Token Chronicle - Week 4 August 2024

Top cryptos

Meme of the week

Quick bites:

• 🚨 Grayscale launches the "Grayscale Avalanche Trust," giving investors access to the AVAX token.

• 🔥 Ethereum and Solidity are now part of the national education program in Argentina.

• 💰 Nvidia reported $30 billion in revenue for the second quarter, exceeding expectations by 3.8%.

• 🚨 Goldman Sachs, one of the world's largest investment banks, is laying off 1,300 employees.

• An Instagram scammer hacked McDonald’s account to launch a memecoin, stealing $700,000.

• Pro-Bitcoin candidate Robert F. Kennedy Jr. suspends his campaign to support Donald Trump.

• A new malware, Cthulhu Stealer, targets Mac users, specifically MetaMask, Coinbase, and Binance wallets, disguising itself as legitimate software like AdobeGenP or CleanMyMac.

• After launching his 4th NFT collection, U.S. presidential candidate Donald Trump officially endorses his sons' crypto project, World Liberty Financial, which aims to launch a DeFi platform as an alternative to "corrupt" banks.

Market update: The market had climbed to around $62K (BTC) but has since retraced to $57K. Ethereum remains lagging. Jerome Powell has suggested a rate cut in September; we'll see if that’s enough to boost the market or if it will require waiting until mid-autumn. Historically, September isn’t very favorable for the crypto market. Last week, there were some institutional sales (e.g., BlackRock); it remains to be seen if this trend continues. Key economic data releases are expected this week: U.S. manufacturing PMI for August on Tuesday; Chinese PMIs for August, U.S. job openings, and labor turnover on Wednesday; Eurozone retail sales for July on Thursday; and on Friday: U.S. labor market report (August), UK house prices (August), and Japan household spending (July).

Main points this week:

International Update:

1. El Salvador takes another step in its Bitcoin adoption by training 80,000 officials in this technology. This ambitious initiative aims to integrate Bitcoin into the core of public administration. The country holds 5,850 Bitcoins, valued at over $350 million, making it one of the largest government holders of BTC.

2. Russia plans to launch two cryptocurrency exchanges to support its foreign economic activities. These platforms will focus on stablecoins pegged to BRICS currencies, particularly the yuan, as part of a broader strategy to dedollarize international transactions. The country has also begun using crypto for international settlements.

3. Several French government websites were targeted by DDoS attacks in protest against the arrest of Telegram CEO Pavel Durov.

4. Japanese Prime Minister Fumio Kishida spoke about blockchain this week, stating that Web3 is positioned to solve social issues and revitalize the content industry. The government aims to promote the development of this industry.

5. Due to non-compliance by two offices responsible for sending aid to Afghanistan, the U.S. may have mistakenly funded the Taliban. The amount in question is $293 million. Despite leaving Afghanistan three years ago, financial aid continues to flow into the country to support the local population under Taliban rule.

6. Brazil blocks access to X after a conflict between the social network and a local judge. Tensions have been escalating for months between X, Elon Musk, and a Supreme Court judge, leading to the social network being blocked in Brazil from Saturday night.

Telegram/Pavel Durov Update: On Saturday evening last week, Telegram founder and CEO Pavel Durov was arrested at Le Bourget Airport by the French Air Transport Gendarmerie. The 39-year-old Franco-Russian was listed in the wanted persons file and is under investigation by the Office for the Protection of Minors (OFMIN). A major supporter of the TON blockchain and various actors in the crypto and tech world, Durov is accused of failing to implement necessary platform moderation measures and not sufficiently cooperating with authorities on various investigations. Telegram’s encrypted messaging platform makes communications difficult to trace or censor. He is also criticized for censorship in some countries while being very lax in others (such as France). Durov was recently released but cannot leave France pending further legal proceedings. Many of his supporters denounce a climate of censorship, repression, and social media control; for instance, Mark Zuckerberg recalls the censorship imposed by the U.S. government during COVID and claims he will no longer yield to such pressures. Russia strongly criticizes this arrest (as Durov is Franco-Russian). Meanwhile, the TON blockchain has experienced several outages due to a surge in activity linked to memecoins.

Miscellaneous:

• Sony is set to launch its own Layer 2, called Soneium: This morning, Sony announced the upcoming launch of its own Ethereum (ETH) Layer 2: Soneium. This network is developed by Sony Block Solutions Labs, a joint venture between Sony and Startale. Through its cryptocurrency exchange S.BLOX and Soneium, Sony aims to create applications that can be “used daily by people who have never had the opportunity to discover Web3.”

• During his speech at the Jackson Hole Economic Symposium, Jerome Powell hinted that the U.S. Federal Reserve (FED) could start cutting rates in September. After a year of stagnation, this would represent the first cut after 11 consecutive hikes. Following his remarks, the market now expects a 25 to 50 basis point cut at a 76% probability, and a 50 to 75 basis point cut at a 24% probability. Under this scenario, rates could be lowered to a level between 4.75% and 5.25% on September 18.

