GM, this is the Milk Road. We’re the friend that holds your hand on the roller coaster ride that is cryptocurrency.
The US Fed raised rates by 0.25% yesterday (from 0.25% → 0.50%) and crypto markets shot up – with all of the top 25 tokens being in the green in the past 24 hours.
Usually we'd expect raising rates to cause crypto (and stocks) to drop, but everything went up. Mostly because it seems like this rate hike was talked about for months and already priced in.
Alright, let’s dive in, today’s edition:
📒 The Q2 Crypto report everyone is reading
🪙 Apecoin goes live
🎶 Sound is ushering in the music NFT era
💸 Sifu is back with a token
THE Q2 CRYPTO REPORT EVERYONE IS READING
When Ansem drops a report, people read it!
He's earned that status and respect in the crypto world because he's publicly made a few non-obvious, big bets that have paid off big time.
He bet on Solana at $1, he was early into DeFi Kingdoms, he called that ETH would hit it's all-time high in November and he was all over predicting that LUNA would have a run up in Q1.
Ansem’s Q2 Outlook for the crypto markets:
1 – There has never been a more clear “why non-government money is important” than now.
Canada freezing trucker’s banks
Ukranians fleeing the country
Russia getting cut off from banking system
Bitcoin is showing strength while the rest of the market is tanking right now.
Right now, people who “speculate” with Bitcoin as a “risky asset” are selling. But people who view Bitcoin as a safe hedge against dollars and gold are buying.
He believes it will hover between $30-60k for the next year of “reaccumulation” before taking off on it's next rise.
2- He thinks this is near the bottom for crypto markets. We are at peak fear & uncertainty right now. In bear markets, he likes pair-trades. For example:
3 -He thinks that ETH has a weaker narrative than Bitcoin right now and that in a risk-on environment, you can find better bets. But he’s actively using LIDO to stake and gain yield on his ETH.
4 – For high upside bets – he’s investing in Luna & Cosmos ecosystem this year (Atom, Juno, Osmos, and Thorchain).
The whole post is pretty interesting, but long. You can read it here.
THE BORED APE YACHT CLUB IS LAUNCHING A TOKEN ($APE)
Yesterday we shared leaked plans from Bored Apes about a token…and then it was announced officially.
$APE token is now officially out in the wild.
Four things to know about the token:
1/ The token isn’t technically being launched by Yuga Labs (due to SEC rules and regulations), so they spun up a DAO to release the token.
2/ 15% of the token pool to goes to NFT holders. The founders/company are taking a big chunk of the tokens, with 16% going to the company and an extra 8% for the founders personally. You can see the full breakdown here.
3/ The token is going to be available on all major exchanges within a few hours of launching, which sounds logical, but is not common & not easy to pull off. It will be available on Coinbase, FTX, eToro, Gemini, Binance, and more.
4/ Milk Road will not be buying, because we don't like to day trade. Airdrops have not performed well historically on a longer time horizon (even in “blue chip” projects like ENS, Uniswap, or Looksrare). See the charts below:
SOUND, THE MUSIC NFT PLATFORM, HITS $1M OF SECONDARY SALES
Have you seen Sound? It’s pretty cool.
Most “music NFT” projects are focused on letting you “own” a track and share royalties.
I think this will be mostly disappointing for people, since music royalties are usually worth $0.
But Sound does a different thing. They let an artist “debut” their music to their top 1% super fans. Those fans get to hear the music first, and own one of the “debut” NFTs, that lets them leave a comment on the song.
Snoop Dogg debuted a sound on Monday and made 100eth from his fans.
And Sound just announced they've passed $1M in secondary sales (they launched in August of last year).
I’m keeping an eye on this project because I can 100% believe that musicians might actually be really into this idea.
THE RETURN OF SIFU
Remember the story a few weeks ago about “Sifu”? He was the CFO of a popular crypto project, but people found out he had a past history of scamming/fraud so the project fell apart.
Well, he’s back with something new (cue building something new jokes). It’s called.. (i shit you not)…Sifu’s Vision.
He’s selling $100M worth of his own token ($SIFU).
The website has like zero information, but the concept is:
1) You buy the token
2) He takes that money and invests it (mirroring his portfolio) and occasionally shares updates and trade ideas in the discord
3) All while you hope to God he doesn’t run away with your money
BTW – You can see that he has $70m in his personal wallet on Debank, and see his transaction history too:
Gonna be a hard pass for me. I try not to give money to people who may or may not have scammed people in the past. But hey, maybe I just have trust issues.
Also – no idea if or how this is legal. Any legal experts who understand the mechanics of this, reply to this email or shoot me a DM on Twitter.
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CHART OF THE DAY: THE OTHER APECOIN
the $APE announcement caused so much fomo that people were buying the wrong one 😂
Up 150% for the day and then right back down.
THE MILK ROAD BRACKET CHALLENGE
There's still a little time left to enter the Milk Road March Madness bracket challenge:
The top 5 finishers win exclusive Milk Road NFTs (trust us, you’re gonna want these).
Just make sure you make your bracket name your twitter handle, so we can find you, when you win!
Alright, that's all we got, ya filthy animals!
What'd you think of today's email?