipping their toes back into the market, we haven’t yet had our barbers tell us which DOG coin they are in, so there is still some miles to go. If you have been a long-time reader of scoop, you are earlier than the masses. You must use this to your advantage.

PROTIP* Influx of new capital will come in droves, rather than become euphoric yourself, treat people’s euphoria as a tool for exit liquidity. Celebrate once you have exited the markets, and don’t get left holding the bag.

🏋️ 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_

NODE AI - $GPU

WEBSITE

TWITTER

MCAP - $220M

Potential - 5X

Barbell’s Take

Depin projects and specifically those that are fueling the democratization of GPU power are hot property. Last week we discussed Blendr, which has been performing extremely well. This week I welcome you to look at Node AI, another player in the mix who is pushing up the ranks in GPU crypto sector. In the last few weeks NODE AI and its token $GPU have been gathering serious attention from KOLs who drive attention in the space.

The project has reached a market cap of $220M, meaning it has a considerable run, but it is also at the sweet spot where there is plenty of upside for growth left on the project.

Let’s dive into NODE AI

The world faces a formidable challenge: the acute shortage and high cost of GPUs. This scarcity is exacerbated by the dominance of behemoths like Meta, Google, and OpenAI, leaving little room for smaller entities to compete. The high barriers to entry not only stifle innovation but also perpetuate a technological oligopoly. However, NODE AI, with its innovative $GPU token, is poised to disrupt this status quo by democratizing access to GPUs in a manner reminiscent of the revolutionary models introduced by Uber and Airbnb.

Bridging the Gap with Blockchain

NODE AI's mission is clear: to mitigate GPU scarcity by leveraging blockchain technology to facilitate the renting and lending of GPU resources. This platform is not just about access; it’s about creating a decentralized ecosystem where GPU owners can lend their idle hardware, and those in need can rent them on-demand.

Project Features

1. Revenue Sharing: Stakeholders of $GPU tokens gain from the ecosystem's earnings, derived from rentals and on-demand services. The more one stakes, the greater their share.

2. Rent: At the core of the $GPU token's utility, this feature provides tailored access to GPUs based on specific computational needs, ensuring that startups and researchers can select resources that match their project requirements.

3. Lend: GPU owners are incentivized to contribute to the network by lending their hardware, and receiving compensation in return. This model ensures GPUs are utilized efficiently, rather than sitting idle.

4. On-Demand: For urgent computational needs, this feature allows immediate, hourly billed access to GPUs, ensuring flexibility and scalability for projects of all sizes.

5. NFT Marketplace: A novel approach to GPU resource ownership, converting physical GPUs into NFTs. This not only secures ownership rights but also integrates a piece of the computational infrastructure into the blockchain.

6. L1 Blockchain: The development of a proprietary Layer 1 blockchain for distributing computational tasks showcases NODE AI’s commitment to optimizing and scaling the ecosystem.

2 X MARKET GEMS IN THIS WEEK’S PREMIUM

1 X AI - HIGH POTENTIAL AI LOW CAP +

WE ARE BACK AT YOU WITH ANOTHER DEPIN BANGER. THIS WEEK AI & GPU TOKENS HAVE SHOWN INCREDIBLE STRENGTH AGAINST THE PULLBACK.

SOME HAVE EVEN BROKEN ALL-TIME HIGH.

PREMIUM SUBSCRIBERS THIS ISSUE, DISCOVER A TOKEN LOOKING TO DOMINATE THE ENTIRE NARRATIVE.

DISCOVER THE PROJECT & FIND OUT WHEN WE ARE LOOKING TO ENTER.

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Solana Mobile 2 Airdrop - Offsetting Immediately

At a glance 🔎

• Solana Mobile 2 Pre-orders are being airdropped $200 worth of meme coin $MEW.

• The mobiles cost $500 to pre-order and won’t be available until 2025.

• By purchasing one and triggering the airdrop almost 50% of the device cost has been offset.

• The offsetting figure can go up or down depending on how $MEW performs.

🕵️ Scoops take: 

A very similar situation to Solana Mobile 1 where purchasers were airdropped BONK tokens.

As they say, if it isn’t broken don’t fix it and this method of airdropping was a previous success so it makes sense for the 2nd launch to follow the same marketing.

With how Solana meme coins have performed over the last 3-6 months the airdropped funds could create monumental wealth.

Buy yours here.

Fake iOS App - Be Aware

At a glance 🔎

• Bitcoin wallet UniSat shared that a duplicate app has been created on the Apple Store.

• The app has been created to steal investors’ assets by collecting private keys and storing seed phrases.

• UniSat had over 300,000 weekly users and was primarily a browser plugin.

🕵️ Scoops take: 

Remember, as more and more adopt the crypto world, these attempts will increase tenfold.

These attacks are becoming much more sophisticated, so security education is vital.

If you are thinking of downloading an app to your device, make sure you get it from the official linked webpage of the product.

Also, as obvious as it may seem, many forget simple self-custody rules such as never sharing private keys or seed phrases.

Don’t become a statistic.

Memecoin Volatility - Not all turn to gold.

At a glance 🔎

• Meme coins remain the talk of the town, especially on Solana.

• Lookonchain took a deeper look into how successful they are as a whole.

• They focused on one particular trader, who traded 89 meme coins in the last 2 weeks.

• They found that of the 89 meme coins traded, only 26 were profitable, bringing in a 30% win rate.

  🕵️ Scoops take:

To us, a 30% win rate is higher than what we would have imagined.

Okay, the pool is only 89 meme coins but given the lack of structure behind a lot of the coins recently launched, this % does seem okay.

We have all seen the incredible numbers some of the coins have put up, as well as the complete variety on show, it is a mixed bag.

Is it gambling or is it identifying the current sentiment?

Probably a mix of both, but it cannot be disputed the vast wealth some of these coins have created.

🏆 WEEKLY WINNER🏆

Kingfud

Kingfud has shown what moves can be made with the Solana mobile phone airdrop.

His Saga phone came with $800 of free $BONK.

He swapped the Bonk into $WIF and the rest of history.

The $WIF is now worth $15,080

Just goes to show with a little creation, more can be made from the free airdrops.

😡 THE REKT SECTION 😡

$MFER Trader

A trader who owned 25.5m $MFER sold his holdings for a total of $566.

If he held on to his bag and not been so eager to sell, he would have been able to sell the holdings for more than $4m

By cashing in early he walks away with 0.014% of what he could have had.

Remember, conviction is key.

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

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