🐸Memecoins Continue To Dominate DEX Volumes
Happy Friday! Bitcoin and Ether dropped 10% this week. On the bright side, ETH staking deposits continue to rise following the Shapella upgrade. Meanwhile, the Litecoin blockchain is witnessing a surge in activity as demand for LTC-20 tokens picks up, while Elon Musk's tweet endorsing the Milady NFT collection spurred a rally.
✍️ In today’s newsletter:
- BTC and ETH slide 10% over the week
- ETH staking deposits continue to rise post-Shapella
- Ordinals craze picks up on Litecoin
- Musk tweet spurs rally in Milady NFTs
📈 Markets in the last 24 hrs:
Memecoins Continue to Dominate DEX Volumes As Crypto Market Slides
TLDR Memecoins have gained popularity while the broader cryptocurrency market has been sliding lower. The craze continues to dominate social media and trading on decentralized exchanges, but industry experts warn that less sophisticated investors may be losing money on these assets.
SO WHAT The prevalence of memecoins raises questions about the overall utility of cryptocurrencies, as these assets often lack tangible use cases. The market's focus on memecoins raises concerns about the image of the crypto space amid ongoing regulatory scrutiny. Rug pulls have become more frequent, causing significant losses for investors.
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Staked Ether Deposits Up 500% Since Shapella
TLDR Following the recent Shapella upgrade, the queue for staked ETH withdrawals has been cleared, but daily staking deposits have increased by 500%. Despite the withdrawal requests being primarily from centralized exchanges, data suggests that the withdrawn ETH is primarily used for internal operations rather than selling. However, Deribit researchers warn of a potential significant pullback in Ether's price, with low volatility and bearish signals in the options markets.
SO WHAT One month after the Shapella upgrade on Ethereum, the activation of staked Ether withdrawals has not led to a flood of ETH entering the market as many pundits predicted.
Litecoin Transactions Up 500% On LTC-20 Token Hype
TLDR The launch of the LTC-20 token standard on the Litecoin blockchain has led to a surge in activity, with the network processing a record-breaking 585,000 transactions in 24 hours. This marks a 500% increase in just one week and surpasses the previous record set in January 2018. The rise in activity coincided with an increase in the number of active LTC addresses and newly created LTC addresses.
SO WHAT The surge in activity and adoption of the LTC-20 token standard demonstrates renewed interest in the Litecoin network and highlights the potential for fungible tokens on Proof of Work chains.
Elon Musk Sends Milady NFTs Soaring
TLDR Elon Musk's endorsement of the Milady Maker NFT project on Twitter led to a spike in the collection's floor price, although it has since stabilized. The tweet also sparked the creation of copycat ERC-20 tokens unrelated to the original project. Musk has a history of promoting Web3 projects, notably Dogecoin, but has faced legal consequences for his past tweets.
SO WHAT Musk continues to wield significant influence in the cryptocurrency space, as his tweets can have immediate effects on prices and market trends.