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OVERVIEW

Sometimes, Crypto Makes As Much Sense As A Left Handed Football Bat

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:

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New In Three Sentences
Crypto News 📰

💸 Pantera Capital Bets Big on TON with $20M Raise

Pantera Capital doubled down on its investment in the TON token, raising $20 million across two funding rounds finalized in July. While the firm calls this its "biggest investment ever," they’re staying oddly silent on how much they initially threw into TON back in May. NFTGators.

🔒 Coinbase Under Fire for VPN Account Restrictions

Coinbase locked user accounts for accessing the platform via VPNs, sparking backlash for prioritizing their "risk models" over user privacy and safety. The company’s reasoning? "Attackers use VPNs." Meanwhile, users pointed out that by this logic, breathing should also be banned. Protos.

🚀 Pump.Fun Hits $93M Monthly Revenue

November saw Pump.Fun shatter its revenue record with a 207% increase, raking in $93 million. Most of the cash rolled in during the third week, when they scored $33.83 million, proving the meme economy is alive and thriving. Even their "low" fourth week outperformed expectations. TheBlock.

🇫🇷 Sacre Suck: France Taxes Unrealized Bitcoin Gains

France decided Bitcoin is the new yacht, slapping a (proposed) tax on unrealized gains for assets they deem "unproductive wealth." While they claim this targets non-income-generating luxuries, analysts are calling it a crypto buzzkill that’ll drive innovation anywhere but Paris. Cryptopolitan.

☢️ xU3O8 Makes Uranium Ownership (Almost) Cool

xU3O8 lets you buy digital claims to uranium ore concentrate—because who doesn’t want "yellowcake" stored in a vault somewhere? Built on Tezos, it democratizes access to this niche commodity without the hassle of radioactive logistics or $8 million minimum orders. It’s uranium for the masses—just don’t ask what it’s for. xU308 whitepaper.

📉 Animoca Brands Changes Auditors Amid Funding Scramble

Animoca Brands is swapping out auditors, hoping Hall Chadwick will have better luck overlooking their financial juggling act. Their 2020 audit was so delayed it practically needed an archeological dig, and now they’re banking on equity raises and crypto conversions to stay afloat. All this while they eye an IPO, because apparently, you can juggle flaming swords and still ask for applause. Protos.

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ON CHAIN ANALYSIS
Have Things Been Top Heavy Recently? ♎️ 

The Market Value to Realized Value ratio is one of the ‘cheat codes’ for crypto traders and investors. Obviously, it’s not a cheat code, but ‘cheat code’ works to convey how powerful it can be.

Real quick: It's a metric used in the cryptocurrency market to assess whether an asset is overvalued or undervalued. The ratio is calculated by dividing the market capitalization (the current price multiplied by the number of coins in circulation) by the realized capitalization (which values each coin at the price it was last moved on the blockchain).

A high MVRV ratio may indicate that the asset's price is above its fair value, suggesting a potential downturn, while a low ratio could mean it's undervalued and might be poised for an upswing.

Let’s take an analytical walk through Bitcoin’s moves in November using the MVRV ratio.

Early November (Nov 3 - Nov 5):

• MVRV Ratio: Increased from 2.04% to 12.1%.

• Bitcoin Price: Rose from $67,811.51 to $75,639.08.

Interpretation: The rising MVRV ratio indicates more investors are in profit, which could lead to increased selling pressure as they might start realizing gains.

Mid-November Peak (Nov 6 - Nov 11):

• MVRV Ratio: Peaked at 20.75% on Nov 10.

• Bitcoin Price: Jumped to $88,701.48 by Nov 11.

Interpretation: A high MVRV ratio suggests the asset is overvalued. This heightens the risk of a market correction due to potential profit-taking by investors.

Late November Cooldown (Nov 12 - Nov 22):

• MVRV Ratio: Decreased from 17.44% to 11.12%.

• Bitcoin Price: Continued to climb, reaching nearly $100,000 on Nov 22.

Interpretation: Despite the declining MVRV ratio, the rising price indicates new investors are entering the market. This influx increases the realized value and offsets selling pressure.

End of November Adjustment (Nov 23 - Nov 30):

• MVRV Ratio: Dropped to 3.6% on Nov 25, then slightly recovered to 6.55% by Nov 30.

• Bitcoin Price: Dipped to $91,985.32 on Nov 26, then stabilized around $96,000.

Interpretation: The significant drop in the MVRV ratio reflects substantial profit-taking. The market is stabilizing post-pullback, finding a new equilibrium.

