Research Summary
The report discusses the current state of the crypto market, focusing on Bitcoin’s performance, the rise of smart wallets, and the launch of Sanctum’s token $CLOUD. It also highlights the impact of celebrity coins and the resurgence of Roaring Kitty’s influence on the market.
Key Takeaways
Bitcoin’s Market Performance
- Bitcoin’s Stagnation: Despite the rise in M2 money supply, stocks at all-time highs, and potential rate cuts, Bitcoin has been unable to break its current range. The report suggests that either 90% of the recent $2 billion inflows is a basis trade, or Coinbase seller GCR is a significant player.
Smart Wallets and Onchain Activity
- Smart Wallets Adoption: The report notes that smart wallets, which simplify the process of onboarding non-crypto natives, went live earlier in the week and activity is picking up. The ease of onboarding is seen as a significant advantage.
Sanctum’s Token Launch
- Sanctum’s $CLOUD Token: Sanctum announced the closure of their Wonderland program and the upcoming launch of their token $CLOUD. The report highlights that Sanctum is launching at their initial raise valuation of $50m, with 10% for the initial airdrop and 18% circulating at launch.
Celebrity Coins Impact
- Celebrity Coins Surge: The report mentions that Iggy’s coin Mother has increased over 10x to a $190m market cap. The controversial topic has sparked attention, driving more attention to the coin.
Roaring Kitty’s Influence
- Roaring Kitty’s Market Impact: Roaring Kitty’s recent screenshot of his holdings, totaling more than $200m, has sparked a massive flow of volume and attention back to onchain beta’s like GME on Solana.
Actionable Insights
- Monitor Bitcoin’s Performance: Given the current market conditions and the significant inflows into Bitcoin, it’s crucial to keep a close eye on its performance and potential breakout from its current range.
- Assess Smart Wallets’ Impact: With the rise of smart wallets, it’s worth assessing their impact on onchain activity and the potential for increased adoption among non-crypto natives.
- Research Sanctum’s $CLOUD Token: With the upcoming launch of Sanctum’s $CLOUD token, it’s advisable to research its potential impact and role in the Solana LST ecosystem.
- Understand Celebrity Coins’ Influence: The surge in Iggy’s coin Mother highlights the potential influence of celebrity coins. Understanding this trend could provide insights into market dynamics.
- Consider Roaring Kitty’s Market Influence: Roaring Kitty’s influence on the market, particularly on onchain beta’s like GME on Solana, is worth considering when assessing market trends.
