🥛 How much would you pay to own a famous meme?

GM. This is the Milk Road, your daily dive into the pool of crypto.

Today's estimated read time: 2 minutes & 40 seconds

Let’s get you all caught up from the weekend:

📉 A Crypto billionaire's new price predictions
🪦 A famous meme was just bought for $1M
😂 What had me laughing this weekend

CRYPTO BILLIONAIRE PREDICTS BITCOIN PRICE DROPS TO $30K

Just 3 weeks ago, Arthur Hayes (one of the world’s youngest Bitcoin Billionaires) wrote an article about how he thought Bitcoin’s going to $1M (we wrote about it here).

He still believes that… but he thinks there’s pain coming in the short term.

His prediction:

Bitcoin & Ethereum will bottom out first, Bitcoin to $30,000 and Eth to $2,500
Stocks will drop next
The Fed will eventually change gears, from tightening to loosening
Then stocks will rebound, and crypto will rebound even higher.

Here’s his logic:

1/ Bitcoin and Ethereum are highly correlated to the Nasdaq 100 (correlation hit 0.49 recently, an all time high). If Nasdaq tanks, crypto will likely tank with it.

2/ Nasdaq 100 (NDX) is likely to tank, because interest rates keep going up

3/ Global growth will slow down with higher commodity prices (due to the Russia & Ukraine War)

Hayes believes it’s inevitable. Nasdaq 100 (NDX) prices will drop, and so will crypto (in the near term). Then the cycle will change and crypto will rebound higher than ever.

The Milk Road’s take:

Crypto Hayes is a smart dude. We pay attention to what he says.

There are a bunch of people in crypto who just want to say “rah-rah-yay-everything going up.” Not us. We like to hear both sides of the argument.

THE COFFIN MEME NFT GETS BOUGHT FOR $1M

We’ve all seen the famous dancing coffin meme on Twitter…and this weekend the original NFT was minted and sold for ~$1.05m.

On one hand - why would someone pay $1M to own a meme? There are no royalties, cashflows, and you don’t need to own it to look at it.

Then again, why do people pay $1.2M for Babe Ruth’s first home run ball? Or $4.3M for the original basketball rule book?

People enjoy collecting items that have cultural power. Memes are a core part of internet culture.

So even though it breaks my brain to see people buying meme NFTs, it does make sense when looked at as cultural collectibles.

MAKES ME SAY HMMMMM....

It feels like I see Bored Apes all over my Twitter timeline...so we went digging to see what NFTs are used the most as profile pictures.

Surprisingly, 2 of the top 10 are from Solana...and Opensea just launched support for Solana NFTs last week.

Source: NFT Inspect

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