It may be quiet last week, but that doesn't mean nothing went down on Crypto Twitter — check out our weekly CT roundup.
Gm,
As we enter the summer months, interest in cold drinks and hot bodies goes up. And interest in hot coins and cold storage goes down.
At least judging by the activity level on Twitter and crypto exchanges last week. It was eerily quiet, but that doesn’t mean there’s nothing interesting to report.
Heard about the latest all-time high yet?
Well, better keep reading…
Whose Threads Are a Must-Read?
There’s downtime in the crypto industry and then there’s NFT Twitter.
One can only reminisce about wilder times, and that is exactly what Lamboland did with his throwback to the most controversial moment in moonbirds history. A story about how celebrities like Jimmy Fallon were useful pawns in yet another crypto rug pull:
But, of course, not all NFTs are a scam. No, seriously. What if you could start owning your digital track record and assets in a game like FIFA?
You may just be able to do that soon. Mani explained how EA Sports and Nike are getting into NFTs:
- Nike's 'Our Force 1' digital sneakers sold over 97,000 units and made almost $2 million in revenue.
- EA Sports and FIFA have partnered to incorporate NFTs into future games.
- There are 150 million players in FIFA, which could potentially be exposed to NFTs.
NFTs are cool but have you ever tried banning crypto only to welcome it back a few years down the road?
You have not, but you’re also not the Chinese government. Since crypto is making a return, currently via Hong Kong, some are wondering whether China can overtake the US as the motor behind the next bull run? Javier Ang outlined whether that is the case based on the latest web3 report from China:
The China coin narrative may make a return soon, so make sure to get updated on what it means.
Read also: Explaining The Crypto China Narrative
If you missed the China narrative last time around, you can still pay attention and catch the next China wave. Being early to narratives is key, and Zero Ika looks at eight potentially lucrative narratives:
The TL;DR:
- LSD
- Scalability solutions
- L2s
- ZK-rollups
- GameFi
- Cosmos ecosystem
- Real-world assets
- AI
Read also: What is Narrative Trading in Crypto?
Before any of those can bear fruit, we need to ride out the bear market first. How long is that going to take? CryptoAmsterdam explains his thesis for why we are at the bottom stage of the bear market:
Wisdom of the Week
Many crypto newbies think it is easier to make money in crypto when you have a lot of capital. But that is not necessarily the case.
CryptoCred explains the three key factors to having an edge:
Conclusion: more money does not automatically make your trading life easier. But better research might.
Read also: How To Use ChatGPT for Crypto Research
Elon Building Twitter
Even Elon Musk was oddly quiet last week. No new scandals or Twitter updates to report from him. But he did remind us that things are probably going to become progressively weirder from here onwards:
Talk of the Town
After the flurry of, ahem, coins with questionable utility, even the accounts shilling [redacted] have calmed down. Ok, not all of them because Ben.eth is still going at it with a new shitcoin and an “NFT collection” in the works.
He did, however, divorce from Bitboy Ben Armstrong:
Read also: Who is Ben.eth?
What could be the reason? Well, one could only guess…
And there was another well-designed rug uncovered by ZachXBT. Not even charity projects are safe from the con artists these days:
Andrew Wang, a popular NFT influencer, endorsed the project before the obligatory “wooops, my bad” moment:
Using protection in crypto is as important as it is in real life, folks.
Read also: Hack vs Scam vs Attack vs Exploit: Understanding the Risks in Crypto and How To Stay Safe
Speaking of protection, you may need one of those COVID hazmat suits for the elaborate level of scamming that went down last week. A full-blown fake Uniswap conference was held to con new investors into “Aliexpress Uniswap.” Check it out:
You do have to appreciate the level of enthusiasm though. The conference looked much livelier than last week’s crypto markets, which have gone into hibernation at this point.
The most telling sign for that is that fewer people are playing in the casino. Spot volume has halved over the last few months alone, and decentralized exchanges are becoming more popular by the week:
So it’s all about survival mode for those left standing in crypto at the moment. That’s why playing the memecoin game of musical chairs is so dangerous. Better to preserve your capital to stay alive for better days:
No matter how dead crypto may look now, its value prop has not changed. Fade markets chasing the next shiny object at your own risk:
Read also: Is The Crypto Bear Market Over?
But even in the darkest of days, there is an all-time high. This time it comes from an unusual candidate ─ the stablecoin we may not have wanted, but the stablecoin we deserve:
Read also: What Is Tether?
Our Favorite Coinfession
Unfortunately many such cases these days on Crypto Twitter:
Memes
Look, it may not be the most exciting of times now but crypto will come out of its hibernation period at some point:
Meanwhile, stay in the game and stay hodling. See you next week!
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