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GM. This is Milk Road, where we serve crypto insights like your favorite childhood snack – Dunkaroos, anyone?
Here’s what we got for you today:
- How often do 20% price drops happen? 🧐
- The evolution of stablecoin volume 👀
- Poll of the Day: How many crypto cycles have you been in? 📊
- Flash Crash! This token dropped 50% in one day 🍪
Prices as of 7:30 AM ET. Click here for our Fear & Greed Index
HOW OFTEN DO 20% PRICE DROPS HAPPEN? 🧐
There are 3 certainties in life:
1/ Death.
2/ Taxes.
3/ Bitcoin will have 20% pullbacks, even during bull runs.
But, how often do these drawbacks happen? Let’s look at the numbers…
- From 2011-2013: There were 19 corrections of 20% or more. On average, they happened every 41.5 days.
- From 2020 - 2021: There were 8 drawbacks of 20% or more. On average, they happened every 70.3 days.
Check out the rest of the pullbacks below…
The good news? The number of 20% pullbacks has decreased and the length of time between them has increased.
It’s a 2-for-1 special.
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THE EVOLUTION OF STABLECOIN VOLUME 👀
I’m a big visual learner type of guy...
According to Google, 65% of you are visual learners too. (The rest are borderline serial killers).
Well, check it out. Sphere recently made one of those cool time-lapse videos showing howdaily stablecoin volume has evolved over the years.
P.S. - It’s a good visual AND has hype music playing in the background. You’ll either learn something new or get so pumped you’ll run through a wall.
Anyway, here are some of the biggest takeaways:
- The stablecoin market settled $7T of volume in 2022. Yes, T for Trillion. (For reference, Visa settled ~$12T).
- In 2021, the most popular stablecoin was… USDT on Tron.
- Now, the most popular stablecoin is… USDC on Solana.
- Solana now settles more stablecoin volume than all Ethereum stablecoins, combined. In 2021, Solana's stablecoin volume wasn’t even in the top 5.
Pretty interesting to see how much things have changed since the last bull run.
POLL OF THE DAY: HOW MANY CRYPTO CYCLES HAVE YOU BEEN IN? 📊
I recently saw a meme about crypto investors that made me laugh…
I like it because:
1/ The midwit meme is the greatest of all time.
It’s the Michael Jordan LeBron James of memes. (Yeah, I said it… LBJ > MJ).
2/ The meme is so true.
1st cycle: you’re the “dumbest” version of yourself…
- Take 2 hours to make 1 transaction.
- Struggle to say “ETH” (pronounced “eeeeeth”).
- Acknowledge crypto is confusing, so you only try to master 1-2 narratives and ignore the rest. (Ignorance is bliss).
2nd cycle: you overthink everything...
- Learn what TVL means and become a “chart guru.”
- Get paralysis by analysis after looking at 3,838,283 graphs a day.
- Think you’re a genius and try to master ALL the narratives at once.
3rd cycle: you become a crypto master…
- Stick to the basics.
- Figure out 99% of metrics are bullsh*t.
- Don’t get lost in the sea of narratives; pick 2-3 and stick to them.
P.S. - this is my 2nd cycle and I’ll be honest… I feel exactly like the crying dude in the middle of the midwit meme.
I’m twice as experienced, but also twice as likely to overthink things.
It got us curious…
How many crypto cycles have YOU been in?
- 1st cycle - I'm a rookie.
- 2nd cycle - I'm ready for Round 2.
- 3rd cycle - I'm a vet. Where's my purple heart medal?
Login or Subscribe to participate in polls.
Click your answer above and we’ll share the results later this week!
BITE-SIZED COOKIES FOR THE ROAD 🍪
OKX’s native token plummeted 50% after a mysterious flash crash happened. The exchange confirmed that it will compensate users for losses caused by the liquidation cascade, including on-chain trades.
Magic Eden is partnering up with Non-Fungible DAO to open-source its minting and trading protocols. There are also plans to launch a new token called “NFT” to reward NFT traders on the platform.
Mt. Gox creditors are one step closer to getting their repayments. Some former customers of the crypto exchange have reported receiving an email asking for confirmation of identity and account details.
A Bitcoin Ordinals inscription sold for ~$254,000 at Sotheby’s. The “Genesis Cat” Ordinals inscription received over 50 bids.
Rollbit is teaming up with FaZe Clan in a multi-million-dollar esports deal. The crypto casino will sponsor FaZe Clan’s Counter-Strike 2 team (ranked #1 in the world, btw).
Former NBA player Dwight Howard launched a new NFT project on Avalanche. The problem? Only ~15% of the total supply was minted. That’s 4x lower than Dwight’s career free-throw percentage (~57%) in the NBA. Oof.
MILKY MEMES 🤣
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ROADER REVIEW OF THE DAY
VITALIK PIC OF THE DAY
What it feels like waiting for ETH to hit $5K
— Milk Road Images (@MilkRoadImages)3:38 PM • Jan 24, 2024
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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.
