State of the Market: Ordinals and Memecoins Surge

A week of remarkable gains in the crypto space.

GM, Anon! Welcome to this week's Crypto Market Update. After reaching $45,000, BTC is now consolidating below $43,500. Meanwhile, ETH has achieved a 2023 high of $2,350. However, the Ordinals market has stolen the show with some incredible surges. Memecoins and gaming tokens have also shown impressive gains.

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State of the Market: Ordinals Lead the Way

Bitcoin surged this week, breaking past $38K and reaching nearly $45K, impacting altcoins as liquidity flowed into BTC. BTC dominance fluctuated, driven by anticipation of a BTC ETF, leaving the market at a crossroads. The main focus was ordinals, led by $ORDI, tripling its market cap in a week, along with other BRC-20/ordinal coins like $SATS, $TRAC, $MUBI, and $PIZA.

Memecoins and gaming tokens gained momentum, especially established ones on centralized exchanges like $DOGE, $BONK, $PEPE, $SHIB, $MEME, $FLOKI, $TOKEN, and $BITCOIN. While major gaming coins like $IMX, $ILV, and $GALA didn't outperform BTC, gaming-related coins, including $SUPER, $RON, $SHRAP, $SIPHER, and $WILD, posted impressive gains.

Digital asset investments had significant inflows, with $176M last week and $1.76B over ten weeks, accounting for 4% of assets under management. Despite the increase, total AuM remains at $46.2B, below the all-time high of $86.6B in 2021. Bitcoin attracted $133M in inflows, and Ethereum received $31M.

The Stacks ecosystem, a Bitcoin layer 2 solution, gained traction due to Ordinals, with STX's price soaring and its market cap reaching $1.2B. Emerging trends and projects, like the Runes token standard and Trac/Tap protocol, are pushing the boundaries of the Bitcoin ecosystem.

Jito, a Solana-based crypto staking project, distributed its governance token, JTO, via airdrops, defying prelaunch estimates by quickly climbing towards $2 on Solana-based decentralized exchanges.

The on-chain Alpha landscape is active, with crypto fundraising surging. Projects like Frax Finance's Fraxchain Testnet, Celestia's Ethereum fallback for Layer 2 solutions, and Arbitrum DAO's funding for ecosystem projects contributed to this trend. Injective, Hashflow, Mantle, and Balancer are releasing updates, and the introduction of Aevo's aeUSD stablecoin and Starknet Foundation's token airdrop snapshot add to the buzz.

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Bitcoin Monthly by Kairos Trading

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In this analysis of Bitcoin's monthly performance, we compare the 2023 cycle with historical data from 2016. As the famous saying goes, "History doesn't repeat itself, but it often rhymes," and we're witnessing some interesting patterns.

Firstly, we've recently seen Bitcoin reach the $42K mark. Interestingly, in previous cycles, Bitcoin has consistently hit the 0.5 Fibonacci retracement level, which corresponds to $42K, just before the halving events. This pattern has held true once again in this cycle.

However, it's important to note that while Bitcoin might still experience short-term fluctuations that take it above $42K, it's expected to close the monthly candle below this level. This suggests that there may be some resistance around this price point.

One factor that's currently influencing Bitcoin's performance is the hype surrounding the ETFs. This excitement has introduced some uncertainty into the market. As a result, there's some debate about whether Bitcoin will follow the previous market structure (indicated by the purple line in the chart). It's possible that we might not see a direct repetition of this structure.

Instead, many analysts believe that Bitcoin could experience a correction, potentially dropping to the 0.382 Fibonacci retracement level, which is around $36K. This level is often considered a key support area.

Blue Chip and Majors Overview


ORDI, based on the Bitcoin Ordinals and a BRC-20 token, has recently experienced a significant surge in its market value. As of the last week, ORDI's price has escalated by an impressive 192%, surpassing the $50 mark. This remarkable growth represents an over 850% increase from its earlier price of around $6.80 on November 5th. 

This surge has led ORDI to become the first BRC-20 token to achieve a market capitalization of $1 billion on December 5. Currently, its market cap stands at $1.3 billion. Data from Dune Analytics indicates that over 48 million Ordinals assets have been inscribed since the protocol's launch, generating over $146.9 million in fees for the Bitcoin network. Interestingly, on November 20th, the transaction fees on the Bitcoin network exceeded those of Ethereum, largely due to a surge in the inscription of new NFTs and BRC-20 tokens like ORDI.


BTT has more than doubled in price recently. This surge aligns with growing optimism about the Tron blockchain, which has reached 200 million users. Tron founder Justin Sun's announcement of this user milestone has positively influenced BTT's market. BitTorrent now has a market cap of $958 million. Daily trading volume, meanwhile, increased by 540% to $256 million.

  • HNT has jumped by >20% in the last 24 hours as Helium launched its unlimited nationwide mobile plan in the US.

  • LUNA is up 77% in the last 7 days as the price looks to reach $0.0003.

