🥛 March Recap: 3 big winners 👀
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March Recap: 3 big winners 👀
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MARCH RECAP: 3 BIG WINNERS 👀
That’s another month in the books for crypto. (By the time you hear from us again, it’ll be April!)
And this past month was a lot like my busted March Madness bracket – full of unexpected heroes, broken hearts, and a lot of ‘wtf did I just watch’ moments.
In case you blinked and missed something, we got you covered with a recap of the month’s biggest winners.
We got 3 of ‘em…
1/ Base
March was a month to remember for Coinbase’s Layer-2…
Daily transactions jumped from 400K → 1.5M by the end of March.
Weekly active users doubled and hit new all-time highs.
Not to mention… this was Base’s most profitable month. Period.
Total monthly network revenue hit $10M+ for the first time ever.
Weekly network profit jumped from $500K → $4.4M by the end of the month.
Source: Dune (@watermeloncrypto)
Milk Road Prediction: With Base’s new smart wallet coming out next month and more crypto projects, NFT creators, and investors bridging over – April could be even bigger for Base.
P.S. – if you’re curious about how to bridge to Base, but don’t know how (and at this point, you’re too afraid to ask)… don’t worry, we created a step-by-step guide for ya here.
2/ Ethereum
3 big things happened in ETH-land this month…
Dencun upgrade. The network upgrade was successfully implemented and lowered expenses for L2 networks like Arbitrum, Polygon, Base, etc. (Plus, nothing broke!)
BlackRock launched a new tokenized fund on Ethereum. It’s called BUIDL and it invests in U.S. Treasury bills, repurchase agreements, and cash.
Big-name firms filed paperwork to launch an ETH ETF. VanEck, Grayscale, BlackRock, Hashdex, Fidelity, and Invesco have all applied to launch one. (Btw, you can track ‘em all here)
The cherry on top? If prices keep steady, ETH will end March in the green for the 4th straight year.
3/ Memecoins
March 2024 will be remembered for one thing: Memecoin Mania.
Dogecoin ($DOGE) jumped 110% and hit its highest price since Dec. 2021.
Floki Inu ($FLOKI) soared 320% and is at its highest price in 3 years.
DogWifHat ($WIF) hit a new all-time high and flipped $PEPE to become the 3rd largest memecoin.
Low/mid-cap memecoins like POPCAT (+2,357%), DEGEN (+1,712%), and DOGINME (+2567%) all saw massive gains.
Just look at the top 5 memecoins… they ALL pumped triple-digit percentages this month.
Source: CoinGecko
Side note: I’ll be honest… I haven’t seen a trend as polarizing as memecoins.
On one hand… people LOVE them. They are emotionally attached. They f*cking love their dogs wif hats and kitty cat coins.
I swear I saw some guy say “goodnight” to his memecoin portfolio the other day – the same way a 4-year-old tucks their stuffed animal in for bed.
On the other hand… some people HATE them. They get enraged every time they hear someone made 2x their yearly salary in 7 minutes from memecoins.
I get it. Memecoins feel like get-rich-quick schemes. And haters love to say… “It’s all speculation!”
Yes, that’s true. The dominant use case for memecoins is speculation. But here’s why that’s not as bad as it sounds…
Why Speculation Is Not Just Good, But Necessary
Money is based on belief. If I try to pay my barber in Oreo cookies, he’s gonna give me a dirty look and a lopsided bowl cut.
Why? Because Oreo cookies aren’t money.
But…Why not? Why are Oreo cookies less valid than green paper bills?
After all… Oreos have utility! I can eat them and dunk them in milk. #BreakfastOfChampions.
But my barber won’t take Oreo’s for payment, because he doesn’t believe that he can pay his water bill with them.
Remember, money is belief. If everyone believes paper money or shiny gold rocks are valuable – then they are.
But it’s not just you that needs to believe. OTHERS need to believe. Money is a network effect. And the more people that believe in it, the better.
