💣 $DOGE, $PEPE, Then What?

A weekly recap of the largest crypto events and narratives, with an extra dose of insight.

Here’s what we have for you:

• SoLunAvax is back

• Celestia outperforming the market

• Solana capital efficiency

• Coinbase credentials

• dYdX listing more assets

• Ethena Labs introduces the internet bond

GM Raiders. Leverage is so back. Funding rates are at an all time high, and the leverage is on. $SOL keeps ripping up, with no signs of slowing down. Similarly, another large outperformer of the week is Celestia’s $TIA, which is up more than 80% in two short days. As usual, don’t go too crazy on the leverage, as we’re seeing a lot of volatility in the markets.

Playing narratives is one of the easiest ways to trade in crypto. If you remember the memes from last cycle of SoLunAvax, there’s an easy way to trade that. $SOL has been on an absolute tear, and thus, people will remember the SoLunAvax meme, and bid up $LUNA and $AVAX after. Memes are powerful, never forget that.

-RektRadar

More Solana. $SOL has been the largest outperformers, and it certainly has its reason for doing so. One of the reasons could be Solana’s crazy low transaction costs, high throughput, and its capital efficiency. For example, the SOL/USDT pair saw $40M in volume on roughly $1M of liquidity. You don’t get to see that very often in Ethereum land.

Don’t let TVL mislead you. Something can have low TVL, but a high degree of capital efficiency. For example, this SOL-USDC pool on Lifinity, which has a capital efficiency of 206x, and a net APR of 402.13%.

Coinbase releases credentials

• Coinbase has released verifications. Users can attest to account and country credentials onchain. This functionality is available to the 110M+ verified Coinbase users.

• This could be a key unlock, allowing developers to discriminate between regions, and also could be the starting point for a wider decentralised identity system.

dYdX more assets coming

• The dYdX chain is live, but trading is not enabled yet. However, it will be soon. 100% of fee revenue will go to stakers, and there’s $20M worth of rewards being used to incentivise trading, staking, bridging, and more.

• In addition, dYdX has a new proposal to list a lot more assets. Traditionally, dYdX hasn’t had the widest perp offering, so listing assets such as ARB, OP, PEPE, and more could be a great catalyst for trading activity.

Ethena introduces the internet bond

• Treasury bonds are all the rage right now, with interest rates at a staggering 5.5%. What if there’s a way to offer similar bonds, with a crypto native rate of return, and decentralised?

• Ethena Labs is announcing the new internet bond. A USD denominated bond, created using a synthetic dollar position, with an embeded yield from short funding rates and stETH interest.

Crypto stocks?

Every ecosystem needs its own memecoin. And memecoins obviously have to fit into a specific narrative. In the peak of the bull market when dogs with Elon Musk was all the hype, $DOGE hit a $88B market cap. Yes, B with a billion. Sometimes I forget how crazy the bull market was.

The memecoin of the bear market thus far has undoubtedly been $PEPE, reaching a market cap of $1.5B at its peak. Well since it’s Solana season, what’s the memecoin of Solana? It’s $BONK, currently sitting at a comfy $100M market cap. If you think Solana continues to rip into the next bull, $BONK could be the ultimate beta play.

What if it’s really a Solana super cycle?

$SHRAP, a FPS on Avalanche look very very clean. With $AVAX ripping up and as a GameFi project, could be a good play.

Telegram wallet is rolling out globally. Yes, there’s a token. $TON.

Magic Eden could have a potential airdrop

Gaming tokens that are pumping

CoW Swap releases programmatic orders. There may be a fee switch coming too, which is why the token has been pumping.

Could $TIA be the next $SOL?

Leading thesis for the next bull run

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