ICYMI: Beluga x Ham Starter Pack!

Beluga has partnered with Ham Coin (aka $TN100x), a memecoin built on the Base network that recently launched their own Layer3 network called Ham Chain to keep building out their ecosystem. The claim is currently live as of time of publishing, so head to our Beluga x Ham Starter Pack to get your free tokens and enter the raffle for up to 10,000 $TN100x!

Weekly Beluga Insights

We had another week of some scary red candles in the market, with alt coins once again being the biggest losers. Even though Bitcoin certainly lost some ground in part due to reports of the German Government (see their wallet here) potentially liquidating $3B in BTC, it continues to trade mostly sideways within the same range we’ve occupied for the last couple months.

Pictured above is the Solana chart, which is the largest alt coin by market cap. As it currently stands the price is trading about 35% off its local high in April and as we can see, June has not been very kind to SOL. It’s not necessarily surprising given how brutal the alt coin market has been, however with the continued activity on Solana memecoins and general attention it has received it is a bit surprising to see such a sharp downturn. This is likely just Summer market chop playing with the minds of traders, as things tend to slow down from June through August. Stay off the leverage, sit comfy in spot, and pick a few coins to focus your efforts on as we head into the rest of the Bull Market.

Major Movers of the Week

• Ethereum Name Service (ENS) +32.60%

• Lido DAO (LDO) +25.87%

• Pendle (PENDLE) +19.81%

• zkSync (ZK) -29.93%

• Injective (INJ) -27.35%

• Starknet (STRK) -25.33%

Public Trading Wallet Update

With the drop in alt coin prices and really majors as well, I’ve been looking at a number of coins on discount to accumulate for when the uptrends resume. Fantom (FTM), funny enough, was one of the first coins I bought via the Public Trading Wallet and we have now acquired another 9,000 FTM at an average price of $0.55, which brings our total balance to 21,600 FTM with a USD value of about $12,000. The thesis here is pretty straight forward, with 3 main components:

1. The ongoing Sonic upgrade which drastically improves network throughput among other things is not just a simple upgrade, but rather an entire new chain that will be launched later this year along with a new token Sonic ($S). FTM holders will be able to changeout their tokens for Sonic 1:1.

2. The rebrand and fresh token chart will greatly help the image problem Fantom has had since its DeFi ecosystem collapsed last cycle as well as a number of other incidents including the Multichain bridge hack.

3. Because of the aforementioned controversies, FTM became oversold throughout the bear market. The UX on the chain remains top tier with incredibly low fees and fast transactions, and with the upticks on the chart over the last few months we can see the market starting to pay attention.

This is definitely not a short term play, with the main catalyst coming sometime in the early Fall in the form of the new Sonic chain. We’ll continue to DCA into FTM as long as the market lets us, with an expected exit time in the next 3-4 months. As I mentioned above alt coins have been getting brutalized this cycle, and I honestly don’t expect that to change until we start getting significant ETH ETF inflows going, which is supposed to begin trading in 2 weeks from now according to Bloomberg analysts. Take your time, don’t FOMO, and don’t use leverage.

Quick Quips: Catch Up on What You Missed

• Tyler Winklevoss Donates $1M in BTC to Trump Campaign

• German Government Dumps $200M in Bitcoin

• LayerZero Foundation Launches $ZRO Airdrop

• Disgraced Pharma Bro Martin Shkreli Claims Token Launched With Barron Trump

• 3iQ Aims to Launch Canada’s First Solana ETF

Tweet of the Week

If you didn’t follow the Trump Coin x Martin Shkreli saga, there’s a lot to unpack here.

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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.

Will is the Head of Content for Beluga and has spent every day for many years trading coins. For that reason there are too many to name, however his largest holdings by a significant margin are Ethereum and Bitcoin. NFA DYOR