🌊 Wave Wisdom - February 2nd, 2024

DATA
Key Prices

BTC $43,131 (2.49% 24h)

ETH $2,316 (2.31% 24h)

SPY $484.63 (1.31% 24h)

DATA
Market Overview

Total Market Cap $1.65T (2.64%)

Total Volume $48.68B (-20.53%)

BTC Dominance 51.12% (-0.01%)

ETH Dominance 16.82% (-0.05%)

DATA
Protocol/Chain Fees (24h)

The key to reading this graphic is to look for new entrants. This shows they are gaining adoption.

DATA
CEX Inflows & Volume

In order by assets

NEWS
Talk of the Town

Diving into today's newsletters, we're unpacking the latest happenings and insights from the digital asset space.

Grayscale's GBTC and AI in Trading: Linn's Ledger #143 discusses the slowing GBTC outflows, hinting at a potential market momentum. The newsletter also ponders the future of trading in an AI-dominated landscape, suggesting a shift towards machine-driven strategies. It's a heads-up for traders to adapt or get left behind.

Abracadabra's MIM Hack Aftermath: Serenity Research's deep dive into the MIM hack reveals the team's swift action to stabilize the stablecoin post-breach. With a treasury-backed recovery and MIM's value hovering close to its peg, it's a stark reminder of the fragility in DeFi security and the resilience of responsive teams.

zkxprotocol's Mainnet Launch: The Daily Degen highlights zkxprotocol's Starknet debut, an omnichain perpetuals dex with gamified elements. With incentivized trading competitions and more updates on the horizon, it's a nod to the innovative and engaging platforms enriching the DeFi ecosystem.

Airdrop Farming Insights: Humble Farmer Army Newsletter's take on airdrop farming challenges the "Midcurve Airdrop Fallacy," encouraging participation despite the naysayers. It's a call to action for those sitting on the sidelines to get in the game and potentially reap the benefits.

Solana's DeFi Summer: DeFi Investor Newsletter's analysis of Solana's DeFi scene suggests a 2020-like boom, with airdrops and new apps driving adoption. With Phantom Wallet downloads surpassing Coinbase and trading volumes matching Ethereum's, Solana's ecosystem is heating up.

RabbitX and Thena's DeFi Offerings: Linn's Leverage #278 introduces RabbitX and Thena, platforms offering leveraged trading and liquidity solutions. With a focus on user experience and strategic partnerships, these platforms are pushing the envelope in decentralized trading.

Serenity's Stablecoin Yield Overview: Serenity's latest edition provides a snapshot of high-yield stablecoin pools, emphasizing opportunities in yield arbitrage and fixed-rate bonds. Amidst the MIM hack and Tether's profits, it's a valuable resource for yield hunters.

Real World Assets in DeFi: Castle Chronicle's exploration of RWAs highlights the sector's growth and the blurring lines between DeFi and TradFi. With tokenization of securities and credit, and institutions like Goldman Sachs and KKR getting involved, RWAs are a burgeoning frontier in digital assets.

Check out the full details and more from today's sources: Linn's Ledger #143 Serenity Premium MIM Collateralisation Status The Daily Degen - February 1st, 2024 The Midcurve Airdrop Fallacy 🔎Is Solana DeFi Summer happening? Linn's Leverage #278 Serenity Weekly Stablecoin Alpha - 2 Feb 2024 Blurring the Boundaries between DeFi and TradFi

SENTIMENT
Trader Thoughts

We bring you the best thoughts from top traders and assign a score to their bullishness. 1 being max bearish and 100 being max bullish.

Bullishness Score: 65 (30.0% 24h Δ)

Let's dive into the ct traders' market outlook over the past 24h.

@CryptoDonAlt didn't give a flying fuck what people thought about his BTC vs gold market cap comparison. They suggested BTC might rise to the market cap of gold or vice versa, declaring a personal indifference to the outcome but a strong belief that one must happen for the world to make sense.

@SalsaTekila pointed out what might have seemed obvious, suggesting that BTC found a comfy range between 42k and 44k, hinting that a drop near the lower end could be a ripe buying opportunity and insinuating that bears were getting fucked over.

@Awawat_Trades threw shade at the notion that traders thought they could snag SOL at a bargain price between 60-70, noting with sarcasm how that sentiment aged poorly.

@Bluntz_Capital seemed to be watching uranium with a gleam in his eye, noticing the media attention phase after a significant increase from lows and waiting eagerly to see where euphoria would push it.

@SalsaTekila threw in his two cents, saying that ETH was laughably undervalued against BTC because of the Celsius and GBTC dip.

