Crypto Markets Go Beast Mode, GP Token SURGES and the Asymmetric Fund DRAMA 🔥
Market Vybe #18
Total crypto market smashed through $4 trillion this week. Altcoins are popping off, and institutional money is pouring in like it’s 2021.
Bitcoin tagged a fresh all-time high of $123,000 before cooling off to around $116,000. $SOL briefly broke $200 (hell yeah), pushing its market cap past $105 billion, before eating a -10% dip back to ~$184 (as of writing). That came with $57 million in liquidations, mostly late longs getting burned.
Solana’s chart seems like a great set up to rip through the resistance at $200-$220. If It can hold the support at $170-$185, than we should be good the next leg up.
Meanwhile, interest in a Solana ETF is... meh for now. ETH and BTC are hogging the spotlight, but none of the institutional giga-brains (Blackrock, Fidelity..) have listed their ETFs yet. Stay tuned.
Also worth noting: Solana increased its block size by 20%, boosting throughput 💪.
Air drop Farming Gone Wrong 🫣
X was buzzing this week after reports surfaced that a solana-focused investment fund, Asymmetric (founded by Joe McCann), is down ~ 78–85% YTD 💀
Apparently, their strategy involved “deliberate liquidations” to max out $HYPE rewards trying to farm Hyperliquid’s Season 2 air drop.
The fund racked up losses through liquidation-heavy “delta-neutral” farming
Some have speculated that Joe’s fund was heavily shorting ETH, which backfired.
Hyperliquids first airdrop (Nov 2024) gave out 31% of supply to early users, with another 38.88% set aside for future rewards. Hence, the Season 2 farming frenzy.
Token Spotlight: Graphite Protocol
$GP is having a moment — up +3,800% this month.
So, what’s behind the face melting rally?
Turns out, Graphite owns 40% of BonkFun, the memecoin launchpad that’s been eating Pump.fun’s lunch.
7.6% of BonkFun’s revenue gets used to buy back and burn $GP.
That’s a juicy flywheel.
Comparing their market caps you can see why people are fomo-ing into the Bonk-beta trade:
$BONK: $3.03B
$GP: $406M
Some stats from this week:
235 tokens graduated from BonkFun in last 24h
Just 60 graduated on Pump.fun
BonkFun claimed 68% of all launchpad trading volume
Yesterday alone, over $881K in $GP was bought back and burned. Graphite’s legit and might continue to soar with Bonkfun’s newfound success.
👉 Track GP on Vybe
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- Vybe Intern