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Weekly Beluga Insights

I don’t want to jump the gun here but the market is feeling extremely bullish, a massive sentiment shift from only a few weeks ago when we were still in the dumps from the Japan carry trade blowing up. Bitcoin is pumping but more importantly alt-coins are starting to outperform, and on the memecoin side of things we’ve re-entered what I like to call “silly mode”. The biggest winner this week both in terms of engagement as well as price action has been the $MOODENG memecoin on Solana, a fan coin of the baby hippo that has been going viral. It’s been quite some time since we’ve seen a normie market be interested in memecoins, but it looks like based on the engagement the coin’s account is getting and the fact that the name has flipped Ethereum in search volume (see below), Moo Deng may have been the bridge we needed to close the gap. This is not an endorsement to buy it nor do I personally hold any, I can just appreciate the onboarding of normies.

If we go back to September 2023, not only did October turn out to be a monster month for the market but it started with a memecoin pump. The runs of Bonk and Wif ended up defining the Solana memecoin meta that drove Solana to outperform through this cycle, so seeing memecoins get this hot once again at the same time the market is hitting an inflection point… feels familiar. As we get back into the bull run, stay tuned to the Beluga Brief for daily updates and analysis on the market from industry veterans!

Major Movers of the Week

Public Trading Wallet Update

Another positive week in the books for the Beluga Trading Wallet, including our first trade since $AAVE (up 80% since entry). To round out our exposure to DeFi coins I decided to add Curve DAO ($CRV) to the Beluga portfolio which leaves us almost fully allocated. I think our timing on this front is great based on how the market is looking currently, and with an alt-centric portfolio we are well positioned to capture some serious upside if I’m right about alt-coin season.

Notably Fantom $FTM is one of our best performers this week, and also happens to be our largest position overall – after not sizing enough into $AAVE before it ripped, I’m happy to be on the right side of this one. Since we launched originally in April at the local top of the market with $100,000 we’ve been largely underwater as we DCA’d (Dollar Cost Average) into the positions above, and the fact we’re seeing the market turn around here at the end of our DCA is just perfect timing. The one market segment I would still like to add to our portfolio is AI, which we don’t yet have any exposure to yet I believe will continue to be a leading narrative through the rest of the cycle.

Quick Quips: Catch Up on What You Missed

• Former Binance CEO Changpeng (CZ) Zhao released from custody

• Bankman-Fried’s ex-girlfriend Ellison gets two-year sentence

• Diddy, Bankman-Fried moved into sam jail unit

• Mango Markets is Latest Crypto Project to Settle SEC Charges

• The Kingdom of Bhutan is onchain and mining millions in BTC

Tweet of the Week

CZ is officially out of jail today, walking as a free man while SBF and Caroline go to prison themselves. Justice has been served!

Recent Beluga Content

Been wanting to get involved in the Solana trenches? Check out our guide to find the easiest way to make your wallet and get started!

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 McKinnon 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