Dog days arrive

Big crypto gainers can always be spotted if you know where to look. Surely, there's some Solana memecoin making somebody regret that they didn't snap it up sooner, right? With the dog days of summer having descended, that bill has been fit by TROLL, a token inspired by the adversarial nature of internet culture and one which lately has attracted a cult-like community as it defiantly races ahead.

Merely hours ago, TROLL hit an all-time high of 19 cents, per CoinGecko. It has soared nearly 1,000% in two weeks.

With a market capitalization of about $190M, TROLL is still trying to crack the CoinGecko Top 300. Not hating on it, surprisingly, is a Solana developer named Leland King Fawcette who recently told Decrypt that last summer he botched his TROLL strategy, squandering $36M worth of missed opportunity. Put another way, he stumbled upon an obscure memecoin in an overcrowded Pump.fun ecosystem, saw zero indication of even an inkling of potential, and so he dumped it and never gave it another thought.

For eight months, TROLL toiled in obscurity, completely dormant, mustering a market capitalization of merely $24K. Then, in April of 2025, it exploded by more than 175,000%. This flukey run had to be over at that point, surely?

It seemed that way. TROLL spent spring and early summer in consolidation prior to this more recent breakout.

“I’ll be real," Fawcette said. "It doesn’t hurt that I sold back in August of '24 because the coin started running in April. So the feeling of hatred, the feeling of why did I sell, that doesn’t really exist for me."

The stretch of time from late July through early August in many places is known for oppressive humidity. Thus far, it has proven to be a stifling time for Bitcoin.

Over the past fortnight, BTC has declined by 4%. Since its high of about $122.8K hit July 14, the largest crypto has wilted by 7%.

Yesterday was sluggishness in motion if there can be such a thing. At one point, BTC, neatly contrasting itself to the apex of three weeks ago, slipped to $112.8K

Blame the malaise on some usual suspects: large, long-time holders taking profits; cautious-minded institutions yanking cash from ETFs; cooling sentiment on social media.

According to Decrypt, citing on-chain data, old whales are moving "significant amounts of BTC."

The term stagflation (slowing growth, rising prices) is finding a more prominent place in macroeconomic conversations. It's a worst-case projection but already weighing on the outlook for risk assets. Yesterday, investors pulled $196M from U.S.-listed Bitcoin ETFs. That marked a fourth consecutive day of outflows.

Bearish traders are leaning into the notion of a BTC slide below $100K, CoinDesk said.

A mid-Tuesday low ebb of $112.7K was observed by CoinMarketCap. The rebound that followed could not be sustained as resistance formed at $114.6K.

One last check of the foremost digital asset at 8:45 a.m. (EST) showed it wrestling with $114.2K, per CoinGecko.

Data (courtesy of Cointelegraph) showed BTC's spot price wedged between distinct pockets of robust liquidity, as found in order books, resulting in constrained room for upward movement over the next few days. The $115.6K level is BTC's next hurdle to clear, technically minded market structure data suggests. Hold our breath, shall we?

Summarized Material Indicators in a post on X, “BTC is going lower before it goes higher.”