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War Room 1 - May 27th, 2024
James Tolan

Jake's Presentation

Market Overview

Ethereum rose 27% in the last seven days, while it's median gas price is nearly 11 gwei and the gas price downtrend that started in March is tempting to break out. Arbitrum regained its lead in daily transactions over Base, reflecting a shift in activity back to Arbitrum.

Smart money tagged wallets showed a diverse distribution of activity across multiple chains. Base leads the way, with Polygon, BNB Chain, and Arbitrum being runners up. Retail funding appears to have bottomed last week. New retail entrants bottomed in April and has since bounced back, primarily driven by Ethereum mainnet.

In terms of new wallet creation, Solana is in the lead, followed by Tron, Polygon, BNB, and Arbitrum, with Base also experiencing a recent decline. The stablecoin market cap has shown positive inflows, recovering after a slight decrease at the end of March, indicating new money entering the market. Additionally, the total crypto market cap has reversed its downtrend since the end of March, led by Ethereum, and now exceeds $2.5 trillion.

  • The launch of Guild of Guardians on Immutable's platform was highlighted as a significant development in crypto gaming. The game allows players to own and sell assets, addressing issues found in traditional mobile games. Immutable X’s flagship game that can be downloaded via App Store or Google Play.
  • Positive regulatory developments, including the potential impact of an Ethereum ETF, are being closely monitored. Projects like Uniswap, Maker, Lido may benefit from these regulatory changes.
  • The anticipated Base Summer event by Coinbase is expected to drive liquidity and engagement, especially with the release of a smart wallet, potential Coinbase listings of Base ecosystem tokens and possible airdrops from within the Base ecosystem.
  • Solana was notably mentioned as the leading degen chained with Solana meme coins having higher liquidity compared to Base, where some coins struggle to maintain market caps.
  • Political tokens, like MAGA, have seen a surge recently with some speculation on further gains within the political meme ecosystem coming up to the election.
  • Many speakers on the war room call have spent time touching grass recently.
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