Go Big, Don’t Go Home 🤑
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GM and welcome to CoinStats Scoop! 💫 Here’s an overview of this week’s edition:
Strong market recovery across virtually all crypto sectors
BNB, DOGE & the revenge of the dog coins
Reading & evaluating growing trend of tokenized physical infrastructure
Thinking through the recent inflation across the world & highlighting crypto’s importance
Takeaways of the week & things to watch moving forward
Market Overview
Don’t let the red indicators from Sunday morning fool you, crypto markets had an amazing week! 🤑 BTC is comfortably back over 20k after gaining ~6% this week, while ETH continued its recent strong run adding another ~20%. BTC & ETH were far from the only gainers this week, as the broad market rallied, so let’s dig in!
Top Gainers
Crypto’s strong performance this week was, as usual, led by ETH & BTC. 💪 When BTC & ETH gain 6 and 20+ percent respectively, risk-on trickles throughout the ecosystem leading to marketwide rallies! Crypto tokens across essentially every sector, including DeFi, gaming, alternative L1s, metaverse coins, and memecoins were green with strong gains this week. Some of the best returning tokens across various sectors include:
Alt-L1s — AVAX (+18%), SOL (+17.5%), DOT (+14%), BNB (+13%), CANTO (+42%)
Cosmos — ATOM (+16%)
DeFi — UNI (+17%), SNX (+17%), SUSHI (+34%), GMX (+24%), DYDX (+23%), BAL (+18%)
Scaling — MATIC (+13%)
While the returns of the above sectors are impressive, this week belonged to DOGE!
DOGE is the king of all memecoins, and its impressive week led to a dog memecoin rally throughout the market. Other popular dogcoins followed DOGE’s lead as Dogechain (DC) gained an astonishing ~400% this week!! FLOKI (+69%), BONE (+39%), & SHIB (+33%) rounded out the dogcoin rally, while memecoin ELON gained an impressive ~80%.
DOGE (+120%!!!) — leading to derivative dog tokens taking over this week as Dogechain (DC, +481%!!!), FLOKI (+69%), ELON (+84%), BONE (+39%), SHIB (+33%),
News & Developments
Below are some of the most impactful announcements over the week that indicate crypto’s rising demand across a broad swath of institutions, protocols, corporations, and legacy companies. Announcements, interest, and product developments continue, planting seeds for the next bull run and wider crypto adoption.
General News
Google Cloud to launch a blockchain node-hosting engine with support for several different chains; launching with ETH support initially
Meta (Facebook & Instagram) partners with beauty brand giant L’Oreal & French business school HEC Paris to create a new accelerator for creativity in the metaverse
FC Basel owner & Tioga Capital invest $5M in NFT startup Exclusible
BitOasis, crypto exchange, partners with payments giant Mastercard to offer crypto-linked payment cards
Multi-billion dollar asset manager Stone Ridge Holding Group launches an accelerator program for the Bitcoin scaling solution Bitcoin Lightning Network
Crypto exchange Blockcahin.com partners with Visa to launch a Visa debit card that provides 1% cashback in crypto
Crypto trading on licensed exchanges to be legalized in Hong Kong
Popular crypto exchange FTX considering launching a stablecoin
The Premier League, one of the world’s largest soccer organizations, is close to signing a $35 million a year deal with SoRare for soccer NFTs
Twitter expanding its trial to embed the display of NFTs in tweets, partners with marketplaces Magic Eden, Rarible, Dapper, & Jump.trade
Twitter is also working on a “wallet prototype” that supports “crypto deposit and withdrawal”
Token News
Robinhood, popular trading app, lists AAVE & XTZ for trading
Binance (BNB) launches oracle service to integrate real-world data to DeFi
DeFi protocol builder on Aptos (APT), Thala Labs, raises $6M to further the ecosystem
Merit Circle (MC), gaming & NFT focused protocol, votes to burn 200M ($147M) tokens instead of waiting for the slow burn of the process to occur over years
Binance (BNB) is "creating a team to work on how blockchain and crypto could be helpful to Twitter"
Inflation, Fiat Currencies, & Why We Choose Crypto
Bear markets and declining token prices can often lead to questions around the viability of the space. Of course, that’s natural! Conviction in a nascent asset class is difficult, but it’s important to remember why crypto began and where it’s headed. The below thread answers all the questions, and will provide an excellent abbreviated summary below! 😎
Fiat currency is fast approaching a full-on crisis.
Post 2021, inflation got so acute that it finally broke mainstream consciousness- but the fiat game has been rigged for decades.
