Meme coin < 30 seconds 🤑
The Pump and dump in the season of meme coins. Musk sends Milady to outer space. Coinbase apologises for the screw up. $2.6B crypto funding in Q1 2023. Do Bitcoin, gold and silver make a better bet?
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Yeah, it's meme coin season.
We have to talk about it every day, not sure for how long.
You may think meme coins are a new phenomenon, but they've been around for quite some time.
It all started back in 2013 when Dogecoin, the joke-turned-serious coin, burst onto the scene with its lovable Shiba Inu mascot.
Since then, the meme coin craze has only grown, with tokens like Pepe, Wojak, and WSB captivating traders' imaginations.
PEPE jumped more than 2,100% in price since it debuted last month.
It doesn't take so much time to create a meme coin
Its EASY_MONEY: digital artist extraordinaire, Johnny Shankman decided to put his skills to the test. Shankman created a new meme coin called EASY_MONEY in just 27 seconds.
How? Thanks to the Contracts Wizard by OpenZeppelin, generating code for an ERC-20 token is as easy as waving a wand. Remix, the trusty application, then compiles and deploys the token's smart contract in a snap.
Another Twitter user, @0xdiid, managed to shave off a few precious seconds from Shankman's record, setting a new unofficial world record of 22.45 seconds.
The FOMO and the Fears: Bad side
As meme coins continue to skyrocket in popularity, some concerns are bubbling up. Will these coins turn out to be nothing more than a fleeting trend? Are there scammers lurking in the shadows, ready to take advantage of unsuspecting investors? Don't know but it seems like the FOMO (Fear of Missing Out) is ripe for exploitation.
And rug pulls?
However, The founder of University Grade Trading Education, Thomas Kralow, warns against investing in meme coins, likening it to gambling rather than sound investment. The hype and FOMO can lead to rash decisions and price manipulation.
“Those who invested in Pepe Coin were lucky that it picked up, while there [are] thousands of others that didn’t.”
Traders are prolly not "okay"
The crypto winter has taken its toll, leaving many feeling a bit frosty. The relentless bear market, coupled with a series of high-profile criminal charges and the downfall of trusted institutions, can be hard to swallow when your hard-earned money is on the line.
Here's what experts say:
When the price of crypto shoots up, and a trader successfully completes a trade, they get a rush of dopamine, sending waves of pleasure through their system. of course!
“The volatility of cryptocurrency coupled with the fact that it can be traded 24/7 can result in excessive and regular boosts of dopamine that make it much more addictive than trading other assets such as stocks,” - Aaron Sternlicht, co-founder of New York-based private practice Family Addiction Specialist.
"It’s about finding yourself again. So awesome. We do an awful lot of that.” - Tony Marini, senior specialist therapist at Castle Craig Rehab in Scotland, reminds us that not everyone will fall into the clutches of compulsive gambling, substance abuse, or crypto trading addiction. However, he believes that around 3% of Brits are compulsive gamblers, and his castle has seen over 200 clients grappling with crypto trading addiction since 2016.
“If you accept that up front, before you make the investment, and you say that what could have happened did happen, and it happened when I made the wrong trade, that’s okay. I’ll recover. I’ll move on, and I never really needed this to work out to be happy in the first place.” - wellness thought leader Srikumar Rao.
TTD Musk 🌚
The goal is: nab a tweet from Elon Musk and retire.
After sending Dogecoin to the moon last month, Musk, tweeted a Milady meme, and Milady NFT sales skyrocketed - 500% surge in just 24 hours. That's no joke!
'There is no meme. I love you,' - that's all it took.
The tweet was viewed more than 4 Million times in less than an hour, and yielded tens of thousands of interactions.
People went bonkers, rushing to grab those Milady NFTs, and the project's floor price went through the roof: the entry-level price for the collection on secondary markets immediately jumped from 3.75 ETH ($6,920) to 5.25 ETH ($9,700) - a 24-hour rise of 57%.
Milady Maker has been controversial - Last May, prices dropped when creator Charlotte Fang admitted to operating a questionable Twitter account that shared racist, abusive tweets.
But now, Miladys NFTs have become a "wartime" meme, embraced by crypto warriors amidst SEC scrutiny.
TTD Apology 🙇
Coinbase made a boo-boo by suggesting that Pepe the Frog was a "hate symbol" in one of their newsletters.
In the newsletter titled "Behind the memecoin frenzy" it said:
"The [PEPE] token is based on the Pepe the Frog meme, which first surfaced on the internet nearly 20 years ago as a comic-strip character. Over time it has been co-opted as a hate symbol by alt-right groups, according to the Anti-Defamation League.”
Crypto bros and Hodlers got really pissed, and #DeleteCoinbase trended on Twitter with hundreds of thousands of tweets.
Of course, they had to apologise so, Chief Legal Officer Paul Grewal stepped up to the plate👇🏻
Are they gonna list it though?
TTD Blockquote 🔊
Robert Kiyosaki, author of Rich Dad Poor Dad
"Stick with Bitcoin, gold, silver"
The financial guru believes that along with Bitcoin, gold and silver are equally powerful risk hedges.
Kiyosaki believes that Bitcoin is the best collateral in the world, as Treasury Bills (T-Bills) have gone up by 100 basis points. And if that meant that the global banking system is about to face a major collapse.
TTD Numbers 🔢
The amount crypto companies raised across 353 investment rounds, according to PitchBook’s Crypto Report for the first quarter of 2023.
11% decrease in quarter-on-quarter deal value and a 12.2% decrease in total deals. In addition, the quarter also recorded the lowest amount of capital invested in the space since 2020.
Valuation trends in the report are mixed, with seed rounds up 33.3% and late-stage rounds up 209.2% compared with 2022; however, early-stage rounds are down 16.7%.
The report identifies some positive outlooks for the space.
Layer-2 scaling solutions continue their momentum from 2022.
Blockstream raising $125 Million to finance a Bitcoin mining infrastructure.
Scroll, a firm building a zero-knowledge Ethereum Virtual Machine scaling solution — raising $50 Million in a late-stage VC round.
Custody solution providers Ledger raised $109 Million and Taurus raised $65 Million in a Series B in February 2023.
TTD Surfer 🏄
MetaMask has partnered with PayPal to offer Ethereum (ETH) purchases for users in the United States.
Internal Revenue Service (IRS) has seized $10 Billion worth of crypto using a public-private partnership with blockchain analytics firm Chainalysis.
A French crypto trader, Thomas Clausi, is currently jailed in Morocco for purchasing a Ferrari using Bitcoin.
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The Token Dispatch is a daily newsletter that takes you on a 4-5 minute drive through the wild west of the Crypto World. Daily in your email inbox @13:00 GMT. Almost always.