Memes shine on
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 26th July 2024.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
Don’t invest in crypto unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.
What’s up
Memecoins Spend Mid-Summer Surging
Seems several cat coins have been outperforming the meme pack of late. Although their allure might well dull now that the dog days of August are approaching.
Popcat (POPCAT) is a good example. On the Fourth of July, POPCAT, like a lot of cryptos, fizzled out. That day, POPCAT lost its 40-cent handle after enjoying 70-cent status on June 30.
But between July 7 and July 21, POPCAT jumped from 37 cents to 99 cents, a record high. By July 23, it had pulled back.
Also in the red lately, but mainly green for the past couple of weeks: Bonk (BONK) and Pepe (PEPE).
That latter, over a fortnight, as of July 23, was up more than 30%
What's down
China’s Crypto Mining Activity Has Dropped Considerably Although Not Entirely
China's ban on crypto was a world-class strategic blunder, Emiliano Pagnotta, a finance professor at Singapore Management University, recently told Cointelegraph.
In one fell swoop, the superpower turned its back on strategically important technology, surrendered domination of hashrate and undermined its efforts to boost the yuan as a rival to the dollar.
China, prior to its 2021 crackdown, controlled 75% of the mining industry. That figure has dropped significantly.
But there's still mining happening in China, albeit covertly; tally up Chinese-backed mining efforts outside the mainland and there's still at least a 50% market share that could be called Chinese-influenced.
As CryptoQuant’s head of research, Julio Moreno, explained: “All that equipment operating in China simply found a home in other places.”
What's next
The Right Stuff
For evidence of a Bitcoin bull market, look no further than the "short-term holder spent output profit ratio," or the "STH-SOPR."
(We went ahead and dubbed this signal the "Sith-Sopper" but please don't feel obliged to call it that).
Anyway, STH-SOPR is a device that tracks profit/loss levels for coins moved by short-term BTC holders (defined as holding less than 155 days).
According to an on-chain analyst called Checkmate, this fickle-minded-cohort indicator dipped below a key level ("1") but then it rebounded, which, per The Daily Hodl, indicates strong fundamentals.
"Love to see it," Checkmate said. "This is what bull markets are made of."
