Milking The “Alt Szn” Is Easy 💅🏼

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Market Watch 🔍

The crypto markets are flashing the familiar “we’re back” signals—at least if you’re positioned in the right corners. 

While equity markets took another beating following Trump’s tariff announcements, alts and memecoins showed steady accumulation, with Ghibli leading the charge, peaking at $27 million before retracing to $20 million.

Why Ghibli? It follows a new trend of ChatGPT-generated art styled after Japanese Studio Ghibli. The trend has sparked the creation of Ghibli-themed cryptocurrencies—just a regular day in crypto!

On-chain activity is heating up as traders rotate into SOL and Base over BSC.

Meanwhile, macro forces are keeping risk assets on edge. 

President Trump’s latest tariff threats—this time aimed at the EU and Canada—have injected fresh uncertainty, leading to a brief sell-off in major cryptos. 

But beyond the volatility, institutions in Asia are quietly setting the stage for the next bull leg, with pro-crypto policies fueling new funds and innovations.

On the winners’ side, Sui Network’s SUI surged 7% ahead of a key mainnet launch, while LINA, ORCA, and MKR led alt gains. 

With traders eyeing the PCE inflation data tomorrow, crypto is once again at the crossroads of macroeconomic forces and market exuberance.

Messy Jelly Drama

Crypto’s latest drama played yesterday out on Hyperliquid, where a whale-engineered short squeeze on the memecoin JELLYJELLY triggered a $12 million loss for the exchange.

Hyperliquid quickly delisted the token, but not before Binance capitalized on the chaos by listing JELLY futures, sending the token’s price soaring by 560%.

How did it all start?  A trader opened a short on JELLYJELLY while a whale dumped the token on decentralized exchanges, causing its price to plummet and forcing Hyperliquid’s HLP vault to inherit the short. But just as HLP was absorbing the loss, another entity aggressively longed the token, sending its price skyrocketing and deepening the vault’s unrealized losses. 

With Hyperliquid’s liquidity on the line, the platform intervened—halting trading and force-closing the contract at a fraction of its market price. 

The fallout? HYPE, Hyperliquid’s native token, tumbled 20%, while critics debated whether the intervention was a necessary safeguard or market manipulation in disguise.

Meanwhile, social media speculated whether Binance’s swift listing of JELLY futures was a tactical move to destabilize a rival. 

The situation echoes past incidents like Mango Markets’ infamous 2022 exploit, where oracle price manipulation led to millions in profit. 

While Hyperliquid pledges technical upgrades and reimbursement, one thing is clear: in crypto, the line between strategy and sabotage is razor-thin.

What Happened to Alt Season?

The bull run was supposed to be the moment for altcoins—90 days of outperformance against Bitcoin, a true season of green portfolios. Instead, we got…. something quite different.

The main culprit? Supply overload.

The DeFi Report reveals an astonishing 36,000 new tokens launched daily across all chains just last month—1.1 million tokens in 30 days. 

With that much supply, the market is stretched too thin. More tokens mean fragmented liquidity, diluted investment, and fewer pumps.

Gone are the days when throwing darts at CoinGecko meant easy 2x gains. The market is maturing, and so must investors. 

Fundamentals, not hype, will drive the next wave of winners.

But what if we told you there was a better way?  

Leveraging artificial intelligence will determine the winners in this bull cycle. 

This makes platforms like Token Metrics, where you can trade coins with AI signals—buy this, sell that—more reliable and sustainable.

I hope you experience it today. 

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What The Coin Is Going On? 🪙

1. As Gamestop’s stock soars, the gaming retailer, is already reaping the rewards of its decision to follow Michael Saylor’s steps in acquiring huge amounts of Bitcoin.

2. The whale in the center of the Hyperliquid-Jelly-Binance mess still holds over 10% of the memecoin, on-chain data shows.

3. Mark Carney, Canada’s new Prime Minister, is making it clear that he belongs to the class of IMF friends that think countries should have CBDCs and not decentralized digital assets

4. Nikhil Rathi, chief executive of the UK’s Financial Conduct Authority, believes too many young people own crypto. Hey Sherlock, does financial security have an age bracket now?

5. Get clear takeaways from today’s episode on Spotify or Apple 🎧

That’s all for today, folks.  Don’t forget to rate the newsletter

Talk Tomorrow,
Your Friend At Token Metrics💛