Missed all the drama on Crypto Twitter last week? This roundup cover it all!
Another week, another memecoin
that bites the dust. But not just any memecoin. The memecoin supercycle may or may not have come to an abrupt end with *gasp* PEPE devs rugging?!?
Is this the end of PEPE? Only one way to find out…
Last week featured a certified bomb on Twitter. This story from an ex-Alameda research engineer racked up a good 6.4M impressions at the time of writing. Part 2 is coming and Part 1 is well worth the read:
A thread you may not want to read in its entirety is this Adam-Cochran-memorial of a thread covering friend.tech. Yes, friend.tech is still a thing on Crypto Twitter, although it’s seemingly merging with Onlyfans Twitter too. The entire beast:
And the (AI-powered) TLDR:
- There are merits to exclusivity in social networks for monetization, like with OnlyFans' paid content model.
- Completely free and open models like Twitter rely on users creating public content, but many people don't share.
- FT’s 50/50 transaction fee split for creators could be debated as too high or too low. Different fee structures impact incentives.
And then there were, surprise surprise, musings on the market and whether we will see an end of the crab market any time soon. Crypto Andrew had a few good notes, implying that activity is pretty much dead now:
But there was some bullish hopium making the rounds. RunnerXBT thinks The Donald will win the 2024 election and give JPow the boot, sparking the much needed flames of liquidity for a new run:
And rektdiomedes identified 10 bullish catalysts
for the next run. Featuring account abstraction
, institutions buying and much more:
Elon was a happy camper last week when his most valuable potential content creator made a brief cameo:
Is he back for good? Only one way to find out…
Last week the frens and animals of Crypto Twitter had some very existential thoughts:
Is Crypto Twitter dead?
Duck feels it is:
But Anthony Sassano thinks those who are really committed to making it are still around:
Our take: It’s not as busy as it used to be but almost all of the familiar avatars are still around.
And those who are still grinding are feverishly trying to identify the next winning narrative for the bull market
, whenever it comes:
That isn’t too easy though with thirsty mouths all having to drink from ever poorer liquidity:
One sector that is having a hard time making it and will not benefit from this: DeFi.
DeFi does not have a lot of frens left after *sigh* yet another exploit
. It has become too tiresome for some:
is still getting the most attention in this slow cooker of an on-chain summer. As morals decelerate, the tech is accelerating:
And with USDC launching on Base
creators of, ahem, all backgrounds will have a jolly good time cashing out their profits.
Speaking of cashing out profits. The PEPE devs could need a lesson or two regarding taking profits. Maybe they thought better late than never, as they dumped $15M on the market:
Crypto Twitter was split on whether this is bullish selling. Miles Deutscher thinks it could, in the words of Gainzy, help establish a bottom:
But CryptoKaleo thinks PEPE deserves all the nukes it can get:
Tough one this one and probably one that is best observed from afar.
And then there are the bad guys, who do not rest in their endless pursuit of trying to keep crypto down.
The feds are trying to introduce new tax rules, which could cause a lot of bearish selling if really implemented:
Some even think crypto should not bother with the US at this point:
Leaving the US would probably be a bad move for crypto though. But it would make crypto trading at least a bit easier.
Right now it is tough out there:
Next time you shamelessly take advantage of someone, let them know it’s not personal, just business. You were simply trying stuff, some work and some don’t:
Who’s ready for more bullish selling?
Bring on the next week then. See you there!
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