👉 This Crypto Game Just Changed Everything!
💎 The Chains Overtaking Ethereum!
📰 Bad News Has No Impact Anymore!
💎 These Chains Are Overtaking Ethereum!
💥 Best Alpha Posts of the Day
🐸 MEMEoirs of a Degen!
📢 Biggest Announcements
💭 Banter’s Take
GM Degens,
Some are still skeptical about the Q4 bull run…
As we move further into October, we need to consider everything happening in the market. Meanwhile, some major chains are starting to overtake Ethereum…
Let’s dive in!
🌍 Market Catch-Up
Top 100 coins Daily Performance - Banter Bubbles
Source: CoinMarketCap
📰 News of the Day
Bad News Has No Impact Anymore!
I understand the impact of spoilers, so here's your fair warning: I'm going to spoil the HBO special on Satoshi Nakamoto.
Remember when we talked about the HBO special that was supposed to reveal the true identity of Satoshi Nakamoto? Well, it aired, and they've revealed Satoshi to be none other than Peter Todd. Below, you can see all the data points they considered to reach this conclusion.
However, Todd later posted on X, denying that he is Satoshi.
So, this all turned out to be a bit of a nothing burger, and it has left Bitcoin's price completely unaffected. However, despite the price remaining stable, the number of active addresses is increasing after hitting a cycle low. This shows that new wallets (i.e., users) are holding their positions. This is good if you ask me.
We also just saw Crypto.com receive a Wells Notice. Interestingly, many say this was expected. The exchange has been around for a long time and has been a place where you could easily make the most degen of degen plays, even in the US. Technically, this should be considered bearish, as are the other two points that gumshoe describes below. However, everything is put into perspective for us.
Spoiler alert… again: The bad news is not causing major dumps!
💎 Degens’ Den
These Chains Are Overtaking Ethereum!
On the altcoin front, we can see that most coins are neither overbought nor oversold. Daan Crypto Trades' graph below shows that if there were a broader crypto market move, these tokens have plenty of breathing room. Of course, nothing is guaranteed, and they also have a long way they could potentially drop. The point is that everything seems to be in limbo right now, and things don't tend to stay that way for long. If volatility flattens out, there will likely be a lot of chatter about a big move on the horizon.
While limbo persists, we do have some interesting stuff happening with these major alts…
The total value locked (TVL) in protocols across Solana (SOL), Sui (SUI), and Base is growing, while the TVL on Ethereum is actually losing momentum. Could this be the turning point for L1 and DeFi?
Meanwhile, over on Avalanche (AVAX), we have the launch of Off The Grid. You might remember me mentioning it a few months back. I say Avalanche game because it runs on the GUNZ chain, which is a subnet of Avalanche. Non crypto players probably won’t even realize that it’s blockchain-related, but this might just be the approach need for mainstream adoption of blockchain technology in games.
Just some food for thought.
Here’s Ellio Trades' take on it.
💥 Best Alpha Posts of the Day
Ultimate Hopium Chart
I'll refer to this chart as the “Ultimate Hopium Chart” going forward. It's something we've seen in recent days, and everyone is talking about it. The chart shows the potential breakout of Bitcoin as we exit October, bringing an end to the summer period of sideways price action. This has happened before, and people are beginning to believe it will happen again, though, of course, nothing is guaranteed.
Which Memes?
Below is an interesting table that rasmr has put together.
When examining the audience that these meme coins and NFTs have across social media, you can see that the highest market cap ones don't necessarily have the largest total audience, and vice versa. Several conclusions can be drawn from this, but one is that, theoretically, if the audience of the smaller ones grew to match those at the higher end, it could potentially impact the market cap as well.
🐸 MEMEoirs of a Degen!
📢 Biggest Announcements
Google Officially Integrates ENS, Allowing Users to Search for .eth Names and Check Balances Directly in Google Search
Former Alameda CEO Caroline Ellison Agrees to Hand Over Bulk of Her Assets to Settle FTX Lawsuit - The Block
Kujira (KUJI) Officially Starts Its Rebrand to Rujira
💭 Banter’s Take
Could it really be this simple?
See you all tomorrow!