0xScope Newsletter #68: Trade Memecoins Like an Expert
Also: We discuss how much growth was achieved by two new memecoins that were recently listed on Binance, the $47.6B net asset boom on major CEXEs amid Bitcoin's unstoppable rise, and more.
How to HODL and Trade Solana Memecoins
Understanding the holding patterns of memecoins is essential for investors to develop strategies that maximize returns while minimizing risks. In this new in-depth report, the 0xScope team attempts to determine the optimal holding time for memecoins on the Solana blockchain. Key points include:
📈 Memecoins that could potentially deliver a 10x return or more would often see a significant loss (around 40%) before the price rebounds.
🤔 Profiting from memecoins is psychologically challenging, as traders can find it difficult to determine when to hold on, at the risk of incurring a total loss, and when to exit, at the risk of doing it too early and missing out on potential profits.
💰 The optimal holding period for memecoins is between 1-2 days, which aligns with the memecoin market’s volatility and speculative characteristics. In addition, short-term strategies should focus on capitalizing on early volatility spikes.
Learn about these findings and more in our latest report.
On-chain Data
BTC’s jump to new $93K high expands exchange assets by record $47.6B
Last week’s Bitcoin rally to a then-record $77,000 proved to be a prelude for an even bigger week recently, as BTC pushed further to a new, even-greater high of $93,000. With the entire crypto industry adding around $500B to its market cap in just two weeks, hitting a total of as much as $3T, major CEXes see huge boosts in their net asset values, resulting in a cumulative gain of $47.6B
About $20B of that CEX asset boom was seen on Binance, with a 14.30% growth, but even bigger increases were seen on other exchanges such as Bitget (+292.77%), Bybit (+147.64%), and Bitstamp (+80.81%). In face, Binance’s growth rate is the lowest among major exchanges, most of which saw increases in the range of 15%-31%.
NEW: Binance lists 2 new memecoins, sees as much as 47x growth on one of them
Earlier this week, Binance listed memecoins $ACT and $PNUT, and both tokens surged following their debuts on the exchange, benefiting from the recent bullish crypto market.
$ACT is one of the Solana memecoins that benefited the most from the recent bull market, growing by as much as $0.95 (+4746.94%) following its Binance listing (opening price $0.0196), before retreating a bit amid market corrections. While $ACT is currently known as a memecoin, some KOLs are suggesting that it could play a significant role in the future of AI agents, although it remains to be seen if the token’s creators have any AI-related plans beyond the current name.
Meanwhile, $PNUT, a Solana memecoin named after the US election-related viral trend about Peanut the Squirrel, is the latest beneficiary of the Elon Musk memecoin bump after the tech leader posted a subliminal tweet of a peanut emoji. This token’s rapid ascension to above-$1B in market cap also added to its positive perception among traders recently.
In addition, Binance recently introduced a new Launchpool token called Usual ($USUAL), with pre-market trading expected to start on November 19.
NEW: Top memecoins ride momentum from recent bull run
$ACT and $PNUT top the list of the top-growing memecoins this week, benefiting from the perfect storm of Bitcoin’s unprecedented surge and community-driven hype from listings on major exchanges.
A memecoin trader reportedly turned a $17 investment in $PNUT into an astounding $3 million, while a memecoin whale profited $56 million from the token. On the other hand, $ACT investors recently reported mixed results, as one memecoin trader disclosed making $2M in a week from the memecoin, while other traders who sold their holdings a day before $ACT was listed on Binance ended up suffering significant losses.
Upcoming token unlocks for $AVAX, $ARB, $STRK
This coming week, about $196.13M worth of tokens will be unlocked (among tokens with unlocks of at least $1M). The biggest unlocks will come from $STRK with $31.23M slated for November 15, $ARB with an even bigger $58.49M unlock the following day, and $AVAX with $59.63M on November 18.
If you're a supporter of these tokens, please be mindful of potential price fluctuations in the days to come, and follow the 0xScope Twitter account for more information.
(Editor’s Note: This is likely the final newsletter appearance for the Exchange Asset Changes and Token Cliff Unlock charts. The 0xScope team strives to present on-chain data that aligns with our readers’ key interests, starting with the introduction of two new tables above. We look forward to your feedback regarding what you want to see in this newsletter.)
Company Announcements
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Quick Bites
Bitcoin surges to new record over $93K as strong U.S. demand crushes resistance level - LINK
Hitting and holding $100K Bitcoin price depends on $11.8B end-of-year BTC options expiry - LINK
El Salvador's Bitcoin stash rises Above $500M, but Bhutan story might be even bigger - LINK
Memecoin mania tops $125B amid lore of investors ‘turning $1,000 into $1M’ - LINK
Bitcoin, Ethereum ETFs see first outflow since election - LINK
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