🥛 These 4 tokens are up BIG, here’s why… 👀
GM. This is Milk Road, your trusted handyman for everything crypto. Whether you got a leaky wallet or questions about the newest blockchains – we got your back.
Here's what we got for you today:
Monday market movers 📊
2 things we're watching this week… 👀
Shaq got served 📜
Today's edition is brought to you by Synthetic Mind, the newsletter that teaches you all about A.I. – without using fancy words.
MONDAY MARKET MOVERS 📊
Crypto is the market that never sleeps. Prices are always moving. 24 hours a day. 7 days a week. 365 days a year. #NoDaysOff
Lucky for you, we’ve had the Milk Man on Price Watch. Here are the 4 tokens that have made it rain:
1/ $ARB – token for Arbitrum
Over the last 7 days: +39%
Why? $ARB airdropped less than a month ago, so it still has a lot of attention on it as the new token on the block.
It's also following a similar pattern we've seen in the Airdrop Price Action Playbook:
When the token drops, there's an initial bump
Then there's an initial sell-off from airdrop claimers
Followed by a big pump in price
Other projects like Blur, Optimism, and Aptos saw the same trend in the first month they launched their tokens.
It looks like $ARB is currently in the blue phase and could drop soon (be careful if you're buying).
2/ $ETH – token for Ethereum
Over the last 7 days: +12%
Why? Ethereum successfully completed its Shapella upgrade last week.
Ethereum stakers can now unstake their ETH and withdraw rewards
There were no major bugs or issues during the upgrade
The successful upgrade has served as a catalyst for more investors to stake their ETH
It was a major test for the network and Ethereum passed with flying colors. The market was lovin' it.
3/ $OKB – token for OKX (crypto exchange)
Over the last 7 days: +22%
Why? There are two main things pushing the price…
Partnership with Sui blockchain on its token drop. Sui is the next blockchain with a highly anticipated token airdrop coming soon and it partnered with OKX to offer token holders a chance to purchase "lottery tickets" using OKB tokens in an exclusive early access token sale. (early access usually means cheaper prices)
The launch of OKB chain, a new Ethereum scaling solution. OKX has jumped into the Battle of the Blockchains.
4/ $SOL – token for Solana (popular Layer 1 blockchain)
Over the last 7 days: +25%
Why? Solana Labs dropped its new crypto phone – the Solana Saga. The new phone lets users securely store seed phrases, easily connect with dApps, and more.
Who knows if it'll be the *real deal*, but investors love shiny new objects – and the Saga phone is exactly that.
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2 THINGS WE'RE WATCHING THIS WEEK
I cleared my schedule this week to watch one thing… NBA Playoffs Regulatory Hearings.
I know I know, boring as f*ck. I’d normally rather watch paint dry than watch old, grumpy people argue about regulation but….
There are 2 hearings happening this week that could play a big role in the future of crypto:
1/ Tuesday, April 18 – Oversight of the Securities and Exchange Commission
This will cover the regulatory developments, rulemaking, and activities that the SEC has made since October 2021. (AKA – it’s gonna be a long ass meeting)
But there’s one specific topic we’re interested in: the SEC's attempt to change the definition of “exchange”.
With the proposed change, the SEC is trying to expand “exchanges” to include things like decentralized crypto trading platforms and other DeFi services.
Why this matters? If this ends up happening, the SEC would gain oversight over a lot of decentralized services. And they’re known for one thing… making it rain regulations.
Gary Gensler (the head of the SEC) will be the star witness at Tuesday's hearing and all eyes will be on him as he defends the proposed rule change.
Btw – the SEC and Gary G remind me a lot of my little cousin playing basketball – they want easy dunks, and when he can't they change up the rules and lower the rim. *tsk tsk tsk*
2/ Wednesday, April 19 – Understanding Stablecoins’ Role in Payments and the Need for Legislation
There’s one goal for this hearing: review the 73-page draft for a new bill on stablecoins.
It establishes requirements for stablecoin providers, sets up standards for reporting, and also calls for a 2-year delay in issuing new stablecoins until the U.S. Treasury can complete an assessment.
Why this matters: This is the first comprehensive proposed law for stablecoins and it will play a big role in shaping how they are handled in the U.S. *gulp*
Crypto leaders like Jake Chervinsky (Chief Policy Officer at the Blockchain Association), Dante Dispate (Chief Strategy Officer at Circle), and others are set to testify.
That's right ladies & gents, crypto has 2 big hearings covering 2 of the biggest topics in crypto: DeFi and stablecoins. But don't worry, the Milk Man has his suit packed and is headed to D.C. to listen in on the action.
We'll make sure to give you Roaders a regulatory round-up later this week – so keep an eye out on your inboxes! 👀
MILK & COOKIES 🍪
Shaq has finally been served his paperwork in the FTX class action suit. Lawyers have been trying to score legal complaints against Shaq for months – he’s blocked them all, until now.
The Silk Road hacker has been sentenced to one year and one day in prison. The craziest part in all of this is how the stolen Bitcoin was hidden inside a Cheetos popcorn tin in a bathroom closet.
Trump has made close to $1M in profit from NFT sales. Who would’ve guessed JPEGs would end up being one of Trump's most successful businesses…
Hundred Finance protocol was hacked for $7.4M. *sigh* another day, another hack.
MILKY MEMES 🤣
That's a wrap for today. Meet us on Twitter to talk all about it. It’s kinda like a family BBQ but better – no screaming kids, awkward photos, or drunk uncles telling weird stories (@MilkRoadDaily)
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— Milk Road (@MilkRoadDaily)
Apr 17, 2023
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.
