GM. This is Milk Road, the daily newsletter that brings you all the best crypto news, use cases, and memes. We're like that 3-in-1 shampoo/conditioner/body wash you used back in college.
Here's what we got for you today:
- WTF happened to the Bitcoin network this weekend? 👀
- Your guide to Memecoin Mania 📈
- Deloitte is launching new digital credentials on the blockchain 🍪
Prices as of 11:30 AM ET
Today’s edition is brought to you by Doola, the easiest way to create a DAO LLC, they’re just like a traditional limited liability company except they are community-driven and decentralized.
WTF HAPPENED TO BITCOIN THIS WEEKEND?
Everyone was talking about one thing this weekend: the Bitcoin blockchain.
Why? 2 reasons…
- There were ~500K unconfirmed transactions waiting to be completed on the Bitcoin network (a new all-time high)
- Transaction fees soared to ~$20 per transaction. Last week, those same fees averaged about $1.20 per transaction - a 1,500% increase. Ouch.
In other words, the Bitcoin network was more congested than your local highway on a Friday during rush hour.
So, what’s causing this? Crypto’s new favorite buzzword… BRC-20. AKA memecoins on the Bitcoin blockchain.
You see, crypto investors are a lot like middle schoolers - every month they have a new crush. First, it was DeFi, then NFTs, now it’s BRC-20 tokens.
Since BRC-20 launched a few weeks ago, ~12K different tokens have been created and the total market cap is now worth a whopping $920M.
Some of these tokens have jumped over 21,000% in value so, of course, everyone is trying to get in on the action now…
And ladies & gents, this is only the beginning of the Memecoin Mania…
- BRC-20 tokens are being added to centralized exchanges to make it easier to trade. $ORDI (the first BRC-20 token ever created) was added to Gate.io on Sunday and has already seen $75M+ in trading volume within the first 12 hours.
- New investors are entering crypto with the recent massive gains. My cousin Vinny just called me to ask if I knew anything about the “Bitcoin PEPE token”.
On top of that, it’s never been easier to make a token. Check it out, a Twitter user (@iamwhitelights) recently showed how tokens can be created in 27 seconds.
And with the Twitter video having 18K+ bookmarks, we can expect a whole bunch of new memecoins launching this week…
Now, this is good and bad.
The Good: Anyone can make a token. Companies, projects, etc. that want to launch a basic token can, without the need to hire a whole team of developers.
The Bad:Anyone can make a token. This includes scammers, hackers, and grifters.
New tech, like BRC-20, will always attract some of the most brilliant engineers & investors…and the most brilliant scammers & risk-takers too.
So it’s important to be careful and know what to look out for. This is why we’re presenting you with … *drumroll*... Milk Road's Declassified Survival Guide to Memecoins.
But first, a quick word from our sponsor...
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MILK ROAD'S DECLASSIFIED SURVIVAL GUIDE TO MEMECOINS
Today, we’re gonna cover 3 cool tools we’ve come across that will help you avoid getting scammed, hacked, or rug pulled during this Memecoin Mania...
1/ DEXTools
This is an all-in-one tool for new crypto tokens. It tracks real-time prices, transactions, liquidity, charts, and more.
What’s cool about it: I don't know how to read a smart contract perfectly (your boy was only blessed with a double-digit IQ), but Dextools helps out by giving insights into:
- whether or not that specific token has a verified contract
- whether it’s safe or a scam
- the latest transactions for that token
2/ TokenSniffer
This is a tool that analyzes the token’s smart contract, tokenomics, holders, etc, and then generates a security audit score for that specific token.
What’s cool about it: TokenSniffer tells you stuff like if...
- The token is sellable or just a honeypot scam
- The contract source is verified
- The creator wallet holds more than 5% of the circulating token supply
- There’s adequate liquidity for the token
For example, I looked up the new $PEPE token that everyone is talking about and well, TokenSniffer gives it a security score of 50/100. *Dun dun duuuuuun*
Here were the biggest red flags found:
3/ Twitter
Now, I know what you’re thinking: “Twitter?!”
Yes, it’s true. And although Twitter looks a lot like WorldStar 2.0 with all the videos of fights and drama, there’s still one super useful feature….
Twitter search. You can use this to look up the cash tag and coin name (i.e. $PEPE). This will give you insights into two important things:
- How manypeople are talking about the token? (i.e. is everyone talking about it or only a few)
- Who is talking about the token? (i.e. are real people talking about it or is full of Twitter bot posts from JoeMama69420)
Milk Road Take: Buckle up, ladies & gents - it’s gonna be a crazy few weeks.
The Memecoin Mania is only just getting started and it’s a high-stakes game. Fortunes can be built (and lost) overnight.
So, be careful out there Roadies!
MILK & COOKIES 🍪
Deloitte is launching new digital credentials using blockchain technology. These credentials will be used for regulatory compliance, age verification, private logins, and fundraising.
Binance is reportedly being probed by the Department of Justice for possible Russian sanction violations. Bloomberg reports that the DoJ is looking at whether Binance was used illegally to let Russians swerve U.S. sanctions.
The U.S. Federal Reserve has revealed that 722 banks have reported unrealized losses of over 50%. *Gulp*
The Ethereum Foundation sold ~$30M worth of ETH over the weekend. Not mad, just disappointed.
MILKY MEMES 🤣
Gas fees during Memecoin Mania... 🤣
When you have to work but it is shitcoin season:
— MinisterOfNFTs 🔮 (@MinisterOfNFTs)4:57 PM • May 6, 2023
tis the (shitcoin) season
— Ashley (@AshleyDCan)12:24 AM • Apr 30, 2023
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ROADER REVIEW OF THE DAY
VITALIK PIC OF THE DAY
☀️
— Milk Road (@MilkRoadDaily)3:54 PM • May 8, 2023
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
