MEMES - The fastest horse

ALTS ready to explode!

SCOOP’S TL;DR

📈 MARKET SENTIMENT

  • Fluctuating around $67,900 with mixed market sentiment.

  • Key support levels: $67,000 and $65,000.

  • Resistance level: $68,800.

  • Critical threshold for driving prices higher: $70,305.61.

  • Potential drop to $64,300 if support fails.

🔥 BARBELL’S WEEKLY PICK

  • We are doubling down on these tokens.

🔥 THE TRENDING NARRATIVE

  • Memes and more Memes

🗞️ TOP STORIES

  • $JENNER Confusion

  • Normie Exploit

  • Trump Extends Promises

🏆 WEEKLY WINNER

  • SHIB Diamond

😡 REKT SECTION

  • Celebrity Record

💎 PREMIUM

  • Crypto Total Market Cap $2.7T - 24/hour change 3.6%

  • Crypto Market Cap Total Volume $97B - 24/hour Change -15%

    Majors - 24/Hour change

    • BTC - $68,198- 3.3%

    • ETH - $3853- 2.8%

    • SOL - $167- 2.1%

      • Bitcoin Price Movement:

        • Fluctuating around $67,989 with mixed market sentiment.

        • Key support levels: $67,000 and $65,000.

        • Resistance level: $68,800.

        • Critical threshold for driving prices higher: $70,305.61.

        • Potential drop to $64,300 if support fails.

      • Market Sentiment:

        • Diverse opinions from market analysts and influencers.

        • Predictions range from bullish forecasts of new highs to cautious observations about current trends.

      • Bitcoin Dominance:

        • Reaching new lows since April.

      • ETH/BTC:

        • Breaking out, indicating a strong performance of Ethereum relative to Bitcoin.

      • Altcoin Season:

        • Not far off, suggesting a potential rise in altcoin prices relative to Bitcoin.

      • Mainstream Interaction:

        • Rapper Iggy Azalea's social media post about Solana sparked widespread discussion.

        • Conversations included jokes and serious discussions about Solana’s market potential.

        • Highlights the growing mainstream interest and need for clearer public understanding of cryptocurrencies.

    🔮 NARRATIVES TO FOCUS ON IN 2024

  • - Memes - (you’re not too good for them)

  • - AI Infrastructure / Autonomous agents

  • - GPU / Cloud Computing

  • - Gaming / Game-fi

  • - DEPIN (Decentralised Infrastructure)

  • - RWA - Real-World Asset tokens

  • - BTC Defi / BRC20

  • - Parallelization EVM / Modular Blockchains

  • - Solana Killers

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MEMES TAKE CENTRE STAGE… AGAIN

Most of the market is ranging, but once again Memes across all major chains are stealing the show.

$WIF is breaking out on the high time frame, $PEPE has been on a monster run & $BRETT has recovered remarkably from its sell off FUD.

We aren’t surprised… Time and time again, they continue to be the best-performing category. For now…

One of the main MEME trends at the moment is meme versions of classic Ethereum-based memes launching on Solana. Yup. It’s a meme within a meme. ‘Memeception’.

We think this trend will be short-lived and is most likely already on its way out. But if you can make hay while the sun shines do it.

Pepe on Sol - ripped up to $70M over the weekend and since then has started a cascade of ETH classics on Sol, such as FLOKI, MOG & BITCOIN.

Team member ‘Barbell’ recently posted on Twitter his change in sentiment on utility-based plays and why in the current market favours meme coins. If you have read them, dive into the threads listed below.

Global Liquidity is starting to creep up, which is good for the entire crypto market & ‘risk on’ assets. More liquidity across the globe means more spending by the general public & more free capital to invest. Some of this capital will flow into the crypto market causing all sectors of the market to rally, but until that point, there is only a finite amount of cash floating around in the crypto system, causing a player vs player environment.

So where does that current amount of capital flow in crypto? We bet that those with large pockets will focus on the Majors, BTC, ETH & SOL, and those with smaller pockets (seekers of 100X) will continue to gamble and place bets in the meme coin arena.

Why? Most of our thoughts are listed in the tweets below. But to summarise

Memes:

  • Easy to understand

  • Less at risk of exploits / Smart contract vulnerabilities

  • Armys of Marketers (Community)

  • By nature, they drive attention

  • The sole purpose is price action & numbers go up

  • Give a sense of ‘Belonging’ - More resistant to sell-offs

  • Often well distributed / Fully diluted / Less sell pressure

  • No unlocks.

  • Malicious larpers have less influence (No allocation)

  • Often no team to let the community down or dump tokens.

