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Meme Coins Hit Back 🥊
Meme coins bounce big, record BTC outflows, AI token merger, and a new crypto game on Epic Games.
Jonathan Morgan
June 25, 2024
OVERVIEW
Memecoins Hit Back 🥊
Whether today is just a fluke or the return of a new leg higher, one thing is for certain: memecoin bulls are goring the bears today. And the rest of the market isn’t looking too shabby either. 🐂
In today’s Litepaper, we’re looking at two big-name memecoins and how they’ve performed today.
Also on deck: record Bitcoin outflows, but not all BTC ETFs are selling, and three of the biggest crypto AI tokens finally have a date and a process for the massive merge into ASI. 📰
Before we dive in, here’s today’s crypto market heatmap:
And here’s a look at crypto’s total and altcoin market cap YTD:
NEWS
Memecoins Bounce Big 🦘
There are some big moves in memecoins today - let’s look at a couple of them. ⏩️
DOGEUSD Daily Chart - Click to enlarge.
$DOGE’s daily chart shows it’s on track for the highest daily close in eight days - but it’s facing some trouble against the 20-day MA. It’s currently higher by +8%, but let’s watch how it performs the rest of the week. 🐶
WIFUSD Daily Chart - Click to enlarge.
dogwifhat ($WIF) has rallied more than +30% over the past two days, but now it’s facing some stiff resistance against the trendline at $2.15. If the RSI can avoid printing hidden bearish divergence, then the threat of a continuation move lower gets reduced - at least until bulls push towards the $2.50 - $2.70 value area. 🐕️
NEWS
Bitcoin ETFs See Record Outflows 😱
Spot Bitcoin ETFs in the US have suffered net outflows for eight consecutive trading days. From June 18 to June 25, the ten big BTC ETFs dropped 12,046 $BTC, or nearly $750 billion. 🤯
GBTC Bitcoin Flows - Click to enlarge.
Grayscale’s $GBTC has the biggest dump, Grayscale Bitcoin Trust ETF (GBTC). The only BTC ETF fund that added any Bitcoin was Fidelity, with a whopping +5,160 BTC added.
Fidelity BTC Flows - Click to enlarge.
This current streak net of outflows has only happened once before, from April 24 to May 2, when the outflows totaled around $1.2 billion. This current outflow streak coincides with a substantial dip BTC’s price. It briefly fell below $60,000 on Monday but has returned to $61,714. 👏
Bullish And Bearish Outlooks
From a bearish perspective, analysts cite the upcoming Mt. Gox repayments, miners selling BTC, and the Fed holding interest rates steady as near-term ‘reasons’ for Bitcoin’s weakness.
From a bullish perspective, some analysts expect Bitcoin to reach a new all-time high above $73,000 in the coming months due to inflationary pressures, a potential Fed interest rate cut, and continued institutional adoption. 📈
