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- Weekly Rundown - August 25, 2024
Weekly Rundown - August 25, 2024
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Bitcoin’s price went up 10% this week. Now, it’s only down 1% for the month. Making progress!
Before you get too hyped up or psyched out over whatever you see in your feed or hear from your sources, make sure you know the key prices and steps I’m looking for. I shared that in my August 21, 2024 update.
In that update, I also discussed the “stochastic RSI cross” that’s stirring up chatter across the cryptosphere. There’s one big thing nobody else seems to realize about this trading signal—but you will after you get my update.
Also make sure you got my latest altcoin report. Hot off the press!
Look for the monthly issue this week, along with another market update. I’ll have another altcoin report next month and more goodies later this year. Scroll down for a poll and some content you may enjoy.
You can reply to this email to contact me directly. Or, use this button to leave a comment at the bottom of any post.
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Poll
Will Bitcoin's price go below $50,000 ever again?Choose only one answer |
Big mistake in last week’s rundown
Last week, I said 15% of ETF inflows equals more than $2 trillion.
That’s patently false. I’m sorry for printing this. The correct number is $2 billion. Still a lot (for us, not the institutions that put this money in).
Mark, that was obviously a typo. $2 trillion is almost the entire cryptocurrency market! No need to apologize.
True, but some people wouldn’t have realized that. I already updated the rundown. Sharing here for full disclosure.
Everyone but traders make money from memecoins
The Defiant sent a BANGER newsletter update last week. I wanted to share it here, but the link doesn’t work!
Since I can’t share the update, read the three articles that matter most, linked in these bullets:
Data from Dune Analytics indicates that only 3% of traders on Pump.fun have made more than $1,000 in profits, while more than 60% have lost money.
DEXScreener, the preferred data platform among memecoin traders, is raking in more than $1 million in weekly fees.
The Tron ecosystem is also benefiting from memecoin mania, with TRX up 18% in the past week following the launch of the Sun Pump token launchpad.
One more reason to not feel bad about losing money on meme coins. So’s everybody else, except meme coin providers and companies that create gambling tools.
Have fun with meme coins! Those wins can be pretty amazing.
Just make sure you know what game you’re playing—or, sometimes, who’s playing you!
Relax and enjoy the ride!
Do you want to consult with me or just chat? Schedule time on Tealfeed!
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