• In just over a year, PayPal USD (PYUSD) has crossed the $1 billion market capitalization mark, something that USDC and USDT failed to achieve within the same timeframe. However, there is still a long way to go for PYUSD to catch up with its two rivals, given their significant lead. PayPal highlights that PYUSD reached this milestone twice as fast as Circle’s stablecoin, USDC, and three times faster than Tether’s USDT, currently the two leaders in the stablecoin world.

• The U.S. SEC may soon classify NFTs as securities, according to OpenSea CEO Devin Finzer. The NFT platform has received a “Wells notice” from the SEC, a warning prior to potential legal action. For Finzer, it’s not just companies that are at risk from regulator attacks, as is usually the case, but all creators and developers using non-fungible tokens. A Wells notice indicates that the SEC is considering legal action against OpenSea for potentially violating securities laws. Although the battle has not officially begun, the NFT platform must now stay on guard.

Discover a tool: Let’s talk about an easy-to-use, intuitive, AI-powered assistant for crypto traders and users of all levels: Scopechat (Scopechat (0xscope.com)) ; guide: Welcome to Scopechat | Scopechat Guide

Introduction

• 0xScope or Scopechat is an advanced AI-driven platform designed to analyze tokens and crypto protocols.

• It provides comprehensive insights, helping users make informed decisions in the rapidly evolving crypto market.

What is 0xScope?

• 0xScope leverages artificial intelligence to track and analyze blockchain data, offering real-time insights into various crypto assets.

• The platform supports both individual tokens and entire protocols, giving a broad perspective on market trends and specific project health.

How Does It Work?

1. Data Collection:

   • 0xScope aggregates data from multiple blockchain networks and crypto exchanges.

   • It continuously monitors transactions, token movements, and protocol activities.

2. AI-Powered Analysis:

   • The platform uses machine learning algorithms to process and interpret the vast amount of data collected.

   • It identifies patterns, anomalies, and trends that are crucial for understanding the market dynamics.

3. User-Friendly Dashboard:

   • 0xScope presents the analyzed data through an intuitive and customizable dashboard.

   • Users can access detailed reports, risk assessments, and trend analyses.

Advantages of 0xScope

• Comprehensive Analysis:

  • Offers a deep dive into both macro and micro aspects of the crypto market.

  • Supports decision-making with data-driven insights.

• Real-Time Monitoring:

  • Provides up-to-date information, crucial for traders and investors looking to stay ahead of market movements.

• Risk Management:

  • Identifies potential risks and flags suspicious activities, helping users safeguard their investments.

• AI-Driven Insights:

  • The use of AI ensures accurate and predictive analytics, reducing the reliance on guesswork.

Let’s talk about: How to Find Early Crypto Projects Using Debank, Zerion, and Dextool ?

Introduction Finding early-stage crypto projects can be highly rewarding, but it requires the right tools and techniques. This guide will show you how to identify promising tokens by analyzing wallets and transactions using platforms like Debank, Zerion, and Dextool.

Step 1: Analyzing Transactions on Dexscreener

1. Select a Token: Start by choosing a token to analyze on Dexscreener.

2. View Transactions: Examine recent transactions to identify top traders. Focus on those with a good profit and loss (PNL) but a limited number of trades to avoid daily traders who may clutter your analysis.

3. Explore Wallets: Click on the wallets involved in these transactions. This will take you to Etherscan for a deeper dive.

Step 2: Wallet Analysis with Debank

1. Check Wallet Composition:

   • Copy the wallet address from Etherscan.

   • Go to Debank and paste the address to see the wallet's balance and token composition.

2. Investigate Token Holders:

   • Click on the specific token in Debank to view all wallets holding it.

   • Depending on the wallet’s composition, decide whether to follow this wallet.

Step 3: Advanced Tracking with Zerion

1. Enter Wallet Address:

   • Once you’ve identified an interesting wallet, input the address in Zerion.

   • Zerion allows you to link with your phone for notifications about the wallet's activities.

2. Analyze Purchase History:

   • Zerion shows when the wallet bought the token and how it has performed since.

   • This helps you determine if the wallet has valuable insights or just got lucky.

3. Follow or Dismiss:

   • Based on the wallet's performance and activity, decide whether to keep tracking it.

Step 4: Identifying the Best Wallets to Follow

1. Look for Consistency:

   • Focus on wallets with a history of making smart moves and consistent profits.

   • Avoid wallets that make too many trades or hold a lot of underperforming tokens.

2. Follow Key Players:

   • Identifying and tracking key players can give you insights into promising new projects before they gain widespread attention.

Conclusion By leveraging the capabilities of Debank, Zerion, and Dextool, you can systematically identify and track early crypto projects with potential. This approach, focusing on wallet analysis and transaction history, can help you discover hidden gems in the crypto space. Nevertheless, be very cautious if you intend to copy-trade some of the wallets identified, some may be successful by creating scams tokens and do rug-pulls, you may be scammed as well if you sell the token too late.

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Disclaimer: The information disclosed here does not constitute an investment advice ; it is for informational purposes only and does not constitute investment advice. You should do your own research while investing in crypto and only invest money you are ready to lose.