Plus: TikTok onchain? This may truly occur
GM. Crypto information right now is sort of a piñata filled with fruit – you’ll wish to dodge the flying coconuts, however there are some candy mangoes in there too.
👋 The top of the memecoin supercycle.
🍋 Information drops: mission to carry TikTok onchain, Raygun’s brother’s crypto crimes + extra
🍍 Market taste right now
Not precisely the dream situation, however hey, we’re getting someplace.
Regardless that buyers are nonetheless shaking of their boots, the charts don’t look as miserable as they did yesterday.
CryptoQuant’s XBTManager identified that when Bitcoin reaches new peaks:
And that’s precisely what’s occurring now.
This implies we’re in a cooling-off section after BTC’s $109K January all-time excessive, so issues will probably transfer sideways for a bit.
For the market to actually decide up once more, we want short-term holders to start out promoting and long-term holders to step again in.
Till that change occurs, it is a sport of endurance – and possibly not the very best time for high-risk trades.
But when we step again from the short-term noise, the long-term outlook remains to be strong – and the massive canines comprehend it.
Mexican billionaire Ricardo Salinas has 70% of his funding portfolio in Bitcoin-related belongings;
Metaplanet purchased one other 497 BTC for round $43.9M;
The IMF advised El Salvador to cease shopping for Bitcoin if they need a $1.4B mortgage – however President Nayib Bukele ain’t gonna pay attention:
Reminder: this can be a marathon, not a dash. The market may be taking a breather now, however the larger image stays the identical – we’re shifting ahead, y’all.
🥝 Memecoin harvest
These memecoins are pumping tougher than you earlier than seashore season 🏋️
Knowledge as of 07:10 AM EST.
Try these memecoins and lots extra right here.
In case you’ve been maintaining a tally of the desk above 👆, you’ve most likely seen – memecoins simply aren’t hitting like they used to.
Late 2024 was their golden period – memecoins had been driving the bullish wave that got here after Donald Trump’s election. Truly, scratch that. Even earlier than Trump, memecoins had been EVERYWHERE in 2024.
However quick ahead to now, and, properly… the hype prepare has crashed:
The entire memecoin market cap has dropped 57% from its December peak;
Dogecoin – which accounts for almost half of the whole memecoin market – misplaced 24% within the final month;
Pump(.)enjoyable buying and selling volumes dropped by 63% in February.
Yeah. It’s lookin’ tough.
Now, duh, the whole crypto market is struggling – international financial uncertainty has buyers taking part in it secure. However memecoins aren’t sinking simply due to that.
1/ Completely shameless pump-and-dump motion
Celebrities, influencers, and even PRESIDENTS have been launching memecoins, hyping them up, after which (shocker 😧) dumping them on retail.
Memecoins was once enjoyable, community-driven web experiments – however now, they’ve become blatant money grabs.
This, clearly, killed belief, cuz many buyers bought burned arduous.
2/ The Lazarus Group scenario
These North Korean hackers allegedly used memecoin platforms to launder over $1.5B from the Bybit hack.
Not precisely good PR, both.
Put all that collectively, and Bitwise’s CIO Matt Hougan believes that is the top of the memecoin increase – if not instantly, then throughout the subsequent six months.
The excellent news? All that spotlight and cash memecoins sucked up is gonna move into stuff with precise utility. We’re talkin’:
DeFi initiatives making a comeback;
Institutional Bitcoin adoption accelerating;
RWA (Actual World Property) tokenization taking off;
Stablecoins turning into a dominant drive;
And so forth and many others and many others.
General, we had our enjoyable. We’re prepared for the crypto market to degree up – stronger, smarter, and constructed to final.
Now you are within the know. However take into consideration your pals – they most likely don’t know. I’m wondering who may repair that… 😃🫵
Unfold the phrase and be the hero you understand you’re!
🧃 Sip of good points
Psst… just a bit reminder that BitDegree’s Season 7 airdrop remains to be very a lot occurring – so the $30K prize pool AND the additional $1K from BYDFi are nonetheless up for grabs.
🏆 Present prime gainers:
Not seeing your self on the listing? Craazy. However you’ve got nonetheless bought time to repair that – the BYDFi stage ends on March 10.
Momma didn’t increase a quitter – get in there and make her proud! 🫡
🍋 Information drops
🎶 Reddit co-founder Alexis Ohanian is becoming a member of Venture Liberty’s mission to purchase TikTok’s US operations. The aim: to carry the platform onchain.
🦘 Keep in mind Raygun, the breakdancer who repped Australia on the 2024 Olympics? Effectively, her efficiency wasn’t the one crime the Gunn household served us – her brother’s been charged for allegedly shifting soiled cash by means of a fiat-to-crypto conversion firm.
💰 Iris Ramaya Au, ex-girlfriend of crypto fraudster Adam Iza (aka The Godfather), is pleading responsible to submitting a false tax return. She did not report over $2.6M in unlawful earnings from her ex’s crimes.
⚖️ The SEC continues stepping away from crypto fights. They’re now dropping their case in opposition to the buying and selling agency Cumberland DRW.
🚀 Ethereum’s Pectra improve went dwell on the Sepolia testnet. Mainnet launch is getting nearer, however some points from the final testnet failure nonetheless want fixing, so delays are doable.
