🥛 Is BlackRock filing for a Solana ETF? 🏦
Today’s edition is brought to you by Kresus – the best wallet to explore BASE yields and DeFi strategies, offering free transactions, insurance coverage, and seamless integration with Coinbase.
GM. This is Milk Road, the Milk Man is back with another fresh scoop of crypto crunch.
Here’s what’s on the menu today:
Is the Solana ETF next? ⏭️
Pump.fun vs the world 💸
Capitalize on Blast & Base: Zeneca's top L2 picks 🚀
Uniswap Labs acquires Crypto: The Game 🍪
IS THE SOLANA ETF NEXT? ⏭️
The SEC just green-lit the Spot Ethereum ETF and now we're patiently waiting for the S-1 documents to be approved so the ETFs can actually start trading.
While we twiddle our thumbs and refresh our browsers, the buzz is all about who's next in line.
Many have been speculating that it will be Solana.
And yesterday, this speculation started heating up as rumors are circulating that BlackRock has started the application process for a Solana ETF.
Big if true 👀
This would be a game-changer for $SOL, a token with a sub $100 billion market cap.
But don’t count your chickens just yet, we’ve yet to see any sources behind these rumors.
Regardless, let’s break down what we know about the chances of a Solana ETF happening.
What are the odds? 🍀
The two main reasons industry experts state that there is little chance for a $SOL ETF anytime soon are:
Past Patterns: Historically, $BTC and $ETH required a futures ETF approval first, before a spot ETF can be approved. (At least 2 years were needed between futures and spot approvals to ensure no manipulation and efficient markets. Many are suggesting this is needed for all new ETFs.)
SEC Drama: Solana is currently considered a security by the SEC in ongoing court cases with Coinbase and Kraken. $BTC and $ETH didn’t have this baggage.
Why is Solana seen as a security by some? 🚨
Token Distribution: The way tokens were handed out.
Token Launch: Raised funds through VCs.
Decentralization: Or rather, the lack thereof.
While the Milk Man likes to think that Solana is not a security, he does agree that it will be tough to approve a Solana ETF while it’s still tangled up in court cases that call it a security…
BUT you know what crypto asset has no issues around being a security, no early VC investors, is sufficiently decentralized, and has a globally distributed holder base?
Dogecoin!
No joke, this thing has been around since 2013, has a market cap of over $20B, and more than 7M holders.
Doge could have a serious chance of being next in line for the ETF rollercoaster.
Just imagine the news headlines if a dog coin ETF gets approved. 😂
Hey, If a guy named Roaring Kitty can blow up a few billion-dollar hedge funds through social media, why can’t the crypto community get the people’s token ($DOGE) wrapped in an ETF?
But, in all seriousness, the odds of a Dogecoin ETF getting approved this year are about the same as a Solana ETF… Pretty damn small.
Do with that information what you will. 🤷
We want to know, when do you think a Solana ETF will be approved?
A/ 2024
B/ 2025
C/ 2026
Hit reply and let us know why!
UNLOCK BASE’S TRUE POTENTIAL WITH KRESUS
There's a lot happening on Base, from the latest memecoins to newest yield strategies. With so many opportunities, you need a secure and efficient way to explore it all.
Choose Kresus for Base onchain self-custody and enjoy the most sophisticated trading tools and Base best yields.
What makes Kresus different?
Free Transactions: Enjoy transactions on Base without fees
Regulated Insurance: Kresus is the first self-custody wallet to integrate third-party regulated insurance, up to $10k coverage
Coinbase Integration: Easily link your Coinbase account to effortlessly use your funds on Kresus
Follow the Pros: Gain insights and strategies from top traders
PUMP.FUN VS THE WORLD 💸
Pump.fun is raking in cash like a crypto rockstar on tour. This app lets you launch a coin instantly, no liquidity needed. All it takes is $2 and a click.
This protocol is causing serious hype—so much that even an ex-employee hacked it a month ago!
When you're popular, you attract both fans and foes, making you a prime target for attacks.
