Mixed sentiment hits the market.

Author

The Triple Scoop
June 21, 2024

SCOOP’S TL;DR

📈 MARKET SENTIMENT - Current sentiment in NFTs, meme coins, altcoins, and Solana is notably poor, reminiscent of a bear market environment. The market feels chaotic, with recent celebrity scams adding to the negative sentiment. Despite this, there are bullish indicators, such as the upcoming launch of the ETH ETF, expected to attract significant inflows.

🔥 TRENDING NARRATIVE - Still very mixed

🗞️ TOP STORIES

  • Tether Launch Alloy

  • Waka Flocka Controversial Launch

  • Crypto Enforcer Quits

  • TipLink Product Launches

  • Jupiter Proposal

🏆 WEEKLY WINNER - Startup Milestone

💎 PREMIUM

  • Crypto Total Market Cap $2.44T - 24/hour change 0.9%

  • Crypto Market Cap Total Volume $68B - 24/hour Change 24%

  • Key Highlights:

    • Bitcoin Spot ETFs:

      • Net outflows of $139.88M on June 20.

      • Bitcoin's price hovers around $65,000. Analysts foresee a potential rise to $70,000-$72,000 or a decline to support levels at $64,000 and $62,000. Market sentiment is mixed, with both bullish and bearish scenarios being considered.

    • Solana ETF Filing:

      • 3iQ Corp filed for a Solana (SOL) ETF in Canada. This product will be a Closed-End Fund, similar to Grayscale trust products but with mechanisms to prevent extreme discounts or premiums.

    • General Market Sentiment:

      • Current sentiment in NFTs, memecoins, altcoins, and Solana is notably poor, reminiscent of a bear market environment.

      • The market feels chaotic, with recent celebrity scams adding to the negative sentiment.

      • Despite this, there are bullish indicators, such as the upcoming launch of the ETH ETF, expected to attract significant inflows.

    • Analyst Perspectives:

      • Some analysts view the current market downturn as a prime buying opportunity, suggesting it might be the best time to accumulate for the rest of the crypto cycle.

      • Bullish sentiments persist despite the noise, with a belief that the market cycle may not have fully begun.

      • Tokens are currently discounted, presenting potential buy-one-get-one-free opportunities on favorite tokens.

    Actionable Advice:

    • Stay focused and ignore the negativity and toxicity prevalent on social media.

    • Avoid clout chasers and remain strategic in your market approach.

    • Consider accumulating tokens during this downturn as they are significantly discounted.

    • Maintain a long-term perspective

    Conclusion: The crypto market is experiencing turbulence with mixed sentiments, but underlying bullish news and opportunities for strategic accumulation remain strong. Stay informed, remain strategic, and focus on long-term growth.

THE BEST OF ‘X’

On Solana, we have had a mini-narrative emerge of new ‘cute’ cats & dogs.

A number of these tokens are surging to around $5-7 million mcap before then collapsing and a new one pops up. One to be cautious of, our gut is telling us it will be fairly short-lived given the velocity in which these tokens are launching.

The most successful launch out of the mini meta has been $Billy, which reached $86M MCAP.

Over on ETH, we have seen AI & more utility on plays catch a bid. $OPSEC, $FET, & $GPU are all up over 20% today. In the same breath, the memes are still riding strong on ETH.

A token which caught the whole market off guard was $KENDU, a Japanese Inu-style dog meme which ran up to $200M mcap. The rise of $KENDU has caused a rally in new tokens like $KAI, to launch onto the market.

Overall we have a mix of Cute cats & dogs sending, utility plays catching a bid and memes on Ethereum riding strong. There is no clear stand-out narrative right now, a very mixed bag.

Tether Launch Alloy - A Golden Opportunity

At a glance 🔎

  • Tether has announced a new digital asset backed by Tether Gold.

  • The aim is to merge the stability of gold with the benefits of a digital currency.

  • The Stablecoin, Tether Gold, XAUT, digitally represents one troy (31.1 grams) of gold on the Ethereum Blockchain.

🕵️ Scoops take: 

A different way to onboard traditional gold investors into the digital world.

Tether are on a forward-thinking plan right now with planned investments of $1bn into start-ups.

The only downside with this one is whether there are actual reserves or just paper issuance.

Time to hunt the treasure.

Waka Flocka Controversial Launch - Has the Flame Disappeared?

At a glance 🔎

  • Rapper Waka Flocka Flame launched a token called $FLOCKA

  • The coin has a current MC of $10.2m and is up 15,000% since launch

  • Insider Trading accusations followed as the rapper didn’t share the CA until 40% of the supply had already been distributed.

  • Community Notes on X highlighted Flocka’s history of scamming people.

🕵️ Scoops take: 

The issue with these celebrity tokens summed up.

Okay, 40% of the supply was distributed before the rapper shared it, but it can still moon even then.

As always with celebrity tokens, despite some of the massive gains, you just have to trade with what you can afford to lose.

Assume the worst then you are either right or pleasantly surprised.

PNG. Line Break - Triple Scoop

Crypto Enforcer Quits - Another One Bites The Dust

At a glance 🔎

  • David Hirsch, the Chief of the Crypto Asset Unit in the enforcement division of the SEC has quit his role.

  • He spent 9 years in the role of being the enforcer against crypto exchanges and DeFi projects.

  • He hasn’t confirmed what his next role will be, but Degenz are spreading the rumour that he has joined pump fun…and Binance News bought it!

🕵️Scoop’s take:

The SEC have well established their heavy-handed approach so it’s probably a good thing there is one less egotistical maniac there.

Gensler’s probably up next to the chopping block (hopefully)

Bitcoin and Crypto will play a huge role in the upcoming election so the more positive forward-thinking people we get into positions of power, the better.

Roll on change.

TipLink Product Launches - A Potential Scam Dream

At a glance 🔎

  • TipLink has launched a product where users can send crypto just by email.

  • Recipients do not need a wallet and simply just accept the Crypto via a link.

  • Users can withdraw the funds to an existing wallet.

  • This follows on from TipLink raising $6m in seed funding in February 2023 to launch this feature.

🕵️Scoop’s take:

We acknowledge the idea of trying something different and keeping the practice of sending Crypto simple.

Our issue with this is the obvious, how many scam emails are going to be flying about that’ll drain people’s wallets?

Scams are already a massive problem in the space so there needs to be some extra details around safety with this one.

DYOR before opening links!

Jupiter Proposal - Burn Baby Burn

At a glance 🔎

  • The Jupiter exchange announced plans to burn 3 billion $JUP tokens.

  • The 30% supply burn is intended to boost the value (supply and demand) and increase community engagement.

  • The 30% would also come from the team.

  • The plan is said to not interfere with future airdrops.

🕵️Scoop’s take:

The market reacted quite well to this news and $JUP had a mini-rally up to $0.82 from $0.74.

Unfortunately due to BTC facing resistance, there was a little drawback to $0.79

With 10 billion tokens in the total supply, 30% should be enough to cause a bit of a supply shock but we aren’t sure if it will be enough to see the tokens reach previous 1-year highs of $2

What we will give the team credit for is exploring as many avenues as possible to drive up the price.

🏆 WEEKLY WINNER🏆

Start-Up Milestone

Crypto start-up funding has officially broken through the $100 billion mark.

It has taken 10 years to get to this point.

October 2021 remains the best month on record for funding with $7bn being raised.

If the next 10 years look anything like the last, we are in for a great time with plenty of innovations making their way into our lives.

Onwards.

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

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