Presented by

OVERVIEW

Retail Pumped, Insiders Had Fun And Took Your Fees 🚽 

Before we dive in, here’s today’s crypto market heatmap:

Source: Santiment

And here’s a look at crypto’s total and altcoin market cap YTD:

Source: TradingView

SOLANA
Pump.fun Still Growing Like A Colony Of E.Coli On Three Day Old Room Temperature Sushi 🍣 

Here are some quick, crazy stats about Pump.fun:

• Over 3 million memecoins have been created on Pump.fun since January 2024.

• That’s roughly 7 new stupids every minute.

• Only 100 out of 3 million have ever made it to $1 million.

• 62% of Solana’s volume is from Pump.fun.

• Pump.fun accounts for 42% of Solana’s DEX volume.

• The threshold for a memecoin to be listed on a Solana DEX is a market cap of $69,000, something only 1.4% of tokens have ever achieved.

Claim: Insiders Selling Big Time

As reported by Decrypt, earlier today, the Pump Fun Fee Account transferred $22 million worth of Solana to Kraken, bringing its total offloading to over $94 million this month. 😱

Naturally, crypto sleuths were quick to claim Pump Fun is selling SOL, which they say could be hammering its price. But the platform’s pseudonymous co-founder, Alon, insists this is all a misunderstanding. Of course, this reassurance is as comforting as finding out your house is only potentially on fire.

A Revenue Juggernaut with a Side of Controversy

The platform has generated more than $250 million in revenue since its inception, according to DeFiLlama. That success, however, has drawn criticism. Decrypt highlighted a prior claim in June from 0xSisyphus accusing insiders of “actively selling down the money they are extracting into USDC” and turning it into a retail investor’s nightmare. 🔥 

So, while critics call it a grift, Solana enthusiasts point to Pump Fun as a cornerstone of the network’s growing dominance. Speaking of grifts, the sheer degeneracy of this fiasco has caught the attention of Coffeezilla.

Let’s Be Honest: People Know What They’re Getting Into, Right?

In Pump.fun’s defense (yes, it has one), the great majority of the retail crowd playing rug-pull roulette knows exactly what they’re signing up for. This isn’t some penny stonck or pink sheet scenario where the naïve get duped. 🕵️‍♂️ 

Getting involved in $SOL and crypto in general requires effort:

1. You have to find an exchange.

2. Connect your debit/credit card and all the associated AML/KYC loops.

3. Convert your $$$ into $SOL.

4. Transfer that $SOL to a wallet compatible with Pump.fun

5. Wait, because Solana has a failure rate between 40% and 80%. T

6. Connect the wallet to Pump.fun.

The odds of a significant number of these traders being clueless about the kind of stupid they’re getting into are about as slim as making $1,000 on Pump.fun—which, let’s face it, is like betting on a three-legged horse in the Kentucky Derby.

Yes, it’s running, but the finish isn’t really in its future. 🏇 

New In Three Sentences
Crypto News 📰

🛠️ ZEN 5.0.5: Horizen’s “No Drama” Upgrade

Horizen dropped ZEN 5.0.5, and while it’s not a hard fork, you’d better update before December 12 or risk getting left behind. This version keeps the network smooth and your nodes playing nice. Don’t be that person running outdated software—just upgrade already. Horizen blog.

🔗 Dash’s Two-Chains Solution Isn’t a Gimmick

Dash now runs two blockchains: one for payments, one for data and dApps, because sometimes one chain just isn’t enough. The split keeps your transactions private and your apps scalable without forcing everyone into the same ecosystem compromises. Bonus points for avoiding the chaos that comes with overloading a single chain. Dash blog.

🔧 golem-js 3.5: Build Plugins and Flex Your Code

The latest golem-js update includes a plugin system to let developers contribute to the Golem Network ecosystem without diving into core development. There’s also experimental volume definitions for advanced deployments, plus better tooling for creating apps with minimal hassle (maybe it’s no hassle if you understand more than 3% of what I just wrote, which is 100% more than what I know). Think of it as your dev sandbox, now with extra toys. Golem blog.

✈️ Dtravel Joins Fetch.ai for Smarter Decentralized Travel

Dtravel integrated its vacation rental AI agent into Fetch.ai’s marketplace while joining its Foundation to push decentralized travel forward. The partnership combines blockchain and AI to create personalized, automated trip planning with peer-to-peer booking options. Goodbye, clunky OTAs—hello, seamless Web3 travel. Fetch.AI blog.

SPONSORED
Chill Guy = $400 Mil Guy

• You might’ve seen “Just a Chill Guy” on TikTok

• Well $CHILLGUY hit a $400M Market Cap

• That’s a +2,935% increase in one week

• Follow the trends…. get $$$ to spend

*3rd Party Ad. Not an offer or recommendation by Stocktwits. See disclosure here. 

News In Three Sentences
Metaverse, NFT, & Gaming News 🎮️

🎮 WEMIX Consolidates NFT Marketplaces, Finally

WEMIX just merged its Old Marketplace with the WEMIX PLAY platform, so all your NFT transactions now happen on the shiny new 3.0 mainnet. If you’re still stuck in Tornado chain land, time to migrate those MIR4 and Crypto Ball Z Commander NFTs. It’s cleaner, it’s simpler, and yes, you’ll finally stop juggling marketplaces. WEMIX blog.

