GM. This is Milk Road, the Ryan Reynolds of crypto. We turn anything we touch to gold.
Here’s what we got for you today:
- The trade heard around crypto 🤯
- Whales buy $1.8B in BTC in 16 days 🐳
- BTC miner revenue hits 11-month high 🤑
- Vitilik tried to intern at Ripple 🍪
Prices as of 8am EST
Today's edition is brought to you by FANtium. Take your fandom to the next level by investing in athlete's careers and sharing in their future success. 🏀
THE LEGENDARY $PEPE SWAP 🤯
Crypto is hilarious. Here’s what happens if you say “I’m trying to earn 50%”:
Normal people = “I hope I can get a 50% return over the next 10 years.”
Crypto people = “Just 50%? What is this, a bank for ants?”
Crypto is the only industry where 50% returns will get you laughed out of the building. And that’s because crypto investors often see 10,000% or 20,000% returns, within a few days.
And if you’re lucky enough to get in on the investment early, you could turn a few hundred bucks into millions and become crypto’s next Slumdog Memecoin Millionaire.
So here’s the million dollar question: what do you do if you’re in that position?
Well, first you hit the club like it’s Tuesday. Next, you need to understand two big concepts…
Liquidity and slippage. I know I know, sounds like what happens during Spring Break in Cancun. But these are two things that can save you hundreds of thousands of dollars.
Today we’re gonna explain what they are and show you a worst-case example of what happens when you don’t know about liquidity and slippage.
The Worst-Case Example: This $PEPE trader lost $300k+ in one swap.
What happened? This trader made 2 mistakes:
1/ They tried to swap all of their tokens at once
This one swap crashed the price of $PEPE by > 40% due to not enough liquidity. Liquidity measures how easy it is to turn an asset into cash. And the easier it is, the smaller the price impact of the trade.
In a lot of newer coins, liquidity can be hard to come by. PEPE’s market cap at the time was ~300M, but this one wallet still made a serious dent:
Yes, that was a 44% dump in a 1 minute candle @ $PEPE
— 🅿️enguin.eth 🐧 (@penguin_curator)6:40 PM • Apr 30, 2023
2/ They forgot to set their slippage %
Slippage represents the worst price someone is willing to accept on a token swap. If the fill price falls outside of your desired range, the trade does not go through.
But if you set the wrong slippage, you might be giving your coins away for a fraction of their current value. It’s kinda like when a pair of rare Jordans pops up at the goodwill 🔥
Why should I care? It is important to learn about the inner workings of the crypto products and applications that you use. A simple understanding of liquidity pools and how dexes work could have saved this wallet some serious dough.
But don’t feel too bad, this trader still made off with some sizable gains.
INVEST IN YOUR FAVORITE ATHLETE'S CAREERS WITH FANTIUM
Have you ever wished that you could invest in the career of an athlete?
Our partner FANtium allows you to do just that. Now you can spice up your portfolio and share in an athlete’s future success.
Here’s how it works:
- Athletes make a share of their expected earnings investable and sell those as NFTs to FANs, allowing them to kickstart their careers
- FANs get a share in the athlete’s career earnings and prize money if they are successful
- FANs also become part of the athlete’s inner community, unlocking unique perks and experiences, connecting them to their athletes like never before
Last month 19-year-old tennis player Felix Mischker raised $52,000 on FANtium in a couple of days to pursue his professional career. And several more athletes are joining the platform soon, including Darja Semenistaja, a 20-year-old upcoming female tennis player from Latvia, who is already no. 215 WTA in the world. 👀
Join their community to take your sports fandom to the next level.
WHALES BOUGHT 64K BTC IN THE LAST 16 DAYS 🐳
We love two things here, ladies & gents:
- Taco Bell coupons for ½ off Cheesy Gorditas
- People buying up a sh*ton of Bitcoin
Bitcoin whales have bought 64K BTC ($1.8B) in the last 16 days. Those are wallets holding between 100 & 10K BTC ($2.8M & $278M.)
That’s right, BTC whales are stocking up like doomsday preppers stocked up on toilet paper during COVID.
🐳 #Bitcoin whales have quietly accumulated again since profit taking above $30k on April 11th. Since this date, as prices wavered and dipped down slightly, addresses holding 100 to 10,000 $BTC have collectively added 64,094 coins back to their bags. 💰app.santiment.net/s/clj5NRfa?utm…
— Santiment (@santimentfeed)12:20 AM • Apr 29, 2023
So what? This is good! It means BTC’s largest individual holders are bullish.
Only the strongest can resist that price point after 10 long, dreary months…
BTC whales are back in HODL mode.
May’s gonna be a good one, I can feel it.
BITCOIN MINER REVENUE JUST HIT AN 11-MONTH HIGH 🤑
Bitcoin miners are making BANK right now. *Queue DJ Khaled Major Key Alert*
Daily BTC miner revenue hit $2.8M on Sunday. That’s the highest it’s been since June 2022.
BTC miners get paid for every block they mine (6.75 BTC, or $190K) plus transaction fees from each transfer.
📈 #Bitcoin $BTC Miner Revenue just reached a 11-month high of $2,835,512.14 Previous 11-month high of $2,690,542.32 was observed on 15 April 2023 View metric: studio.glassnode.com/metrics?a=BTC&…
— glassnode alerts (@glassnodealerts)3:15 AM • May 1, 2023
So why the rise? One word, baby: Ordinals.
Everyone & their mother is inscribing them on the Bitcoin blockchain. It’s the protocol’s way of getting into NFTs - which historically has been more of an Ethereum thing.
There have been 3M Inscriptions since Ordinals launched in December 2022.
More transactions = more transaction fees = higher BTC miner revenue.
*Alexa, play A Milli by Lil Wayne*
MILK & COOKIES 🍪
Vitilik used to sleep on the Ripple CTOs couch while looking for an internship. A humble beginning for one of our favorite crypto characters.
New California legislation aims to seek legal framework for DAOs. Gary should be taking notes from the Golden State.
Huobi announced it will be supporting BRC-20 trading soon. Fun Fact: There was a BRC-20 “PEPE” token that launched before Ethereum’s token.
Phantom wallet launched support for ETH and Polygon. Following Magic Eden’s move, another big SOL player enters the multi-chain world.
MILKY MEMES 🤣
HIT THE INBOX OF 250K+ CRYPTO INVESTORS
Advertise with the Milk Road to get your brand in front of the Who's Who of crypto. The Roadies are high-income crypto investors who are always looking for their next interesting product or tool. Get in touch today.
What'd you think of today's edition?
Login or Subscribe to participate in polls.
ROADER REVIEW OF THE DAY
VITALIK PIC OF THE DAY
When you remember it's Taco Tuesday...🌮
— Milk Road (@MilkRoadDaily)12:58 PM • May 2, 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.
