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The Crypto Minute
Your Weekly Guide to Surviving the Crypto Rollercoaster.
CoinBrain
December 02, 2024 • Reading Time: 8 minutes
Welcome to a new issue of Crypto Minute by CoinBrain! In crypto, bananas become million-dollar art, tokens fly higher than rockets, and the only constant is pure, unadulterated chaos.
⤵️ Today’s Agenda:
We got Justin Sun, the founder of Tron hitting headlines after consuming a $6M banana and investing in World Liberty Financial 🍌
Arthur Hayes is making moves to accumulate massive amounts of Ethena ($ENA) tokens.
XRP making a huge comeback (+400 %) after years of flatlining.
And more…
📊 Market Snapshot
| $95,900BTC-2.12% | $3,666ETH+7.6% | $3.43TCrypto Market Cap+7.2% | 80 (Exteme Greed)Fear & Greed Index-3 from last week |
📅 Crypto Events You don’t want to Miss
Wednesday, December 4th: US Fed Chair Jerome Powell (head of the central bank) will speak. Traders will likely try to decipher any interest rate clues from Powell’s speech, as well as his body language.
🔽 Lower interest rates generally lead to 📈 better-performing capital markets.
Friday, Dec 6th: Several high-impact US financial metrics will get dropped on this day. Stay tuned for market moves!
US Average Hourly Earnings (monthly) - Measures worker pay increases. In crypto, this reflects potential investment capacity as higher wages might mean more money for crypto investments.
US Non-Farm Employment Change - Tracks new jobs created across industries, excluding the farming industry. 🔼 More jobs created is better for crypto.
US Unemployment Rate - Measures the percentage of the total workforce that is unemployed and actively seeking employment. The effects of unemployment on crypto can be multifaceted 🧐
🐋Smart Money Tracker
Tuesday, Nov 26th: Even whales panic sometimes! After the recent price drop, a whale promptly withdrew $10.5M worth of $SOL and deposited into Binance to sell 😅 Better to sit these situations out than regret later.
Wednesday, Nov 27th: From $160 to $6.14M with a 38,399x return! 🤯 This trader spent 0.75 $SOL to buy $CHILLGUY on pump.fun and still holds 9.62M $CHILLGUY with a profit of several million dollars 🔥
Thursday, Nov 28th - Arthur Hayes has been accumulating $ATH tokens, however recently he began shifting his holdings into $ENA. From Nov 26th to 28th he accumulated a total of $11.21M worth of $ENA. The future is looking interesting for this token 🤑
Sunday, Dec 1st - This crazy trader turned just 1 sol into $435K with a 2,280x return 🫢 How they did it you ask? On Oct 25th this trader spotted an art meme token $Mundi. They invested when the market cap was just $8.5K and held with diamond hands 💎 Few days ago they started cashing out the profits.
Source: Lookonchain
📰 News Recap (Nov 26 to Dec 2)
🛡️ WalletConnect Drops a Token of Appreciation. WalletConnect has launched its first-ever token airdrop, spreading the love to over 160,000 users, builders, and contributors. With 50 million WalletConnect Tokens ($WCT) up for grabs. Eligible participants can now check their status and potentially stake their way to more crypto clout.
🚀 XRP, the old dog who still got some new tricks. XRP has just pulled off a spectacular market maneuver, rocketing past Tether and Solana to claim its spot as the third-largest cryptocurrency. In a 24-hour surge, the token's value leaped over 20%, hitting around $2.45. But wait, there's more—XRP has logged an 68% weekly gain and a 379% monthly increase. Talk about a comeback story!
💲 Binance has just entered the stablecoin arena (again) with a twist. Introducing $BFUSD, a reward-bearing token offering a tantalizing 19.55% annual percentage yield. The best part? No staking required—simply hold BFUSD in your Binance futures account and watch those rewards roll in. Binance is also running a promo from November 27 to December 26, 2024, with zero purchase fees and a chance to share 100,000 USDT in bonuses.
🌍️ Story of the Week
🍌 Justin Sun's Banana Gambit and World Liberty Financial. Justin Sun, the founder of Tron, has once again proven that in the world of crypto, nothing is off-limits. At a recent Sotheby's auction in New York, Sun dropped a cool $6.2 million on Maurizio Cattelan's "Comedian," a now-infamous artwork consisting of a banana duct-taped to a wall. But Sun didn't just buy the art—he ate it. During a press conference in Hong Kong, with cameras rolling, he took a bite and declared the banana "much better than other bananas."
But Sun's week didn't stop at culinary art performance. He invested $30 million in World Liberty Financial, a cryptocurrency initiative with connections to U.S. political circles and president-elect Trump. The investment earned Sun an advisory role in the company. Our guess is that he is trying to position himself as a potential bridge between traditional finance and the decentralized finance world.
We are thrilled to invest $30 million in World Liberty Financial @worldlibertyfi as its largest investor. The U.S. is becoming the blockchain hub, and Bitcoin owes it to @realDonaldTrump! TRON is committed to making America great again and leading innovation. Let's go!
— H.E. Justin Sun 🍌 (@justinsuntron)
6:57 PM • Nov 25, 2024
Sun is reminding us that value is all about perception, storytelling, and audacious moves. Just like a banana taped to a wall can be worth millions, or a crypto investment can reshape financial landscapes. Move over, traditional finance—the crypto world just took another bite out of convention—quite literally!
🔒 Major Token Unlocks of the Week
$NEXT - 3.78% of the total supply will enter circulation on Dec 05, 2024.
$INSR - 2.08% of the total supply will enter circulation on Dec 06, 2024.
$HFT - 1.67% of the total supply will enter circulation on Dec 07, 2024.
$TKO - 2.03% of the total supply will enter circulation on Dec 07, 2024.
$HyPC - 1.87% of the total supply will enter circulation on Dec 08, 2024.
Connext (Everclear) $NEXT token unlocks on Dec 5th is a great opportunity for you to plan some purchaces or sell before the crash comes. Overall its benefitial to follow unlocks as tokens tend to crash immediately after.
Get full details on token unlocks here (updates on new unlocks every week).
🗞️ From our Blog
💡 1 Minute Learning: Stablecoin Yield
Stablecoin yield is basically the crypto world's answer to earning interest, except instead of your grandpa's boring bank offering 0.01% returns, you're looking at potential yields that can make traditional banks blush.
By parking your stablecoins (cryptocurrencies designed to maintain a steady value, typically pegged to assets like the US dollar) in various platforms, you can earn passive income that often ranges from 5% to a mind-blowing 20% annually 🤑
These yields come from complex decentralized finance (DeFi) mechanisms like liquidity pools, lending platforms, and algorithmic trading strategies. Just remember, higher yields often mean higher risks - so while you might be dreaming of turning $1,000 into $1,200 without lifting a finger, always do your homework and never invest more than you can afford to lose!
And that’s a wrap! 🎉 Enjoyed this newsletter? Forward it to a friend, and let them know they can subscribe here.
Got any ideas or feedback? We’d love to hear from you! Drop us an email at [email protected].
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and not investment advice or a solicitation to buy or sell any assets or make financial decisions. Always do your own research and stay safe out there.