For the week of September 1—7
As September starts and summer is coming to an end, in the team we’ve been busy planning ahead for kicking our efforts into the next gear. By the looks of it, the next six to nine months will be the most important time in Hege’s history. Will we get a classic altseason building up over the coming months, ending in an exploding crescendo of memecoin euphoria? Obviously nobody knows, but that’s what we’re planning for.
So behind the scenes, we’ve been putting in a lot of effort lately to streamline our work. We’re becoming more focused, more efficient. Getting ready to go harder, better, faster, stronger.
In this week’s update we’re highlighting two fantastic community efforts. One generous giveaway, and one awesome animation.
Let’s jump in!
Bitcoin held support while macro focused on jobs jobs jobs
But before we get to the Hege news, let’s first have a look at what the markets did this week.
Big picture, bitcoin is holding the weekly support around $109k that we talked about last week. The breakout is still in play, and altseason is still on.
In macro land, this week everybody was busy focusing on the US job numbers, trying to judge the prospects of the Fed finally starting their much anticipated rate cuts on September 17. For the Fed to cut, the job numbers need to be on the weak side. Though if they’re too weak, the market will start to fear a full blown recession. So they need to come in a little bit weak, but not too weak. And that’s pretty much how they came in: weak, but not catastropic. The market now sees a 100% probability of a rate cut in two weeks.
So far, so good. There is more inflation data coming on Wednesday and Thursday, so we’ll see where that comes in. But for now, the US stock market seems happy enough, closing the week near all time highs.
Turning to the bitcoin chart, as of writing there is still 12 hours until the week closes. But it looks like it will close the week above the support level at $109k that we talked about last week. No need to overanalyze this. Support is support. And because we’re still well above $100k, the price target of $142k still remains.
Meanwhile, bitcoin dominance bounced a little, and it could keep bouncing in the week ahead. But zooming out, it’s still clearly trending down, meaning altseason is still on.
New Hege animations!
Community member “se” has really been leveling up his animation skills lately. He’s apparently figured out a way of using AI in combination with manual editing to create high quality animations. We’ll be featuring these as shorts on our YouTube channel, and we’ll put them on our main TikTok as well.
Check out the latest YouTube short, and go have a look at his TikTok for all the animations (he’s made 4 already!)
Awesome work se, thank you so much!!
Rogue Hege giveaway!
Community and team member Nick generously organized a giveaway of a Rogue Hege this week. This NFT is a unique 1/33 piece, part of our exclusive Rogue Heges NFT set. It was minted for $500!
The competition has ended, and the winner will be announced shortly.
Good luck to everybody who participated!! And you’re a true Hegend for doing this, Nick!
PS. Go have a look at the whole collection of Rogue Heges over on Magic Eden!
Coming up ahead
Our sponsorship of r/Memecoinhub continues. Be sure to check out our pinned post over there, and jump in the comments and show what Hege’s all about.
And of course, don't miss the next Hege Hangouts! Come join us in our Telegram Hegequarters on Friday, September 12, at 15:00 UTC (11 am Eastern Time, 8 am Pacific Time).
Thanks for reading
And thanks everybody for being with us yet another week. You’re awesome!!
Until next week,
— Team Hege
PS. If you’re not in our Telegram already, get in there! It’s always the best place to hang out and get the latest on what’s going on. Find the link here: https://linktr.ee/hegefund
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