Social media, that relentless harbinger of all things shiny, saw its Dogecoin buzz skyrocket by 990% week-over-week! Oh, how the digital chatter dances like dandelion seeds upon the zephyrs of optimism, hinting at brighter days ahead for our beloved canine currency and its motley altcoin companions.
As of June 30, Strategy held 597,000 BTC, acquired for $42.4 billion. While the unrealized gain exceeds $22 billion, the firm has paused BTC accumulation for the first time since early 2024, signaling a possible shift in strategy or financial tightening.
In a tale of deception and guile, Darktrace researchers have detailed an elaborate campaign in which scammers impersonate AI, gaming, and Web3 startups, preying upon the trusting nature of their victims 🤥. The scheme relies on verified and compromised X accounts, as well as project documentation hosted on legitimate platforms, to create an illusion of legitimacy 📊.
Now, traders are getting all giddy, but they should keep their wits about them. It’s a volatile game, and you don’t wanna get caught with your pants down 😳.
As our wise friend Avocado Onchain so eloquently put forth in his analysis on June 11, there are several indicators to suggest that this current surge is not the overindulgent, fevered rush one might expect. The MVRV ratio, for instance, compares Bitcoin’s market value to its realized value, and stands at a modest 2.2. Quite a departure from the chaotic highs of 2.7 that we observed during the March and December 2024 highs—those were truly times to be wary, I assure you. How delightfully sensible of it to remain so calm!
Short positions worth $1.02B were liquidated in 24 hours
According to the all-knowing crypto.news, HYPER has rallied to an all-time high of $0.66, a 100% gain in the past 24 hours, and a cumulative increase of over 450% over the last two trading sessions 🤯. The rally unfolded in a trading environment as frenzied as a Dostoevsky novel, with daily turnover exceeding $4.1 billion, an increase of more than 3,000% from prior averages 📈.
With a 1:1 peg to the US dollar, that’s a cool 500 million RLUSD floating around. And although it’s still a wee bit behind the big boys like USDT and USDC, this kind of growth is no joke. It’s like a snowball rolling down a hill, gaining speed and size as it goes! ❄️
At the heart of this glorious comeback are some truly daring bets on Bitcoin’s central role in the next phase of crypto. Strive Funds, the brainchild of the ever-so-charismatic entrepreneur-turned-political figure Vivek Ramaswamy, managed to pull in a staggering $750 million to chase high-yield Bitcoin strategies. Not to be outdone, the newcomer Twenty One Capital made a splash with a $585 million launch, aimed solely at beefing up their BTC reserves. Formed through a merger with Cantor Equity Partners and backed by crypto titans like Tether and SoftBank, this firm is positioning itself as a Bitcoin-native juggernaut. 🦾🔥
Market data shows these whales are already dipping their toes into pre-market perpetual contracts, especially on platforms like Hyperliquid and Binance. They’re clearly expecting a bit of volatility when the token’s initial coin offering (ICO) kicks off on July 12. One can only imagine the anticipation—will it be fireworks, or just a loud pop and a fizzle? 🧐