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$DOGE is dead?
ALTS ready to explode!
The Triple Scoop
May 25, 2024
SCOOPāS TL;DR
š MARKET SENTIMENT
In the crypto market, the unexpected approval of the ETH ETF has led to a "sell the news" event. ETH's price has retraced to 3760 from a high of around 3900.
Bitcoin (BTC) has also been weak, dropping to around 67.2k despite having nine straight days of inflows totalling $1.75 billion.
The market needs time to fully digest the sudden news of the ETH ETF approval, which came as a surprise to many.
š„ BARBELLāS WEEKLY PICK
TOP EASY WINNERS
š„ THE TRENDING NARRATIVE
The ETH ETF
šļø TOP STORIES
Trump Goes Further In
Exchanges Team Up
MetaMask x Bitcoin
š WEEKLY WINNER
PEPE
š PREMIUM
Crypto Total Market Cap $2.56T - 24/hour change 3.6%
Crypto Market Cap Total Volume $78B - 24/hour Change -15%
Majors - 24/Hour change
BTC - $69,300 - 2.19%
ETH - $3701- 0.66%
NVIDIA reported fantastic earnings, but despite this, the market showed some instability with a drop yesterday. However, futures have rebounded this morning.
Equities are currently slightly off their highs, but zooming out reveals that they are still performing strongly overall.
Interest rates have remained stable throughout the week, which is a positive indicator.
The next major economic data point is the payroll report, which is due in two weeks, suggesting a quiet period for macroeconomic events until then.
In the crypto market, the unexpected approval of the ETH ETF has led to a "sell the news" event. ETH's price has retraced to 3760 from a high of around 3900.
Bitcoin (BTC) has also been weak, dropping to around 67.2k despite having nine straight days of inflows totalling $1.75 billion.
The market needs time to fully digest the sudden news of the ETH ETF approval, which came as a surprise to many.
Crypto lobbyists have made significant progress with legislative efforts, notably with bills such as FIT21 and the prevention of Central Bank Digital Currencies (CBDCs), indicating extremely bullish developments for the sector.
In the memecoin market, ETH-related memes have surged, with $PEPE surpassing a $6 billion market cap last night and $MOG reaching previous all-time highs of over $400 million.
When the market is bullish on a particular blockchain, it tends to chase meme coins for higher leverage without the risk of liquidation points.
If you believe Solana will have another run, owning $WIF could be a good trade, as it is likely to have its moment of strong performance again.
Overall, despite some immediate market reactions, there are extremely bullish developments in the crypto space, and a potential delayed positive reaction similar to what was seen with BTC ETFs could occur.
š® 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„ THE TRENDING NARRATIVE
THE ETH ETF APPROVED!
WHATāS NEXT?
The US SEC has approved rule changes for potential launch of eight ETFs tied to ether, the second-largest digital coin.
Approval includes major groups like BlackRock, Fidelity, Invesco, and Ark Invest.
A second round of approvals is necessary before the ETFs can be launched.
Anticipation of these approvals has driven etherās price up over 20% since Monday and over 60% year-to-date.
This marks a significant regulatory shift for the SEC, which recently provided feedback on pending applications.
With the ETH approval out of the way, what is next?
As expected, we thought we would get a slight retracement following the news. Buy the rumour sell the news never seems to fail.
Overall this is monumental news for the crypto world at large, not just for Ethereum. This decision by the SEC has most likely opened Pandoraās box and it is now likely we can expect a domino effect in the near to mid future for other Crypto-related ETFās to be approved, who knows maybe a $DOGE ETF is now on the cards?
The market is already speculating what is to come next & we guess it is fair to say that the next obvious choice is naturally Solana.
Influential investment manager Anthony Scaramucci believes we will get a Solana ETF soon as per his tweet below.
This almost seems certain in the longer term, but in the short term, the market may be jumping the gun a little bit. But wishful thinking ay.
We expected an ETH sell-off which we are currently seeing, for the weeks following, expect some choppy waters in the lead-up before the ETF ETFās go live for trading. Once that is complete you can expect large inflows into ETH causing fireworks for price action. This will probably fall in line with some major moves for ALTs in the ETH ecosystem as we have seen with the likes of $PEPE.
This is Billy Walters.
He's one of the most successful sports bettors of all time.
In 39 years, Walters had 1 losing year.
He said: "One thing for sure in life, sports, business, is change. If you don't adapt, you're gone."
