Weekly Roundup – December 15

A new dog in town: Solana’s Memecoin, Bonk, rockets past Floki

Memecoin season always tends to light up in the wake of Bitcoin surging. BONK, the meme coin maestro of Solana, just hit a cosmic high at $0.0000184, riding the wave after Coinbase announced its intentions to list the new sensation. Though it’s now cooling at $0.00001638, the day’s gains are a jaw-dropping 61.2%. 

This meme magic isn’t a one-day wonder though, with BONK’s weekly chart reads like a crypto rollercoaster, surging 77%, while the monthly sprint is a mind-bending 815%. Take a seat, FLOKI (one of Ethereum’s top three meme coins) – BONK now claims the bronze medal in the “dog-inspired coin” Olympics, chasing the tails of Dogecoin and Shiba Inu. 

Solana is leading the charge also on a wild trajectory, with SOL marking a 37% monthly leap, hitting over $73 and flaunting a dazzling 420% surge in a year. 

Layer 1’s are alive and well…very well.

Layer 1 tokens – AVAX, ADA, and SOL have stolen the show, soaring over 50% across the past 30 days. In fact, AVAX is up 126%!

As for Layer 2s (ARB, OB) and DeFi tokens (LINK, UNI, AAVE)? Yeah, they’re laying (pardon the pun) low with a modest 10% gain on the month. No complaints there though.

The Layer 1 comeback tour is epic; remember the bull run shuffle between Solana, Avalanche, and Terra? That was something else! Fast forward –  and we see the rise of new layer-1 blood such as Kaspa, Injective, and Celestia. 

What’s helping drive the heavies – Solana, Cardano and Avalanche? Well, they’ve levelled up their game as of late with SOL’s move into DePIN, ADA’s DeFi ecosystem nearing $450M, and AVAX’s tuned up its focus on real-world assets and the crypto gaming scene. 

Brace for impact; the Layer 1 race is on, and with stronger ecosystems, wilder activities, and new challengers, it’s bound to be an eventful bullrun! 

Red light…Green light: The Fed’s pause sends the crypto market into a frenzy

The Federal Reserve just dropped some fuel on the crypto fire, hitting pause on interest rates until 2024 which flashes a neon “positive boost” sign for cryptocurrencies. BlackRock’s Jeffrey Rosenberg called it a green light for investors, and the S&P 500 threw a rally party. 

Crypto stocks like Coinbase and MicroStrategy popped 7.8% and 5%, while Marathon Digital (Bitcoin Miner) jumped 12.6%. According to Australian-based CEO Apollo Crypto’s Henrik Andersson, this Fed move is a turbo-charged boost for crypto and related stocks also noting DeFi yields are shining in a low-rate landscape. 

With $126 million flooding into blockchain equities, and digital assets celebrating their eleventh week of inflows, the crypto vibes are high right now. Hold tight for the Bitcoin ETF saga in January and mark your calendars for the Bitcoin halving in April 2024.