🛡️ Play Panzerdogs on SuiPlay0X1

Lucky Kat Studios’ tank brawler Panzerdogs is coming to the SuiPlay0X1 handheld, blending gaming with Sui NFT tech. Players can battle it out, upgrade customizable NFT avatars, and join the Panzerdogs Smackdown Tournament for KOBAN tokens and other prizes. Preorders for the SuiPlay0X1 are live—get ready to roll. Sui blog.

News In Three Sentences
DeFi, DEX, and Lending Protocol News 🏦

🌉 Avalanche9000 Testnet Drops with $40M in Bribes

Avalanche rolled out its biggest upgrade ever, and to get developers on board, it’s dangling $40M in retroactive grants. With deployment costs down 99.9% and interchain messaging unlocked, building L1s just got ridiculously cheap and scalable. The future’s multichain, and Avalanche wants all the clout. Avalanche blog.

💳 Alchemy Pay Makes Buying Crypto Stupid Simple on Darkex

Darkex just added Alchemy Pay’s fiat ramps, so now you can buy crypto like you’re ordering pizza. Whether you’re swiping a card or using a mobile wallet, the process is quick, painless, and borderline too easy. Crypto trading for the masses? Welcome to 2024. Alchemy Pay blog.

🚀 Starknet Goes PoS with L2 Staking Rollout

Starknet became the first Layer 2 to implement staking directly on L2, moving closer to a full proof-of-stake protocol. Validators need 20K STRK to start staking, while delegators can join with no minimum, earning rewards without sacrificing liquidity. It’s a major step toward decentralizing the network while keeping scalability intact. Starknet blog.

💰 Uniswap v4 Offers $15.5M for Bug Bounty Hunters

Uniswap v4 launched a record-breaking $15.5M bug bounty, targeting vulnerabilities in its core contracts. The protocol’s new hooks feature cuts fees while enabling developers to customize pools and swaps like never before. If you’re a white-hat hacker, this could be your biggest payday yet. Uniswap blog.

ON-CHAIN ANALYSIS
Burnt Bag Briefing 🔥 

Want to know whether the bulls or bears are feeling the most pain today? Well, this is the place to look. 👀

24-Hour Liquidation Heat Map – Source: Coinglass – Click to enlarge.

In the past 24 hours, 193,5588 traders were liquidated, with total liquidations reaching $593.60 million.

The largest single liquidation occurred on Binance, an ETHUSDT pair valued at $11.85 million.

Longs lost $477.51 million, while shorts were hit for $116.09 million. 🤕 

LINKS
Links That Don’t Suck 🔗

🪙 Crypto.com sponsors historic golf tournament with cryptocurrency prize

😵 Howard Lutnick’s other top Client: Crypto giant Tether

👍️ Morocco moves toward legalizing cryptocurrencies

😱 Hashdex applies for crypto Index ETF, could include LINK, AVAX, and LTC

Get In Touch 📬

Follow our social channels for great, real-time content on Stocktwits and Twitter. And check out our YouTube channel for in-depth video content! 📲

Email me (Jonathan Morgan) your feedback; I’d love to hear from you. 📧

Want to sponsor this newsletter and reach hundreds of thousands of crypto enthusiasts? Reach us here. 👍

Terms & Conditions 📝

Securities Disclaimer: STOCKTWITS IS NOT A TAX ADVISOR, BROKER, FINANCIAL ADVISOR OR INVESTMENT ADVISOR. THE SERVICE IS NOT INTENDED TO PROVIDE TAX, LEGAL, FINANCIAL OR INVESTMENT ADVICE, AND NOTHING ON THE SERVICE SHOULD BE CONSTRUED AS AN OFFER TO SELL, A SOLICITATION OF AN OFFER TO BUY, OR A RECOMMENDATION FOR ANY SECURITY. Trading in such securities can result in immediate and substantial losses of the capital invested. You should only invest risk capital, and not capital required for other purposes. You alone are solely responsible for determining whether any investment, security or strategy, or any other product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. You should also consult an attorney or tax professional regarding your specific legal or tax situation. The Content is to be used for informational and entertainment purposes only and the Service does not provide investment advice for any individual. Stocktwits, its affiliates and partners specifically disclaim any and all liability or loss arising out of any action taken in reliance on Content, including but not limited to market value or other loss on the sale or purchase of any company, property, product, service, security, instrument, or any other matter. You understand that an investment in any security is subject to a number of risks, and that discussions of any security published on the Service will not contain a list or description of relevant risk factors. In addition, please note that some of the stocks about which Content is published on the Service have a low market capitalization and/or insufficient public float. Such stocks are subject to more risk than stocks of larger companies, including greater volatility, lower liquidity and less publicly available information. Read the full terms & conditions here. 🔍

Third-Party Advertiser Disclaimer: Please read the prospectus carefully before investing in the Fund. Foreside Fund Services, LLC is the Marketing Agent for the Fund. The Fund holds Bitcoin; however, an investment in the Fund is not a direct investment in Bitcoin. As a non-diversified and single industry fund, the value of the shares may fluctuate more than shares invested in a broader range of industries. Extreme volatility, regulatory changes, and exposure to digital asset exchanges may impact the value of Bitcoin and, consequently, the value of the Fund. The value of the Fund relates directly to the value of the underlying digital asset, the value of which may be highly volatile and subject to fluctuations due to a number of factors.

Author Disclosure: The author of this newsletter holds positions in ADA, WMT, LINK, LTC, COPI, MIN, AGIX, ALGO, DOGE, ZEC, AVAX, XLM, XTZ, and NEAR. 📋