DeFi season is here | Santiment Weekly Brief
This post is a collection of some of the top insights and market analysis created by the Santiment team and community members in the last week.
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June 2020 will go down as the month that DeFi took over.
As Bitcoin and Ethereum continue their weeks-long consolidation, the market attention shifted from top-caps to the native tokens powering trustless lending protocols, decentralized exchanges and other DeFi-based initiatives.
The price of assets like KNC, MKR, REN, AAVE and COMP surged in the past few weeks with new DeFi coins continuing to break out daily, giving the market a real ‘late 2017’ vibe.
To get you up to speed, here’s a selection of our top DeFi-related content from the past week:
1. REN approaches ATH: Where do we go from here?
Surging on the back of its May mainnet release and a string of successive announcements, Ren’s native token has gained +34.4% so far in June and is now just 2 cents shy of breaking its all time high!
And while REN's on-chain and social data point to a surge in network activity ever since the mainnet launch, there are now several 'yellow flags' slowly starting to appear for the coin's price action.
Can REN reach price discovery, or is the pump finally running out of steam? Here’s what we think is the likely scenario:
Read our REN report
2. LEND’s network activity goes ballistic: what’s behind the rally?
As Aave Protocol’s market share continues to grow, so does the value of their underlying asset LEND, which gained +10.6% in the past 24 hours and an unreal +143% since the start of the month!
LEND’s rally has been a perfect storm of real-life adoption, listing rumours and market-wide trends, but is there enough fundamental support to keep the pump train going?
In our latest report, we break down LEND’s recent on-chain activity and social media sentiment, and give our prediction on the coin’s short-term price potential:
Read our LEND report
3. How to time & analyze Defi token pumps (Santiment Weekly Call)
Each week, the Santiment team and community members share their most important findings and analysis using a combination of our on-chain, social and development data.
This week’s call has been all about DeFi! Among other topics, we talked about:
- Why’s the market going crazy for DeFi?
- REN’s price rally and early signs of network adoption
- On-chain and social indicators suggest KNC running out of gas
- Three indicators to spot forming price tops in DeFi coins
- And much more!
All of the tools and metrics featured in the video can be found on Sanbase Pro and Sandata. Sign up today and get access to all the metrics we discussed and more!
Watch our latest Community Call
4. SwissBorg climbs a double top: risky road ahead?
While lending protocols are the talk of the town, a few non-DeFi coins have also been quietly breaking out on the side.
After years of hibernation, Swissborg’s native token CHSB gained +148% in the past 2 weeks, climbing all the way up to $0.12 at the time of writing.
The mystery pump has been welcomed by long-term CHSB holders, some of which are now saying ‘bye’ to the project and moving their bags elsewhere.
A few ‘weak hands’, or widespread holder sentiment? We took a close look at CHSB’s on-chain behavior and social trends, and what it says about its ongoing rally:
“We've got 12 metrics above here, 3 of them flashing green "Go" light, 7 red "Exit" and 2 neutral. Feels risky overall. “
Read the full report:
Read our CHSB report
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