Kanye Drops Meme Coin, ETH Hits New High, Bears Think Market Has Topped

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👋 Greetings, anons,

GM. This is FOMOChain. The weekly crypto newsletter that takes 5 min to read but keeps you so up to date, people will think you must be terminally online.

Here are this week’s highlights:

🪙 Kanye West Launched an Official Meme Coin
🎤 Jerome Powell’s Jackson Hole Speech Sent Bitcoin Up
❓ Has the Market Topped? 0/30 Top Signals Say Otherwise
🤝 Trump Media Launches Two Partnerships with Crypto.com
💎 SharpLink’s ETH Treasury Is Getting Bigger and Bigger

It was a wild week of huge institutional buys, shifting policy moves, and strange celebrity rip-offs—er, we mean meme coins.

The headlines in this market haven’t slowed down for a minute, so neither are we. Let’s get into it.

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🙄 Add Kanye’s Name to the List of Celeb Meme Coins

Can you believe it? After saying he would never launch a meme coin, Kanye West has… launched a meme coin. It went live August 20th.

Celebrity meme coins never go well. No, seriously—have you looked at the stats? Every hip-hop artist’s token has gone to zero. And so far, Kanye West’s $YZY launch is on track to do the same after rapidly rising to a $3B market cap and promptly dropping to just $164M at the time of writing.

But meme coins will always be around, and it’s alright to gamble on them if you want, right? Well, the most troubling part about this is the potential insider trading. The first wallet to make a trade on $YZY was the same one that made $100M trading Trump’s meme coin. Doesn’t smell great.

And take a look at how many people lost money vs. how many made money:

📣 Have you ever bought a celebrity meme coin? Do you think they’re alright or a horrible idea? Reply to this email and let us know!

🎤 Fed Chair J-Pow Gives Most Highly Anticipated “Maybe” Ever

Last Friday, the entire global financial system was on pins and needles to hear what Fed Chair Jerome Powell would say in his annual Jackson Hole speech. His outlook on the economy and interest rates was slightly doveish, meaning that he’s open to lowering interest rates moving forward. Markets lost their minds in celebration—Ethereum printed a new all-time high and Bitcoin shot up 5%. 

But remember, frens: Powell only said “maybe” to rate cuts, and even if the Fed does cut rates in September, it might only be by .25 bps, which is a quarter of a percent.

Here are some key quotes from Powell’s speech:

Why does this speech matter for crypto?

Because all in all, rate cuts are likely for September—and many think that cuts would be bullish for Bitcoin. Lower interest rates typically make risk-on assets like crypto more attractive to investors because rate cuts cause yields on passive-income-generating assets to drop.

📣 Did you see Powell’s speech? Was the market’s response an overreaction, or appropriate?

❓ Bitcoin Market Top? Twitter Doesn’t Think So

Bitcoin is down, but a lot of people do not think it’s out. Let us explain.

So, Bitcoin hit $124K on August 14, which was a new all-time high. People were excited, markets were happy, and it felt like the crypto industry was at peace. But BTC quickly fell to $117K in the following days, and since then, has traded in the $108K - $118K range. 

And even in the midst of last week’s J-Pow Jackson Hole mania, Bitcoin didn’t break $118K.

Is the market cycle over then, and was $124K the top? Time to pack it up?

Not according to Merlijin The Trader on X. He raised a great point: if we hit the top of the cycle already and everyone should sell their Bitcoin, then why the heck did none of the 30 market top signals go off? Not one!

Bitcoin market cycle tops have historically seen multiple “overheating” signals across well-known onchain tools, according to Cointelegraph. (Note that this is not financial advice, and you should always do your own research and draw your own conclusions.)

🤝 Why Is Trump Media Rolling Deep with Crypto.com?

The President’s media company just announced that it will be joining Crypto.com and Yorkville Acquisition to create Trump Media Group CRO Strategy, which aims to become the world’s largest holder of $CRO, Crypto.com’s utility token. Their target $CRO treasury size is $6.42B minimum. This matters for investors because the company will be publicly traded (under the ticker symbol $MCGA).

Trump’s relationship with crypto has raised people’s eyebrows ever since he launched a meme coin three days before his inauguration. Crypto.com doesn’t have a totally clean reputation in crypto either—it canceled the $70B $CRO burn that it promised in 2021, and apparently has more issues in its past, according to on-chain investigator Zachxbt:

Regardless, this new partnership could make history in crypto as the “largest digital asset treasury company to market cap ratio in history,” according to an announcement.

💎 SharpLink Gaming’s ETH Treasury Is Swelling

Earlier this week, SharpLink Gaming bought $252.25M more in Ethereum, bringing its total to 797,704 ETH. SharpLink has invested $2.87B in ETH so far—but at today’s Ethereum price of $4,531.29, the treasury company’s holdings are worth $3.61B. That’s a profit margin of around 20%. 

SharpLink is the second-largest ETH treasury company in the world (here are the other 6). The company’s stock $SBET is up 320% percent from six months ago, but still down 76% from its high in May this year.

📩 Weekly Meme Delivery

⏳ Wrapping Up

Treasury companies and memes have been the lifeblood of this market cycle, and that didn’t change over the past week. With Crypto Twitter split over whether we’re looking at a shakeout before the breakout or the beginning of the end, the only thing to do is keep track of the data and watch the news headlines. We’re here to help you do just that.

Same time next week? Alright, sounds good.

Thanks for reading FOMOchain’s crypto recap.

Stay tuned, frens.
We’ll be tracking Q3 week by week—and as always, decoding the signals from the noise.

Until next time,
The FOMOchain Team