Parsec Weekly #74

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Reading https://parsec.substack.com/p/parsec-weekly-74

TLDR :cherry_blossom:

This article covers the latest developments in the crypto market, including Coinbase’s new smart wallets, the launch of the Sanctum token, the rise of celebrity coins like MOTHER, and the continued success of GameStop (GME) and Roaring Kitty.

Key Points :dizzy:

  • Coinbase has launched smart wallets, making it easier for new users to get onboarded to crypto.
  • Sanctum is launching a new token called $CLOUD, which has the potential to be a good airdrop.
  • Celebrity coins like MOTHER (Iggy’s coin) are seeing massive price increases, driven by attention.
  • Roaring Kitty’s GME trade has now reached over $1 billion in value.

In-depth Summary :crescent_moon:

The article starts by discussing the ongoing Bitcoin price range, which has lasted for 99 days now. Despite various bullish factors, such as rising M2 money supply, stocks at all-time highs, and the upcoming election year, Bitcoin has been unable to break out of this range. The author speculates that this could be due to a large basis trade or the impact of Coinbase seller GCR.

The article then focuses on the launch of Coinbase’s new smart wallets, which simplify the onboarding process for new crypto users. Instead of having to create a wallet, store private keys, and withdraw from a centralized exchange, users can now one-click create a wallet using biometric authentication or Google. This is seen as an important step in making crypto more accessible to the masses.

Next, the article covers the announcement of the Sanctum token, $CLOUD. Sanctum had previously run a successful gamified points program, and they are now launching their token at their initial $50 million valuation. The author is excited about this launch, as Sanctum is seen as a serious competitor in the Solana ecosystem, and they have taken steps to prevent farming and dumping at launch.

The article also discusses the rise of celebrity coins, such as Iggy’s MOTHER, which has seen a 10x increase in market cap to $190 million. The author notes that the attention and controversy surrounding these coins can drive significant capital inflows.

Finally, the article touches on the continued success of GameStop (GME) and Roaring Kitty. Roaring Kitty’s initial $50,000 GME trade has now grown to over $1 billion in value, making it one of the best trades ever. This has sparked renewed interest and volume in the onchain GME beta on Solana.

ELI5 :lollipop:

This article talks about some cool things happening in the crypto world. Coinbase made it easier for new people to start using crypto, which is great. A company called Sanctum is launching a new token that might be a good deal. Some famous people are making their own crypto coins, and one of them (Iggy’s MOTHER coin) has gone up a lot in price. And a guy who made a really smart trade on GameStop stock a few years ago has now made over $1 billion from it!

Writer’s Main Point :star2:

The main point of the article is to provide an overview of the latest developments in the crypto market, including the launch of Coinbase’s smart wallets, the Sanctum token announcement, the rise of celebrity coins, and the continued success of GameStop and Roaring Kitty. The author is generally optimistic about these developments and sees them as signs of progress and growth in the crypto ecosystem.

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