Weekly Beluga Insights

After a dip that liquidated over $200M in leveraged longs early in the week, Bitcoin is hanging around the $70,000 mark once again at time of writing. Despite being in the middle of tax season and uneasiness around the SEC’s recent actions, BTC is still holding which is a great sign for the market. We remain bullish and any dips are for buying!

Major Movers of the Week

• Ethena (ENA) +41.84%

• Toncoin (TON) +41.67%

• VeChain (VET) +17.27%

• Wormhole (W) -27.23%

• Uniswap (UNI) -16.84%

• Maker (MKR) -15.05%

What We’re Watching

The SocialFi segment of apps in crypto have recently been the subject of a lot of attention, mostly due to the revival of Friend.tech which played a large role in creating a market for Web3 social apps. Friend.tech isn’t particularly fun or entertaining to use if I’m being honest, but one thing they seem to have gotten right is their airdrop mechanics: in a statement on Twitter, the platform’s founder claimed 100% of the supply of the token will be going to users. Who knows whether this will end up being the case or not, but either way people are hungry for social tokens again.

There are a lot on the market which are interesting such as $DMT, which is the native token of Sanko Game Corp on Arbitrum, however one I’ve been closely following recently is the $OLE token from DistrictOne (D1). D1 is built on the Blast L2 network and takes a lot of the gamification and reward mechanics from Friend.tech to the limit, leveraging people’s interest in the upcoming Blast airdrop as well as point farming in general. D1 is backed by names like Kucoin Ventures and Binance Labs which tends to be a recipe for a good valuation, but despite this the token still sits at $0.086 and around $20M in market cap.

With so much happening right now sometimes gems get left in the dark, and in my opinion this seems like a token the market is just missing for now. Blast’s airdrop will happen in May and D1 should be a major recipient, and I expect the influx of liquidity from $BLAST as well as the attention on the ecosystem in general to be pretty powerful. New tokens like this are always risky, so traders should be careful!*

You can follow the $OLE chart here.

Quick Quips: Catch Up on What You Missed

• SEC Issues Wells Notice to Uniswap

• Cross-chain Swap Protocol deBridge Announces Points

• Coinbase’s Base Network Passes Ethereum in Popularity

• Franklin Templeton Publishes Paper on EigenLayer

• MarginFi Founder has Public Meltdown, Solend Capitalizes

Tweet of the Week

Thank god for the influencers

Recent Beluga Content

Did you Know?

The man whose image people use as the face of Satoshi Nakamoto was actually gifted several thousand Bitcoin - unfortunately he sold the full amount for about $300k.

Disclaimer

*Will has purchased and holds $OLE tokens

The content on this site is for informational purposes only and should not be construed as investment advice. While Beluga strives to ensure the accuracy and timeliness of information, there may be discrepancies when comparing our data to that of financial institutions, service providers, or specific product websites. Always consult with a professional before making any financial decisions.