They also hinted at the possibility of intense FOMO if BTC made strides towards new highs.

@CryptoParadyme seemed to be saying "fuck crypto journalism" and had sarcastic commentary about Europeans not agreeing on a language, indicating a mood of disdain for certain aspects of the crypto community.

@Pool2Paulie was in awe at how batshit crazy the market's been when comparing to the previous year, while @LomahCrypto discussed the false narratives and deceptive plays in the ecosystem, showing how these stories contrast with real on-chain data.

@Bluntz_Capital analyzed a reaction on $ARB, interpreting a higher low surprisingly positive, while they also celebrated a good day for shorts on heavily shorted coins that could multiply in value.

@Etherean007 seemed to have had a shitty time on Twitter due to some technical snafus but was back in action, while @CryptoParadyme declared bullish sentiment on crypto with caps lock to emphasize his excitement.

In summary, the ct traders had varying outlooks with some keen on buying apparent supports, a few calling out the bullshit in the space or media, and others bullish on particular sectors and assets within the market.

SENTIMENT
Gem Hunter Thoughts

We bring you the best thoughts from top gem hunters and assign a score to their bullishness. 1 being max bearish and 100 being max bullish.

Bullishness Score: 85 (30.8% 24h Δ)

Let's dive into what the gem hunters on ct are eyeing over the past 24h.

@crypto_popseye and @Crypt0_Andrew are all about $INS, with the latter adding to his bag and highlighting its potential as a decentralized OpenSea/Blur for inscriptions on every chain, with a market cap still under $17M. Meanwhile, @defi_antcrypto is also bullish on $INS, noting a significant investment from a Binance-funded wallet and hinting at its growth potential.

@TheEuroSniper is placing his bets on $SCANS, citing the token's AI-powered smart contract auditing capabilities and its successful audits before TGE as key factors for its future success. He's also invested in $LENDS, the official lending interface on THORChain, which offers cross-chain lending solutions without liquidation.

@ChadCaff sees massive upside in $METIS, considering its limited total supply and the potential of the Metis Ecosystem Development Fund to drive growth.

@CryptoKaduna suggests that now is the time to hold firm, especially in projects like $INJ, which could benefit from grants to other projects and subsequent airdrops to attract new on-chain users.

@defi_antcrypto is keeping an eye on $SPOOL and $PANDORA, hinting at the latter's potential with a "third time's a charm" approach and significant liquidity.

@anger_trading is highlighting $CASINU as one of the best-kept secrets in the AI category, and @V2Chenz is recommending $BST from @blocksquare_io for its real estate tokenization potential, with assets under management far exceeding its market cap.

@QuantMeta teases something big with @ClearpoolFin, while @thedefivillain is advising to revisit on-chain coins that have cooled off since their ATHs for potential accumulation.

@CryptoDamus411 reflects on a tough month with $GNC, $SMT, and $EMERALD facing issues but remains optimistic about making a comeback.

@Crypto_Shaggy notes the widespread trading of $INS across wallets he follows, suggesting a collective interest in the token.

@anger_trading is calling out $SOV @SovrynBTC for its low market cap compared to other overvalued projects.

@CryptoKaduna is eyeing $TET for its potential in mass adoption through @tectumsocial's softnote payment system.

@V2Chenz is bullish on $PRAI @ProduceAIToken, highlighting its combination of industry knowledge and profitable web2 business, now scaling with web3.

@QuantMeta provides a deep dive into the market dynamics, including the U.S. elections, ETF inflows, and global liquidity, all aligning for a potential massive bull run in the crypto space.

In summary, $INS, $SCANS, $LENDS, $METIS, $INJ, $SPOOL, $PANDORA, $BST, $SOV, $TET, and $PRAI are the tokens that have caught the attention of ct gem hunters, with a mix of fundamental analysis and market sentiment backing their bullish stances.

Mentioned Coins

Disclaimer: This process is automated, so the links may be different than the coin actually mentioned.

iNFTspace ($INS ) | Polygon Ecosystem

Metis ($METIS ) | Rollup

Injective ($INJ ) | Binance Launchpad

Spool ($SPOOL ) | Yield Farming

Blocksquare ($BST ) | Real World Assets (RWA)

Greenercoin ($GNC ) | Polygon Ecosystem

Smart Marketing ($SMT ) | Ethereum Ecosystem

Shib Original Vision ($SOV ) | Meme

Tectum ($TET ) | Layer 1 (L1)

SELL THE TOP
Coinbase App Store Ranking

When this hits #1 the top may be in. Until then, we grind.

Overall Ranking

#475 (0% 24h Δ)

Finance Category

#43 (0% 24h Δ)