Here's 6 concepts that are so important in trading:
ā pedma (@pedma7)
10:55 AM ā¢ May 25, 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_
DISCOUNT PICKS - EASY RETURNS
A lot of solid Alts are on a major discount at the moment following the recent ALT market sell-off but this means they can return 3-5Xās just by reaching their previous ATH. Remember we are in a bull market, so if you can, take advantage of major dips.
Here are some tokens I have been eyeing up
Barbellās Thoughts
Poor old Kabosu, the famed dog who inspired Dogecoin sadly passed today. but his spirit will forever live on the blockchain.
So how can we profit from this poochās demise? It is only a matter of time before $DOGE pulls a god candle, it has been in consolidation for months on end. You will be looking at a clean 4X just to reach ATH, but the chances of it going past that are high as more liquidity enters the market.
As the king of memecoins, pay homage to Kabosu, and send it past $1.
Barbellās Thoughts
Opsec sits within the GPU / DEPIN / AI Narrative, the project has a tonne of partnerships with established Web3 entities to support their growth & expansion. The project has survived fud attacks and the community remains strong. This is probably an easy 3-6X.
$CPOOL - $20c - 2X to ATH -
Barbellās thoughts
Decentralized credit marketplace - Low cap in the RWA space. RWA attention will cycle back round, given $CPOOL has bounced nicely from its recent low, the token should easily exceed its ATH offering the potential for 2-4X
Barbellās thoughts - We may see more downside in Popcat, especially as attention is on ETH tokens, but the bottom is close. Holders continue to climb and take advantage of this reduced price. From a TA perspective, this looks ready to pop, but it just may take slightly longer than expected.
Barbellās thoughts
$MICHI holder & therefore community growth is the fastest on the SOL chain right now for tokens with over 20K holders. The meme is customisable and the community is relentless. The steep retrace & consolidation period offers one of the best R/R in the market.
Trump Goes Further In - Delivering On His Promise
At a glance š
It was not just empty words, donations to Donald Trumpās campaign can now be made with Crypto.
On his official website, those who wish to donate can choose from Bitcoin, Ethereum, Dogecoin, Solana, Shiba Inu and XRP.
This is the first time a major party Presidential nominee has allowed for donations to be made by Crypto.
šµļø Scoops take:
This is not just a publicity stunt, this is the development of Crypto evolving to everyday use.
If it is good enough for an ex / re-elected President, then it should be good enough for most.
It has not always been this way, in 2021 Trump said that Bitcoin felt like a scam but he is now good with it.
Remember everyone, itās never too late to join the good side.
Memecoins MAGA and TREMP continue to perform well with MAGA sitting at $9.12 and TREMP at $1.13.
Exchanges Team Up - All For The Greater Good
At a glance š
Centralized exchanges led by Coinbase with Meta, Match and Ripple Labs have established an educational group.
The purpose of the group is to prevent pig butchering scams.
The mix of crypto firms, advocacy groups and tech companies will be known as āTech Against Scamsā
They will educate the public on fraudulent schemes and guide them to avoid becoming victims.
šµļø Scoops take:
In case you need a first piece of education and arenāt familiar with āpig butcheringā it is the practice of fraudsters spending time building trust with their targets āfattening them upā before slaughtering them and taking their money.
Safety is a key issue for the Crypto space, as you can see with the different companies involved in this project, it is also a wider Technology issue.
Virtually every day you will read a new scam in Crypto so all we can advise you to do is read up on them and self-educate along the way.
It is always worth following ZachXBT who is the unofficial King Crypto Detective.
MetaMask x Bitcoin - Everyone Wants To Be Involved.
At a glance š
MetaMask is set to add Bitcoin support to its network.
The hope is that it will bring millions of transactions to the platform.
MetaMask primarily supports Ethereum but the hot wallet is desperate to expand.
They were the most popular wallet by downloads, they hit 22m downloads in August 2023 so want to keep the market share.
This would be the latest upgrade which has seen them add security alerts for blockchains and Ethereum validator staking.
šµļøScoopās take:
When you look at the numbers Bitcoin has been doing over the last month it is a surprise it has taken this long.
With over 14.48m transactions on the Bitcoin network in April alone, it is a pie everyone wants.
Again, a huge win for investors as once again more choices have presented themselves so you can tailor your needs to trade/invest/HODL on whatever platform that is most suited to your needs.
š WEEKLY WINNERš
PEPE
It just will not stop breaking records!
For the first time in its existence it broke through the $6bn market cap (it has since retraced to $5.81bn)
At its current MC, it has flipped Uniswap and has become a top 20 coin by marketcap.
With 90-day gains at 1012%, it does pay to be king of the frogs.
Feast your eyes on the delights, surprises & Alpha below.
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