Today’s edition is brought to you by Safe{Wallet} – a decentralized custody protocol and collective asset management platform that secures over $100 billion in digital assets with multi-layered security.
Secure your digital future — explore Safe{Wallet} today.
GM. This is Milk Road, back with a fresh scoop of crypto crunch.
Here’s what’s on the menu today:
- How we value an airdrop 🪂
- Chart of the day: Who owns the most Bitcoin? 🥇
- PRO “Where are we in the cycle?” indicators 📊
- Pixels game hits 1M daily users 🍪
Prices as of 9:30AM ET. Click here for our Fear & Greed Index
HOW WE VALUE AN AIRDROP 🪂
Airdrops have been happening left and right, and everyone’s excited to get their care package.
Okay, so you scored an airdrop, but what in the crypto should you do with it now? Should you HODL that token or move profits to another?
Well… for obvious reasons we will not answer that question.
INSTEAD, we will let you in on what we look at: relative value and comparables – two different methods to help righteously value airdropped tokens. Here’s a handy framework to figure this out:
We use Fully Diluted Value (FDV) and Total Value Locked (TVL) to represent relative value and compare those metrics to similar projects:
For example, let’s take a look at $MODE (compared to Manta and Metis):
- Mode has a fully diluted value (FDV) of $376M.
- That's 76% lower than Manta Network's $1.57B and 32% below the $551M valuation of Metis.
- Yet Mode has only 12% less total value locked than Manta.
Mode is also further along in decentralization than both others according to L2 Beat’s metrics shown in the left box below.
Not only that, Mode has 3.7x the daily active users and 4.4x the daily transactions of Manta!
We haven’t included Metis here as it is a total ghost town.
🥛 Milk Road Take: Mode appears significantly undervalued next to its Layer 2 competitors when you stack up the usage and fundamentals.
For the Milk Man, it looks like a no-brainer to stake and HODL this one. The two methods, relative value and comparables are key, kinda like in real estate!
Of course, there is plenty more at play when valuing an asset, but hopefully this helps paint a nice picture for you.
For more insights, check out our podcast with Mode’s founder James, on YouTube, Spotify or Apple Podcasts.
Did you receive the Mode airdrop?
A/ Yes
B/ No
Hit reply and let us know!
P.S. If airdrops are your thing, make sure to check out our Airdrop Guide so you don't miss the next one.
SAFEGUARD ASSETS WITH UNMATCHED SECURITY
Keep your digital assets safe with Safe{Wallet}, the trusted choice of industry leaders like Vitalik Buterin.
Safe{Wallet} provides battle-tested, multi-layered security with features like:
- Multisig
- Batched transactions
- Simulated transactions
- Free risk scanning
- Integration with over 200 top dApps
Eliminate vulnerabilities and enhance your transaction capabilities today.
Don't just store — secure your wealth and digital asset legacy with Safe{Wallet}.
CHART OF THE DAY: WHO OWNS THE MOST BTC? 🥇
The one million satoshi question everyone is wondering. Who holds the biggest bags?
While no entity owns more than 2% of the 21M supply, the top accounts control a huge chunk:
Here’s the most interesting parts:
- Microstrategy owns more than the world’s largest 2 economies
- UK, Germany, UkraineCOMBINED own less than any of the top 3 alone
- 6 countries and 9 companies are holding
- Almost 18% is estimated to be lost forever due to locked wallets and forgotten keys. Ouch!
- El Salvador closes the list with 5,690 BTC and COUNTING
Note: El Salvador is still committed to buying 1 BTC a day and even recently launched a tracker.
Outside the chart , the majority (57%) is held by individual investors, though this is likely concentrated among whales.
So while highly distributed, Bitcoin's fixed supply means the whales have an outsized impact on market movements.
Who will be at the top in 5 years? We’ll have to wait and see!
PRO “WHERE ARE WE IN THE CYCLE?” INDICATORS 📊
Crypto moves in cycles, and knowing where we are in the current cycle is crucial for capturing the best opportunities.
The goal is to spot the bull market peak before the inevitable bear market hits your bags hard.
Since timing the top perfectly is almost impossible, we use various indicators to give us a better shot at taking profits before it's too late.
Here are the 5 indicators we track, with a color-coded system to show how close they are to signaling the market peak:
🟢 Plenty of room to run 🏄
🟡 Getting closer to the top signal, but haven’t yet reached the mark ⚠️
🔴 We’ve hit the market top indicator 🚨
Every Tuesday, we update these 5 indicators exclusively for PRO members.
Our advice? Don't wait for all of them to hit 🔴. It's better to take profits as they get closer to that point.
Let's dive in and see if we're anywhere near the top of this bull market. 👇