Let’s see how Pump.fun stacks up against the top revenue-generating apps in the crypto world.
Spoiler alert: It’s epic. 😎
Pump.fun's daily and cumulative revenue since its grand debut are something else…
Check out the charts below:
Pump.fun’s revenue over the last 30 days was around $20M. (Cumulative revenue for the year is now at $37M and 30 days ago it was sitting at $17M.)
Now, here's a juicy snapshot of the top crypto money-makers over the past 30 days, showing which platforms are rolling in the dough.
Let's break it down and see where Pump.fun stacks up against the crypto heavyweights. Time to see if it’s a contender or just the class clown!
So what are the key points that stand out in these charts?
Pump.fun’s Revenue: Since March, Pump.fun has been on a tear, raking in revenue with a steady climb to $36.4M by June 9, 2024. Top days hit a whopping $1.5M, with a strong finish at $694k on June 9. 💰
Top Revenue Generators: Only five protocols have managed to pull in more revenue than Pump.fun, putting it in an elite club of crypto cash machines. 🎖️
Comparative Success: Heavyweights like Uniswap Labs, Lido, GMX, OP Mainnet, and Arbitrum have all made less revenue in the same period. Pump.fun is outpacing the big dogs. 🐶
🥛 Milk Road Take: Seeing Pump.fun climb the revenue charts is pretty impressive.
For a relatively new player to outperform established names like Uniswap and Lido shows there's serious potential and a solid business model behind Pump.fun.
This rise also highlights the booming appetite for decentralized applications and launching new coins—especially memecoins.
Since April, we've seen over a million new tokens spring to life!
Solana's now the memecoin factory with 640k tokens, while Ethereum's Layer 2, Base, chipped in with 370k.
CAPITALIZE ON BLAST & BASE: ZENECA'S TOP L2 PICKS 🚀
Today’s newsletter has been heavily focused on Solana – one of the fastest growing ecosystems in crypto…
But we are all wondering, what opportunities are out there on $ETH?
Zeneca's here to save the day! 🦸
In our latest episode, he explains why he's super bullish on Base & Blast – no shade to Arbitrum and Optimism, but he sees more profit potential with these two this summer.
PLUS, he's got some hot takes on memecoins.
Don't miss out! Click to watch and get the inside scoop from one of crypto’s top minds 👇
YouTube | Spotify | Apple Podcasts
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 signalling 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. 👇
GO PRO AND UNLOCK:
Full access to the 5 bull market peak indicators above. 👆
Our weekly reports that help you invest successfully in crypto. 💰
Full access to the Milk Road PRO community. 🫂
PRO REVIEW OF THE WEEK
BITE-SIZED COOKIES FOR THE ROAD 🍪
Polygon community treasury announces grants program for builders. The blockchain plan to sprinkle MATIC like fairy dust aims to entice developers with $22M (35M MATIC) in grants. "Season 1" is open until August 31, it’s time to watch projects bloom and grow!
Metaplanet rallies 10% as it scoops Bitcoin for 3rd time in 2 months. “Asia’s MicroStrategy” must have a serious case of Bitcoin FOMO, grabbing another $1.59 million worth. Their stash is now worth over $9.6 million, and the stock jumped 10% like a crypto kangaroo!
Bitcoin ETFs break 19-Day inflow streak as net outflows hit $65M. Grayscale’s GBTC led the charge with over $113 million exiting stage left in just three days. Time for a market cool-down!
First formal on-chain secondary transaction involving a tokenized financial instrument takes place in Spain. Conducted by Securitize Europe on the Avalanche blockchain, this groundbreaking move was fully compliant with Spanish law.
Uniswap Labs acquires Crypto: The Game, a Survivor-inspired on-chain competition. The deal, announced on June 10, 2024, will have the CTG team working on Season 3. Guess it's time to start hoarding virtual coconuts!
MILKY MEMES 🤣
RATE TODAY’S EDITION
ROADIE REVIEW OF THE DAY 🥛
VITALIK PIC OF THE DAY
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.
