Narratives of the week : June 9

$BTC close to ATH while altcoins struggle, new ATH for $BNB

Jun 09, 2024

Welcome to this weekly recap, I am Viktor and you can find me here on Twitter and here on Telegram. Enjoy your reading !

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$BTC and the market overall

The main event of this week has been the liquidation cascade on June 7. Before that, $BTC price increased from $68k to $71.6k over a week. The $71k-$72k is a zone of resistance, where $BTC has already been rejected a few times. And this time was not different…

Without any specific origin, the market had a brutal 15 minute long dump on June 7, where $BTC lost 3% (as measured on the wick), $ETH lost around 4%, but altcoins took the largest hit with TOTAL3 wicking down -7%. Some “major” memecoins such as $PEPE and $WIF were down -20% at the bottom of their wick.

Almost $400M of longs have been liquidated on that day, and $1.5bn of total altcoin OI has been vaporized. I posted a tweet about the altcoin vs BTC chart, and it shows how hard it is to outperform $BTC.

On the other hand, one could interpret this chart as “this is a could time to buy some altcoins”. The market sentiment is quite bad while $BTC is very close to reaching an ATH, and that’s probably because most of CT is invested in altcoins.

On $BTC front, we’ve seen some gigantic ETF flows this week, with around $1.8bn of inflows in 5 days. I don’t know how you can see this, as well as $BTC chart, and conclude that it’s bearish. This is a time to remain bullish, even if there’s a high likelihood that we just continue to chop around for a few weeks or months.

BTC ecosystem wakes up again

One of the best-performing category of the week has been BTC ecosystem coins. One of the reasons could be that $BTC was in the spotlight again with BTC.D going up and the massive ETF flows, as well as the fact that BTCfi sold off heavily after the halving, so a mean reversion also makes sense. $STX is up +25% from its local bottom in a week, while $ORDI is up +53% since late May, and basically up 2x from its May bottom. $ORDI has the advantage of being the main BTC memecoin, while being available on many CEXes.

The other top-performers in BTC ecosystem are the Runes coins : $DOG (up from $400M MC in late May to almost $1bn MC a few days ago), $PUPS (this one took a -90% drawdown recently but is now up almost 2x from the lows), and $WZRD (pumped almost 2x in a week too, and is close to flipping $PUPS).

But besides these coins, many of the BTC ecosystem coins did not particularly shine, for example the BTC L2s $CORE and $MERL.

New ATH for $BNB

It is quite rare for top 20 coins to be able to reach new ATH prices from cycle to cycle, but $BNB is one of the coins that has been able to do it. This week it has been able to pump to $720, while its previous ATH in May 2021 was $690. It is still far from doing a new ATH vs BTC because BNB is one of the only coins that was able to outperform BTC during the bear market, and it topped against BTC in December 2022, a bit after the FTX collapse.

Some people have been expecting a “BSC season” and a resurgence of some Binance ecosystem coins, but it did not really materialize.

$BRETT reaches $2bn MC

Coinbase Smart wallet has been launched a few days ago, and it seems to be one of the chains with the most action lately.

$BRETT is the leading memecoin on Base, and as I’ve written here before, its supply is completely cornered, which means that even if the market cap is very high, as long as the entity that controls a large part of the supply does not sell significant amounts, the ‘real market cap’ is much lower. $BRETT is now close to $2bn market cap officially, and it has even flipped $BONK. It is up +60% this week.

Other top performers on Base include : $BENJI (+400% in 7 days), $TOSHI (+30%, and one of my favorite memecoin bet on Base), $ROOST (+400%), $CHOMP (+180%).

What else happened in the altcoin market ?

$KAS has been one of the best performers recently, with +40% gains in a few days before the recent dump.

$PEOPLE has been unstoppable lately. It is up +350% in a month, and +58% in June only. It’s an election year, so this could be considered as a Politifi coin.
$XMR took a huge hit in February 2024 when it was unlisted from Binance, but since then, it has been quietly grinding higher, and is up +13% in June, and +42% since May 1st.
$FLOKI has been one of the strongest coins among the major memecoins, as it made a new ATH to $3.3bn market cap a few days ago. It even flipped $WIF briefly. One of the catalysts is the announcement by the infamous market maker DWF that they plan to purchase $12 million worth of $FLOKI tokens to bolster the expanding ecosystem of the meme coin, adding to its previous $10 million. $FLOKI is one of the memecoins I hold.
$INJ was one of the market darlings until early 2024, but since then it’s been absolutely down only vs BTC. But it has been showing some life this week, with an almost +30% pump in a few days. INJBTC bottom finally in ?
$SLERF has been up +30% this week. It’s still only at $200M market cap, and has almost $100M liquidity on-chain, which in my opinion means that the downside is capped. I hold some, and hope to sell it at least 3x higher.
$SHFL pumped 2x this week before retracing half its pump. $SHFL is the token of the Shuffle on-chain casino. It seems to be a revenue-generating machine, and they buy back the token, but once you’ve seen the down only trajectory of $RLB price, it does not make $SHFL a very attractive bet.
$BANANA is up +25% over 7 days and is getting close to its $52 ATH. At the same time, $UNIBOT stands at $10, down -95% from its ATH. $BANANA definitely won the TG bots battle, and is not at a crazy valuation at all (less than $500M FDV).
This week, Andrew Tate launched and heavily shilled a coin called “Real Nigger Tate” (ticker $RNT), it pumped from $5M market cap to $100M before dumping back to $30M. It is one of the new main celebrity coins after $MOTHER, which is Iggy Azalea’s coin, that is consolidating around $150M mcap.

Thank you for reading this article,
Cheers,
Viktor.

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