Tron Memecoin Szn

GM Anon!

This week the crypto market has seen relatively stable price action, with BTC and ETH experiencing only minor fluctuations. Bitcoin has edged slightly higher, while Ethereum has shown a modest increase, reflecting a calm overall market sentiment with no significant swings in either direction.

Notably, there has been renewed interest in some of the older DeFi protocols and major projects from the previous cycle. These have demonstrated positive price movement in recent days, suggesting a potential resurgence as investors look for opportunities beyond the more volatile meme coins, which have cooled off this week.

As we move into the final quarter of the year—a period traditionally marked by increased market activity—it will be important to watch how these trends evolve.

Let’s dive into the details and explore what’s driving the market!

TLDR

• Older DeFi projects and major tokens like FTM, AVAX, and MATIC have shown positive price action

• Tokens in the gaming sector, like BEAM and GALA, and AI tokens, especially TAO, experienced significant price increases, indicating strong momentum in these niches.

• Tron’s meme coin market, led by Sundog, has gained significant traction following the launch of the SunPump platform

• Harris hints at crypto-friendly policies, while Trump’s odds of winning the presidency have risen on Polymarket

• Ethereum’s Mog and Wolf tokens saw notable smart money accumulation, while Solana tokens like WIF and POPCAT experienced significant sell-offs

• The US dollar hit its lowest level in 2024 against major currencies, which could drive increased demand for Bitcoin as a hedge against currency devaluation.

Market Highlights

The upcoming speeches and data releases today from the Fed and Japan are set to have significant implications for the crypto market. Fed Chair Powell's remarks could influence investor sentiment and potentially impact the broader financial markets, including crypto, depending on his stance on interest rates and monetary policy.

Additionally, Japan's inflation numbers are crucial, as any indication of further rate hikes could cause volatility across global markets, which will directly impact crypto. The recent crash following Japan's rate hike announcement highlights the interconnectedness of global economies and their influence on crypto prices.

Rumors And Political Shifts

• Donald Trump endorses ‘The DeFiant Ones,’ a crypto project led by his sons

• Harris saw her lead on Polymarket slip as RFK Jr. drops out of the race

• Senate insiders hint that if Harris wins, she may consider appointing Gary Gensler as Treasury Secretary

• In a disclosure that raised eyebrows, Donald Trump revealed he holds over $1M in ETH and earns NFT licensing fees

• The SEC rejected Cboe’s filings for Solana ETFs 

• Bitwise is pressing forward, expanding its assets under management to over $4.5B and making inroads into Europe

• There’s growing speculation that the U.S. Marshals may soon sell Bitcoin seized from Silk Road

• Adding to the rumor mill, a cryptic post by Justin Sun has sparked talk that China might be reconsidering its ban on Bitcoin.

Financial Developments and Investments

• The SEC has approved the first leveraged long MicroStrategy ETF

• Marathon Digital has bolstered its Bitcoin reserves by $249M, bringing its total to 25K BTC. 

• South Korea’s national pension fund made headlines by investing $34M in MicroStrategy shares, further indicating institutional confidence in crypto assets 

• Grayscale launches an investment trust focused on Avalanche’s AVAX token

• Franklin Templeton introduces a tokenized money market fund, BENJI, on the Avalanche network

• The Brazilian Securities and Exchange Commission has given the green light to the country’s second Solana ETF, expanding investment options in Latin America's largest economy 

• EigenLayer’s TVL has surged by 11% to $12.9B, showing strong growth 

• BlackRock’s iShares Ethereum Trust is nearing a milestone, with net inflows approaching $1B

• Bitcoin miner Bitfarm announced plans to acquire Stronghold Digital in a deal valued at $175M, marking a significant consolidation in the mining industry

Major Coin Movements: Waking Titans

While BTC and ETH have shown little movement in terms of price action, the last seven days have been notably positive for several major cryptos. giants like AAVE, FTM, AVAX, and MATIC appear to have regained some stability, indicating a potential reversal of their recent downward trends.

Gaming tokens such as BEAM and GALA have also made a splash this week with significant price action, signalling a renewed interest in the gaming sector. Meanwhile, for those invested in the AI ecosystem, this has been an exceptional week, with all major AI tokens experiencing positive momentum. Notably, TAO has emerged as a standout performer, leading the pack in gains.

As the market continues to evolve, these developments could mark the beginning of a broader recovery for both traditional and emerging sectors within the crypto space. 

• MATIC (31.3%)

• FTM (28.2%)

• AVAX (27.5%)

• BTT (26.8%)

• TAO (25.1%)

• BEAM (24.8%)

• GALA (23.2%)

• FET (21.5%)

• AAVE (21.2%)

• OP (21.1%)

• TRX (18.5%)

• GRT (18.2%)

• LDO (17.7%)

• IMX (17.5%)

• AR (16.9%)

• FIL (14.4%)

• RENDER (14.4%)

Memecoins: Tron Meme Casino?

The Tron meme coin scene is currently experiencing a surge in popularity, particularly with the launch of Sundog (SUNDOG) on the SunPump platform. Sundog quickly gained traction, with its market cap skyrocketing to $126M shortly after its debut. 

Is this just a passing fad, or could it be the beginning of something much bigger for the network? Only time will tell as the community's engagement and ongoing developments unfold. Lastly, all the memecoin action catapulted Tron to the most profitable protocol this week.

However, the excitement wasn't limited to Tron alone. Established favorites such as DOGE, SHIB, and FLOKI experienced significant price action, signaling renewed interest and investment in these well-known projects. Meanwhile, newcomers like FWOG, SCF, BRAINLET, MICHI, and POPCAT also posted impressive gains, capturing the attention of traders looking for the next big thing.

In terms of the Solana and Ethereum ecosystems, traders this week appear to have gravitated toward either the well-established memes or newer ones with larger market caps, leaving the smaller, less-known tokens on the sidelines. 

This shift suggests a growing preference for stability and potential long-term growth over the quick, high-risk plays that often characterize the memecoin market. As we move forward, it will be interesting to see whether this trend continues or if the spotlight shifts back to new, emerging projects as it has been over the last few weeks.

• SUNDOG (320.9%)

• SUN (149.3%)

• FWOG (76.7%)

• BRAINLET (67.1%)

• $LOCKIN (63%)

• SCF (60.1%)

• TRUMP (35.5%)

• POPCAT (21.5%)

• MICHI (22.3%)

• SHIB (6.7%)

• DOGE (5.4%)

• PEPECOIN (42.3%)

• WIF (10.8%)

• FLOKI (17.1%)

Smart Money Accumulation

Over the last week, there have been notable accumulations within the Ethereum ecosystem, particularly in Mog (19.32%) and even more so in Wolf (61.08%). However, the overall ecosystem remains relatively stagnant. Recent gainers like Neiro (-42.84%) have experienced significant sell-offs by smart money, likely as users lock in profits and strategically rotate into other areas of the market.

The Solana ecosystem has been relatively quiet over the past week, with the exception of a few coins like Brainlet, which saw a positive accumulation of 10.47%. In contrast, major tokens such as WIF (-17.96%), POPCAT (-26.11%), and Michi (-4.7%) have experienced significant sell-offs by smart money, indicating a potential shift in market sentiment surrounding the Solana memecoin ecosystem.

Data

US Dollar Lows

The US dollar is experiencing significant pressure, hitting its lowest level in 2024 against major currencies due to weaker jobs data and falling bond yields, leading to market recalibrations and global economic impacts.

• A weakening US dollar often drives investors to seek alternative stores of value, such as Bitcoin. As the dollar declines, Bitcoin and other cryptos could see increased demand as a hedge against currency devaluation and inflation, potentially leading to price increases.

• The dollar's weakness could also introduce more volatility into the crypto markets. As global investors react to shifts in currency values, speculative activity in crypto might rise, leading to more significant price swings and trading opportunities in the short term.

Bitcoin Dominance

Bitcoin's market dominance has been steadily increasing throughout 2024, reaching significant highs due to a combination of investor confidence, favorable macroeconomic conditions that bolster risk-on assets, and structural changes in the market. 

• This surge in dominance indicates a strong preference for Bitcoin over altcoins during periods of uncertainty. The increase in Bitcoin dominance is partly driven by restrictive monetary policies, which tend to push investors towards safer assets like Bitcoin.

• Historically, Bitcoin dominance tends to rise in the latter half of the year, particularly following halving events. This pattern is expected to continue in 2024, with projections suggesting that Bitcoin dominance could reach up to 60% by the end of the year​

L2 Trends

The recent drop in Blast's TVL from over $2B in June to $860M is part of a broader trend affecting L2 solutions. 

• When comparing TVLs across major L2s, it’s clear that market dynamics are shifting. For example, Polygon has lost a significant portion of its market share since its 2021 launch, while Arbitrum has managed not only to retain its market share but also to increase it.

That wraps up today's insights! We hope you enjoyed today’s issue! Till next time anon.