Overall Takeaways:

• High MVRV Ratios (>15%): Indicate potential overvaluation and increased risk of sell-offs.

• Declining MVRV Ratios with Rising Prices: Suggest new capital inflow and sustained market interest.

• Market Sentiment: Monitoring the MVRV ratio provides insight into investor behavior and potential price movements.

In a nutshell, whether you’re looking at Bitcoin, Ethereum, Cardano, Dogecoin, or any other major altcoin out there, the MVRV ratios are still high, but the capital flowing into the crypto remains strong and isn’t showing any signs of slowing down. 🟢 

News In Three Sentences
Metaverse, NFT, & Gaming News 🎮️

🎮 SKALE Teams Up With Deadfellaz for ‘Death Touch’ TCG

SKALE Network, the gas-free blockchain, is partnering with Deadfellaz to launch Death Touch, a trading card game blending web3 tech with the chaotic fun of TCGs. Set for early 2025, it promises gas-free gaming and a seamless experience, finally giving SKALE users something exciting to do with their wallets. Deadfellaz fans are stoked—but let’s see if the cards live up to the hype. SKALE blog.

Illuvium x G-SHOCK Collaboration Blurs Digital and Physical

Illuvium and G-SHOCK are launching a collection of Illuvitars and a limited-edition watch, bridging web3 collectibles and real-world flexes. Starting December 9, fans can snag Illuvials decked out in G-SHOCK designs that scream “durable meets digital.” For Illuvium fans, it’s a new kind of loot drop—one you can actually wear. Illuvium blog.

⚔️ Katana V3 Rolls Out on Ronin

Katana V3 is live, bringing concentrated liquidity positions and reduced slippage fees to Ronin’s DEX—because traders deserve smoother execution and fewer headaches. Liquidity providers can customize price ranges and fees, turning idle funds into serious yield (or at least, trying to). It’s a big leap for Ronin, but let’s see if the upgrade cuts it in the DeFi arms race. Ronin blog.

News In Three Sentences
DeFi, DEX, and Lending Protocol News 🏦

💎 Mantle’s Merchant Moe Offers Rewards in Season 2: Methamorphosis

Mantle’s DEX, Merchant Moe, is dishing out Powder rewards for liquidity providers who brave the cmETH pools. With seamless swaps and features, it’s the cornerstone of the Mantle ecosystem—but only if you’re armed with enough MNT to cover the gas. Liquidity is flexible, but let’s be real: you’re there for the Powder. Mantle blog.

🗳 IOTA Rebased Governance Vote Kicks Off

IOTA holders are voting on whether to adopt the Rebased protocol, promising smart contracts, high scalability, and staking rewards with inflation baked in. The upgrade could mean 50k+ TPS and near-instant finality, but only if the community gets behind it. The decision window runs until December 16—tick tock, IOTA tribe. IOTA blog.

📊 Cardano Foundation Launches Reeve for On-Chain Financials

The Cardano Foundation is showcasing its commitment to transparency with Reeve, a tool for publishing audited financial data directly on-chain. While most of us struggle to manage personal budgets, Cardano is setting an example for accountability and verifiability in blockchain finance. Reeve aims to roll out to the public by 2025, so maybe we’ll all get a crash course in fiscal honesty. Cardano Foundation blog.

ON-CHAIN ANALYSIS
Burnt Bag Briefing 🔥 

Want to know whether the bulls or bears are feeling the most pain today? Well, this is the place to look. 👀

In the past 24 hours, 215,581 traders were liquidated, with total liquidations reaching $588.10 million.

The largest single liquidation occurred on Binance, an OKX BTCUSDT pair valued at $15.09 million.

Longs lost $374.87 million, while shorts were hit for $213.04 million. 🤕 

LINKS
Links That Don’t Suck 🔗

👩‍⚖️ Alex Mashinsky to plead guilty to two charges in plea deal

🏦 Ripple CLO accuses SEC of artificially suppressing crypto market

🤖 Amazon unveils world’s largest AI compute cluster to challenge Nvidia’s dominance

⬇️ Bitcoin falls to $61k on South Korean exchanges as President declares martial law

🧠 Think ‘brain rot’ summed up 2024? Oxford agrees it was the word of the year

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Author Disclosure: The author of this newsletter holds positions in ADA, WMT, COPI, MIN, AGIX, ALGO, DOGE, ZEC, AVAX, XLM, XTZ, and NEAR. 📋