0xScope Newsletter #71: Happy $100K Bitcoin!
Also: We talk about how Bitcon's recent milestone affects the ETFs, major catalysts in an ever-evolving memecoin market, and more!
Memecoin Deep Dive: Market Makers, Cycles, and the Landscape Outside ETH and SOL
The memecoin industry has become one of the biggest impact makers in the recent crypto bull run, with public interest at an all-time high. Amid the debut of new tokens and platforms that have supercharged memecoin trading, several market forces have emerged as the difference makers in this cycle. While Ethereum and Solana have grabbed most of the headlines over the ramp-up of their rivalry, other major players are also making their mark in recent months.
This article analyzes some catalysts for the recent market resurgence of memecoins. We'll also take a look at the memecoin landscape on other public chains outside of Ethereum and Solana.
Read more details in the latest 0xScope blog.
On-chain Data
As BTC hits $100K, ETFs start December with a $1.6B boost
This week, Bitcoin finally went past the psychological $100,000 barrier, marking a major milestone for the world’s top crypto. Bitcoin ETFs promptly followed up an already-strong November ($6.9B in net flows) with an additional $1.6B in just the first three trading days of December. IBIT is almost single-handedly responsible for this jump, as the gains of other growing ETFs have been canceled out by the continued outflows on GBTC (-$122.4M in the past 3 days) and ARKB (-$76.3M).
Binance Futures adds non-memecoins KAIA, AERO
For the first time in a while, Binance Futures refrained from listing new memecoins this week, instead opting to debut DeFi project $AERO and Layer-1 platform $KAIA. After seeing single-digit growth rates at the hour of their respective debuts, they have since fallen slightly from their listing prices.
$KAIA, the integrated blockchain platform by South Korean internet companies Kakao and Line, grew by as much as 121% this week, reaching its peak price on Dec. 3, ahead of the actual Binance listing. Since its all-time high of $0.415, the token has mostly hovered between $0.30 and $0.36, as early investors seem to have taken profit after a month-long wait from its debut.
$AERO, a major liquidity hub on the Base blockchain, has lately become a bullish token thanks to its recent increase in liquidity, substantial holdings by influential investors, and market expectations for its introduction to the spot market. The token has grown by 37.5% this past week and is at its highest price point since April, when it hit its record high.
Hyperliquid outpaces other top 500 altcoins in weekly growth
About a week after its major $1.6B airdrop, DeFi-focused Layer-1 blockchain $HYPE has grown from $3.32 to as much as $13.93, indicating a week-long growth of about 3x. The only other top-500 project (based on market cap) that matched closely to $HYPE’s elevation this week is Web3 gaming marketplace $OL.
Company Announcements
Subscribe to Scopechat Pro
Scopechat Pro is our new membership system for a next-level AI-powered crypto trading experience. With Scopechat Pro, you can enjoy the following benefits for as little as $14/month for the annual plan!
Subscribe to Scopechat Pro today! Pay using your credit card, Scopepoints, or crypto (we support Ethereum, Arbitrum, Base, and Optimism networks).
Be the Next 0xScope Ambassador!
0xScope is looking for talent! Passionate about growing your community and showcasing your investigation skills? Become a 0xScope Ambassador, lead the charge, and get a chance to be featured here! If you think you are a good fit or know somebody who is, please reach out at hr@0xscope.com.
Quick Bites
Bitcoin price hits $100K for first time in history - LINK
Traders see even more Bitcoin buying pressure as BTC sets new record at $103K - LINK
Mt. Gox moves $2.8B in BTC amid Bitcoin's surge past $100K - LINK
Bitcoin ‘still in early innings’ at $100K — ARK’s Cathie Wood - LINK
Trump nominates Paul Atkins to replace Gensler as SEC chair - LINK
Thanks for reading the 0xScope Newsletter! Learn more about 0xScope: