Many investors are presently treating bitcoin as if the final act of a long play were approaching; they speak of Q4 as if it might close the curtain on the current market drama. Yet two modest metrics suggest the bull may be only warming up backstage. 🤔
“Blockchains trade 24/7, whereas traditional markets have specific hours of operation,” Kadan Stadelmann, chief technology officer of the Komodo decentralized exchange platform, reminded us, with the calm of a man who has learned to count to infinity without losing his temper. Blockchains do not close, and the midnight bell tolls for the price as surely as the sun tolls for a fool’s fortune.
Behold, the last 24 hours have seen DeFi swell by $3.677 billion, inching closer to the $178.841 billion monument erected on Nov. 9, 2021. Yet, $11.754 billion more is needed to topple this idol. Meanwhile, the crypto leviathan looms at $4.21 trillion, with stablecoins alone hoarding over $300 billion. Greed, it seems, is the only stable coin. 💸
As of now, Floki is trading at $0.00001083, with a market capitalization of $1.03 billion. The trading volume has exploded 379.52% to $477 million. It’s a numbers game, and right now the numbers are barking for an encore. 🐕💹
The lawsuit, which started back in 2022, claimed that Yuga was tricking investors by selling NFTs that were essentially unregistered securities. But Judge Fernando Olguin wasn’t buying it. He ruled that the plaintiffs couldn’t prove that buying these digital monkeys (and related tokens) met the *Howey test*, the legal bar for classifying something as a security. So, sorry folks, no billion-dollar lawsuits here. 🙅♂️
Imagine a world where “hot flavor of the month” is replaced with “do people actually use this?” To, speaking at Token2049 (a conference where the Wi-Fi probably costs more than your startup’s valuation), noted that the crypto market has become a fragmented bazaar of layer 1s and infrastructure projects-most of which are now as viable as a sandcastle in a monsoon.
This launch is about as seismic a milestone for digital assets as the discovery that the towel isn’t optional. By opening the floodgates for both institutional investors and the sort of retail folks who’d sell their limited-edition Monopoly set for a hot tip, the ETP has brought FLOKI into a realm more accustomed to essays of economics, dusty commodities, and those disappearing bonds.
This sustained inflow, my dear reader, is not merely a number but a symphony of investor confidence, a crescendo of greed and hope. The demand for exposure to these major cryptocurrencies through ETFs is as insatiable as a literary critic dissecting a Nabokov novel. The five-day streak, a testament to the crypto market’s strengthening momentum, whispers (or rather, shouts) that Bitcoin and Ethereum remain the belles of the ball, the favored playthings of investors seeking reliable-or so they believe-crypto investment opportunities.
“I think when it comes to the four-year cycle, the reality is that it’s very likely that we’ll continue to see some form of a cycle,” crypto exchange Gemini’s head of APAC region, Saad Ahmed, told CryptoMoon during a sit-down interview at Token2049 in Singapore. Because nothing says “reliable” like a market that’s as stable as a teacup on a rollercoaster. 🪵
WLFI, with the solemnity of a priest absolving sins, assures the masses that this act does not besmirch the sanctity of their token supply. No new tokens were birthed, no dilution occurred-merely a one-time transfer from their treasury to Hut8’s coffers. Yet, one cannot help but wonder: is this a strategic maneuver or a silent admission of dwindling relevance? 🤔