Like c̶o̶b̶i̶e̶ Sauron, it was laying low, building its power before launching its onslaught..
Outlining the ‘Cantillon effect’ — those closest to government power accumulate the most wealth for themselves and their circle
In Western countries, incentives rule everything — “new money goes to the corporations who lobby the politicians & help them get re-elected”
“Nothing new under the sun, just your garden variety extraction by the powerful, supercharged with the sheet scale of more modern extraction methods”
Why the fiat crisis now? Covid changed & accelerated the velocity of money
Inflation starts, “as the demand for goods starts to outstrip supply, suddenly fiat is no longer a good store of value. And this effect feeds upon itself!”
Inflation then creates the true demand for real scarce assets
”And this is where we are now” — “USD strength is temporary”
What comes next? “How do we fight back against the dark forces of Moloch and coordinate into a future that doesn’t devolve into chaos?”
“Can the transparency of blockchain technology help with this coordination?”
Whew, we know, that’s a lot. But, it’s a helpful framework to not only understand how we got where we are, but to help paint the picture of crypto in the grand scheme of things!
Crypto is a lifeline. A lifeline for transparency, fairness, and an escape from the decisions of leaders across the world that devalue currencies while enriching themselves. 🤯 Oftentimes, people ask what has crypto done and how it is useful. Well, Jordi provides us a quick explanation to that question and highlights the necessity of taking the long view! Patience and awareness are rewarded throughout crypto’s cycles, and CoinStats will always be here to marvel in its past, present, and future accomplishments with you! 🤑
Read of the Week
“Coverage on Physical Infra Networks” — Our Network
“Physical Infra Networks” in relation to crypto markets refers to the growing number of protocols that are using crypto-enable incentives and mechanisms to distribute their product. Physical infrastructure is extremely expensive, but rewarding users in a token that helps to establish the protocol’s network is a growing trend (and one that we’ve highlighted in The Scoop as a future trend several times). 😉
Helium (HNT) is the most well-known protocol in this space, as they’ve bootstrapped their network over the past few years to hundreds of thousands of hotspots across the globe that provide coverage to the network. Spencer Noon is the writer/editor of Our Network, and provides us some data on crypto protocols building within this space.
DIMO — “tokenized mobility network that enables consumers to monetize their vehicle data and allows enterprises to access the aggregated data”
“DIMO aggregates and anonymizes data from connected vehicles around the world that can be used by various stakeholders including dealers, manufacturers, or service providers”
Data from the DIMO Explorer
Helium — “The Helium Blockchain incentivizes the creation of public, decentralized wireless networks…To date, nearly 970k hotspots are live in 184 countries, with 6,500+ 5G radios live in the US”
Data from DeWi ETL, Helium
Pollen — “Pollen is a decentralized mobile network…Pollen is currently live with coverage in most major metro areas of the US.”
Pollen’s total devices deployed over time, data from the Pollen Explorer
Token incentivized physical infrastructure networks are undergoing rapid experimentation and are here to stay! The ability for protocols and teams to lower their operating costs and capital expenditures by distributing their token to early users who purchase and install their hardware is a fundamental shift.
Before crypto, it was impossible for this structure to exist and we’re in the earliest stages of understanding the impact and potential of this mechanism. Physical infrastructure networks, distributed across the world by crypto enabled incentives is another vertical within the ecosystem that is just beginning to take shape! 🤑
Tweets & Memes
Please don’t mention gross “NFTs” to us, they’re Digital Collectibles now
Once again, we reiterate that the impact may not be immediate, but it’s there!
These are rough numbers but at current run rate ETH is yielding close to 6% real yield, minorly deflationary and for stakers is trading at an equivalent of 17x earnings. The Merge had a massive fundamental impact.
Airdrop SZN is in full swing as people hunt for free tokens (money)
Speaking of airdrops, explore all the potential ways to earn tokens here!
Wrapping Up
Alright, with that comprehensive list of potential upcoming airdrops to explore, we conclude this week’s edition of CoinStats Scoop! 🍨 Green was everywhere across crypto tokens this week lead by ETH, BNB, DOGE, & the dogcoin mania. 🤑
We also reiterated the importance of crypto across global markets as a potential escape from inflation, while reading and exploring some of the top tokenized physical infrastructure protocols, a trend we expect to keep growing! Cheers to another hopeful week of green markets.
Per usual, CoinStats will continue to guide you through the world of crypto and DeFi. We’ll see you next week for another edition of CoinStats Scoop.
1y ago•
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bearish:
12
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