Chop Market, BananaGun, PolyMarket Surge & More

The Castle Chronicle: Volume 76

AuthorAuthorAuthorAuthor

CJ CJ, 0x_Vlad, C-L.eth & unex
July 04, 2024 • Est. Reading Time: 10 minutes

 👀 What’s to Come in Volume 76

🔑 Key News: Headlines, Exploits, Continued Adoption, DeFi Updates, New Projects & more from CJ

⛓ On-Chain Sleuthing from Cl

🔥 Hot Narratives from unexployed

📉 HTF Price Action Scenarios from Vlad

⚔️ A Call to Arms

Think you have what it takes to enter the Castle and contribute to funding and advising projects across the space?

🔑 Key News

Major Headlines

  • German government dumping BTC

  • VanEck filed for the first Solana ETF

  • Coinbase sues SEC, FDIC over FOIA requests

  • SEC sues Consensys, Lido & RocketPool

  • Sony ready to launch crypto exchange after acquiring Amber in Japan

  • Philippines adopts Tether’s USDT for social security payments

  • U.S. Federal Judge Rejects Main Claims by SEC Against @Binance

  • Circle becomes first stablecoin issuer to be compliant with MiCA

Project Updates

Interesting Projects

  • Sympie: Magpie team’s new project that provides LRT via Symbiotic

  • Abstract Chain: Blockchain focused on consumer crypto, from Igloo Inc

  • Defi.Money: Autonomous stablecoin protocol

  • Venn Build: Cybersecurity infra network

  • Pi Squared: Universal Settlement Layer

  • Friendcard: Friendtech’s new product

  • GTE: DEX on MegaETH incubated by the team

Courtesy of CJ - check out his telegram channel for daily news, projects updates and new releases

⛓ On-Chain Sleuthing

Polymarket whale MAKING move

Polymarket did hit escape volatility in the last few months mostly because of the upcoming US elections.

Lots of political topics became tradable tokens with sizable liquidity.

Looking on-chain we found an interesting addy

https://polymarket.com/profile/0xfffe4013adfe325c6e02d36dc66e091f5476f52c

This guy went big on different topics with some interesting bullishness on Biden and SHORT Trump

He’s been trying to close some losing positions recently.

It is clear that Polymarket has been a real success this cycle, it has achieved product market fit and succeeded in bringing, political speculators on-chain.

Research and analysis by Cl

🔥 Hot Narratives

Memes & Tokens: Who is profiting?

If we can point to one current narrative, then it is for sure the constant dilution of the market with new tokens. Celebrities launching tokens, every political figure getting its own token. Of course, we had this last year as well when every Elon quote, pet, or food got its own meme, but back then it made some sense.

Right now, it’s just retardio market, or I simply don’t get it, or both.

Whatever is the case, we can all agree that the market has been flooded with tokens from both the community standpoint and VC standpoint.

The community launches their tokens through new platforms such as PumpDotFun and Moonshot, while VC on their high throne launch low float token on the Binance, Bybit, and OKX launchpads.

Same game. Different size.

Alright, alright, who is profiting in this case?

First of all, very few lucky traders who are able to catch the waves and exit on time.

Second, snipers, either the terminally ill online ones on telegram with fast fingers beating their competition or the sophisticated ones with custom bot operations.

But there is a third that everyone is able to ride.

BananaGun.

Yes, the token is already fairly high. But it is the one project that continues to benefit from all this madness. They nailed it with regards to quick sniping and trading, and their product is unparalleled on the market.

shoutout @whale_hunter_ for the dune dashboard, source

As you can see the bot almost consistently pulls over $15mln in volume. Every. Day. And the market has not been as fruitful lately.

Again. Not financial advice. Don’t buy here. But it is something to keep in mind.

Even though token dilution may be surpressing the overall market. There are always picks and shovels out there doing some digging.

Courtesy of unexployed

Use our referral system to spread the word about the Chronicle!

📈 HTF Price Action Scenarios

Gm frens!

Another boring week. Price is doing exactly what I expected it to do - going sideways or slowly bleeding. That means I’m sidelined until a new impulse to the upside shows up, validating my thesis.

  • HTF re-accumulation

  • Deeper pullback

  • Expecting more down or sideways

These are prime conditions to get chopped up and give your money to the composite operators. Therefore until we see some clear signs of bullishness we remain patient and do nothing. Remember, you can outperform the majority of the market by NOT trading. Patience frens.

Trade responsibly and I’ll see y’all next time!

Courtesy of Vlad - trend-based trader and MentFX student

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Virtually yours,

The Castle

In our newsletter, we may discuss projects or tokens in which we hold positions. While we aim to provide informative content, our views are not financial advice. Please conduct your research and consult professionals before making investment decisions. Crypto markets are volatile, and past performance doesn't guarantee future results. Invest responsibly, and be aware of the risks. Your capital is at risk, and we do not accept liability for any losses.

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