  • TIA has jumped by a massive 65% this week due to the hype surrounding its upcoming airdrop.

  • STX has experienced a significant 42% price increase, accompanied by a 615% surge in daily trading volume, a 90% rise in social volume, and an 83% increase in open interest.

  • IOTA has jumped by 63% in the past two weeks following the establishment of the IOTA Ecosystem DLT Foundation in Abu Dhabi.

  • AMP has registered a 32% daily and 41% weekly increase, accompanied by a dramatic 2369% surge in trade volume

  • BEAM has surged by 200% over the past month. Beam is a gaming-focused Avalanche subnet from the gaming guild Merit Circle. BEAM's surge is indicative of the GameFi sector's recovery.

  • ILV has crossed $100, gaining 54% in the last 30 days. However, the price has since corrected by 5% over the last week. ILV has benefited from the bullish sentiment around GameFi.

  • RON has jumped by 42% over the last week. Daily active users (DAU) on the Ronin chain have consistently risen.

  • BIGTIME jumped by 235% over the past seven days. However, an unusually high number of liquidations has dumped the token by 18% in the past 24 hours.

GameFi on the Rise

GameFi tokens have been on a surge.

  • MAGIC has jumped by 24% over the past two weeks. However, the price has corrected by 4% over the last 24 hours and settled around $0.88.

  • WILD has jumped by a staggering 36% this past week as Wilder World prepares to unveil its multiplayer metaverse at Gateway Miami.

  • ATLAS has increased by 20% this past week as the overall market cap nears $100 million.

  • WRLD surged by 165% in the last 14 days as the token looked to touch $0.1. Following this, NFT Worlds has been given a “high risk, high reward” rating by Investors Observer.

  • DFL has also been on a tear, jumping by >50% over this past week. Overall market cap has exceeded $25 million.

  • GALA has dropped below the $0.03 psychological level because of a short-term correction. 

  • BLUR has dipped below $0.5 following an 8% correction. Marketcap still remains above $560 million.

  • SAND spiked by 8% this past week, going up from $0.40 to $0.445. There is some speculation on X that The Sandbox might be potentially moving to Ronin.

Smart Money Movements


  • BRC-20 stands out as the premier narrative among Smart Money addresses, showcasing intriguing movements within this narrative. Noteworthy shifts are observed as smart money gradually departs from $Mubi while strategically entering $BSSB. This suggests that smart money from $Mubi is exploring avenues to reinvest profits into other tokens within the BRC-20 narrative, potentially triggering an upswing in those tokens.

  • Another compelling token that has piqued the interest of smart money is $NCDT, an innovative cloud computing project enabling users to monetize their dormant computing power—an intriguing concept.

  • Smart Money adopts a nuanced approach, securing profits incrementally across the market. This strategic maneuver aims to safeguard existing gains while positioning for potential future market upswings, illustrating a judicious balancing act.

  • Furthermore, smart money has strategically amassed $MAP, a Bitcoin L2 and P2P omnichain infrastructure with a focus on cross-chain interoperability—an invaluable addition to the BRC20 narrative.

  • $UNIT has also garnered the attention of smart money, functioning as a browser extension that doubles as a trading terminal and seamlessly integrates with trading tools like $GMX and $BANANA, showcasing its versatility in the eyes of astute investors.

Yield Farms

  • Farming $PNP on Magpie XYZ involves boosting the rewards through Pendle's vlPNP pool, offering an attractive up to 73.5% APR (with a 60-day cooldown period).

  • The practice of farming $VRTX on Vertex is gaining popularity among smart farmers seeking diversified opportunities.

  • Among the various strategies, some smart farmers are actively engaged in farming vAMM-WETH/UNIDX on Aerodrome, where enticing rewards of 50% APR can be reaped.

  • Prisma Finance and SPARK maintain their status as favorites among smart farmers, largely owing to their consistently stable APR.

  • For those exploring additional options, it's worthwhile to check out the (agEUR/wstETH LP) and (agEUR+ARB LP) on Camelot. These LPs present enticing APRs, adding to the array of opportunities available in the dynamic landscape of yield farming.

Solana Airdrop Strategy

For those interested in capitalizing on airdrop opportunities within the Solana network, here are some unique strategies to consider:

1. Drift Platform:

  • Head to Drift by following this link.

  • Make a deposit using SOL and pick your trading market (Perp, Spot, Swap).

  • Carry out a trade, perhaps choosing a perp at a leverage you're comfortable with.

  • Additionally, you can deposit liquidity into DLP with your preferred asset. Note that deposited assets in Drift earn interest automatically.

2. Leveraging MarginFi:

  • Visit MarginFi through this link.

  • Start by depositing SOL and then borrow bSOL.

  • Enhance your strategy by depositing SOL into LST.

3. Trading on Zeta:

  • Visit the Zeta platform at Zeta Markets.

  • Deposit USDC and engage in trading your favorite markets, such as a low-leverage long on Sol/TIA.

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