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War Room 12 Feb 2024
Osgur Murphy O Kane
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Josh Olszewicz's so whats

Recap of the presentation by trader Josh Olszewicz (last Thursday's war room). Josh was bullish on the crypto market and in particular on UNI, LINK, and 1INCH based on Technical Analysis. Josh will be back on Thursday 15 February 2024 for another War Room.

Osgur's presentation

Risk Management indicators have remained bullish crypto since October 2023. On-chain, stablecoin cumulative market cap continues to climb. New wallets on 11 chains tracked by Nansen had a local peak in January 2024: in February 2024, new wallets on BSC, Ethereum, and Arbitrum declined somewhat.Interesting projects flagged by Osgur:

  • Polygon: MATIC price is down 15% since last May, underperforming the rest of the L1/L2 market. However, there are some interesting technical innovations around modular and monolithic architecture that are tailwinds, according to Osgur 's latest research report
  • Chromia was highlighted as promising, supported by a strong team
  • SUI's token price momentum is positive and is seen to have wings as incentives continueThis week: US CPI on Tuesday - option hedges show that traders fear an upside surprise

Alpha members' discussion

On Polygon/MATIC

Polygon was "disliked" by many participants on the call. Users/gamers were deemed usually not satisfied by the on-chain experience, and communication with validators was said to be difficult. Technically, the average Nansen price momentum is still negative for MATIC (vs SOLANA and even AVALANCHE) but will be monitored for stabilization.

On the topic of ZK technology, Starknet was discussed. The perspective of an airdrop was found as a plus, but Osgur could not point to any technological breakthrough yet.

Interapp

Interapp plays have been appealing. SYNO Finance was discussed: It allows cross-chain borrowing and lending

https://twitter.com/synonymfinance

Memecoins vs Gaming

Memecoins on the one hand and gaming tokens on the other were identified as "high beta" plays for when the crypto bull market is in full swing (as we were talking BTC was touching 50k USD!).The memecoins favored by the participants were WIF and TRUMP, the latter because of the "election meme".In gaming, MAGIC was debated among participants. The competence of the team and the quality of the gaming infrastructure were highlighted. The lack of a sustainable economic model was mentioned, but this was deemed no different from other crypto games so far. Overall the price of MAGIC has lagged, hence it could be a candidate for a catch-up.

Ordinals

Interest in Ordinals was found to remain very high still. Projects mentioned:

  • New fund focusing on TRAC ecosystem building indexing on Ordinals. Seeing support from well-connected VCs.
  • Quantum Cats NFT mints were highlighted

AI

  • AI narratives are also making a come-back (Bittensor's strong performance last week)
  • OLAS survived its controversy of the past few days (a prominent community member turned against the project). The project was deemed to have strong fundamentals still
  • Two apps highlighted on OLAS: Nevermined
  • agents paying each other (users specify outcome), and Creator Bid that uses agents as influencers.

Other topics

  • One member took positions away from MANTA, and put a few chips in PENDLE and ARBITRUM, and made some NFT mints on Berachain. Staking on DYMENSION was said to be attractive
  • Speculation around NAM airdrop is leading to higher prices for "Bad Kids" NFT collection
  • DePIN narrative: the YOM project is Amsterdam-based, making a restart after FTX. Doing cloud computing for gaming
  • To capture the many many "narratives", one neat way could be to long COIN, in linear or via options (Anthony Gossage's idea)."
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Disclosure: The authors of this content and members of Nansen may be participating or invested in some of the protocols or tokens mentioned herein. The foregoing statement acts as a disclosure of potential conflicts of interest and is not a recommendation to purchase or invest in any token or participate in any protocol. Nansen does not recommend any particular course of action in relation to any token or protocol. The content herein is meant purely for educational and informational purposes only and should not be relied upon as financial, investment, legal, tax or any other professional or other advice. None of the content and information herein is presented to induce or to attempt to induce any reader or other person to buy, sell or hold any token or participate in any protocol or enter into, or offer to enter into, any agreement for or with a view to buying or selling any token or participating in any protocol. Statements made herein (including statements of opinion, if any) are wholly generic and not tailored to take into account the personal needs and unique circumstances of any reader or any other person. Readers are strongly urged to exercise caution and have regard to their own personal needs and circumstances before making any decision to buy or sell any token or participate in any protocol. Observations and views expressed herein may be changed by Nansen at any time without notice. Nansen accepts no liability whatsoever for any losses or liabilities arising from the use of or reliance on any of this content.