Plus: TikTok onchain? This may really occur
GM. Crypto information right this moment is sort of a piñata filled with fruit – you’ll need to dodge the flying coconuts, however there are some candy mangoes in there too.
👋 The tip of the memecoin supercycle.
🍋 Information drops: mission to deliver TikTok onchain, Raygun’s brother’s crypto crimes + extra
🍍 Market taste right this moment
Not precisely the dream state of affairs, however hey, we’re getting someplace.
Despite the fact 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 taking place now.
This means we’re in a cooling-off section after BTC’s $109K January all-time excessive, so issues will seemingly transfer sideways for a bit.
For the market to essentially choose up once more, we want short-term holders to begin promoting and long-term holders to step again in.
Till that change occurs, it is a recreation of persistence – and doubtless not the most effective time for high-risk trades.
But when we step again from the short-term noise, the long-term outlook continues 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 hear:
Reminder: this can be a marathon, not a dash. The market is likely to be taking a breather now, however the greater image stays the identical – we’re shifting ahead, y’all.
🥝 Memecoin harvest
These memecoins are pumping more durable than you earlier than seashore season 🏋️
Information as of 07:10 AM EST.
Take a look at these memecoins and lots extra right here.
Should you’ve been maintaining a tally of the desk above 👆, you’ve in all probability observed – memecoins simply aren’t hitting like they used to.
Late 2024 was their golden period – memecoins have been using the bullish wave that got here after Donald Trump’s election. Truly, scratch that. Even earlier than Trump, memecoins have been EVERYWHERE in 2024.
However quick ahead to now, and, nicely… the hype prepare has crashed:
The full memecoin market cap has dropped 57% from its December peak;
Dogecoin – which accounts for practically half of the complete 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 complete crypto market is struggling – international financial uncertainty has buyers enjoying 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 enjoyable, community-driven web experiments – however now, they’ve became blatant money grabs.
This, clearly, killed belief, cuz many buyers obtained burned laborious.
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 growth – if not instantly, then inside the subsequent six months.
The excellent news? All that spotlight and cash memecoins sucked up is gonna movement into stuff with precise utility. We’re talkin’:
DeFi initiatives making a comeback;
Institutional Bitcoin adoption accelerating;
RWA (Actual World Belongings) tokenization taking off;
Stablecoins turning into a dominant pressure;
And many others and so forth and so forth.
Total, we had our enjoyable. We’re prepared for the crypto market to stage up – stronger, smarter, and constructed to final.
Now you are within the know. However take into consideration your folks – they in all probability don’t know. I ponder who may repair that… 😃🫵
Unfold the phrase and be the hero you recognize you’re!
🧃 Sip of positive factors
Psst… just a bit reminder that BitDegree’s Season 7 airdrop continues to be very a lot taking place – 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 checklist? Craazy. However you’ve got nonetheless obtained time to repair that – the BYDFi stage ends on March 10.
Momma didn’t elevate a quitter – get in there and make her proud! 🫡
🍋 Information drops
🎶 Reddit co-founder Alexis Ohanian is becoming a member of Undertaking Liberty’s mission to purchase TikTok’s US operations. The aim: to deliver the platform onchain.
🦘 Bear in mind Raygun, the breakdancer who repped Australia on the 2024 Olympics? Properly, her efficiency wasn’t the one crime the Gunn household served us – her brother’s been charged for allegedly shifting soiled cash by 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 potential.
