🥛 Memecoins are taking over! 👀
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Welcome to Milk Road, where we pack every crypto update like a lunchbox – nutritious, satisfying, and exactly what you need to fuel your day.
Here’s what we got today:
Memecoins are taking over! 👀
Graph of the Day: L2 fees dropped by 99% 📊
Crypto’s market cap could hit $7.5T 🍪
MEMECOINS ARE TAKING OVER! 👀
There are 5 stages of FOMO in crypto…
Step 1: Your friend Steve tells you about a new crypto narrative.
Step 2: You think it’s stupid so you ignore it.
Step 3: A week later, Steve sends you a selfie from his new yacht. He’s a gazillionaire!
Step 4: You question every life decision you’ve made.
Step 5: You finally do some research and get your “aha!” moment. You become a believer.
It happened with Bitcoin. It happened with DeFi. It happened with NFTs.
Now, it’s happening with… memecoins. And over the last 24 hours, they’ve been leading the crypto rally.
The memecoin market cap is up +10%, while the rest of the crypto market is down -0.2%.
So, why are they pumping? 3 big things happened yesterday…
1/ A trillion-dollar asset manager dropped a report on memecoins
Franklin Templeton is an asset manager with $1.5T in AUM. #BigBaller
Yesterday they dropped a new report called “The Value Between Meme Coins and Their Native Networks.”
In it, Franklin Templeton highlights how memecoins:
“Require little knowledge, have low fees compared to traditional tokens, and have the potential to provide opportunities for investors to make quick profits.”
Have a strong relationship with their native networks (i.e. if Solana does well, so do the memecoins on Solana).
Price performance is similar to a meme going viral on the internet.
I’ll be honest, “Trillionaires talking about memecoins” was not on my Bingo card this year.
On top of that…
2/ DogWifHat is headed to Vegas!
DogWifHat is the hottest memecoin in crypto right now.
Earlier this week, the community set out on a mission… raise $650K to get DogWifHat on the Las Vegas Sphere.
3 days later, they did it. Mission accomplished.
$WIF is up +30% on the day and hit a new all-time high ($3.40).
And speaking of memecoins…
3/ Dogecoin got a shoutout from Elon Musk
Dogecoin started with a meme, a dream… and grew to a $26B market cap.
(Fun fact: It has a bigger market cap than Roblox, Budweiser, Zoom, and Snapchat).
And yesterday the OG memecoin got a shoutout from one of its biggest fans… Elon Musk.
Here’s what he said:
Tesla might enable Dogecoin payments for its cars in the future. You can currently only use it to buy Tesla merch.
He called it “the people’s crypto.”
At one point, he even said “Dogecoin to the moon.”
DOGE jumped +10% after the hoo-rah speech.
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GRAPH OF THE DAY: L2 FEES DROPPED BY 99% 📊
Yesterday was a historic day.
Ethereum successfully completed its ‘Dencun’ upgrade.
The result? Gas fees on Ethereum Layer 2 (L2s) have plummeted by 99%.
Check it out…
Before the upgrade… gas fees on popular L2s like Optimism, Base, and Zora cost ~$1.
After the upgrade… gas fees dropped to less than $0.01.
Why this matters: Gas fees on Ethereum are like going to a fancy restaurant – everything’s fine and dandy until you find out the water costs more than the steak.
The Dencun upgrade changed this and will help Ethereum L2s stay competitive with other low-fee networks.
BITE-SIZED COOKIES FOR THE ROAD 🍪
The window to exchange $HAI for Hacken Equity Shares ($HES) is now open, marking a new era in investment with pioneering RWA tokenization. Before this, $HAI's token surged by 177% in a month, perfectly aligning with Hacken's RWA tokenization initiative.*
Bernstein predicts crypto’s market cap could hit $7.5T by 2025. The broker expects BTC to grow to a $3T market cap and ETH to jump to a $1.8T market cap.
MicroStrategy is looking to raise $500M. The software firm plans to offer $500M worth of convertible senior notes to institutional buyers to buy more BTC.
Block launched its new self-custodial Bitcoin wallet, Bitkey. The rock-like crypto wallet (yes, it looks like a rock) is being shipped to customers who preordered the product last year.
Crypto funds have seen $12B in total inflows in 2024 – a new yearly record. The crazy part? We’re not even 25% through the year.
$250M in tokens will be unlocked by the end of March. ApeCoin, IMX, Pixel, and Yield Guild Games are all scheduled to unlock tokens over the next 2 weeks.
NFTs are bleeding. 4 out of the top 5 NFT collections have dumped between 20% – 40% over the last week. Yikes.
*This is sponsored content
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ROADER REVIEW OF THE DAY
VITALIK PIC OF THE DAY
POV: Me showing my family the new memecoin I bought
— Milk Road Images (@MilkRoadImages)
Mar 14, 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.
