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TON L2 on Polygon, Rage Trade, Narratives & More
The Castle Chronicle: Volume 78
👀 What’s to Come in Volume 78
🔑 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
U.S. CPI: +3% YEAR-OVER-YEAR (EST. +3.1%)
U.S. CORE CPI: +3.3% YEAR-OVER-YEAR (EST. +3.4%)
Goldman Sachs to launch three tokenization projects by EoY
SEC drops investigation on Paxos, Stacks & Hiro
German government sold all their BTC while Genesis Trading starts to sell theirs
Trump's ear grazed during assassination attempt at his presidential rally
South Korea proposes pushing back crypto gains taxation to 2028
ETH ETFs to launch 23rd of July
Kraken successfully received funds from Mt. Gox Trustee, to distribute within 7-14days
Project Updates
Polychain alleges secret backroom deal made between ex GP & EclipseFND
TON to launch L2 based on Polygon CDK
Story Protocol introduces Story Network
Lava Net releases airdrop checker
Rage Trade releases tokenomics
Chasm Network litepaper revealed
Worldcoin extends token lock-ups
Interesting Projects
Courtesy of CJ - check out his telegram channel for daily news, projects updates and new releases
⛓ On-Chain Sleuthing
Machi Big bro stuck in $FRIEND, don’t be his exit liq
The famous BAYC used to be boolish $FRIEND, but as predicted in the last chronicles, he seems stuck in this down-only bag.
He tried to exit some of his position around 11th of July but the market did not react well and $friend touched an ATL around 0.17 cents.
Even if he bought a bit moar on 15th July, the sleuth at castle expects him to use any form of pump to exit the RACER token. Readers should avoid at all cost this token in our opinion.
Research and analysis by Cl
🔥 Hot Narratives
Scroll Canvas
Badges from Scroll Canvas
People say Scroll is overfarmed, yet I have still the suspicion that the team will do their best to reward authentic users.
Recently they launched a new campaign called Canvas. You basically collect badges based on on-chain activity.
Check it out here https://scroll.io/canvas/invite/4GE2U
Current Market Views
Despite Mount Gox distributing billions to creditors, tides are changing
ETH ETF 23rd likely fuel for current bull action
ETH beta’s have been performing well, but AI is leading (TAO, QUILL and SPEC)
HyperLiquidX shitcoin casino still playing, many small cap shitters are down bad, but the major HLX shitcoins (PURR, POINTS, JEFF) are holding up very well.
Shoutout to the single, utility coin on HLX, HFUN.
HyperLiquidX is preparing to decentralize, people can now run non-validating nodes.
There is still about 2 months till the current points program runs out.
With no VCs and a phenomenal product, people expect the airdrop to be massive.
With green back in the market, time to look for narratives again.
Current narratives seems to be ETH, Trump, AI, and potentially LayerZero (looking at ZRO and TAP).
New Coinbase NFT dropped.
From time to time Coinbase drops these weird, free NFT. They did one for Bitcoin pizza day and several for their own company.
This time a cat themed NFT dropped, I have the suspicion that these NFTs might play a role in determining airdrop criteria.
That being said they are often free or dirt cheap so easy to bot.
Mind, I am just a humble farmer, NFA.
Courtesy of unexployed
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📈 HTF Price Action Scenarios
Gm frens!
After some chop and complete retracement + liquidation of the initial pump we got another fairly strong move to the upside. While this might be tempting to jump on new longs, I’d say it’s still too early for that.
For all we know this can just be a re-distribution on lower timeframes to grab liquidity before continuing lower. While this is a good start to potentially validate the HTF continuation we’re all waiting for, it is still too early to jump the gun
HTF re-accumulation
Choppy market/consolidation
Flat 50 moving average
No indication of trend continuation just yet
For me to be bullish again I need a few things to happen. First, the most recently formed supply needs to be fully absorbed and price needs to move higher. Once there, I want to see another smaller re-accumulation (price going sideways for a while, ideally liquidating some lows) and only then will I look to get positioned again. This might easily take another week or two. 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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