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- MicroStrategy’s S&P500 exclusion rattles MSTR and fuels market debate.
- MemeCore, Pump.fun, and Zcash lead altcoin gains amid strong FOMO.
- Conflux, Pi, and Cronos show signs of short-term retrace; caution advised.
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This week’s crypto market delivered a rollercoaster ride for investors, with major corporate news and explosive altcoin moves capturing attention. MicroStrategy’s [MSTR] snub from S&P500 inclusion triggered debate over Wall Street’s Bitcoin stance, while utility-driven launchpads and meme coins dominated weekly gains.
MicroStrategy Misses S&P500, Robinhood Selected Instead
The biggest headline came from MicroStrategy, eligible for S&P500 inclusion, but passed over in favor of Robinhood. The news sent MSTR shares down nearly 3%, highlighting Wall Street’s ongoing discomfort with Bitcoin-heavy balance sheets. Analysts suggest that the snub could fuel investor debate over traditional indices versus crypto-centric corporates.
MemeCore and Pump.fun Lead Weekly Winners
Altcoins stole the spotlight this week. MemeCore [M] surged more than 170% from its $0.67 open, topping the weekly gainers chart. Following last week’s 52% rally, M posted three consecutive 20%+ sessions, breaking key resistance at $1. With FOMO continuing, traders speculate $2 could be within reach if momentum holds.
Pump.fun [PUMP] followed closely with a 40%+ rally from $0.03, breaking through resistance at $0.04. On-chain metrics show dominance and revenue returning to Q3 levels, setting up a potential continuation if bulls remain aggressive.
Privacy-focused Zcash [ZEC] gained 16%, breaking past $47 resistance to reach a quarterly high. Despite some short-term profit-taking, the weekly pattern suggests a strong bid absorbing selling pressure, positioning ZEC to test $50 later this month.
Other notable surges include Collector Crypt (CARDS) up 643%, TDCCP (TDCCP) rising 210%, and Jelly-My-Jelly (JELLY JELLY) climbing 153%.
Key Losers: Conflux, Pi, and Cronos Retrace
Not all altcoins saw gains. Conflux [CFX] broke a two-week bullish streak, slipping 10.57% after multiple failed attempts to crack $0.20. Pi [PI] fell 3.57%, breaking $0.34 support and signaling heightened risk. Cronos [CRO] cooled off after an 89% August rally, retracing to $0.25 and setting up a possible bear trap scenario for next week.
Additional downside movers included Block (BLOCK) down 60%, Camp Network (CAMP) falling 47%, and Dolomite (DOLO) retreating 37%, reflecting broader market volatility.
This week’s crypto market illustrated the highs and lows of trading in real time. Big pumps, sharp dips, and headline-driven swings dominated. Traders are advised to stay vigilant, conduct thorough research, and monitor momentum shifts to navigate this volatile environment.
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Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
Also Read: MicroStrategy Expands Bitcoin War Chest with $2.8B STRC Stock Offering
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
