The Blockchain Bulletin Edition#5

Hi again, degens! We come back after a summer hiatus with more alpha. Are we looking at a potential end to the volume drought in NFTs, coinciding with a drawdown in memecoin volume? Read on for info on this and more.

MEMECOIN SUPERCYCLE w Wasabi 

Volume has slowed down in the memecoin space over the course of the past few months. We have influencers calling for the death of memecoins and ‘meme exhaustion’ is the term being thrown around every other day.

Markets have gotten intensely PVP with multiple rugs and farms draining liquidity everyday.

The space sees pumpfun as the cause behind all this. The platform is raking in millions in fees everyday, with a total of almost 80 million dollars collected since its inception in Q1 this year. It has flipped Solana and Ethereum in daily fees collected for the past month.

Big coins are down up to 90% in some cases. Long-term holders and communities are being tested everyday.

Top Picks for a comeback: $LOCKIN $GIGA $AURA $MOG

In other news; Tron’s chain volume is up thanks to H.E Justin Sun and their new platform ‘sunpump’ which is a copy of pumpfun based on tron.

Many people are bridging off of Solana to gamble on Tron. With a founder like Justin, people expect him to propel prices himself if he has to. But others are still doubtful of the chain’s staying power. 

Global Finance and Cryptocurrency with Zumbah

There has been a downturn in the crypto market for more than a month now; noticeably as a domino effect caused by Japan's carry trade a few weeks ago. However, there has been a bit of a recovery since then.

Last month, we saw many overhangs unfolding on Bitcoin such as the Mt Gox distribution, the German government’s sell-off and the Silk Road selling while on the other hand, we had consistent net inflows on BTC ETF.

The ETH Spot ETFs went live as well, and after lots of sell pressure on Greyscale's ETHE for the first few days, we saw some green later. 

Many banks and corporations disclosed their BTC ETF holdings such as Morgan Stanley, Metaplanet and Goldman Sachs. Morgan Stanley became the first US bank to offer BTC ETFs to their clients.

There was also an uptick in political discussions around Bitcoin and cryptocurrency in general.

While Trump and Republicans have been openly supporting the Bitcoin and crypto industry, Harris has also been running the "Crypto 4 Harris" campaign, and was recently on a virtual video call with many Democratic crypto veterans. 

The mainstreaming of these narratives is always positive. Long may this continue.

The Ranging BTC Market with ZR

The ranging BTC price action has led many holders to be distraught over future prospects. Those that were optimistically looking for a bull run in the summer have been left disappointed, although BTC has recovered nearly 20% from the crash to $50,000 in early August.

We are now ranging between the $57,000 to $63,000 mark, and have been unable to break so far.

But there is hope yet, as glassnode has indicated significant accumulation in the past month, according to its Accumulation Trend Score. This means that the HODLers are buying more.

Data from glassnode has revealed that 300,000 BTC has been added to Long-Term Holders (LTH) portfolios in the last three months. 

Some experts believe that a surge upwards could lead us quickly to the multi-month resistance between $67,000, but only if the $60,600 level is broken. A move downwards could see us go towards the $51,000 region again.

Let’s hope the bulls are right and we see a move towards the highs in late September.

Ordinals and Fractal Bitcoin with ShoaibHere

Ordinals and Runes are still struggling to regain attention in the market, while fractal bitcoin is in full swing.

Fractal Bitcoin will be live on mainnet with their native token $fB releasing in mid September. The testnet is already live, providing a fresh and fast experience to users.

Many pre-fractal projects have gained attention and DomoDucks leads it by holding an 8x floor from its mint price in just 24 hours.

Some promising signs for days to come.

Are NFTs Back?

While several good NFT traders and project hunters have found success in recent mints (give alpha, @bros), the big picture does not look altogether promising just yet.

Charts don’t lie, and the volume on both BASE NFTs in particular, and all NFTs in general, has not looked great.

Do not unload your bags on bluechips just yet or make big moves in the NFT market. For now, the play is to look for free mints and max mint when you find them.

Otherwise, look for projects that are nearly free with a good narrative and hype and try to take profits if/when the volume is there.

There has been movement in NFTs, although many are bleak about the market outlook. Here are some coming mints to look forward to. Remember, never fade free mints. 

BASE

Ethereum

BTC

Solana

Arbitrum

Fall could be a key time in the market. Keep your eyes peeled for opportunities. Come back here for the next one to stay updated with Olympus! Tweet at us to send us projects that are on your watchlist!