On The Pulse - Edition #010
Welcome to On The Pulse, with Maui.

Hey everyone, welcome back to this week's edition of 'On The Pulse.' Thanks as ever to all who have subscribed and are reading this via email. If you're currently browsing, please consider subscribing! If you find today's newsletter valuable, please recommend it to a friend and feel free to suggest topics or ask questions on my Twitter @jordymaui.

This week, we’re deep diving into Memecoins, finding out the latest dramas and headlines in the industry while taking a look at what price action could become for the next week across the board.

Lesson of the Week: "Memecoins"

Memecoins have undoubtedly taken the markets by storm these past few weeks, capturing the attention of investors and enthusiasts alike with their easy to like and always meme-inspired branding. But what exactly are memecoins? At their core, memecoins are cryptocurrencies that are based on internet memes or cultural references, often created as a joke or for entertainment purposes. Unlike traditional coins that may have a specific utility or function, memecoins derive their value primarily from community interest, social media hype, and viral marketing.

💡 So what are they exactly?
Memecoins are a subset of crypto that prioritise humour, satire, and meme culture. They can be based on popular internet memes, iconic figures, or even random jokes that gain traction within online communities such as ‘dogwifhat’ based on simple a viral picture of a dog, wearing a hat. Memecoins are typically launched quickly and may lack the same level of development or utility as more established coins and usually make it up as they go along.

📈 The Rise of Memecoins
Memecoins have seen a meteoric rise in popularity, fueled by the meme culture phenomenon and the democratisation of finance through platforms like Reddit, Twitter, and TikTok. Memecoins often attract a dedicated community of supporters who rally behind the project, driving both price appreciation and viral marketing efforts. It’s also worth mentioning it’s usually popular among newcomers to crypto due to the ease of understanding in comparison to complex or use-case based coins.

🚀 Examples of Memecoins
Some well-known examples of memecoins include Dogecoin (DOGE), Shiba Inu (SHIB), PePe and WIF. These coins have gained widespread attention and have experienced significant price fluctuations based on social media trends and celebrity endorsements (in the past - not common currently…).

🔍 Risks and Rewards
Investing in memecoins can be highly speculative and volatile, with prices often driven by hype rather than fundamental value. While memecoins have the potential for quick gains, they also carry substantial risks, including the potential for sharp price declines and the susceptibility to market manipulation.

💰 Impact on the Crypto Market
Memecoins have had a profound impact on the crypto market, bringing attention to the industry and attracting new participants. However, their speculative nature and lack of intrinsic value have led to concerns about market stability and investor protection. After all, despite them being an incredible marketing tool for new investors and eyes on the industry, the reputation and volatility is a huge downside.

Overall, memecoins represent an intriguing aspect of the crypto landscape, blending humour, community, and speculation in a unique unheard of way. While they may offer opportunities for extreme profit, investors should approach memecoins with caution and conduct thorough research before investing - if investing at all, it’s mostly gambling.

Major Headlines: "The Weekly Roundup"

From memecoins to BTC collapsing, this weeks headlines are here:

💼 Blackrock puts $100m towards Ethereum based fund:

BlackRock, the world's largest asset manager, has initiated a $100 million Ethereum-backed digital liquidity fund. This move reflects growing institutional interest in Ethereum and its potential to revolutionise finance. The fund aims to leverage Ethereum's capabilities to enhance liquidity and efficiency in the digital asset space. Read more here.

🏛️ Over $120m is raised in ‘Presales’ for Solana Memecoins:

During a very crazy few weeks of memecoin mania, the presale meta has returned and raised incredible amounts of money. The presale meta is where people tweet out a contract address and essentially raise money before the coin launch for X amount of people or money in order to have them provide liquidity early. This is essentially a token offering but a lot more volatile due to its memecoin nature. This weekend, over $120m was raised across various presales on Solana breaking a lot of incredible records; see them here.

🩸 Bitcoins worst day since the FTX collapse: 

Bitcoin experienced its most significant single-day loss since the collapse of FTX, marking a significant downturn in the cryptocurrency market. The sharp decline in Bitcoin's price has raised concerns among investors and analysts, highlighting the volatility inherent in the crypto market. This development underscores the need for caution and risk management when investing in Bitcoin but shows us how far we’ve come. Read more here.

💣 Memecoin ‘SLERF’ burns $10m of Presale funds: 

A memecoin project on Solana, called Slerf, accidentally burns $1.4 million worth of tokens during its launch. This mistake shows the risks in DeFi projects and the need for thorough testing before going live. It reminds us to be careful when using DeFi platforms and to demand transparency and responsibility in the crypto world. You can read more about it here.

Maui’s Weekly Analysis of Charts

Dive into the pulse of the crypto market with me for a quick overview. If there are elements you don’t understand here, don’t worry – feel free to ask me questions on Twitter. Interested in a specific chart analysis? Let me know! I’ll also be holding weekly polls based on your suggestions. Anyway, here are this week’s charts:

₿ BTC (Bitcoin):

• Recent Price Action: Over the last 7 Days, $BTC has retraced down 12% hitting lows of $60,800 and now bouncing to $64,000.

• Weekly Forecast: For the first time in a while, yesterdays ETF outflows and many built up shorts came out on top with price having its largest decline since the FTX crash. Price has bounced from the lows however and we will keep an eye on key ranges marked out on the chart for reactions.
  
