0xScope Newsletter #69: As BTC Nears $100K, Will BRC20 Be Hot Soon?
Also: We discuss the 4 patterns to watch when searching for the next memecoin that will likely be listed on Binance soon, look into Bitcoin ETFs and new Binance Futures listings, and more!
As BTC nears $100K, will BRC20 be hot soon?
Another week, another record high for Bitcoin. After surpassing $90K for the first time last week, Bitcoin continues its rally toward $100K, with a new high of $98K just a few hours ago. Is the Bitcoin ecosystem, including BRC20 tokens and runes, the next hot narrative? Here are our recent observations:
BRC20 transactions rising. BRC20 tx made up as much as 70% of total BTC tx in August 2023 and January 2024. After staying below 10% recently, this metric has shot up in the past 2 weeks to as high as 18%.
BRC20 token boom. BRC20 token creation, which hit its peaks in May 2023, November 2023, and April 2024, has risen in the past 2 weeks, with 17,696 new tokens created.
Runes are also trending upwards. Amid the recent $BTC pump, hundreds of thousands of new users have rushed to runes, with 278, 072 new addresses interacting with runes over the past 2 weeks.
Read more details in the latest Scopescan tweet thread.
How to spot memecoins that have Binance listing potential
We studied several trending Solana memecoins and found interesting patterns on those that recently got listed on Binance. Here are the 4 things to check when looking for memecoins at the cusp of a major CEX listing:
Market makers. Wintermute currently has the biggest bag of Solana memecoins among all major MMs, and some of its memecoins doubled in price and grew their trading volumes by 10x after the MM’s entry. Tokens often need market makers before listing on major CEXes.
Previous token listings. We also found that Gate.io has a great sense in listing memecoins. Among 8 Solana memecoins listed on Binance, 7 of them were previously listed on Gate.io. Listings on minor CEXes could increase the chance of a Binance listing.
Recent tweets. Memecoins rely on public attention + hype to thrive. For instance, Elon Musk posted about $PNUT on November 5 and 13. $PNUT grew by 116% 24H after the first tweet, then by 200% 24H after the next one.
Retracements. Recent news can pump memecoins, but also watch out for declines that follow a news-driven spike.
Learn about these findings and more in this recent Scopescan thread
On-chain Data
Bitcoin ETF 3-day growth accounts for 36% of November rise
Bitcoin’s warpath to $100K is evident in the latest ETF net flow data, with the $1.86B inflow across multiple ETFs from November 18-20 making up 36% of the total $5.16B flow for this month so far. With the continued rise in BTC price, even more inflows are anticipated in the coming days, unless the market decides to take profits. IBIT and FBTC are the biggest gainers for this month.
Binance’s futures listing spree
Over the past week, Binance listed five new perpetual contracts for the following tokens: memecoins $DEGEN, $BAN, and $SLERF, as well as cloud computing project $AKT and privacy blockchain token $SCRT.
The memecoins $DEGEN and $BAN saw little to no growth following the listing and are currently down by more than 40%, while $AKT managed to rise by 9% before eventually giving up that growth and then some.
$BAN was recently in the public eye amid reports of GSR Markets’s potential market maker role for the memecoin, as well as Justin Sun’s purchase of a banana taped to a wall for $6.2M. $DEGEN also got listed on OKX futures this week. Meanwhile, $AKT recently jumped by 30%, likely before the Binance perpetual listing, coupled by a substantial rise in trading volume to above $380 million.
Not included in this chart below are $SLERF and $SCRT, as these tokens’ perpetual contracts have been added on November 21, 11:30 UTC. As of 2 PM UTC, $SLERF was down 8.3% from its opening price, while $SCRT was up 1.4%.
$MAD leads memecoins in 7-day growth this week
The memecoin MemesAfterDark has been generating buzz this week with speculation of an upcoming significant IP partnership, factoring into its 267% growth over the past 7 days. Meanwhile, the $MOODENG memecoin, which is inspired by the viral pygmy hippo, was mentioned by Vitalik Buterin in his recent articles, while a whale reportedly acquired a substantial amount of this token in recent days.
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Quick Bites
Bitcoin crosses $97K, continuing wild ‘Trump trade’ rally - LINK
Bitcoin futures smash through $100K barrier on Deribit- LINK
MicroStrategy stock surges 94% YTD as Bitcoin nears $100K - LINK
$47B in BTC may flow into Bitcoin L2s by 2030 - LINK
Sui Network restored after 2-hour outage in setback for ‘Solana killer’ - LINK
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