The Secret to Meme Coin Success

Increasingly Bearish on Utility Plays

🏋️ 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_

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 3-5X’s 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

$DOGE - $0.16- 4.2X to ATH (Still a great pick)

Sooner or later the $Doge will woof. Given its market cap and size it is a relatively safe bet in this bullish environment.

$WIF - $3.74 - 40% to ATH

(Personally loading up heavy here on $WIF)

Wif has been consolidating for weeks on end and today it finally started breaking out on the higher time frames. The $WIF chart looks very healthy on the daily. If it can close today above $3.6 it will be very good for further upward momentum. I feel it is only a matter of time before a god candle gets printed on $WIF and we will see explosive price action way beyond All time highs.

$POPCAT $0.48c - (Last week’s Pick) - Up 30%

(Personally loading up heavy here on $POPCAT)

Popcat is still below an all-time high, and much like $WIF has been in a consolidation zone for some time following its explosive run-up. The cat is beginning to purr, and is gearing up for the full show.

The market may have, but soon it will show why it is known as the king of cat coins.

$MICHI - $0.34c - (Last week's Pick)- up 56%

(Personally loading up heavy here on $MICHI)

A lot of Fud was thrown on $MICHI, today we have seen it come back to life. Smart money continues to love this token and has been scooping it up at the lows. We aren’t out of the woods yet on MICHI, we may see more ranging price movement, but anything around this price point looks to be a good entry.

$JENNER Confusion - Investors Remain Unclear

At a glance 🔎
  • Caitlyn Jenner (apparently) launched Solana Token $JENNER but due to recent compromises, users remain unconvinced about its legitimacy.

  • Despite all the suspicions, Jenners Instagram and X account continued to promote the token and released a video confirming it is legit.

  • Caitlin’s manager confirmed that Sahil, a notorious rugger was behind the token.

  • Despite all the FUD, the token shot up to a $40m Market Cap.

  • Following Jenner shilling a second token, the price tanked to a $12m market cap.

🕵️ Scoops take: 

Degens never fail to amaze us.

Rumours of a famous rugger behind it, the shocking celebrity track record within the space, zero plan, deep fake rumours…what happens - it gets mooned.

Okay, it has retraced now, but serious wealth was made on this trade.

Naturally, people bought the dip, which carried on dipping, so the Degen ways continued.

It really is meme coin mania.

NORMIE Exploit - An Important Lesson Learnt.

At a glance 🔎
  • Popular Base meme coin, NORMIE plunged 99% following an exploit.

  • Attackers manipulated the token supply and then drained the liquidity pools.

  • The exploit allowed the hackers to issue more than the intended 1bn supply which was then traded for ether.

  • The attacker made an offer to return 90% of the exploited ETH if the project was relaunched and the funds in the dev wallet were used to reimburse holders.

  • The offer was accepted.

🕵️ Scoops take: 

It just goes to show that no matter how popular a meme coin may be, a lazily compiled contract code is always open to exploit.

Plenty of users were badly impacted with the marketcap going from $41m to $35k in minutes.

One particular user shared their story where they bought 11.23m $NORMIE for $1.16m and following the exploit, it was worth less than $150.

A real lesson to be learned for the Dev, lazy contracts will be exploited.

PNG. Line Break - Triple Scoop

Trump Makes More Promises - Bullish Doesn’t Cover It.

At a glance 🔎

  • In his latest speech over the weekend, Trump continued his bullish intent.

  • “Our country must be the leader in the field and there is no second place”

  • He went on to say he would keep Senator Elizabeth Warren away from Bitcoin and would not allow the launch of a CBDC.

  • In positive news for Ross Ulbricht, the founder of Silk Road, Trump promised to cancel the sentence he was handed.

  • Ulbricht has served 11 years of two life sentences with an additional 40 years.

🕵️Scoop’s take:

There are going to be a lot more speeches before the November election.

With each speech, Trump-related memecoins see positive action. It was only at the end of last week that Memecoins MAGA and TREMP were sitting at $9.12 and TREMP at $1.13 and now the same are sitting at $11.05 (having hit $13) and $1.3

Is he just saying what we want to hear? time will tell but whatever he is doing for now (relating to Crypto) it is certainly working.

🏆 WEEKLY WINNER🏆

SHIB Diamond

A super Diamond trader has finally cashed in his profit.

They spent 2 ETH (at the time, $2625) to buy 48.09 SHIB on the 1st of February 2021.

They sold the same amount for 278.7 ETH ($1.1m) on the 27th of May.

A 419x gain.


😡 THE REKT SECTION 😡

Celebrity Record

Before parting with your money, it is important to be aware of the track record that celebrity projects have in this space.

Whilst in the midst of memecoin mania expect plenty to get involved - especially with the rapid rate they can move at.

Just read the below chart that has been made by whaleswoosh to justify where we are coming from.

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

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