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GM. This is Milk Road, your no-nonsense guide in the crypto world – we keep it clear, concise, and directly to the point.
Here’s what we got for you today:
- Crypto’s crazy weekend 🤯
- 3 things to watch this week 👀
- This bank predicts BTC will hit $150K this year 🍪
Prices as of 12:00 PM ET. Click here for our Fear & Greed Index
CRYPTO’S CRAZY WEEKEND
WOW. What a weekend.
If we had to describe it in one word, it’d be… degenerate.
In fact, things got so crazy the Milk Road Degen-O-Meter broke…
Here’s what caused the meter to break over the weekend:
1/ The Memecoin Presale Mania
A new trend is taking crypto by storm… memecoins presales.
This is when crypto projects try raising money before launching.
How it works: Investors send money to a random crypto wallet and in return, they receive an airdrop when the token officially launches. Think of it as an (extra risky) I-O-U.
Well, investors dumped $100M+ into presales over the weekend…
- A handful of projects raised $10M+. Some ended up launching. Others rugged.
- One project raised $30M in 24 hours. It still hasn’t launched.
- Another project launched a presale this morning and raised $30M in 30 minutes. I repeat… 30 MILLION U.S. DOLLARS in half an hour.
- Another project raised $10M and then the founder accidentally sent it to the wrong address and “burned” it all. Investors lost their money AND didn’t get any tokens. Double whammy.
- One project raised ~$100K in the span of a few minutes. Then a few minutes later… *poof*... the founder deactivated their Twitter account and disappeared. Gone with the wind (and money).
Someone even launched a presale with a twist… instead of using the money to create a token, they’d use it to buy themselves a new Ferrari.
They were fully transparent with this “roadmap”.
The crazy part? They still raised $55K in 30 minutes (!!)
It ended up being a joke and the founder returned all the money. But still, it shows you just how degenerate the market is right now.
And some investors need the D.A.R.E program (Degeneracy Abuse Resistance Education).
On top of that…
2/ The ‘DogWifHat’ meme sold for $4.3M
DogWifHat ($WIF) has been the talk of crypto recently…
- Soared from less than $0.01 → $3 in the span of a few months.
- Has a $2.8B market cap and jumped into the top 50 biggest cryptocurrencies.
- The community raised $650K to take over the Las Vegas Sphere for a week.
And it all started with a viral picture from 2018 of a dog wearing a hat.
Well, the original picture was turned into an NFT and just sold for 1,210 ETH (worth ~$4.3M).
Things are getting crazy again! And if this weekend was any indicator… buckle up... cause we’re in for a big week.
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3 THINGS TO WATCH THIS WEEK 👀
There are 3 big things you need to be watching this week…
1/ The Federal Open Market Committee (FOMC) Meeting
It’s FOMC week. Which means we’re going to find out whether interest rates will go up, down, or stay the same.
Here are some possible outcomes from the upcoming meeting:
Scenario 1: Rates go up. This would likely make investors nervous and turn the markets into a roller coaster (not the fun ones at Six Flags either).
Scenario 2: Rates hold steady or drop. This would be a warm blanket for the markets, potentially giving a green light to risk-on assets, like crypto.
The big thing to watch will be… the FOMC’s language and future predictions. Sometimes it's not just what they do, but what they say about the near-term that gets the markets buzzing.
2/ Conferences
There are 2 big conferences this week…
- NVIDIA GTC. Btw, AI-related cryptocurrencies generally tend to rally around events like this.
- The Digital Asset Summit (DAS). A conference for institutional crypto investors.
3/ Token unlocks
$275M in crypto will be unlocked later this week…
- $130.29M worth of $ID tokens will unlock on March 21.
- $95.7M worth of $IMX tokens will unlock on March 21.
- $37.5M worth of $PIXEL tokens will unlock on March 19.
P.S. – if you’re curious how token unlocks affect prices, we got you covered here.
BITE-SIZED COOKIES FOR THE ROAD 🍪
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The UK could be crypto’s next big hub. Here are 5 reasons why… —DL News
Standard Chartered is predicting BTC will hit $150K by the end of the year. The bank also predicts BTC will reach $250K at some point in 2025.
The results are in… BTC ETFs hit record inflows and trading volume last week. Net inflows for all BTC ETFs reached $2.57B last week; up 15% from the week before.
Base has seen a big surge in new users and transactions over the last week. This has likely been driven by the low transaction fees following the Ethereum Dencun upgrade.
Starbucks is shutting down its NFT program, ‘Odyssey’. Tonight, we pour out a glass of milk for our fallen soldier.
The odds of an ETH ETF approval have plummeted to 23%. In January, the odds were about 74%.
MILKY MEMES 🤣
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ROADER REVIEW OF THE DAY
VITALIK PIC OF THE DAY
The current state of the market...
— Milk Road Images (@MilkRoadImages)5:20 PM • Mar 18, 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.
