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GM. This is Milk Road. The newsletter that gives you the same feeling as hearing the ice cream truck enter your neighborhood - instant joy.
Here’s what we’re serving up today:
- Solana is on FIRE. Here’s why…🔥
- Movies, Bitcoin, and all-time-high prices 👀
- MicroStrategy: “Mo Money, Mo BTC” 🍪
Prices as of 12:00 PM ET. Click here for our Fear & Greed Index
SOLANA IS ON FIRE! HERE’S WHY…🔥
Solana has been on a roll lately…
- Its native token ($SOL) is up +15% and hit a 20-month high.
- Stablecoin inflows have increased every day for the last 10 days.
- Last week, Solana decentralized exchanges (DEXs) saw $11.24B in trading volume - a new weekly record.
- On Tuesday,Solana DEXs hit $2.85B in trading volume - a new daily record.
(The Solana club was 🎵 goin’ up, on a Tuesday 🎵)
So, what’s behind the recent rally? 2 things…
1/ Shiny new tokens
A new wave of memecoins hit the Solana blockchain this week.
But there’s a twist:
- The memecoins aren’t animal-themed like they usually are. (i.e. dogs, cats, frogs, etc)
- Instead, they’re based on famous people.
- But the names are spelled funny…
- And the art looks like it was created by a 4-year-old on Microsoft Paint.
Without further adieu, here are the memecoins taking Solana by storm…
I know what you’re thinking…. “This sounds (and looks) so stupid.”
I thought the same thing when I first saw them on Tuesday. So, I didn’t buy any.
Fast forward to today… tokens like Jeo Boden and Danold Tromp are up 100x.
(Brb - gonna go stub my toes against the coffee table to ease the pain).
The lesson:You don’t get to dictate what’s “stupid” in crypto, the market does!
And goofy artwork + funny names = a recipe for virality.
As more of these Solana memecoins go viral → more investors will flock to Solana → more on-chain trading activity.
On top of that…
2/ Pantera Capital has its eyes on SOL
In case you don’t know, Pantera is a crypto OG…
- Launched the first crypto fund in the U.S. over 10 years ago.
- First bought BTC back in 2013, when it was worth ~$100. (Btw - Dan Morehead, the founder, wrote an email explaining why they invested at the time. 100% worth the read).
- At one point, the fund’s lifetime return was over 10,000%. AKA what all little degens around the world dream of…
Now, Pantera has its eyes set on something new… Solana.
According to reports, Pantera Capital is raising funds to buy $250M worth of SOL.
Why this matters: It gives Solana a “stamp of approval”.
You see, for the most part, Solana’s been associated with names like FTX and fkSBF (formerly known as SBF or fkSBF for short).
All bad names. All banned from my house.
So getting a name like Pantera onboard adds some credibility.
$SOL is up +15% after the news.
PHEMEX: YOUR CRYPTO TRADING BFF
Don’t look now but the crypto market has finally found its groove again after a period that felt like the longest winter on record.
So, what’s next?
Like everyone else, you're looking to capitalize on this upswing and elevate your profits without sifting through endless analyses cluttering your screen.
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MOVIES, BITCOIN, AND ALL-TIME-HIGH PRICES 👀
Here’s an interesting/weird correlation for you…
Every time a new ‘Dune’ movie comes out, BTC hits a new all-time high.
It happened back in 2021 and again earlier this year.
Have I ever watched Dune? Nope.
Am I rooting for them to make a new movie every year? Hell yes.
If they make as many Dune movies as “Fast & Furious”, we’ll be rich in no time!
BITE-SIZED COOKIES FOR THE ROAD 🍪
The blockchain security firm Hacken is on the brink of introducing RWA tokenization, which empowers $HAI token holders to convert their utility tokens into equity tokens. This exchange provides a direct equity stake in Hacken and the waitlist remains open.*
MicroStrategy increased its convertible debt offering from $600M → $700M. You know what they say… “Mo Money, Mo Bitcoin.”
The proposal to turn on Uniswap’s fee switch has passed the “temperature check vote.” The proposal includes changes in the protocol’s fee mechanism to reward users who delegate and stake their UNI tokens and will now go to an on-chain vote.
Wormhole released details for its big airdrop coming soon. The cross-chain protocol will airdrop ~617M tokens to its early users.
Regulators in Spain have issued an order requiring Worldcoin to cease collecting and processing personal information within the country. Sam Altman’s crypto project has a 72-hour window to abide by the order (or else…).
The Arizona State Senate is reviewing a proposal to include Bitcoin ETFs in retirement funds. The state funds include the Arizona State Retirement System (ASRS) and the Public Safety Personnel Retirement System (PSPRS).
EigenLayer has reached $11.2B in total value locked (TVL). The Ethereum restaking protocol jumped Aave to become the 2nd largest protocol by TVL.
*This is sponsored content
MILKY MEMES 🤣
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ROADER REVIEW OF THE DAY
VITALIK PIC OF THE DAY
When you sneeze and miss out on a 100x
— Milk Road Images (@MilkRoadImages)5:48 PM • Mar 7, 2024
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.