  As we finally see a retrace, it’s much easier for us to set targets for BTC here. If we continue to see strong selling, we’re cautious of the $58k area for a strong support bounce. If $60k was strong enough of a bounce, we want to see continuation and surges through what will now be considered resistance at $64k & $69k - previous ATH. Play the range, or sit on your hands is my best advice for the week ahead.

♦ ETH (Ethereum):

• Over the past 7 days, Ethereum is now down 16% from its high of $4,000 to a low of $3,000 and bouncing to $3,300 currently.

• Weekly Forecast: All altcoins took a major hit from the liquidity being swept on pullbacks but most have had significantly strong bounces, ETH included. It appears $3k has formed a strong bounce and support level and we look to retake those previous highs.

ETH certainly appears to be stronger looking than BTC at the moment with only one resistance level to clear and return to highs. Keep a strong eye on ETH performance here with increasing rumours of ETFs coming next - it could well see a strong rally based off its bounce at $3,000 in comparison to Bitcoins current outlook.

Bitcoin Dominance (BTC.D) chart continues to fall further indicating money flowing more into altcoin bounces - a positive thing for us (if you’ve followed me into my recommendations!) as we continue to buy up dips on alts discussed in previous weeks newsletters!

As always, i’ll mention this: BTC.D up = Money is in Bitcoin, alts bleed or stay stagnant. BTC.D down = Money flowing into alternative coins & bitcoin ranges or bleeds out.

Now, let’s give an update on the altcoins we’re still looking at each week.

/ AVAX (next height target of $70, buying more/bids at $34 or lower.)
Reached $65 before retracing, still showing strength - buying anything lower than $50 on AVAX with current targets still in sight.

/ SOLANA (next height target of $200, buying more/bids at $105 or lower.)
Took a major hit after breaking through $200, buying anything below $170 for SOL at these stages and now chasing new all time highs.

/ INJ (next height target of $54, buying more/bids at $32 or lower.)
After a very strong retrace to $34, we’re buying more INJ here in the range in order to continue accumulating before all time high break outs.

/ SEI (next height target of $1.30, buying more/bids at $0.63 or lower.)
After dipping to $0.75 and having a strong bounce, we’re looking to also accumulate at these prices awaiting a breakout to the upside of our target.

/ MAVIA (next height target of $12, buying more/bids at $4 or lower.)
Despite pullbacks, prices only fell as low as $5.20 so we will look at also accumulate here and aim for higher targets, strong positions around the board.

/ RNDR (next height target of $12, buying more/bids at $6 or lower.)
With the NDIVIA conference ongoing and RNDR speaking soon, our dips to $10 seem the local low is in and we continue aiming for much higher than $12.

/ LINK (next height target of $24, buying more/bids at $17 or lower.)
Bids hit, support holding strong - we accumulated more LINK at $17 awaiting its time to rise, strong hold for a rally at some point during the bull.

/ MATIC (next height target of $1.50, buying more/bids at $0.98 or lower.)
Another one where bids hit & we we’re able to capitulate the bounce, accumulating more MATIC at lows of $0.93 before bouncing again.

/ NEAR (next height target of $10, buying more/bids at $3.50 or lower.)
With $6 acting as a bounce and support, we’re looking to still claim highs and push above $10 for our next price target with NEAR.

/ TIA (next height target of $24, buying more/bids at $13 lower.)
Bids just about hit on TIA as its low of $12 came in, now aiming for a return to the upside and new all time highs.

If you would like me to take a look at any specific charts or go deeper into anything, please feel free to reach out to me on twitter or email!

📰 The Summary: From Crypto Trends to NFT Buzz

Each week, we will end the newsletter with a really brief TLDR (Too Long, Didn’t Read) assessment of what’s been going on this week across Crypto and NFTs. I hope this section provides additional value for those who read!

Crypto:

• 🩸 Market Trends: The first pullback, where will the blood land?

• 🔥 $1.4m accidentally burned by trader: Not what you would expect at all… he accidentally sent it to the tether contract adress.

• 📈 $122m is raised in $SOL memcoin presales: The craziness continues as pre-sale coins raise hundreds of millions.

• 🛑 Solana becomes congested from overuse: With memecoins going crazy, solana becomes unusable for deployments through traffic.

• 💰 Bitfinex $10k BTC bid fills: A rogue $10k BTC bid for $1m was filled on bitfinex after some crazy manipulation on their order books.

NFTs:

• 🚫 NFTNick Reports a rumour that Nike will sell RTFKT: Later dismissed by the founder, this rumour got spiralling on twitter…

• 📸 WIF NFT sells for $4.3m: The original photograph that created $WIF has sold as an NFT for millions to a $WIF whale.

• 🐒 NodeMonkes officially flip BAYC: More bad news for the Apes as the BTC king flips them in floor price.

• 🪂 StarsArena have announced their Airdrop: Popular social-fi app on AVAX announces the details behind their airdrop.

• 💎 MagicEden diamonds drop goes live: For those with ETH volume and NFT trading volume, you can claim diamonds on Magic Eden.

And with that, we’re wrapped up for another week. If you have any suggestions for lesson of the week, please let me know! If you enjoyed this weeks newsletter, please feel free to support by following me on twitter @jordymaui

Until next time!