Summary
TLDR: Memecoins, particularly dog coins, are dominating the crypto market with significant gains. Bitcoin’s DeFi ecosystem is growing, with TVL increasing by 800% in a month. Ether is outperforming Nvidia stock. DEX volumes have cooled, Tether is close to a $100 billion market cap. Crypto stocks are mostly set to open higher, except for BIT Mining. MicroStrategy is the number one crypto stock this year. Liquidations of $262.3 million have hit derivatives traders, with short sellers losing the most. CEX open interest is at an all-time high.
Key Points
1. Memecoins, especially dog coins, are currently dominating the market with significant gains.
2. Bitcoin’s DeFi ecosystem is experiencing rapid growth and attracting substantial capital.
3. Interest in Bitcoin as a base layer for various projects is increasing, with new layer-2 projects like Merlin’s Seal and B2 Buzz gaining popularity.