Weekly Beluga Insights

After two big dumps this week, BTC has already climbed its way back over $70,000 and on towards higher ranges. I wanted to note the two big negative movements because as things get more bullish, this is likely an event we’ll see even more often. These are known commonly as “liquidity grab” events, where traders get liquidated due to being over-leveraged. If this sounds complicated, the basic idea to understand here is these moves tend to be violent yet very fast. For readers who are just now getting into the market, it can be easy to get emotional when you see a massive red candle on the chart - just remember that while this industry is volatile sometimes, our current market direction is up!

Oh yeah also Franklin Templeton wrote a report on how memecoins are linked to network growth… this timeline is amazing.

Major Movers of the Week

• dogwifhat $WIF +87.77%

• Floki (FLOKI) +77.32%

• NEAR Protocol (NEAR) +66.48%

• Gala (GALA) +56.13%

• Toncoin (TON) +45.12%

What We’re Watching

This is a little known fact, but the some of the highest revenue generating businesses in crypto are web-based casinos that accept crypto as deposits. The biggest player in this market right now is Stake, however they don’t have a token so we’ll disregard them for now. At the moment Rollbit is really the only official casino with a token, and while they generate billions in revenue they’ve also been locked in controversy which has negatively affected their token price as well as place in the market.

In comes Shuffle, a new casino with a brand new token that launched this week. The ICO raised $20M in just 3 days, selling out with an average price around $0.55. The token $SHFL is now freely trading on UniSwap, and in my opinion is sitting extremely undervalued at a current price point of just over $0.50. The circulating supply is under 7%, which means a circulating market cap of just $36M. The FDV is of course quite high, however with a lengthy vesting schedule and strong deflationary mechanics from revenue share, there’s enough time before emissions become too high for a nice trade.

To put the $35M market cap in perspective, Shuffle did $150M in volume on their platform on Wednesday alone. Previous months have seen around $400M volume, putting monthly revenue at an estimated $10M. Even if there weren’t buy back plans via platform revenue built into the tokenomics, for a business making this much money the valuation of the token seems way off. Many airdrop tokens tend to bottom out for 1-3 days before making a big positive movement, and $SHFL may fit that pattern.

Quick Quips: Catch Up on What You Missed

• Craig Wright Officially Ruled not Satoshi Nakamoto

• FTX Claims now Priced at 97%

• Coinbase Continues Climbing the Charts

• New Ethereum Upgrade Reduces Fees to Pennies

Tweet of the Week

After years of ridicule from international media outlets, El Salvador’s President Nayib Bukele is making his victory laps around the national treasury’s profit on Bitcoin.

Recent Beluga Content

Did you Know?

Despite media-spread fear about governments potentially looking to ban crypto at some point, blockchains like Bitcoin cannot be censored. Bitcoin would continue to live on regardless of government views.

Disclaimer
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.