Altcoins Go Vertical

Welcome back to The Warmup.

We’re happier than Trump after locking in a “tremendous” EU trade deal. And yes, we brought the champagne.

Here’s what we’re watching:

• Market Snapshot

• Altcoin Treasury Companies Are the New Meta

• XRP Long Setup

• Pump.fun vs. Base App

• What Are We Watching

Market: Crypto majors continue green with BNB hitting a new ATH at $847 and SOL leading gains, while CAKE, OP, SPX, and ENA topped the altboard with double-digit moves.

Altcoin Treasury Companies Are the New Meta

What’s going on:

Forget Bitcoin treasury companies. This week, it’s was the altcoins stealing the spotlight.

A fresh wave of public companies are pivoting into crypto… but with a twist: they’re skipping BTC and ETH entirely.

Here’s who’s making moves:

• MEI Pharma → $100M to launch a digital treasury strategy centered on Litecoin. Bonus twist: Charlie Lee, the Litecoin founder, is joining the board.

• TGLY Acquisition Corp → $360M to build a treasury strategy based on ENA, Ethena’s governance token.

• Bit Origin → $500M via stock and convertible debt to scoop up Dogecoin as a treasury asset.

What it means:

Altcoin treasury plays are the new hype machine.

These aren’t your typical BTC bets, these are smaller-cap assets that can move fast when hit with big, often leveraged, institutional capital.

In Ethena’s case, nearly 8% of ENA’s market cap will be bid. If even a chunk gets deployed, it could send the token flying.

XRP Long Setup

What’s going on:

XRP is retesting its 20-day EMA (green line) for the first time since breaking out of a multi-month range formation.

The move to its new all-time high of $3.65 marked a major shift in structure and now, price is pulling back to retest support.

This is often where trend traders look to get in, as it offers a tight invalidation and a clear risk/reward setup.

If bulls want to maintain momentum, they need to hold this line.

Key levels we’re watching:

• $3.65 is the recent ATH and upside target

• Break below EMA (green line) = invalidation of the setup

Directional Bias: Bullish

What we’re waiting for:

• Confirmation of support at 20-day EMA

• BTC stability above $120K to support broader alt rally

• XRP showing higher lows and reclaiming $3.30 on low timeframe

XRP is back on the radar. If the 20-day EMA holds, this could be a strong continuation play.

Pump.fun vs. Base App

What’s going on:

Two titans just made big plays in onchain social.

• Pump.fun launched $PUMP and pivoted to social features.

• Coinbase dropped The Base App, a tokenized feed powered by Zora.

One’s building something fresh. The other’s tapping into massive distribution.

Here’s how it’s shaking out:

1. Tokens launched:
   Pump.fun still leads in volume, but fell 45% post-launch.
   Base App spiked 89%.

2. Daily creators:
   Pump.fun dropped 29%.
   Base App jumped 53%.

3. Revenue:
   Pump.fun’s still the whale: $4.1M vs. $121K.
   But growth? Base App soared 7,966%, while PumpFun slipped -44%.

What it means:

The Base App is winning the growth battle. But Pump.fun still dominates where it counts: revenue.

Last week, Pump.fun pulled in $93 for every token launched. The Base App just $2.

That’s a 46x difference.

Why? Smaller creator base, lower monetization, and early-access limits on Base. But once the app fully opens to the public, Coinbase’s reach could flip the script.

• Galaxy sells more than 80,000 BTC for a Satoshi-era investor

• Tom Lee's BitMine now largest corporate Ethereum treasury with $2.1B

• GameSquare spends $5.1M on CryptoPunk for NFT treasury

Global liquidity rose to $182.8T in Q2 2025, driven by US Treasury spending and China injecting over $1.5T into markets.

Low bond volatility and stable repo markets are keeping financial conditions easy, making it cheaper to borrow and invest.

That’s good for stocks and other risk assets.

Risks remain (like a $500B TGA rebuild or rising Japanese yields) but for now, liquidity is still a tailwind.

— The Warmup Team

Always do your own research. This newsletter is supplemental material to help educate readers as they make their own decisions. Projects mentioned here are provided to give a potential early-mover advantage.