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๐ฐ Is $60K The Bottom?
๐ Time To Ape SUI?
๐ฅ A Deep Dive on Runes
๐ GUMMY Airdrop Incoming!
๐ญ Crazy Conditions PLUS Todayโs Secret Code
Good Morning Degens,
These market conditions are not ideal. I see that many have mixed emotions and do not know what to do.
Well, today I will show you why I think we are nearing the bottom, as well as take a look at Sui after its recent bullish news.
Letโs dive in!
๐ Market Catch-Up
Top 100 coins Daily Performance - Banter Bubbles
๐ฐ Question of the Day
Is $60K The Bottom?
We are close to $60k, and itโs a crucial level Bitcoin needs to hold. If nothing else, it's a massive psychological level! Whether or not it will hold is a big question, and many say that losing it and heading into the $50Ks again could mean the end of the bull market!
My two main reasons for remaining bullish are these.
Firstly, we have a date for the Hong Kong ETFs to start trading.
That is merely two weeks away. If the impact is anything as big as what we saw with the US ETFs then prices will soar. $25 billion is not a small number.
The second reason is simply the halving.
When someone says โthis time will be differentโ, it usually isn't. You can either rely on historical data or rely on a gut feeling. I personally rely on the data. And the data says that a pump is coming in two days.
First, hereโs a reminder of the impact of the Bitcoin halving.
Now the data I was referring to. Below is a breakdown of Bitcoinโs price:
30 days before the halving
The day after
30 days after
180 days after
In almost every instance, the price has risen on each of these milestones, including the day after the halving.
If you do not want to read all that, hereโs a simple chart that visualizes the change for easier understanding (source: VanEck)
I am convinced we are in the retrace before the halving.
Rekt Capital explains all below.
If you believe that thesis, this is the chart to back it.ย
There are three possible scenarios:
Either we are setting the range low as we speak (around $60k)
We lose that level and head as low as the long term rising trend line allows (around $42k - $45k)
We lose the long term rising trend line and crash down to lower levels, in which case the bull market is probably over.
I think the inflow of capital we will see with the Hong Kong ETFs will not allow us to live out scenarios 2 and 3. But that is just my thesis. Do your own research as this is not financial advice.
๐ Degensโ Den
Time To Ape SUI?
So Sui has partnered with TikTokโฆ kinda. Hereโs the situation (bear with me):
Mysten Labs is the originator of the Sui blockchain (creator).
ByteDance is TikTokโs parent company.
BytePlus is ByteDanceโs enterprise technology arm.
Mysten Labs has partnered with BytePlus.
I had to put it that way because you are definitely going to hear a lot of people say Sui partnered with TikTok, which isnโt 100% accurate. But if you trickle across the companiesโ trees, it could eventually affect TikTok. This is still big news for Sui, as the partnership will focus on Artificial Intelligence (AI) and Web3 gaming projects on Sui.
Though SUIโs price has not been majorly affected by the news, and has remained fairly stagnant (mostly ranging) over the last few months, its Total Value Locked (TVL) and Twitter/X followers have been growing nicely.
Itโs a trap!
Ok, itโs not really a trap, but we need to be aware of this major SUI unlock that is just two weeks away, coming on the 3rd of May:
Total unlock value: $960M
Percentage of max supply being unlocked: 8.27%
Percentage of current market cap being unlocked: 63.8%
This could have a very negative effect on the price of SUI. This is merely an observation, and not financial advice. Do your own research!
Personally, despite the news, Iโm not touching SUI.
Only 7 Days to Get A Me3 Allocation! Itโs Now or NEVER!
Ok degens! The wait is finally over! The pledge period for Me3, the first project on Yield App Angel Launchpad, is officially LIVE!
Launchpads are a great way to get in super early to projects. If you are in one that succeeds, you could make it big!
Me3 is revolutionizing fan engagement and community interaction by bringing together eSports, gaming, finance, and social connection.
Here's what you need to know about the launch:
Allocation amount: $400,000
Token price: $0.007 per token
Funding round: Private
Vesting: 10% at TGE with 10 month linear vesting
ME3 token network: BSC (BEP-20)
Pledge period: 18 April, 2024 - 25ย April, 2024
Everyone from Gold to Angel Status are guaranteed an allocation
Get access to the Angel Launchpad by making an account on Yield App and staking YLD to reach at least Gold tier to unlock access.
Itโs super easy. Check it out below ๐
๐ฅ Best Alpha Posts of the Day
A Deep Dive into Runes
Keep hearing about them but not sure what they are?
Here is a thread to get you caught up on Runes!
๐ Trade of the Day
GUMMY Snapshot Incoming!
Today the snapshot for the GUMMY airdrop will be taken!
If you are using the Banter Bubbles app to farm points make sure you have entered your non-exchange Solana address. If for any reason you have not seen a pop up to enter your address, you might want to:
Restart the app
Check for an update
Press the yellow bar at the top of the app to force the pop up
Try logging in on another device (like in a browser, or on a mobile device if you are already using a browser)
IMPORTANT: Make sure you are using a self custody wallet and not an exchange wallet. A Binance wallet for example will not cut it!ย
Check out the video guide below too, and happy airdrop fam!
๐ธ MEMEoirs of a Degen!
๐ข Biggest Announcements
Binance Obtains Regulatory License in Dubai.
Binance Plans to Re-enter India with $2 Million Penalty Paymentย ย
Fetch.ai, SingularityNET, and Ocean Protocol Set to Launch $7.5 Billion ASI Token in Mayย ย
Worldcoin to Launch an L2 Based on Optimismย ย
Kraken Announces Launch of Self-Custody Wallet
๐ญ Banterโs Take
Things are crazy. I know. But hopefully soon we will see Valhalla (in the distance). Things wonโt change overnight but, hopefully, as mentioned above, crypto starts pumping again over the weekend!
Hereโs todayโs secret code for the Win An ETH draw: TCD5K7AN
Be sure to check subscribe to The Daily Candle below and get another code in todayโs issue!
See you all tomorrow!