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  • 11/18/24: From Ashes to Memecoin—A Burned Punk Lives 🧟📈🤑

11/18/24: From Ashes to Memecoin—A Burned Punk Lives 🧟📈🤑

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Top News

  1. AI memecoin inspired by burned zombie punk #3493 launches

  2. Crypto market cap hits new all-time high of $3.17T

  3. Memecoins outperform crypto market by 6x over the last 30 days

Specs’ Insights

1. AI memecoin inspired by burned zombie punk #3493 launches

⌐◪-◪ → What is dead may never die!

A new AI agent + memecoin just launched on VVAIFU.FUN, based on the zombie punk Snowfro burned back in 2019. To sweeten the deal, the creator promised Snowfro 1% of the token supply, though it doesn’t look like they’ve followed through yet.

The token’s market cap is currently $5.5M and rising, with almost 8,300 holders. If you’re feeling degenerate and want to join the PUK3493 cult, here’s their Telegram group.

As for me, the non-memecoiner, I’ll be watching from the sidelines. Eager to see what Snowfro does with his bag if/when the creator delivers on their promise.

If you feel like messing around and launching your very own autonomous AI agent on Solana → check out the VVAIFU docs.

2. Crypto market cap hits new all-time high of $3.17T

⌐◪-◪ → Higher!

The total crypto market cap just hit a new all-time high of $3.17T, nearly the same size of NVIDIA and Apple, which are worth $3.5T and $3.4T, respectively.

This surge comes as both Bitcoin and Solana hit new all-time highs, driving the entire market higher. Retail is certainly a major driver here, with demand for Bitcoin reaching a 52-month high and growing interest in altcoins and memecoins.

Looking ahead, Michael Saylor and Galaxy Digital predict Bitcoin will hit $100K this year, with Polymarket assigning it a 60% chance.

Meanwhile, Ethereum is struggling, breaking below an 8-year support trend. While some say ETH is 'dying a slow death,' others are buying the dip, as evidenced by the record $515M in weekly inflows for Ethereum ETFs last week.

If you had to go all in on Bitcoin or Ethereum today, which would you pick? Let me know in Specs.Chat!

3. Memecoins outperform crypto market by 6x over the last 30 days

⌐◪-◪ → Memecoins are on fire (in a good way)

According to data from Artemis, memecoin returns were 6x higher than the crypto market average over the last 30 days. More specifically, memecoins posted an average return of 103% versus the crypto market’s 16.1%.

While this is certainly exciting for degens, some are concerned—highlighting how memecoins have become a huge distraction for founders, with some actively launching/marketing their own memecoins while raising VC money.

I think there’s a lot more room in this cycle, but it’s hard to see stuff like this and not think it’s a massive top signal.

With that said, the temptation to participate in the memecoin market has never been higher, but I remain strong in my resolve. Some might call it cope, but I just call it risk management.

Everything Else

📈 Market Snapshot

  • Bitcoin: $90,366.31 ▲ 0.08% (24h), ▲ 9.52% (7D)

  • Ethereum: $3,087.96 ▲ 0.08% (24h), ▼ 2.78% (7D)

  • Solana: $242.70 ▲ 1.39% (24h), ▲ 11.42% (7D)

  • Bitcoin ETFs saw $1.67B inflows last week

  • Ethereum ETFs saw record inflows of $515M last week

  • Floki pumps to 5-month high on Coinbase listing plans

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