For example, think about telephones. If you’re the first person on earth with a telephone, it’s just a useless box.
If 2 people have it, it’s still pretty crappy. You can only call each other.
But once your whole city has telephones, all of a sudden they become super useful.
That’s what’s happening in crypto. If nobody owns any, it’s useless. But once enough people believe in it, have wallets, and have coins – it’s suddenly very powerful.
Speculation (and in this case, memecoins) is one of the fastest paths to get us there.
Sure, I could tell my aunt about a new ZK-proof Layer 6 blockchain – but she’d fall asleep.
But if I tell her I just made a ton of money off this coin…suddenly she’s looking at me like I’m the second coming of Warren Buffet.
Memecoins solve the cold-start problem. It’s like the club promoter saying, “Ladies drink free” to turn an empty nightclub into a full one.
So while they get a lot of hate, memecoins just might be the thing that onboards the next million people.
Thanks for coming to my Ted Talk!
**mic drop**
NOTHING IS CERTAIN EXCEPT BITCOIN AND TAXES
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T-1 DAY UNTIL MILK ROAD PRO 🥛
It feels like the peak of the bull market over here at Milk Road. Excitement is in the air and the Milk Man is having trouble sleeping. 😴
Not because Bitcoin’s back up above $69K (nice), but because the first Milk Road PRO report is less than 24h away. Here’s a sneak peek:
In today’s PRO report, we’re going to dive into the bull case for Bitcoin and look into what’s brewing in crypto’s largest asset.
We’re going to get clear on the economics and tokenomics of Bitcoin and understand the demand factors that may influence the price of Bitcoin this cycle.
At the end of this report, we’ll share our thoughts about a Bitcoin-led crypto cycle so you can understand where to allocate your capital to get the most bang for your buck! 💰
Important: If you’re not a PRO member yet, you’ll only get a preview of tomorrow’s report. Upgrade to PRO with a 33% lifetime discount to get full access.
The discount is only available for the first 500 Roaders who take the big leap – and 400 slots have already evaporated!
Apart from tomorrow’s report (which is a banger if you ask me), you should expect:
Weekly reports that help you spot early trends and navigate the markets so you can invest successfully in crypto.
Weekly “Where Are We In The Cycle?” indicators to help you spot the bull market top before it’s too late.
Access to the PRO Community, where the Milk Road crew & 100s of fellow PROs talk crypto.
P.S. – The daily & free newsletter you know and love will not change! Milk Road PRO is an extra resource for those who want to level up and start investing successfully in crypto!
P.P.S. – There are just 100 spots left to go PRO with a 33% lifetime discount.
BITE-SIZED COOKIES FOR THE ROAD 🍪
New malware is targeting Call of Duty players and stealing their crypto. The malware has already impacted hundreds of thousands of players (and counting).
Google released a new feature that lets you search for data (like wallet addresses, balances, etc) on different blockchains. The new feature supports the Bitcoin, Arbitrum, Avalanche, Optimism, Polygon, and Fantom blockchains.
FTX’s ‘locked SOL’ is getting a lot of interest from investors. The bankrupt crypto exchange holds 41M SOL (worth $7.5B) that it’s looking to offload to prospective bidders.
Bitwise filed for a spot ETH ETF. Unlike some of its potential competitors, the Bitwise application lacks any language around staking (for now).
$336M was lost due to crypto hacks and scams in Q1. The good news? The number of attacks dropped 17.6% from 74 in Q1 2023 to 61 in Q1 this year. The bad news? Only 22% of the stolen funds in Q1 were recovered.
MILKY MEMES 🤣
Source: Reddit
Source: @BullyEsq
Source: @TheBTCTherapist
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ROADER REVIEW OF THE DAY
VITALIK PIC OF THE DAY
Seeing all the ETH ETF applications being filed…
— Milk Road Images (@MilkRoadImages)
Mar 29, 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.
