🥛 Why this crypto rally is different 👀
Today’s edition is brought to you by Birdeye – a powerful tool that aggregates real-time crypto trading data from 200+ DEXes on Solana, Ethereum, and other EVM chains, empowering traders to make better trading decisions.
GM. This is Milk Road, where we deliver crypto insights faster than your old dial-up internet – no annoying screeching sound included.
Here’s what we got for you today:
This rally vs. previous rallies 🧐
How much money do Bitcoin miners make? 🤑
Say hello to “token extensions” 🍪
THIS RALLY VS. PREVIOUS RALLIES 🧐
It’s always interesting to see how crypto rallies compare to each other…
Which tokens were popular, which tokens are still popular, etc.
Well, check it out. Pantera Capital dropped a blog post called “The Year Ahead.” (It’s a little long, but it’s a banger).
In it, they talk about how this crypto rally looks different than previous ones. Just check out the top tokens from each of the last 3 rallies:
There are 2 big takeaways:
1/ Previous rallies have seen massive churn in the top tokens.
14 out of the top 20 tokens in 2017 lost their top spots during the following bull run in 2021. 70% of the top tokens changed!
In 2021, the top tokens were replaced by ones that didn’t exist during the previous bull run in 2017 (i.e. Shiba Inu, Uniswap, etc.).
2/ The current rally has been the complete opposite – very little change.
The top 6 tokens from this rally are the same ones from the 2021 peak. Just a different order.
16 out of the top 20 tokens have stayed the same since 2021. The churn rate for the top tokens dropped from 70% → 20%. Impressive.
Why this matters: There’s a saying in crypto… “The top tokens of the next bull run haven’t even launched yet.”
Historically speaking, that’s been true.
But this rally looks different. The battle-tested veterans will likely lead this next bull run, not the rookies.
STAY AHEAD IN YOUR CRYPTO TRADING GAME
For traders, the right information + the right timing = profit.
You need a reliable tool that provides aggregated and precise crypto trading data that can help traders find more opportunities on time.
*Enter Birdeye*
Birdeye provides real-time crypto trading data from 200+ DEXes on Solana, Ethereum, and other EVM chains.
You get:
A token’s aggregated information. Say bye to fragmented data and hello to precise metrics and time saved!
See trending tokens with value. Birdeye’s algorithm filters out as many of the trivial tokens as possible to save you more time.
Native trading. Swap, bridge, and place limit orders on Birdeye with leading web3 protocols like Jupiter, 1inch, and more. How convenient!
Think you mastered the trading game already?
*The Finale*
Birdeye Terminal (launching tomorrow, EST!) lets you set highly detailed trading alerts, track certain wallets’ & cryptocurrencies’ over-time analysis, and label traders' wallets on Birdeye.
Starting at $30, you could get a PRO account on Birdeye for exclusive access to more data so you can bag potential #x1000Gems!
*Time is (literally) money*
Create a Birdeye account NOW to access accurate crypto trading data!
HOW MUCH MONEY DO BITCOIN MINERS MAKE? 🤑
Mining Bitcoin is a lucrative business.
How lucrative? Bitcoin miners are averaging $12.3B in annual revenue.
(*Alexa, play “Make It Rain”*)
Here’s how Bitcoin mining revenue stacks up:
Pretty crazy. Bitcoin mining was once considered a “side hobby for nerds”….
Now it makes more money than some of the largest companies in the world!
BITE-SIZED COOKIES FOR THE ROAD 🍪
Solana is launching “token extensions.” It will allow developers to hard-code special rules and controls into tokens created on Solana.
The U.S. Securities and Exchange Commission (SEC) has increased its enforcement actions by 53% year-over-year. There were 46 total enforcement actions carried out last year – the highest annual total since 2013.
The SEC has delayed its decision to approve/deny BlackRock’s proposed spot ETH ETF. The delay pushes any decision on the proposed fund to March 10.
Magic Eden is expanding its reward program. Magic Eden users can earn “diamonds” (not real ones, sorry) by buying, selling, or making offers on NFTs.
Warning: A bunch of phishing emails are being sent to Trezor users. The phishing email told users to update “assets” via a fake link. Trezor disabled the email link, but some users may have exposed recovery seeds.
MILKY MEMES 🤣
RATE TODAY’S EDITION
ROADER REVIEW OF THE DAY
VITALIK PIC OF THE DAY
When everyone is getting 100x returns, except for you
— Milk Road Images (@MilkRoadImages)
Jan 25, 2024
YOUR CHANCE TO WIN A FREE TREZOR!
Since its first newsletter on December 31, 2021, Milk Road has delivered fun, easy-to-read content every weekday, regardless of the weather. In return for your loyalty, we've never asked for anything—until now (fact check please). We need just 3 minutes of your time for our annual sponsor survey. Your feedback will enhance our newsletter, help us find relevant sponsors, and support our operations. Plus, you could win one of three Trezor Safe wallets.
Ready to help? Begin the survey here!
P.S. – this Friday is the LAST day to submit the survey.
– The Milk Man
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.
